AQLT vs. GARP

Last updated Aug 1, 2026

AQLT (iShares MSCI Global Quality Factor ETF) and GARP (iShares MSCI USA Quality GARP ETF) are both Quality Factor funds from iShares - AQLT tracks the MSCI ACWI Quality Index (Net) while GARP tracks the MSCI USA Quality GARP Select Index. Both are passively managed. Over the past year, AQLT returned 24.44% vs 31.75% for GARP. Their correlation of 0.88 means they have usually moved in the same direction. AQLT charges 0.20%/yr vs 0.15%/yr for GARP.

Performance

AQLT vs. GARP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Global Quality Factor ETF (AQLT) and iShares MSCI USA Quality GARP ETF (GARP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AQLT achieves a 11.10% return, which is significantly lower than GARP's 16.89% return.

AQLT

• 1D: 0.44%
• 1M: -1.06%
• 6M: 6.58%
• YTD: 11.10%
• 1Y: 24.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.38%

GARP

• 1D: 0.66%
• 1M: -1.22%
• 6M: 14.45%
• YTD: 16.89%
• 1Y: 31.75%
• 3Y*: 28.85%
• 5Y*: 17.48%
• 10Y*: —
• ALL TIME*: 20.07%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AQLT iShares MSCI Global Quality Factor ETF	$848.28K	$1.29M	$1.17M
GARP iShares MSCI USA Quality GARP ETF	$25.65M	$25.43M	$23.00M

AQLT vs. GARP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AQLT iShares MSCI Global Quality Factor ETF	11.10%	17.65%	-3.38%
GARP iShares MSCI USA Quality GARP ETF	16.89%	21.49%	-3.26%

Correlation

The correlation between AQLT and GARP is 0.89, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.89
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	0.88

The correlation between AQLT and GARP has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

Return for Risk

AQLT vs. GARP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AQLT

AQLT Risk / Return Rank: 70
AQLT Sharpe Ratio Rank: 71
AQLT Sortino Ratio Rank: 71
AQLT Omega Ratio Rank: 69
AQLT Calmar Ratio Rank: 62
AQLT Martin Ratio Rank: 76

GARP

GARP Risk / Return Rank: 64
GARP Sharpe Ratio Rank: 66
GARP Sortino Ratio Rank: 62
GARP Omega Ratio Rank: 60
GARP Calmar Ratio Rank: 63
GARP Martin Ratio Rank: 66

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AQLT vs. GARP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Quality Factor ETF (AQLT) and iShares MSCI USA Quality GARP ETF (GARP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AQLT	GARP	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.50	+0.12
Sortino ratio: Return per unit of downside risk	2.31	2.08	+0.24
Omega ratio: Gain probability vs. loss probability	1.29	1.26	+0.03
Calmar ratio: Return relative to maximum drawdown	2.18	2.19	-0.01
Martin ratio: Return relative to average drawdown	9.54	7.99	+1.54

AQLT vs. GARP - Sharpe Ratio Comparison

The current AQLT Sharpe Ratio is 1.62, which is comparable to the GARP Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of AQLT and GARP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AQLT vs. GARP - Drawdown Comparison

The maximum AQLT drawdown since its inception was -16.84%, smaller than the maximum GARP drawdown of -31.34%. Use the drawdown chart below to compare losses from any high point for AQLT and GARP.

Drawdown Indicators

	AQLT	GARP	Difference
Max Drawdown Largest peak-to-trough decline	-16.84%	-31.34%	+14.50%
Max Drawdown (1Y) Largest decline over 1 year	-10.68%	-13.69%	+3.01%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.73%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-30.61%	—
Current Drawdown Current decline from peak	-1.75%	-4.34%	+2.59%
Average Drawdown Average peak-to-trough decline	-2.25%	-7.27%	+5.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	3.75%	-1.31%

Volatility

AQLT vs. GARP - Volatility Comparison

The current volatility for iShares MSCI Global Quality Factor ETF (AQLT) is 3.44%, while iShares MSCI USA Quality GARP ETF (GARP) has a volatility of 5.68%. This indicates that AQLT experiences smaller price fluctuations and is considered to be less risky than GARP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AQLT	GARP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	5.68%	-2.24%
Volatility (6M) Calculated over the trailing 6-month period	12.02%	16.18%	-4.16%
Volatility (1Y) Calculated over the trailing 1-year period	14.36%	20.02%	-5.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.88%	22.34%	-5.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.88%	23.92%	-7.04%

AQLT vs. GARP - Expense Ratio Comparison

AQLT has a 0.20% expense ratio, which is higher than GARP's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

AQLT vs. GARP - Dividend Comparison

AQLT's dividend yield for the trailing twelve months is around 1.00%, more than GARP's 0.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
AQLT iShares MSCI Global Quality Factor ETF	1.00%	1.05%	0.02%	0.00%	0.00%	0.00%	0.00%
GARP iShares MSCI USA Quality GARP ETF	0.27%	0.31%	0.38%	0.75%	1.85%	0.67%	0.75%

Frequently Asked Questions

Can I hold both AQLT and GARP in my portfolio?

AQLT and GARP have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AQLT or GARP?

GARP has higher volatility (5.68%) compared to AQLT (3.44%). In terms of maximum drawdown, AQLT dropped -16.84% vs GARP's -31.34%.

Which ETF is better, AQLT or GARP?

On 1-year performance, GARP leads with 31.75% vs 24.44% for AQLT. On fees, GARP is cheaper at 0.15% per year. On volatility, AQLT has been the lower-risk option at 3.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AQLT or GARP?

Over the 1-year period, GARP has performed better with a 31.75% return vs 24.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AQLT or GARP?

GARP is cheaper with a 0.15% expense ratio, compared with 0.20% for AQLT.

Which ETF pays a higher dividend yield, AQLT or GARP?

AQLT has the higher dividend yield at 1.00%, compared with 0.27% for GARP.

What is the main difference between AQLT and GARP?

AQLT tracks MSCI ACWI Quality Index (Net), while GARP tracks MSCI USA Quality GARP Select Index. Their fees differ too: 0.20% for AQLT and 0.15% for GARP.

Which has better risk-adjusted returns?

AQLT currently has the higher Sharpe Ratio (1.62 vs 1.50), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.