TOPT vs. GQGU

Last updated Jul 17, 2026

TOPT (iShares Top 20 U.S. Stocks ETF) and GQGU (GQG US Equity ETF) are both Large Cap Growth Equities funds. TOPT is passively managed, while GQGU is actively managed. Over the past year, TOPT returned 20.49% vs 4.73% for GQGU. At a correlation of -0.28, they often move in opposite directions. TOPT charges 0.20%/yr vs 0.49%/yr for GQGU.

Performance

TOPT vs. GQGU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Top 20 U.S. Stocks ETF (TOPT) and GQG US Equity ETF (GQGU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOPT achieves a 6.88% return, which is significantly higher than GQGU's 5.74% return.

TOPT

• 1D: -1.39%
• 1M: 0.03%
• 6M: 8.44%
• YTD: 6.88%
• 1Y: 20.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GQGU

• 1D: 0.04%
• 1M: 0.43%
• 6M: 4.51%
• YTD: 5.74%
• 1Y: 4.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOPT vs. GQGU - Yearly Performance Comparison

	2026 (YTD)	2025
TOPT iShares Top 20 U.S. Stocks ETF	6.88%	13.55%
GQGU GQG US Equity ETF	5.74%	-1.12%

Correlation

The correlation between TOPT and GQGU is -0.29, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.29
Correlation (All Time) Calculated using the full available price history since Jul 14, 2025	-0.28

Return for Risk

TOPT vs. GQGU — Risk / Return Rank

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

TOPT

TOPT Risk / Return Rank: 44
TOPT Sharpe Ratio Rank: 49
TOPT Sortino Ratio Rank: 48
TOPT Omega Ratio Rank: 46
TOPT Calmar Ratio Rank: 37
TOPT Martin Ratio Rank: 42

GQGU

GQGU Risk / Return Rank: 17
GQGU Sharpe Ratio Rank: 18
GQGU Sortino Ratio Rank: 16
GQGU Omega Ratio Rank: 15
GQGU Calmar Ratio Rank: 18
GQGU Martin Ratio Rank: 17

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.

TOPT vs. GQGU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Top 20 U.S. Stocks ETF (TOPT) and GQG US Equity ETF (GQGU). 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.

	TOPT	GQGU	Difference
Sharpe ratio: Return per unit of total volatility	1.39	0.44	+0.95
Sortino ratio: Return per unit of downside risk	1.99	0.71	+1.28
Omega ratio: Gain probability vs. loss probability	1.25	1.08	+0.16
Calmar ratio: Return relative to maximum drawdown	1.57	0.56	+1.00
Martin ratio: Return relative to average drawdown	5.46	1.36	+4.10

TOPT vs. GQGU - Sharpe Ratio Comparison

The current TOPT Sharpe Ratio is 1.39, which is higher than the GQGU Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of TOPT and GQGU, 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

TOPT vs. GQGU - Drawdown Comparison

The maximum TOPT drawdown since its inception was -21.21%, which is greater than GQGU's maximum drawdown of -8.41%. Use the drawdown chart below to compare losses from any high point for TOPT and GQGU.

Drawdown Indicators

	TOPT	GQGU	Difference
Max Drawdown Largest peak-to-trough decline	-21.21%	-8.41%	-12.80%
Max Drawdown (1Y) Largest decline over 1 year	-13.13%	-8.41%	-4.72%
Current Drawdown Current decline from peak	-3.12%	-5.42%	+2.30%
Average Drawdown Average peak-to-trough decline	-3.51%	-2.91%	-0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	3.48%	+0.28%

Volatility

TOPT vs. GQGU - Volatility Comparison

iShares Top 20 U.S. Stocks ETF (TOPT) has a higher volatility of 5.12% compared to GQG US Equity ETF (GQGU) at 4.36%. This indicates that TOPT's price experiences larger fluctuations and is considered to be riskier than GQGU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOPT	GQGU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.12%	4.36%	+0.76%
Volatility (6M) Calculated over the trailing 6-month period	11.87%	8.52%	+3.35%
Volatility (1Y) Calculated over the trailing 1-year period	14.78%	10.71%	+4.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.81%	10.68%	+9.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.81%	10.68%	+9.13%

TOPT vs. GQGU - Expense Ratio Comparison

TOPT has a 0.20% expense ratio, which is lower than GQGU's 0.49% expense ratio.

Dividends

TOPT vs. GQGU - Dividend Comparison

TOPT's dividend yield for the trailing twelve months is around 0.38%, less than GQGU's 0.96% yield.

Position	TTM	2025	2024
GQGU GQG US Equity ETF	0.96%	1.02%	0.00%
TOPT iShares Top 20 U.S. Stocks ETF	0.38%	0.38%	0.08%

Frequently Asked Questions

Can I hold both TOPT and GQGU in my portfolio?

TOPT and GQGU have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOPT or GQGU?

TOPT has higher volatility (5.12%) compared to GQGU (4.36%). In terms of maximum drawdown, TOPT dropped -21.21% vs GQGU's -8.41%.

Which ETF is better, TOPT or GQGU?

On 1-year performance, TOPT leads with 20.49% vs 4.73% for GQGU. On fees, TOPT is cheaper at 0.20% per year. On volatility, GQGU has been the lower-risk option at 4.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOPT or GQGU?

Over the 1-year period, TOPT has performed better with a 20.49% return vs 4.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOPT or GQGU?

TOPT is cheaper with a 0.20% expense ratio, compared with 0.49% for GQGU.

Which ETF pays a higher dividend yield, TOPT or GQGU?

GQGU has the higher dividend yield at 0.96%, compared with 0.38% for TOPT.

What is the main difference between TOPT and GQGU?

They also come from different issuers: iShares and GQG Partners. Their fees differ too: 0.20% for TOPT and 0.49% for GQGU.

Which has better risk-adjusted returns?

TOPT currently has the higher Sharpe Ratio (1.39 vs 0.44), 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.