GARP vs. TPYP

Last updated Aug 6, 2026

GARP (iShares MSCI USA Quality GARP ETF) and TPYP (Tortoise North American Pipeline Fund) are both exchange-traded funds - GARP is a Quality Factor fund tracking the MSCI USA Quality GARP Select Index, while TPYP is a MLPs fund tracking the Tortoise North American Pipeline Index. Both are passively managed. Over the past 5 years, GARP returned 18.17%/yr vs 18.93%/yr for TPYP. Their 0.30 correlation means their historical movements had little consistent relationship. GARP charges 0.15%/yr vs 0.40%/yr for TPYP.

Performance

GARP vs. TPYP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Quality GARP ETF (GARP) and Tortoise North American Pipeline Fund (TPYP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GARP achieves a 22.03% return, which is significantly higher than TPYP's 20.31% return.

GARP

• 1D: -0.26%
• 1M: 2.15%
• 6M: 23.97%
• YTD: 22.03%
• 1Y: 36.44%
• 3Y*: 31.83%
• 5Y*: 18.17%
• 10Y*: —
• ALL TIME*: 20.82%

TPYP

• 1D: -1.47%
• 1M: 0.33%
• 6M: 10.96%
• YTD: 20.31%
• 1Y: 22.13%
• 3Y*: 23.42%
• 5Y*: 18.93%
• 10Y*: 11.32%
• ALL TIME*: 9.51%

*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	$29.60M	$25.66M	$23.08M
TPYP Tortoise North American Pipeline Fund	$2.68M	$2.32M	$2.66M

GARP vs. TPYP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GARP iShares MSCI USA Quality GARP ETF	22.03%	21.49%	37.42%	42.86%	-26.75%	27.99%	26.51%
TPYP Tortoise North American Pipeline Fund	20.31%	7.59%	37.37%	10.51%	16.09%	34.97%	-21.75%

Correlation

The correlation between GARP and TPYP is -0.21, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.21
Correlation (3Y) Balances recent behavior with more history.	0.13
Correlation (5Y) Shows whether the relationship held over a longer period.	0.29
Correlation (All Time) Calculated using the full available price history since Jan 16, 2020	0.30

The correlation between GARP and TPYP shifts across timeframes, from -0.21 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.

GARP vs. TPYP - Sectors Allocation Comparison

Sectors	GARP	TPYP
Technology	54.7%	-
Communication Services	11.0%	-
Consumer Cyclical	9.1%	-
Financial Services	7.9%	2.4%
Industrials	6.4%	0.1%
Healthcare	5.4%	-
Energy	3.0%	69.6%
Utilities	1.3%	21.2%
Basic Materials	1.1%	0.1%
Real Estate	0.4%	-
Consumer Defensive	-	-

Return for Risk

GARP vs. TPYP — Risk / Return Rank

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

GARP

GARP Risk / Return Rank: 67
GARP Sharpe Ratio Rank: 69
GARP Sortino Ratio Rank: 65
GARP Omega Ratio Rank: 63
GARP Calmar Ratio Rank: 67
GARP Martin Ratio Rank: 69

TPYP

TPYP Risk / Return Rank: 61
TPYP Sharpe Ratio Rank: 58
TPYP Sortino Ratio Rank: 58
TPYP Omega Ratio Rank: 52
TPYP Calmar Ratio Rank: 80
TPYP Martin Ratio Rank: 57

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. TPYP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality GARP ETF (GARP) and Tortoise North American Pipeline Fund (TPYP). 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	TPYP	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.60	+0.23
Sortino ratio: Return per unit of downside risk	2.46	2.26	+0.20
Omega ratio: Gain probability vs. loss probability	1.31	1.27	+0.03
Calmar ratio: Return relative to maximum drawdown	2.67	3.25	-0.58
Martin ratio: Return relative to average drawdown	9.73	7.64	+2.09

GARP vs. TPYP - Sharpe Ratio Comparison

The current GARP Sharpe Ratio is 1.82, which is comparable to the TPYP Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of GARP and TPYP, 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. TPYP - Drawdown Comparison

The maximum GARP drawdown since its inception was -31.34%, smaller than the maximum TPYP drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for GARP and TPYP.

Drawdown Indicators

	GARP	TPYP	Difference
Max Drawdown Largest peak-to-trough decline	-31.34%	-51.91%	+20.57%
Max Drawdown (1Y) Largest decline over 1 year	-13.69%	-6.84%	-6.85%
Max Drawdown (3Y) Largest decline over 3 years	-23.73%	-13.17%	-10.56%
Max Drawdown (5Y) Largest decline over 5 years	-30.61%	-17.96%	-12.65%
Max Drawdown (10Y) Largest decline over 10 years	—	-51.91%	—
Current Drawdown Current decline from peak	-0.26%	-5.54%	+5.28%
Average Drawdown Average peak-to-trough decline	-7.26%	-7.82%	+0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	2.91%	+0.85%

Volatility

GARP vs. TPYP - Volatility Comparison

iShares MSCI USA Quality GARP ETF (GARP) has a higher volatility of 6.22% compared to Tortoise North American Pipeline Fund (TPYP) at 4.74%. This indicates that GARP's price experiences larger fluctuations and is considered to be riskier than TPYP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GARP	TPYP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.22%	4.74%	+1.48%
Volatility (6M) Calculated over the trailing 6-month period	16.09%	11.18%	+4.91%
Volatility (1Y) Calculated over the trailing 1-year period	20.11%	13.98%	+6.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.39%	17.41%	+4.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.93%	21.90%	+2.03%

GARP vs. TPYP - Expense Ratio Comparison

GARP has a 0.15% expense ratio, which is lower than TPYP's 0.40% expense ratio.

Dividends

GARP vs. TPYP - Dividend Comparison

GARP's dividend yield for the trailing twelve months is around 0.26%, less than TPYP's 3.28% 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%
TPYP Tortoise North American Pipeline Fund	3.28%	3.91%	3.95%	4.83%	4.48%	4.86%	6.14%	4.45%	4.58%	3.71%	3.49%	2.56%

Frequently Asked Questions

Can I hold both GARP and TPYP in my portfolio?

GARP and TPYP have a correlation of -0.21, 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 TPYP?

GARP has higher volatility (6.22%) compared to TPYP (4.74%). In terms of maximum drawdown, GARP dropped -31.34% vs TPYP's -51.91%.

Which ETF is better, GARP or TPYP?

On 5-year performance, TPYP leads with 18.93% vs 18.17% for GARP. On fees, GARP is cheaper at 0.15% per year. On volatility, TPYP has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GARP or TPYP?

Over the 5-year period, TPYP has performed better with a 18.93% return vs 18.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GARP or TPYP?

GARP is cheaper with a 0.15% expense ratio, compared with 0.40% for TPYP.

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

TPYP has the higher dividend yield at 3.28%, compared with 0.26% for GARP.

What is the main difference between GARP and TPYP?

GARP is categorized as Quality Factor, while TPYP is MLPs. GARP tracks MSCI USA Quality GARP Select Index, while TPYP tracks Tortoise North American Pipeline Index. They also come from different issuers: iShares and Tortoise. Their fees differ too: 0.15% for GARP and 0.40% for TPYP.

Which has better risk-adjusted returns?

GARP currently has the higher Sharpe Ratio (1.82 vs 1.60), 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.