GARP vs. MTUM

Last updated Jul 17, 2026

GARP (iShares MSCI USA Quality GARP ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - GARP is a Large Cap Growth Equities fund tracking the MSCI USA Quality GARP Select Index, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. Both are passively managed. Over the past 5 years, GARP returned 18.08%/yr vs 13.65%/yr for MTUM. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

GARP vs. MTUM - Performance Comparison

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

Returns By Period

In the year-to-date period, GARP achieves a 17.68% return, which is significantly lower than MTUM's 21.46% return.

GARP

• 1D: -1.40%
• 1M: -0.82%
• 6M: 15.53%
• YTD: 17.68%
• 1Y: 31.60%
• 3Y*: 29.17%
• 5Y*: 18.08%
• 10Y*: —

MTUM

• 1D: -2.96%
• 1M: -6.94%
• 6M: 18.20%
• YTD: 21.46%
• 1Y: 28.30%
• 3Y*: 28.55%
• 5Y*: 13.65%
• 10Y*: 15.89%

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

GARP vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GARP iShares MSCI USA Quality GARP ETF	17.68%	21.49%	37.42%	42.86%	-26.75%	27.99%	26.51%
MTUM iShares MSCI USA Momentum Factor ETF	21.46%	22.15%	32.89%	9.15%	-18.27%	13.36%	25.82%

Correlation

The correlation between GARP and MTUM is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 16, 2020	0.83

The correlation between GARP and MTUM has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

GARP vs. MTUM - Sectors Allocation Comparison

Sectors	GARP	MTUM
Technology	54.7%	50.2%
Communication Services	11.4%	5.1%
Consumer Cyclical	8.8%	2.9%
Financial Services	7.7%	5.0%
Industrials	6.7%	15.0%
Healthcare	5.5%	3.5%
Energy	2.8%	10.5%
Utilities	1.2%	0.6%
Basic Materials	1.1%	2.3%
Real Estate	0.4%	1.3%
Consumer Defensive	-	3.7%

Return for Risk

GARP vs. MTUM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GARP

GARP Risk / Return Rank: 58
GARP Sharpe Ratio Rank: 61
GARP Sortino Ratio Rank: 57
GARP Omega Ratio Rank: 55
GARP Calmar Ratio Rank: 57
GARP Martin Ratio Rank: 62

MTUM

MTUM Risk / Return Rank: 47
MTUM Sharpe Ratio Rank: 39
MTUM Sortino Ratio Rank: 37
MTUM Omega Ratio Rank: 40
MTUM Calmar Ratio Rank: 58
MTUM Martin Ratio Rank: 58

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GARP vs. MTUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality GARP ETF (GARP) and iShares MSCI USA Momentum Factor ETF (MTUM). 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	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.18	+0.44
Sortino ratio: Return per unit of downside risk	2.19	1.65	+0.55
Omega ratio: Gain probability vs. loss probability	1.28	1.22	+0.05
Calmar ratio: Return relative to maximum drawdown	2.32	2.35	-0.03
Martin ratio: Return relative to average drawdown	8.80	8.08	+0.71

GARP vs. MTUM - Sharpe Ratio Comparison

The current GARP Sharpe Ratio is 1.62, which is higher than the MTUM Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of GARP and MTUM, 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

GARP vs. MTUM - Drawdown Comparison

The maximum GARP drawdown since its inception was -31.34%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for GARP and MTUM.

Drawdown Indicators

	GARP	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-31.34%	-34.08%	+2.74%
Max Drawdown (1Y) Largest decline over 1 year	-13.69%	-12.11%	-1.58%
Max Drawdown (3Y) Largest decline over 3 years	-23.73%	-20.99%	-2.74%
Max Drawdown (5Y) Largest decline over 5 years	-30.61%	-32.28%	+1.67%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.08%	—
Current Drawdown Current decline from peak	-3.69%	-12.11%	+8.42%
Average Drawdown Average peak-to-trough decline	-7.29%	-6.20%	-1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	3.51%	+0.09%

Volatility

GARP vs. MTUM - Volatility Comparison

The current volatility for iShares MSCI USA Quality GARP ETF (GARP) is 6.26%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 12.40%. This indicates that GARP experiences smaller price fluctuations and is considered to be less risky than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GARP	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.26%	12.40%	-6.14%
Volatility (6M) Calculated over the trailing 6-month period	15.91%	21.91%	-6.00%
Volatility (1Y) Calculated over the trailing 1-year period	19.59%	24.08%	-4.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.30%	21.61%	+0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.94%	21.55%	+2.39%

GARP vs. MTUM - Expense Ratio Comparison

Both GARP and MTUM have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

GARP vs. MTUM - Dividend Comparison

GARP's dividend yield for the trailing twelve months is around 0.27%, less than MTUM's 0.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GARP iShares MSCI USA Quality GARP ETF	0.27%	0.31%	0.38%	0.75%	1.85%	0.67%	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%
MTUM iShares MSCI USA Momentum Factor ETF	0.61%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%

Frequently Asked Questions

Can I hold both GARP and MTUM in my portfolio?

GARP and MTUM have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GARP or MTUM?

MTUM has higher volatility (12.40%) compared to GARP (6.26%). In terms of maximum drawdown, GARP dropped -31.34% vs MTUM's -34.08%.

Which ETF is better, GARP or MTUM?

On 5-year performance, GARP leads with 18.08% vs 13.65% for MTUM. Both ETFs have the same 0.15% expense ratio. On volatility, GARP has been the lower-risk option at 6.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GARP or MTUM?

Over the 5-year period, GARP has performed better with a 18.08% return vs 13.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GARP or MTUM?

GARP and MTUM have the same expense ratio: 0.15% per year.

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

MTUM has the higher dividend yield at 0.61%, compared with 0.27% for GARP.

What is the main difference between GARP and MTUM?

GARP is categorized as Large Cap Growth Equities, while MTUM is Momentum. GARP tracks MSCI USA Quality GARP Select Index, while MTUM tracks MSCI USA Momentum SR Variant Index.

Which has better risk-adjusted returns?

GARP currently has the higher Sharpe Ratio (1.62 vs 1.18), 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.