GARP vs. FRDM
GARP (iShares MSCI USA Quality GARP ETF) and FRDM (Freedom 100 Emerging Markets ETF) are both exchange-traded funds - GARP is a Large Cap Growth Equities fund tracking the MSCI USA Quality GARP Select Index, while FRDM is a Emerging Markets Diversified fund tracking the Life + Liberty Freedom 100 Emerging Markets Index. Both are passively managed. Over the past 5 years, GARP returned 18.96%/yr vs 18.68%/yr for FRDM. A 0.63 correlation means they provide meaningful diversification when combined. GARP charges 0.15%/yr vs 0.49%/yr for FRDM.
Performance
GARP vs. FRDM - Performance Comparison
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Returns By Period
In the year-to-date period, GARP achieves a 16.96% return, which is significantly lower than FRDM's 40.13% return.
GARP
- 1D
- 0.21%
- 1M
- 3.69%
- YTD
- 16.96%
- 6M
- 17.70%
- 1Y
- 38.39%
- 3Y*
- 31.05%
- 5Y*
- 18.96%
- 10Y*
- —
FRDM
- 1D
- 0.49%
- 1M
- 9.04%
- YTD
- 40.13%
- 6M
- 46.37%
- 1Y
- 87.32%
- 3Y*
- 34.29%
- 5Y*
- 18.68%
- 10Y*
- —
GARP vs. FRDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GARP iShares MSCI USA Quality GARP ETF | 16.96% | 21.49% | 37.42% | 42.86% | -26.75% | 27.99% | 26.51% |
FRDM Freedom 100 Emerging Markets ETF | 40.13% | 61.27% | 1.70% | 22.77% | -14.45% | 6.13% | 15.64% |
Correlation
The correlation between GARP and FRDM is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jan 16, 2020 | 0.63 |
The correlation between GARP and FRDM shifts across timeframes, from 0.63 (all time) to 0.76 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GARP vs. FRDM — Risk / Return Rank
GARP
FRDM
GARP vs. FRDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality GARP ETF (GARP) and Freedom 100 Emerging Markets ETF (FRDM). 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 | FRDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.22 | ||
| Sortino ratioReturn per unit of downside risk | -1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.54 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 5.02 | -2.37 |
| Martin ratioReturn relative to average drawdown | 10.37 | 19.36 | -8.99 |
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Drawdowns
GARP vs. FRDM - Drawdown Comparison
The maximum GARP drawdown since its inception was -31.34%, smaller than the maximum FRDM drawdown of -40.49%. Use the drawdown chart below to compare losses from any high point for GARP and FRDM.
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Drawdown Indicators
| GARP | FRDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.34% | -40.49% | +9.15% |
Max Drawdown (1Y)Largest decline over 1 year | -13.69% | -16.87% | +3.18% |
Max Drawdown (3Y)Largest decline over 3 years | -23.73% | -16.87% | -6.86% |
Max Drawdown (5Y)Largest decline over 5 years | -30.61% | -29.25% | -1.36% |
Current DrawdownCurrent decline from peak | -4.27% | -4.36% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -7.35% | -7.09% | -0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.49% | 4.37% | -0.88% |
Volatility
GARP vs. FRDM - Volatility Comparison
The current volatility for iShares MSCI USA Quality GARP ETF (GARP) is 7.61%, while Freedom 100 Emerging Markets ETF (FRDM) has a volatility of 14.27%. This indicates that GARP experiences smaller price fluctuations and is considered to be less risky than FRDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GARP | FRDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.61% | 14.27% | -6.66% |
Volatility (6M)Calculated over the trailing 6-month period | 15.12% | 24.39% | -9.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.79% | 26.86% | -8.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.11% | 21.35% | +0.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.95% | 23.09% | +0.86% |
GARP vs. FRDM - Expense Ratio Comparison
GARP has a 0.15% expense ratio, which is lower than FRDM's 0.49% expense ratio.
Dividends
GARP vs. FRDM - Dividend Comparison
GARP's dividend yield for the trailing twelve months is around 0.26%, less than FRDM's 1.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
FRDM Freedom 100 Emerging Markets ETF | 1.56% | 2.26% | 2.53% | 2.66% | 2.72% | 2.17% | 1.11% | 1.07% |
GARP iShares MSCI USA Quality GARP ETF | 0.26% | 0.31% | 0.38% | 0.75% | 1.85% | 0.67% | 0.75% | 0.00% |
Frequently Asked Questions
GARP and FRDM have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FRDM has higher volatility (14.27%) compared to GARP (7.61%). In terms of maximum drawdown, GARP dropped -31.34% vs FRDM's -40.49%.
On 5-year performance, GARP leads with 18.96% vs 18.68% for FRDM. On fees, GARP is cheaper at 0.15% per year. On volatility, GARP has been the lower-risk option at 7.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GARP has performed better with a 18.96% return vs 18.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GARP is cheaper with a 0.15% expense ratio, compared with 0.49% for FRDM.
FRDM has the higher dividend yield at 1.56%, compared with 0.26% for GARP.
GARP is categorized as Large Cap Growth Equities, while FRDM is Emerging Markets Diversified. GARP tracks MSCI USA Quality GARP Select Index, while FRDM tracks Life + Liberty Freedom 100 Emerging Markets Index. They also come from different issuers: iShares and Freedom Funds. Their fees differ too: 0.15% for GARP and 0.49% for FRDM.
FRDM currently has the higher Sharpe Ratio (3.15 vs 1.93), 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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