Data as of Oct 28, 2026.
FNDX vs GARP: Differences, Returns & Fees
Over the year to Oct 28, 2026, FNDX returned +23.9% to GARP's +18.0%; 23% of their weight is in the same names.
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Net assets: $27.6bn on Aug 31, 2026 for Schwab Fundamental U.S. Large Company ETF, and $3.6bn on Oct 27, 2026 for iShares MSCI USA Quality GARP ETF.
Pair scorecard
GARP costs 0.10 points a year less; their one-year returns differ by 5.9 points.
| Measure | FNDX | GARP |
|---|---|---|
| Return | ||
| Total return, 1 year | +23.9% | +18.0% |
| Drawdown | ||
| Below its high | 7.0%, high on Oct 6, 2026 | |
| Benchmark | ||
| What it tracks | Fundamental U.S. Large Company | MSCI USA Quality GARP Select Index |
| Cost and size | ||
| Expense ratio | 0.25% | 0.15% |
| Net assets, FNDX as of Aug 31, 2026 and GARP as of Oct 27, 2026 | $27.6bn | $3.6bn |
| Holdings | ||
| Holdings in common | 23% | |
| Top ten holdings, share of the fund | 21.0% | 43.5% |
Holdings in common uses holdings dated Aug 31, 2026 and Oct 27, 2026. Method
Risk and return
Jan 24, 2020 to Oct 23, 2026 · 352 weekly returnsEach against its own benchmark: FNDX against IWB, Aug 23, 2013 to Oct 23, 2026; GARP against PBUS, Jan 24, 2020 to Oct 23, 2026.
GARP returned more: +232.4% to +160.7%. FNDX swung less: 18.8% to 22.3%. GARP fell less at its worst: −30.1% to −35.0%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | FNDX | GARP | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +160.7% | +232.4% | GARP | Price change plus distributions, reinvested. |
| Annualized | +15.2% | +19.4% | GARP | Total return as a yearly rate. |
| Price return | +128.1% | +215.4% | GARP | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 18.8% | 22.3% | FNDX | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 13.3% | 14.9% | FNDX | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −35.0% | −30.1% | GARP | Deepest fall from a high to the low after it. |
| Upside capture | 86.4% | 133.9% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 92.1% | 109.0% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.93 | 1.10 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.90 | 0.88 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.69 | 0.78 | GARP | Return above Treasury bills per unit of volatility. |
| Sortino | 0.98 | 1.16 | GARP | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.128 | 0.157 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.43 | 0.65 | GARP | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | IWB | PBUS | The ETF each fund is measured against. | |
| Alpha | +0.4% a year | +3.4% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.28 | 1.15 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −2.4% to +3.2% | −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 | 5.3% | 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, FNDX and GARP hold 23% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026 and Oct 27, 2026.
half
23% in common
Only in one fund ↓
Side by side
FNDX and GARP on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
FNDX and GARP do different jobs. What does each one do in a portfolio?
- What each follows. FNDX follows Fundamental U.S. Large Company and GARP follows MSCI USA Quality GARP Select Index.
- Holdings in common. 23% of the weight is in the same securities (holdings dated Aug 31, 2026 and Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 FNDX returned +23.9% and GARP +18.0% with distributions reinvested, a gap of 5.9 points.
Data as of Oct 28, 2026.
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Over the year to Oct 28, 2026 it returned +23.9% with distributions reinvested, against +13.1% for its benchmark, the Russell 1000 Index.
FNDX tracks an index of Fundamental U.S. Large Company. The prospectus expense ratio is 0.25% a year. By its holdings filed for Aug 31, 2026, 88% of the fund by weight is stocks the S&P 500 also holds, across 731 positions, with the top ten at 21.0%.
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
- Which returned more over the last year, FNDX or GARP?
- In the year to Oct 28, 2026, with distributions reinvested, FNDX returned +23.9% and GARP +18.0%.
- Which is cheaper, FNDX or GARP?
- GARP is cheaper, by 0.10 percentage points a year. That is about $10 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, FNDX against GARP, data as of Oct 28, 2026. https://etfiq.com/compare/any/fndx-vs-garp
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[FNDX against GARP (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/fndx-vs-garp)
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