GARP vs. PSI

Last updated Jun 13, 2026

GARP (iShares MSCI USA Quality GARP ETF) and PSI (Invesco Semiconductors ETF) are both exchange-traded funds - GARP is a Large Cap Growth Equities fund tracking the MSCI USA Quality GARP Select Index, while PSI is a Semiconductors fund tracking the Dynamic Semiconductors Intellidex Index. Both are passively managed. Over the past 5 years, GARP returned 18.96%/yr vs 32.57%/yr for PSI. A 0.79 correlation means they provide meaningful diversification when combined. GARP charges 0.15%/yr vs 0.56%/yr for PSI.

Performance

GARP vs. PSI - Performance Comparison

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

Returns By Period

In the year-to-date period, GARP achieves a 16.96% return, which is significantly lower than PSI's 112.90% return.

GARP

• 1D: 0.21%
• 1M: 2.98%
• YTD: 16.96%
• 6M: 17.70%
• 1Y: 36.11%
• 3Y*: 31.05%
• 5Y*: 18.96%
• 10Y*: —

PSI

• 1D: 3.00%
• 1M: 10.45%
• YTD: 112.90%
• 6M: 110.54%
• 1Y: 198.40%
• 3Y*: 55.80%
• 5Y*: 32.57%
• 10Y*: 34.59%

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

GARP vs. PSI - 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%
PSI Invesco Semiconductors ETF	112.90%	36.32%	17.17%	49.06%	-34.43%	46.55%	52.84%

Correlation

The correlation between GARP and PSI is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 16, 2020	0.79

The correlation between GARP and PSI has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.

GARP vs. PSI - Sectors Allocation Comparison

Sectors	GARP	PSI
Technology	56.7%	97.6%
Communication Services	12.0%	-
Financial Services	7.5%	-
Industrials	6.9%	2.4%
Consumer Cyclical	6.1%	-
Healthcare	5.4%	-
Energy	2.7%	-
Utilities	1.4%	-
Basic Materials	0.9%	-
Real Estate	0.4%	-
Consumer Defensive	-	-

Return for Risk

GARP vs. PSI — Risk / Return Rank

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

GARP

GARP Risk / Return Rank: 64
GARP Sharpe Ratio Rank: 69
GARP Sortino Ratio Rank: 63
GARP Omega Ratio Rank: 63
GARP Calmar Ratio Rank: 61
GARP Martin Ratio Rank: 65

PSI

PSI Risk / Return Rank: 97
PSI Sharpe Ratio Rank: 98
PSI Sortino Ratio Rank: 95
PSI Omega Ratio Rank: 94
PSI Calmar Ratio Rank: 98
PSI Martin Ratio Rank: 98

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. PSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality GARP ETF (GARP) and Invesco Semiconductors ETF (PSI). 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	PSI	Difference
Sharpe ratio: Return per unit of total volatility	1.93	4.92	-2.99
Sortino ratio: Return per unit of downside risk	2.53	4.57	-2.04
Omega ratio: Gain probability vs. loss probability	1.33	1.63	-0.30
Calmar ratio: Return relative to maximum drawdown	2.65	12.90	-10.25
Martin ratio: Return relative to average drawdown	10.37	45.29	-34.92

GARP vs. PSI - Sharpe Ratio Comparison

The current GARP Sharpe Ratio is 1.93, which is lower than the PSI Sharpe Ratio of 4.92. The chart below compares the historical Sharpe Ratios of GARP and PSI, 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. PSI - Drawdown Comparison

The maximum GARP drawdown since its inception was -31.34%, smaller than the maximum PSI drawdown of -62.96%. Use the drawdown chart below to compare losses from any high point for GARP and PSI.

Drawdown Indicators

	GARP	PSI	Difference
Max Drawdown Largest peak-to-trough decline	-31.34%	-62.96%	+31.62%
Max Drawdown (1Y) Largest decline over 1 year	-13.69%	-15.48%	+1.79%
Max Drawdown (3Y) Largest decline over 3 years	-23.73%	-41.07%	+17.34%
Max Drawdown (5Y) Largest decline over 5 years	-30.61%	-44.85%	+14.24%
Max Drawdown (10Y) Largest decline over 10 years	—	-44.85%	—
Current Drawdown Current decline from peak	-4.27%	0.00%	-4.27%
Average Drawdown Average peak-to-trough decline	-7.35%	-15.92%	+8.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	4.40%	-0.91%

Volatility

GARP vs. PSI - Volatility Comparison

The current volatility for iShares MSCI USA Quality GARP ETF (GARP) is 7.61%, while Invesco Semiconductors ETF (PSI) has a volatility of 18.89%. This indicates that GARP experiences smaller price fluctuations and is considered to be less risky than PSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GARP	PSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.61%	18.89%	-11.28%
Volatility (6M) Calculated over the trailing 6-month period	15.12%	33.67%	-18.55%
Volatility (1Y) Calculated over the trailing 1-year period	18.79%	40.58%	-21.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.11%	38.44%	-16.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.95%	35.42%	-11.47%

GARP vs. PSI - Expense Ratio Comparison

GARP has a 0.15% expense ratio, which is lower than PSI's 0.56% expense ratio.

Dividends

GARP vs. PSI - Dividend Comparison

GARP's dividend yield for the trailing twelve months is around 0.26%, more than PSI's 0.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GARP iShares MSCI USA Quality GARP ETF	0.26%	0.31%	0.38%	0.75%	1.85%	0.67%	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%
PSI Invesco Semiconductors ETF	0.04%	0.10%	0.15%	0.40%	0.61%	0.14%	0.21%	0.52%	0.83%	0.21%	0.68%	0.16%

Frequently Asked Questions

Can I hold both GARP and PSI in my portfolio?

GARP and PSI have a correlation of 0.77, 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 PSI?

PSI has higher volatility (18.89%) compared to GARP (7.61%). In terms of maximum drawdown, GARP dropped -31.34% vs PSI's -62.96%.

Which ETF is better, GARP or PSI?

On 5-year performance, PSI leads with 32.57% vs 18.96% for GARP. 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.

Which ETF has performed better, GARP or PSI?

Over the 5-year period, PSI has performed better with a 32.57% return vs 18.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GARP or PSI?

GARP is cheaper with a 0.15% expense ratio, compared with 0.56% for PSI.

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

GARP has the higher dividend yield at 0.26%, compared with 0.04% for PSI.

What is the main difference between GARP and PSI?

GARP is categorized as Large Cap Growth Equities, while PSI is Semiconductors. GARP tracks MSCI USA Quality GARP Select Index, while PSI tracks Dynamic Semiconductors Intellidex Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for GARP and 0.56% for PSI.

Which has better risk-adjusted returns?

PSI currently has the higher Sharpe Ratio (4.92 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.