GARP vs. APP
GARP (iShares MSCI USA Quality GARP ETF) is Large Cap Growth Equities fund tracking the MSCI USA Quality GARP Select Index, while APP (AppLovin Corporation) is a stock. Over the past 5 years, GARP returned 18.96%/yr vs 43.23%/yr for APP. A 0.57 correlation means they provide meaningful diversification when combined.
Performance
GARP vs. APP - Performance Comparison
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Returns By Period
In the year-to-date period, GARP achieves a 16.96% return, which is significantly higher than APP's -26.28% return.
GARP
- 1D
- 0.21%
- 1M
- 2.98%
- YTD
- 16.96%
- 6M
- 17.70%
- 1Y
- 36.11%
- 3Y*
- 31.05%
- 5Y*
- 18.96%
- 10Y*
- —
APP
- 1D
- 3.80%
- 1M
- 9.53%
- YTD
- -26.28%
- 6M
- -25.93%
- 1Y
- 30.53%
- 3Y*
- 180.45%
- 5Y*
- 43.23%
- 10Y*
- —
GARP vs. APP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GARP iShares MSCI USA Quality GARP ETF | 16.96% | 21.49% | 37.42% | 42.86% | -26.75% | 19.44% |
APP AppLovin Corporation | -26.28% | 108.08% | 712.62% | 278.44% | -88.83% | 34.66% |
Correlation
The correlation between GARP and APP is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2021 | 0.57 |
The correlation between GARP and APP shifts across timeframes, from 0.45 (1 year) to 0.58 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GARP vs. APP — Risk / Return Rank
GARP
APP
GARP vs. APP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality GARP ETF (GARP) and AppLovin Corporation (APP). 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.
| GARP | APP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.50 | ||
| Sortino ratioReturn per unit of downside risk | +1.51 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.13 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 0.61 | +2.04 |
| Martin ratioReturn relative to average drawdown | 10.37 | 1.22 | +9.14 |
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Drawdowns
GARP vs. APP - Drawdown Comparison
The maximum GARP drawdown since its inception was -31.34%, smaller than the maximum APP drawdown of -91.90%. Use the drawdown chart below to compare losses from any high point for GARP and APP.
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Drawdown Indicators
| GARP | APP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.34% | -91.90% | +60.56% |
Max Drawdown (1Y)Largest decline over 1 year | -13.69% | -49.99% | +36.30% |
Max Drawdown (3Y)Largest decline over 3 years | -23.73% | -57.00% | +33.27% |
Max Drawdown (5Y)Largest decline over 5 years | -30.61% | -91.90% | +61.29% |
Current DrawdownCurrent decline from peak | -4.27% | -32.28% | +28.01% |
Average DrawdownAverage peak-to-trough decline | -7.35% | -42.52% | +35.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.49% | 25.10% | -21.61% |
Volatility
GARP vs. APP - Volatility Comparison
The current volatility for iShares MSCI USA Quality GARP ETF (GARP) is 7.61%, while AppLovin Corporation (APP) has a volatility of 20.54%. This indicates that GARP experiences smaller price fluctuations and is considered to be less risky than APP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GARP | APP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.61% | 20.54% | -12.93% |
Volatility (6M)Calculated over the trailing 6-month period | 15.12% | 58.87% | -43.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.79% | 71.03% | -52.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.11% | 77.84% | -55.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.95% | 77.53% | -53.58% |
Dividends
GARP vs. APP - Dividend Comparison
GARP's dividend yield for the trailing twelve months is around 0.26%, while APP has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
APP AppLovin Corporation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GARP iShares MSCI USA Quality GARP ETF | 0.26% | 0.31% | 0.38% | 0.75% | 1.85% | 0.67% | 0.75% |
Frequently Asked Questions
GARP and APP have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
APP has higher volatility (20.54%) compared to GARP (7.61%). In terms of maximum drawdown, GARP dropped -31.34% vs APP's -91.90%.
GARP currently has the higher Sharpe Ratio (1.93 vs 0.43), 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.
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