GARP vs PWB: Differences, Returns & Fees
GARP and PWB hold 50% of their weight in the same names, and GARP returned +22.3% over the year. Net assets on Oct 20, 2026: $3.6bn for iShares MSCI USA Quality GARP ETF and $2.6bn for Invesco Large Cap Growth ETF.
GARP costs 0.40 points a year less; their one-year returns differ by 2.1 points; GARP is 1.4 times larger.
| GARP | PWB | |
|---|---|---|
| Expense ratio | 0.15% | 0.55% |
| Net assets | $3.6bn | $2.6bn |
| Total return, 1 year | +22.3% | +20.2% |
| What it tracks | MSCI USA Quality GARP Select Index | Dynamic Large Cap Growth Intellidex Index |
| Holdings in common | 50% | |
| Top ten holdings, share of the fund | 44.0% | 36.0% |
| Below its high | 6.7%, high on Oct 6, 2026 | 8.9%, high on Jun 22, 2026 |
Holdings in common uses holdings dated Oct 19, 2026.
GARP and PWB are built for the same job. How do they differ in cost, holdings and results?
- What each follows. GARP follows MSCI USA Quality GARP Select Index and PWB follows Dynamic Large Cap Growth Intellidex Index.
- Holdings in common. 50% of the weight is in the same securities (holdings dated Oct 19, 2026).
- One-year total return. Over 1 year to Oct 20, 2026 GARP returned +22.3% and PWB +20.2% with distributions reinvested, a gap of 2.1 points.
Data as of Oct 20, 2026. The differences are picked by a fixed rule, in a fixed order; the PDF prints it. Page 2 has the returns, overlap, risks and sources.
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What they hold in common
By the books each fund has filed, GARP and PWB hold 50% of their money in the same securities at the same weight. Holdings dated Oct 19, 2026.
half
50% in common
On the same fields
GARP and PWB on the fields both publish, as of Oct 20, 2026. Source: ETFIQ.
About GARP
GARP tracks the MSCI USA Quality GARP. Over the year to Oct 20, 2026 it returned +22.3% with distributions reinvested, against +15.4% 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 19, 2026, 94% of the fund by weight is stocks the S&P 500 also holds, across 131 positions, with the top ten at 44.0%. It sat 6.7% below its high of Oct 6, 2026 on Oct 20, 2026.
About PWB
PWB tracks an index. The prospectus expense ratio is 0.55% a year. By its holdings published by its issuer for Oct 19, 2026, 97% of the fund by weight is stocks the S&P 500 also holds, across 52 positions, with the top ten at 36.0%. It sat 8.9% below its high of Jun 22, 2026 on Oct 20, 2026.
Over the year to Oct 20, 2026 it returned +20.2% with distributions reinvested, against +15.0% for its benchmark, the Russell 3000 Index.
Questions people ask
- Which returned more over the last year, GARP or PWB?
- In the year to Oct 20, 2026, with distributions reinvested, GARP returned +22.3% and PWB +20.2%.
- Which is cheaper, GARP or PWB?
- GARP is cheaper, by 0.40 percentage points a year. That is about $40 on $10,000 held for a year. Fees come from each fund's prospectus.
ETFIQ links to the documents behind every figure; a link is not an endorsement. 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, GARP against PWB, data as of Oct 20, 2026. https://etfiq.com/compare/any/garp-vs-pwb
ETFIQ. (Oct 20, 2026). GARP against PWB. Retrieved from https://etfiq.com/compare/any/garp-vs-pwb
[GARP against PWB (ETFIQ, Oct 20, 2026)](https://etfiq.com/compare/any/garp-vs-pwb)
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