GSC vs. GARP

Last updated Jun 4, 2026

GSC (Goldman Sachs Small Cap Core Equity ETF) and GARP (iShares MSCI USA Quality GARP ETF) are both exchange-traded funds - GSC is a Small Cap Blend Equities fund actively managed by Goldman Sachs, while GARP is a Large Cap Growth Equities fund tracking the MSCI USA Quality GARP Select Index. GSC is actively managed, while GARP is passively managed. Over the past 5 years, GSC returned 21.00%/yr vs 20.26%/yr for GARP. At a 0.28 correlation, their price movements are largely independent. GSC charges 0.75%/yr vs 0.15%/yr for GARP.

Performance

GSC vs. GARP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Small Cap Core Equity ETF (GSC) and iShares MSCI USA Quality GARP ETF (GARP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSC achieves a 15.37% return, which is significantly lower than GARP's 21.29% return.

GSC

• 1D: -0.49%
• 1M: 4.25%
• YTD: 15.37%
• 6M: 14.45%
• 1Y: 27.08%
• 3Y*: 26.13%
• 5Y*: 21.00%
• 10Y*: 10.81%

GARP

• 1D: -0.72%
• 1M: 11.92%
• YTD: 21.29%
• 6M: 21.80%
• 1Y: 43.57%
• 3Y*: 33.60%
• 5Y*: 20.26%
• 10Y*: —

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

GSC vs. GARP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GSC Goldman Sachs Small Cap Core Equity ETF	15.37%	6.29%	13.79%	33.52%	28.40%	58.09%	-28.72%
GARP iShares MSCI USA Quality GARP ETF	21.29%	21.49%	37.42%	42.86%	-26.75%	27.99%	26.51%

Correlation

The correlation between GSC and GARP is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since Jan 17, 2020	0.28

Over the past year, GSC and GARP have become more correlated (0.61) than their long-term average of 0.28, meaning their price movements have been converging.

GSC vs. GARP - Sectors Allocation Comparison

Sectors	GSC	GARP
Technology	23.6%	56.7%
Industrials	17.5%	6.9%
Financial Services	16.5%	7.5%
Healthcare	12.4%	5.4%
Consumer Cyclical	8.8%	6.1%
Basic Materials	6.4%	0.9%
Energy	4.2%	2.7%
Consumer Defensive	3.8%	-
Utilities	3.1%	1.4%
Real Estate	2.6%	0.4%
Communication Services	0.9%	12.0%

Return for Risk

GSC vs. GARP — Risk / Return Rank

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

GSC

GSC Risk / Return Rank: 45
GSC Sharpe Ratio Rank: 9
GSC Sortino Ratio Rank: 84
GSC Omega Ratio Rank: 98
GSC Calmar Ratio Rank: 15
GSC Martin Ratio Rank: 17

GARP

GARP Risk / Return Rank: 68
GARP Sharpe Ratio Rank: 73
GARP Sortino Ratio Rank: 68
GARP Omega Ratio Rank: 67
GARP Calmar Ratio Rank: 63
GARP Martin Ratio Rank: 68

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.

GSC vs. GARP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Small Cap Core Equity ETF (GSC) and iShares MSCI USA Quality GARP ETF (GARP). 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.

	GSC	GARP	Difference
Sharpe ratio: Return per unit of total volatility	0.07	2.45	-2.38
Sortino ratio: Return per unit of downside risk	3.80	3.18	+0.62
Omega ratio: Gain probability vs. loss probability	1.99	1.41	+0.58
Calmar ratio: Return relative to maximum drawdown	0.47	3.20	-2.73
Martin ratio: Return relative to average drawdown	1.61	12.85	-11.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSC vs. GARP - Sharpe Ratio Comparison

The current GSC Sharpe Ratio is 0.07, which is lower than the GARP Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of GSC and GARP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GSC	GARP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.07	2.45	-2.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.93	-0.83
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.07	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	0.90	-0.90

Drawdowns

GSC vs. GARP - Drawdown Comparison

The maximum GSC drawdown since its inception was -88.63%, which is greater than GARP's maximum drawdown of -31.34%. Use the drawdown chart below to compare losses from any high point for GSC and GARP.

Drawdown Indicators

	GSC	GARP	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-31.34%	-57.29%
Max Drawdown (1Y) Largest decline over 1 year	-58.25%	-13.69%	-44.56%
Max Drawdown (3Y) Largest decline over 3 years	-58.25%	-23.73%	-34.52%
Max Drawdown (5Y) Largest decline over 5 years	-58.25%	-30.61%	-27.64%
Max Drawdown (10Y) Largest decline over 10 years	-66.06%	—	—
Current Drawdown Current decline from peak	-31.48%	-0.73%	-30.75%
Average Drawdown Average peak-to-trough decline	-59.28%	-7.36%	-51.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.91%	3.40%	+13.51%

Volatility

GSC vs. GARP - Volatility Comparison

Goldman Sachs Small Cap Core Equity ETF (GSC) has a higher volatility of 5.99% compared to iShares MSCI USA Quality GARP ETF (GARP) at 5.03%. This indicates that GSC's price experiences larger fluctuations and is considered to be riskier than GARP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSC	GARP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.99%	5.03%	+0.96%
Volatility (6M) Calculated over the trailing 6-month period	203.12%	13.89%	+189.23%
Volatility (1Y) Calculated over the trailing 1-year period	403.80%	17.89%	+385.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	218.92%	21.97%	+196.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	160.38%	23.89%	+136.49%

GSC vs. GARP - Expense Ratio Comparison

GSC has a 0.75% expense ratio, which is higher than GARP's 0.15% expense ratio.

Dividends

GSC vs. GARP - Dividend Comparison

GSC's dividend yield for the trailing twelve months is around 0.17%, less than GARP's 0.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
GARP iShares MSCI USA Quality GARP ETF	0.25%	0.31%	0.38%	0.75%	1.85%	0.67%	0.75%
GSC Goldman Sachs Small Cap Core Equity ETF	0.17%	0.16%	0.66%	0.11%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GSC and GARP in my portfolio?

GSC and GARP have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSC or GARP?

GSC has higher volatility (5.99%) compared to GARP (5.03%). In terms of maximum drawdown, GSC dropped -88.63% vs GARP's -31.34%.

Which ETF is better, GSC or GARP?

On 5-year performance, GSC leads with 21.00% vs 20.26% for GARP. On fees, GARP is cheaper at 0.15% per year. On volatility, GARP has been the lower-risk option at 5.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSC or GARP?

Over the 5-year period, GSC has performed better with a 21.00% return vs 20.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSC or GARP?

GARP is cheaper with a 0.15% expense ratio, compared with 0.75% for GSC.

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

GARP has the higher dividend yield at 0.25%, compared with 0.17% for GSC.

What is the main difference between GSC and GARP?

GSC is categorized as Small Cap Blend Equities, while GARP is Large Cap Growth Equities. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.75% for GSC and 0.15% for GARP.

Which has better risk-adjusted returns?

GARP currently has the higher Sharpe Ratio (2.45 vs 0.07), 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.