USXF vs. GARP

Last updated Jun 4, 2026

USXF (iShares ESG Advanced MSCI USA ETF) and GARP (iShares MSCI USA Quality GARP ETF) are both Large Cap Growth Equities funds from iShares - USXF tracks the MSCI USA Choice ESG Screened Index while GARP tracks the MSCI USA Quality GARP Select Index. Both are passively managed. Over the past 5 years, USXF returned 15.70%/yr vs 20.26%/yr for GARP. Their correlation of 0.91 suggests significant overlap in exposure. USXF charges 0.10%/yr vs 0.15%/yr for GARP.

Performance

USXF vs. GARP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares ESG Advanced MSCI USA ETF (USXF) and iShares MSCI USA Quality GARP ETF (GARP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with USXF having a 20.76% return and GARP slightly higher at 21.29%.

USXF

• 1D: -0.51%
• 1M: 10.32%
• YTD: 20.76%
• 6M: 21.06%
• 1Y: 35.21%
• 3Y*: 27.38%
• 5Y*: 15.70%
• 10Y*: —

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)

USXF vs. GARP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
USXF iShares ESG Advanced MSCI USA ETF	20.76%	16.97%	26.16%	31.65%	-21.20%	27.14%	24.04%
GARP iShares MSCI USA Quality GARP ETF	21.29%	21.49%	37.42%	42.86%	-26.75%	27.99%	24.91%

Correlation

The correlation between USXF and GARP is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jun 19, 2020	0.91

The correlation between USXF and GARP has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

USXF vs. GARP - Sectors Allocation Comparison

Sectors	USXF	GARP
Technology	56.6%	56.7%
Financial Services	14.3%	7.5%
Industrials	7.7%	6.9%
Consumer Cyclical	6.3%	6.1%
Healthcare	4.6%	5.4%
Real Estate	3.7%	0.4%
Communication Services	2.2%	12.0%
Basic Materials	2.2%	0.9%
Utilities	1.2%	1.4%
Consumer Defensive	0.9%	-
Energy	0.1%	2.7%

Return for Risk

USXF vs. GARP — Risk / Return Rank

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

USXF

USXF Risk / Return Rank: 66
USXF Sharpe Ratio Rank: 65
USXF Sortino Ratio Rank: 62
USXF Omega Ratio Rank: 62
USXF Calmar Ratio Rank: 69
USXF Martin Ratio Rank: 73

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.

USXF vs. GARP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Advanced MSCI USA ETF (USXF) 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.

	USXF	GARP	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.45	-0.25
Sortino ratio: Return per unit of downside risk	2.95	3.18	-0.23
Omega ratio: Gain probability vs. loss probability	1.38	1.41	-0.03
Calmar ratio: Return relative to maximum drawdown	3.47	3.20	+0.27
Martin ratio: Return relative to average drawdown	13.97	12.85	+1.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USXF vs. GARP - Sharpe Ratio Comparison

The current USXF Sharpe Ratio is 2.20, which is comparable to the GARP Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of USXF 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

	USXF	GARP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	2.45	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.93	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	1.03	0.90	+0.13

Drawdowns

USXF vs. GARP - Drawdown Comparison

The maximum USXF drawdown since its inception was -29.54%, smaller than the maximum GARP drawdown of -31.34%. Use the drawdown chart below to compare losses from any high point for USXF and GARP.

Drawdown Indicators

	USXF	GARP	Difference
Max Drawdown Largest peak-to-trough decline	-29.54%	-31.34%	+1.80%
Max Drawdown (1Y) Largest decline over 1 year	-10.19%	-13.69%	+3.50%
Max Drawdown (3Y) Largest decline over 3 years	-20.93%	-23.73%	+2.80%
Max Drawdown (5Y) Largest decline over 5 years	-29.54%	-30.61%	+1.07%
Current Drawdown Current decline from peak	-0.51%	-0.73%	+0.22%
Average Drawdown Average peak-to-trough decline	-6.42%	-7.36%	+0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	3.40%	-0.87%

Volatility

USXF vs. GARP - Volatility Comparison

iShares ESG Advanced MSCI USA ETF (USXF) has a higher volatility of 5.41% compared to iShares MSCI USA Quality GARP ETF (GARP) at 5.03%. This indicates that USXF'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

	USXF	GARP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	5.03%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	12.82%	13.89%	-1.07%
Volatility (1Y) Calculated over the trailing 1-year period	16.13%	17.89%	-1.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.55%	21.97%	-2.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.18%	23.89%	-4.71%

USXF vs. GARP - Expense Ratio Comparison

USXF has a 0.10% expense ratio, which is lower than GARP's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

USXF vs. GARP - Dividend Comparison

USXF's dividend yield for the trailing twelve months is around 0.80%, more 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%
USXF iShares ESG Advanced MSCI USA ETF	0.80%	0.93%	1.00%	1.21%	1.39%	0.86%	0.58%

Frequently Asked Questions

Can I hold both USXF and GARP in my portfolio?

With a correlation of 0.90, USXF 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, USXF or GARP?

USXF has higher volatility (5.41%) compared to GARP (5.03%). In terms of maximum drawdown, USXF dropped -29.54% vs GARP's -31.34%.

Which ETF is better, USXF or GARP?

On 5-year performance, GARP leads with 20.26% vs 15.70% for USXF. On fees, USXF is cheaper at 0.10% 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, USXF or GARP?

Over the 5-year period, GARP has performed better with a 20.26% return vs 15.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USXF or GARP?

USXF is cheaper with a 0.10% expense ratio, compared with 0.15% for GARP.

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

USXF has the higher dividend yield at 0.80%, compared with 0.25% for GARP.

What is the main difference between USXF and GARP?

USXF tracks MSCI USA Choice ESG Screened Index, while GARP tracks MSCI USA Quality GARP Select Index. Their fees differ too: 0.10% for USXF and 0.15% for GARP.

Which has better risk-adjusted returns?

GARP currently has the higher Sharpe Ratio (2.45 vs 2.20), 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.