NUGO vs. GARP

Last updated Aug 2, 2026

NUGO (Nuveen Growth Opportunities ETF) and GARP (iShares MSCI USA Quality GARP ETF) are both exchange-traded funds - NUGO is a Large Cap Growth Equities fund actively managed by Nuveen, while GARP is a Quality Factor fund tracking the MSCI USA Quality GARP Select Index. NUGO is actively managed, while GARP is passively managed. Over the past 3 years, NUGO returned 21.43%/yr vs 28.85%/yr for GARP. Their correlation of 0.95 means they have usually moved in the same direction. NUGO charges 0.56%/yr vs 0.15%/yr for GARP.

Performance

NUGO vs. GARP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Growth Opportunities ETF (NUGO) 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, NUGO achieves a 5.94% return, which is significantly lower than GARP's 16.89% return.

NUGO

• 1D: 1.35%
• 1M: -0.71%
• 6M: 7.45%
• YTD: 5.94%
• 1Y: 14.86%
• 3Y*: 21.43%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.04%

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%

*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
NUGO Nuveen Growth Opportunities ETF	$4.39M	$5.38M	$7.03M

NUGO vs. GARP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NUGO Nuveen Growth Opportunities ETF	5.94%	14.91%	35.95%	45.37%	-32.73%	7.09%
GARP iShares MSCI USA Quality GARP ETF	16.89%	21.49%	37.42%	42.86%	-26.75%	8.21%

Correlation

The correlation between NUGO and GARP 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.	0.92
Correlation (All Time) Calculated using the full available price history since Sep 28, 2021	0.95

The correlation between NUGO and GARP has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

NUGO vs. GARP - Sectors Allocation Comparison

Sectors	NUGO	GARP
Technology	58.2%	54.7%
Communication Services	13.6%	11.0%
Industrials	9.0%	6.4%
Consumer Cyclical	7.0%	9.1%
Healthcare	6.8%	5.4%
Financial Services	3.5%	7.9%
Basic Materials	1.6%	1.1%
Utilities	1.6%	1.3%
Consumer Defensive	0.4%	-
Energy	-	3.0%
Real Estate	-	0.4%

Return for Risk

NUGO vs. GARP — Risk / Return Rank

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

NUGO

NUGO Risk / Return Rank: 26
NUGO Sharpe Ratio Rank: 27
NUGO Sortino Ratio Rank: 28
NUGO Omega Ratio Rank: 26
NUGO Calmar Ratio Rank: 24
NUGO Martin Ratio Rank: 27

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

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.

NUGO vs. GARP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Growth Opportunities ETF (NUGO) 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.

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.

	NUGO	GARP	Difference
Sharpe ratio: Return per unit of total volatility	0.65	1.50	-0.86
Sortino ratio: Return per unit of downside risk	1.04	2.08	-1.04
Omega ratio: Gain probability vs. loss probability	1.12	1.26	-0.14
Calmar ratio: Return relative to maximum drawdown	0.74	2.19	-1.45
Martin ratio: Return relative to average drawdown	2.26	7.99	-5.73

NUGO vs. GARP - Sharpe Ratio Comparison

The current NUGO Sharpe Ratio is 0.65, which is lower than the GARP Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of NUGO 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.

Drawdowns

NUGO vs. GARP - Drawdown Comparison

The maximum NUGO drawdown since its inception was -38.01%, which is greater than GARP's maximum drawdown of -31.34%. Use the drawdown chart below to compare losses from any high point for NUGO and GARP.

Drawdown Indicators

	NUGO	GARP	Difference
Max Drawdown Largest peak-to-trough decline	-38.01%	-31.34%	-6.67%
Max Drawdown (1Y) Largest decline over 1 year	-17.54%	-13.69%	-3.85%
Max Drawdown (3Y) Largest decline over 3 years	-25.12%	-23.73%	-1.39%
Max Drawdown (5Y) Largest decline over 5 years	—	-30.61%	—
Current Drawdown Current decline from peak	-5.24%	-4.34%	-0.90%
Average Drawdown Average peak-to-trough decline	-11.81%	-7.27%	-4.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.73%	3.75%	+1.98%

Volatility

NUGO vs. GARP - Volatility Comparison

Nuveen Growth Opportunities ETF (NUGO) has a higher volatility of 6.83% compared to iShares MSCI USA Quality GARP ETF (GARP) at 5.68%. This indicates that NUGO'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

	NUGO	GARP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.83%	5.68%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	15.97%	16.18%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	20.08%	20.02%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.24%	22.34%	+0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.24%	23.92%	-0.68%

NUGO vs. GARP - Expense Ratio Comparison

NUGO has a 0.56% expense ratio, which is higher than GARP's 0.15% expense ratio.

Dividends

NUGO vs. GARP - Dividend Comparison

NUGO has not paid dividends to shareholders, while GARP's dividend yield for the trailing twelve months is around 0.27%.

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%
NUGO Nuveen Growth Opportunities ETF	0.00%	0.00%	0.00%	0.19%	0.26%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NUGO and GARP in my portfolio?

With a correlation of 0.91, NUGO and GARP 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, NUGO or GARP?

NUGO has higher volatility (6.83%) compared to GARP (5.68%). In terms of maximum drawdown, NUGO dropped -38.01% vs GARP's -31.34%.

Which ETF is better, NUGO or GARP?

On 3-year performance, GARP leads with 28.85% vs 21.43% for NUGO. On fees, GARP is cheaper at 0.15% per year. On volatility, GARP has been the lower-risk option at 5.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUGO or GARP?

Over the 3-year period, GARP has performed better with a 28.85% return vs 21.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUGO or GARP?

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

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

GARP has the higher dividend yield at 0.27%, compared with 0.00% for NUGO.

What is the main difference between NUGO and GARP?

NUGO is categorized as Large Cap Growth Equities, while GARP is Quality Factor. They also come from different issuers: Nuveen and iShares. Their fees differ too: 0.56% for NUGO and 0.15% for GARP.

Which has better risk-adjusted returns?

GARP currently has the higher Sharpe Ratio (1.50 vs 0.65), 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.