GARP vs. TGRT

Last updated Aug 2, 2026

GARP (iShares MSCI USA Quality GARP ETF) and TGRT (T. Rowe Price Growth ETF) are both exchange-traded funds - GARP is a Quality Factor fund tracking the MSCI USA Quality GARP Select Index, while TGRT is a Large Cap Growth Equities fund actively managed by T. Rowe Price. GARP is passively managed, while TGRT is actively managed. Over the past 3 years, GARP returned 28.85%/yr vs 19.48%/yr for TGRT. Their correlation of 0.93 means they have usually moved in the same direction. GARP charges 0.15%/yr vs 0.38%/yr for TGRT.

Performance

GARP vs. TGRT - Performance Comparison

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

Returns By Period

In the year-to-date period, GARP achieves a 16.89% return, which is significantly higher than TGRT's 1.18% return.

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%

TGRT

• 1D: 0.70%
• 1M: -1.08%
• 6M: 3.42%
• YTD: 1.18%
• 1Y: 10.30%
• 3Y*: 19.48%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.22%

*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)
GARP iShares MSCI USA Quality GARP ETF	$25.65M	$25.43M	$23.00M
TGRT T. Rowe Price Growth ETF	$4.26M	$3.99M	$7.47M

GARP vs. TGRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GARP iShares MSCI USA Quality GARP ETF	16.89%	21.49%	37.42%	15.02%
TGRT T. Rowe Price Growth ETF	1.18%	16.94%	32.85%	13.15%

Correlation

The correlation between GARP and TGRT is 0.91, 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.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023	0.93

The correlation between GARP and TGRT has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

GARP vs. TGRT - Sectors Allocation Comparison

Sectors	GARP	TGRT
Technology	54.7%	53.5%
Communication Services	11.0%	15.8%
Consumer Cyclical	9.1%	7.6%
Financial Services	7.9%	5.9%
Industrials	6.4%	7.2%
Healthcare	5.4%	8.5%
Energy	3.0%	0.2%
Utilities	1.3%	0.5%
Basic Materials	1.1%	0.2%
Real Estate	0.4%	-
Consumer Defensive	-	1.0%

Return for Risk

GARP vs. TGRT — Risk / Return Rank

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

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

TGRT

TGRT Risk / Return Rank: 20
TGRT Sharpe Ratio Rank: 22
TGRT Sortino Ratio Rank: 21
TGRT Omega Ratio Rank: 20
TGRT Calmar Ratio Rank: 18
TGRT Martin Ratio Rank: 21

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.

GARP vs. TGRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality GARP ETF (GARP) and T. Rowe Price Growth ETF (TGRT). 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	TGRT	Difference
Sharpe ratio: Return per unit of total volatility	1.50	0.45	+1.05
Sortino ratio: Return per unit of downside risk	2.08	0.74	+1.34
Omega ratio: Gain probability vs. loss probability	1.26	1.09	+0.17
Calmar ratio: Return relative to maximum drawdown	2.19	0.44	+1.75
Martin ratio: Return relative to average drawdown	7.99	1.36	+6.63

GARP vs. TGRT - Sharpe Ratio Comparison

The current GARP Sharpe Ratio is 1.50, which is higher than the TGRT Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of GARP and TGRT, 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. TGRT - Drawdown Comparison

The maximum GARP drawdown since its inception was -31.34%, which is greater than TGRT's maximum drawdown of -22.04%. Use the drawdown chart below to compare losses from any high point for GARP and TGRT.

Drawdown Indicators

	GARP	TGRT	Difference
Max Drawdown Largest peak-to-trough decline	-31.34%	-22.04%	-9.30%
Max Drawdown (1Y) Largest decline over 1 year	-13.69%	-17.89%	+4.20%
Max Drawdown (3Y) Largest decline over 3 years	-23.73%	-22.04%	-1.69%
Max Drawdown (5Y) Largest decline over 5 years	-30.61%	—	—
Current Drawdown Current decline from peak	-4.34%	-5.79%	+1.45%
Average Drawdown Average peak-to-trough decline	-7.27%	-3.36%	-3.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.75%	5.82%	-2.07%

Volatility

GARP vs. TGRT - Volatility Comparison

iShares MSCI USA Quality GARP ETF (GARP) has a higher volatility of 5.68% compared to T. Rowe Price Growth ETF (TGRT) at 5.11%. This indicates that GARP's price experiences larger fluctuations and is considered to be riskier than TGRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GARP	TGRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.68%	5.11%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	16.18%	14.20%	+1.98%
Volatility (1Y) Calculated over the trailing 1-year period	20.02%	17.66%	+2.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.34%	19.20%	+3.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.92%	19.20%	+4.72%

GARP vs. TGRT - Expense Ratio Comparison

GARP has a 0.15% expense ratio, which is lower than TGRT's 0.38% expense ratio.

Dividends

GARP vs. TGRT - Dividend Comparison

GARP's dividend yield for the trailing twelve months is around 0.27%, more than TGRT's 0.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
GARP iShares MSCI USA Quality GARP ETF	0.27%	0.31%	0.38%	0.75%	1.85%	0.67%	0.75%
TGRT T. Rowe Price Growth ETF	0.08%	0.08%	0.09%	0.06%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GARP and TGRT in my portfolio?

With a correlation of 0.91, GARP and TGRT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GARP or TGRT?

GARP has higher volatility (5.68%) compared to TGRT (5.11%). In terms of maximum drawdown, GARP dropped -31.34% vs TGRT's -22.04%.

Which ETF is better, GARP or TGRT?

On 3-year performance, GARP leads with 28.85% vs 19.48% for TGRT. On fees, GARP is cheaper at 0.15% per year. On volatility, TGRT has been the lower-risk option at 5.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GARP or TGRT?

Over the 3-year period, GARP has performed better with a 28.85% return vs 19.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GARP or TGRT?

GARP is cheaper with a 0.15% expense ratio, compared with 0.38% for TGRT.

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

GARP has the higher dividend yield at 0.27%, compared with 0.08% for TGRT.

What is the main difference between GARP and TGRT?

GARP is categorized as Quality Factor, while TGRT is Large Cap Growth Equities. They also come from different issuers: iShares and T. Rowe Price. Their fees differ too: 0.15% for GARP and 0.38% for TGRT.

Which has better risk-adjusted returns?

GARP currently has the higher Sharpe Ratio (1.50 vs 0.45), 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.