SPGP vs. GARP

Last updated Aug 2, 2026

SPGP (Invesco S&P 500 GARP ETF) and GARP (iShares MSCI USA Quality GARP ETF) are both exchange-traded funds - SPGP is a Multi-factor fund tracking the S&P 500 GARP Index, while GARP is a Quality Factor fund tracking the MSCI USA Quality GARP Select Index. Both are passively managed. Over the past 5 years, SPGP returned 8.08%/yr vs 17.48%/yr for GARP. Their 0.75 correlation means they have sometimes moved together and sometimes differently. SPGP charges 0.36%/yr vs 0.15%/yr for GARP.

Performance

SPGP vs. GARP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 GARP ETF (SPGP) 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, SPGP achieves a 10.71% return, which is significantly lower than GARP's 16.89% return.

SPGP

• 1D: 0.01%
• 1M: 0.78%
• 6M: 9.37%
• YTD: 10.71%
• 1Y: 17.66%
• 3Y*: 10.71%
• 5Y*: 8.08%
• 10Y*: 15.12%
• ALL TIME*: 14.46%

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
SPGP Invesco S&P 500 GARP ETF	$11.85M	$11.53M	$9.19M

SPGP vs. GARP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPGP Invesco S&P 500 GARP ETF	10.71%	9.80%	8.48%	20.29%	-13.83%	35.72%	14.54%
GARP iShares MSCI USA Quality GARP ETF	16.89%	21.49%	37.42%	42.86%	-26.75%	27.99%	26.51%

Correlation

The correlation between SPGP and GARP is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.80
Correlation (All Time) Calculated using the full available price history since Jan 16, 2020	0.75

The correlation between SPGP and GARP shifts across timeframes, from 0.69 (3 years) to 0.80 (5 years), reflecting how their relationship changes across market environments.

SPGP vs. GARP - Sectors Allocation Comparison

Sectors	SPGP	GARP
Financial Services	30.5%	7.9%
Technology	22.6%	54.7%
Consumer Cyclical	12.8%	9.1%
Industrials	10.0%	6.4%
Healthcare	9.8%	5.4%
Communication Services	6.7%	11.0%
Real Estate	2.9%	0.4%
Utilities	2.7%	1.3%
Basic Materials	1.6%	1.1%
Energy	1.2%	3.0%
Consumer Defensive	1.0%	-

Return for Risk

SPGP vs. GARP — Risk / Return Rank

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

SPGP

SPGP Risk / Return Rank: 42
SPGP Sharpe Ratio Rank: 41
SPGP Sortino Ratio Rank: 42
SPGP Omega Ratio Rank: 39
SPGP Calmar Ratio Rank: 41
SPGP Martin Ratio Rank: 48

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.

SPGP vs. GARP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 GARP ETF (SPGP) 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.

	SPGP	GARP	Difference
Sharpe ratio: Return per unit of total volatility	1.02	1.50	-0.48
Sortino ratio: Return per unit of downside risk	1.55	2.08	-0.52
Omega ratio: Gain probability vs. loss probability	1.19	1.26	-0.07
Calmar ratio: Return relative to maximum drawdown	1.45	2.19	-0.75
Martin ratio: Return relative to average drawdown	5.55	7.99	-2.45

SPGP vs. GARP - Sharpe Ratio Comparison

The current SPGP Sharpe Ratio is 1.02, which is lower than the GARP Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of SPGP 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

SPGP vs. GARP - Drawdown Comparison

The maximum SPGP drawdown since its inception was -42.08%, which is greater than GARP's maximum drawdown of -31.34%. Use the drawdown chart below to compare losses from any high point for SPGP and GARP.

Drawdown Indicators

	SPGP	GARP	Difference
Max Drawdown Largest peak-to-trough decline	-42.08%	-31.34%	-10.74%
Max Drawdown (1Y) Largest decline over 1 year	-11.15%	-13.69%	+2.54%
Max Drawdown (3Y) Largest decline over 3 years	-22.87%	-23.73%	+0.86%
Max Drawdown (5Y) Largest decline over 5 years	-22.87%	-30.61%	+7.74%
Max Drawdown (10Y) Largest decline over 10 years	-42.08%	—	—
Current Drawdown Current decline from peak	-0.44%	-4.34%	+3.90%
Average Drawdown Average peak-to-trough decline	-4.32%	-7.27%	+2.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	3.75%	-0.84%

Volatility

SPGP vs. GARP - Volatility Comparison

The current volatility for Invesco S&P 500 GARP ETF (SPGP) is 3.74%, while iShares MSCI USA Quality GARP ETF (GARP) has a volatility of 5.68%. This indicates that SPGP experiences smaller price fluctuations and is considered to be less risky than GARP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPGP	GARP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	5.68%	-1.94%
Volatility (6M) Calculated over the trailing 6-month period	12.26%	16.18%	-3.92%
Volatility (1Y) Calculated over the trailing 1-year period	15.82%	20.02%	-4.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.64%	22.34%	-3.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.21%	23.92%	-2.71%

SPGP vs. GARP - Expense Ratio Comparison

SPGP has a 0.36% expense ratio, which is higher than GARP's 0.15% expense ratio.

Dividends

SPGP vs. GARP - Dividend Comparison

SPGP's dividend yield for the trailing twelve months is around 0.80%, more than GARP's 0.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPGP Invesco S&P 500 GARP ETF	0.80%	1.04%	1.38%	1.24%	1.22%	0.69%	1.10%	0.86%	0.95%	0.68%	0.89%	1.12%

Frequently Asked Questions

Can I hold both SPGP and GARP in my portfolio?

SPGP and GARP have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPGP or GARP?

GARP has higher volatility (5.68%) compared to SPGP (3.74%). In terms of maximum drawdown, SPGP dropped -42.08% vs GARP's -31.34%.

Which ETF is better, SPGP or GARP?

On 5-year performance, GARP leads with 17.48% vs 8.08% for SPGP. On fees, GARP is cheaper at 0.15% per year. On volatility, SPGP has been the lower-risk option at 3.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPGP or GARP?

Over the 5-year period, GARP has performed better with a 17.48% return vs 8.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPGP or GARP?

GARP is cheaper with a 0.15% expense ratio, compared with 0.36% for SPGP.

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

SPGP has the higher dividend yield at 0.80%, compared with 0.27% for GARP.

What is the main difference between SPGP and GARP?

SPGP is categorized as Multi-factor, while GARP is Quality Factor. SPGP tracks S&P 500 GARP Index, while GARP tracks MSCI USA Quality GARP Select Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.36% for SPGP and 0.15% for GARP.

Which has better risk-adjusted returns?

GARP currently has the higher Sharpe Ratio (1.50 vs 1.02), 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.