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GARP vs. VOO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GARP vs. VOO

Last updated Aug 2, 2026
Documentation

GARP (iShares MSCI USA Quality GARP ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - GARP is a Quality Factor fund tracking the MSCI USA Quality GARP Select Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, GARP returned 17.48%/yr vs 12.83%/yr for VOO. Their correlation of 0.89 means they have usually moved in the same direction. GARP charges 0.15%/yr vs 0.03%/yr for VOO.

Performance

GARP vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Quality GARP ETF (GARP) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GARP achieves a 16.89% return, which is significantly higher than VOO's 10.16% 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%

VOO

1D
0.71%
1M
0.26%
6M
8.58%
YTD
10.16%
1Y
21.58%
3Y*
19.42%
5Y*
12.83%
10Y*
15.14%
ALL TIME*
14.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

GARP

iShares MSCI USA Quality GARP ETF
$25.65M$25.43M$23.00M

VOO

Vanguard S&P 500 ETF
$3.82B$3.78B$5.44B

GARP vs. VOO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
GARP
iShares MSCI USA Quality GARP ETF		16.89%21.49%37.42%42.86%-26.75%27.99%26.51%
VOO
Vanguard S&P 500 ETF		10.16%17.82%24.98%26.32%-18.17%28.79%16.08%

Correlation

The correlation between GARP and VOO is 0.93, 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.

0.93

Correlation (3Y)
Balances recent behavior with more history.

0.93

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.94

Correlation (All Time)
Calculated using the full available price history since Jan 16, 2020

0.89

The correlation between GARP and VOO has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

GARP vs. VOO - Sectors Allocation Comparison

Sectors
GARP
VOO

Technology

54.7%
38.6%

Communication Services

11.0%
9.9%

Consumer Cyclical

9.1%
9.5%

Financial Services

7.9%
11.4%

Industrials

6.4%
8.5%

Healthcare

5.4%
8.9%

Energy

3.0%
3.0%

Utilities

1.3%
2.2%

Basic Materials

1.1%
1.7%

Real Estate

0.4%
1.8%

Consumer Defensive

-

4.5%

Technology

GARP
54.7%
VOO
38.6%

Communication Services

GARP
11.0%
VOO
9.9%

Consumer Cyclical

GARP
9.1%
VOO
9.5%

Financial Services

GARP
7.9%
VOO
11.4%

Industrials

GARP
6.4%
VOO
8.5%

Healthcare

GARP
5.4%
VOO
8.9%

Energy

GARP
3.0%
VOO
3.0%

Utilities

GARP
1.3%
VOO
2.2%

Basic Materials

GARP
1.1%
VOO
1.7%

Real Estate

GARP
0.4%
VOO
1.8%

Consumer Defensive

GARP

-

VOO
4.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI USA Quality GARP ETF

Vanguard S&P 500 ETF

Often compared with GARP:
GARP vs. SPGPGARP vs. SPMOGARP vs. SCHGGARP vs. QUALGARP vs. SPYGARP vs. VUGGARP vs. SPHQ
Often compared with VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. FXAIXVOO vs. SPYVOO vs. VGT

Return for Risk

GARP vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
GARP
GARP Risk / Return Rank: 6464
Overall Rank
GARP Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
GARP Sortino Ratio Rank: 6262
Sortino Ratio Rank
GARP Omega Ratio Rank: 6060
Omega Ratio Rank
GARP Calmar Ratio Rank: 6363
Calmar Ratio Rank
GARP Martin Ratio Rank: 6666
Martin Ratio Rank
VOO
VOO Risk / Return Rank: 6868
Overall Rank
VOO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 6565
Sortino Ratio Rank
VOO Omega Ratio Rank: 6666
Omega Ratio Rank
VOO Calmar Ratio Rank: 6464
Calmar Ratio Rank
VOO Martin Ratio Rank: 7676
Martin Ratio Rank
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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality GARP ETF (GARP) and Vanguard S&P 500 ETF (VOO). 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.

GARPVOODifference
Sharpe ratioReturn per unit of total volatility
1.50
1.53

-0.03

Sortino ratioReturn per unit of downside risk
2.08
2.13

-0.06

Omega ratioGain probability vs. loss probability

1.26

1.28

-0.02

Calmar ratioReturn relative to maximum drawdown

2.19

2.21

-0.01

Martin ratioReturn relative to average drawdown

7.99

9.44

-1.44

GARP vs. VOO - Sharpe Ratio Comparison

The current GARP Sharpe Ratio is 1.50, which is comparable to the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of GARP and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

GARP vs. VOO - Drawdown Comparison

The maximum GARP drawdown since its inception was -31.34%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for GARP and VOO.

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Drawdown Indicators

GARPVOODifference

Max Drawdown

Largest peak-to-trough decline

-31.34%

-33.99%

+2.65%

Max Drawdown (1Y)

Largest decline over 1 year

-13.69%

-8.90%

-4.79%

Max Drawdown (3Y)

Largest decline over 3 years

-23.73%

-18.69%

-5.04%

Max Drawdown (5Y)

Largest decline over 5 years

-30.61%

-24.52%

-6.09%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.99%

—

Current Drawdown

Current decline from peak

-4.34%

-1.38%

-2.96%

Average Drawdown

Average peak-to-trough decline

-7.27%

-3.67%

-3.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.75%

2.08%

+1.67%

Volatility

GARP vs. VOO - Volatility Comparison

iShares MSCI USA Quality GARP ETF (GARP) has a higher volatility of 5.68% compared to Vanguard S&P 500 ETF (VOO) at 3.54%. This indicates that GARP's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GARPVOODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.68%

3.54%

+2.14%

Volatility (6M)

Calculated over the trailing 6-month period

16.18%

10.10%

+6.08%

Volatility (1Y)

Calculated over the trailing 1-year period

20.02%

12.82%

+7.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.34%

16.93%

+5.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.92%

18.01%

+5.91%

GARP vs. VOO - Expense Ratio Comparison

GARP has a 0.15% expense ratio, which is higher than VOO's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GARP vs. VOO - Dividend Comparison

GARP's dividend yield for the trailing twelve months is around 0.27%, less than VOO's 1.07% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VOO
Vanguard S&P 500 ETF		1.07%1.13%1.24%1.46%1.69%1.25%1.54%1.88%2.06%1.78%2.02%2.10%

Frequently Asked Questions

With a correlation of 0.93, GARP and VOO 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.

GARP has higher volatility (5.68%) compared to VOO (3.54%). In terms of maximum drawdown, GARP dropped -31.34% vs VOO's -33.99%.

On 5-year performance, GARP leads with 17.48% vs 12.83% for VOO. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.54%. 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 17.48% return vs 12.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOO is cheaper with a 0.03% expense ratio, compared with 0.15% for GARP.

VOO has the higher dividend yield at 1.07%, compared with 0.27% for GARP.

GARP is categorized as Quality Factor, while VOO is S&P 500. GARP tracks MSCI USA Quality GARP Select Index, while VOO tracks S&P 500 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.15% for GARP and 0.03% for VOO.

VOO currently has the higher Sharpe Ratio (1.53 vs 1.50), 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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