Data as of Oct 28, 2026.
AIRR vs GARP: Differences, Returns & Fees
Over the year to Oct 28, 2026, AIRR returned −0.2% to GARP's +18.0%, and GARP charges 0.15% to AIRR's 0.69%.
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Net assets on Oct 27, 2026: $8.4bn for First Trust RBA American Industrial Renaissance ETF and $3.6bn for iShares MSCI USA Quality GARP ETF.
Pair scorecard
GARP costs 0.54 points a year less; their one-year returns differ by 18.2 points; AIRR is 2.3 times larger.
| Measure | AIRR | GARP |
|---|---|---|
| Return | ||
| Total return, 1 year | −0.2% | +18.0% |
| Drawdown | ||
| Below its all-time high | 25.5%, high on Jun 22, 2026 | |
| Below its high | 7.0%, high on Oct 6, 2026 | |
| Against its benchmark | ||
| What it tracks | Reshoring and manufacturing | MSCI USA Quality GARP Select Index |
| Against the S&P 500, 1 year | behind by 13.9 pts | |
| Against its benchmark, 1 year | behind by 13.9 pts | |
| Cost and size | ||
| Expense ratio | 0.69% | 0.15% |
| Net assets, as of Oct 27, 2026 | $8.4bn | $3.6bn |
| Active share vs the S&P 500 | 100% | |
| Holdings | ||
| Holdings in common | 0% | |
| Top ten holdings, share of the fund | 33% | 43.5% |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
Jan 24, 2020 to Oct 23, 2026 · 352 weekly returnsEach against its own benchmark: AIRR against VOO, Mar 21, 2014 to Oct 23, 2026; GARP against PBUS, Jan 24, 2020 to Oct 23, 2026.
AIRR and GARP returned about the same: +236.3% and +232.4%. GARP swung less: 22.3% to 28.9%. GARP fell less at its worst: −30.1% to −40.4%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | AIRR | GARP | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +236.3% | +232.4% | Tie | Price change plus distributions, reinvested. |
| Annualized | +19.6% | +19.4% | Tie | Total return as a yearly rate. |
| Price return | +232.8% | +215.4% | AIRR (slight) | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 28.9% | 22.3% | GARP | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 19.3% | 14.9% | GARP | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −40.4% | −30.1% | GARP | Deepest fall from a high to the low after it. |
| Upside capture | 125.3% | 133.9% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 112.9% | 109.0% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.20 | 1.10 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.60 | 0.88 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.66 | 0.78 | GARP | Return above Treasury bills per unit of volatility. |
| Sortino | 1.00 | 1.16 | GARP | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.115 | 0.157 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.49 | 0.65 | GARP | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | VOO | PBUS | The ETF each fund is measured against. | |
| Alpha | −0.8% a year | +3.4% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.19 | 1.15 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −9.7% to +8.0% | −2.4% to +9.2% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.10 | 0.59 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 16.2% | 7.9% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 352 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, AIRR and GARP hold 0% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
0% in common
Only in one fund ↓
Side by side
AIRR and GARP on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
AIRR and GARP do different jobs. What does each one do in a portfolio?
- What each follows. AIRR follows Reshoring and manufacturing and GARP follows MSCI USA Quality GARP Select Index.
- Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 AIRR returned −0.2% and GARP +18.0% with distributions reinvested, a gap of 18.2 points.
Data as of Oct 28, 2026.
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By weight, 15% of AIRR's portfolio is stocks that are also in the S&P 500, from its filing for Jun 30, 2026; its active share against the S&P 500 is 100%.
The top ten holdings are 33% of the fund across 55 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned −0.2% with distributions reinvested against +13.7% for its benchmark, the S&P 500 Index, so a holder was behind by 13.9 pts. It sits 25.5% below its all-time high of Jun 22, 2026.
GARP
GARP tracks the MSCI USA Quality GARP. Over the year to Oct 28, 2026 it returned +18.0% with distributions reinvested, against +13.3% for its benchmark, the MSCI USA Index. The prospectus expense ratio is 0.15% a year. By its holdings published by its issuer for Oct 27, 2026, 94% of the fund by weight is stocks the S&P 500 also holds, across 131 positions, with the top ten at 43.5%. It sat 7.0% below its high of Oct 6, 2026 on Oct 28, 2026.
Questions people ask
- Are AIRR and GARP in the same category?
- AIRR is a thematic ETF and GARP is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, AIRR or GARP?
- In the year to Oct 28, 2026, with distributions reinvested, AIRR returned −0.2% and GARP +18.0%.
- Which is cheaper, AIRR or GARP?
- GARP is cheaper, by 0.54 percentage points a year. That is about $54 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, AIRR against GARP, data as of Oct 28, 2026. https://etfiq.com/compare/any/airr-vs-garp
ETFIQ. (Oct 28, 2026). AIRR against GARP. Retrieved from https://etfiq.com/compare/any/airr-vs-garp
[AIRR against GARP (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/airr-vs-garp)
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