Data as of Oct 28, 2026.
GARP vs TLT: Differences, Returns & Fees
Over the year to Oct 28, 2026, GARP returned +18.0% to TLT's −7.9%; 0% of their weight is in the same names.
askIQ about this page
askIQ about GARP and TLT
Net assets on Oct 27, 2026: $3.6bn for iShares MSCI USA Quality GARP ETF and $47.4bn for iShares 20+ Year Treasury Bond ETF.
Pair scorecard
Both cost 0.15% a year; their one-year returns differ by 25.9 points; TLT is 13.2 times larger.
Points (pts) are percentage points.
| Measure | GARP | TLT |
|---|---|---|
| Return | ||
| Total return, 1 year | +18.0% | −7.9% |
| Drawdown | ||
| Below its high | 7.0%, high on Oct 6, 2026 | 42.6%, high on Aug 4, 2020 |
| Benchmark | ||
| What it tracks | MSCI USA Quality GARP Select Index | ICE U.S. Treasury 20+ Year Bond Index |
| Cost and size | ||
| Expense ratio | 0.15% | 0.15% |
| Net assets, as of Oct 27, 2026 | $3.6bn | $47.4bn |
| Holdings | ||
| Holdings in common | 0% | |
| In the S&P 500, by weight | 94% | |
| Top ten holdings, share of the fund | 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: GARP against PBUS, Jan 24, 2020 to Oct 23, 2026; TLT against BBLB, Apr 28, 2023 to Oct 23, 2026.
GARP returned more: +232.4% to −29.7%. TLT swung less: 14.9% to 22.3%. GARP fell less at its worst: −30.1% to −47.8%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | GARP | TLT | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +232.4% | −29.7% | GARP | Price change plus distributions, reinvested. |
| Annualized | +19.4% | −5.1% | GARP | Total return as a yearly rate. |
| Price return | +215.4% | −42.8% | GARP | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 22.3% | 14.9% | TLT | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 14.9% | 11.1% | TLT | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −30.1% | −47.8% | GARP | Deepest fall from a high to the low after it. |
| Upside capture | 133.9% | 102.4% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 109.0% | 101.2% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.10 | 1.01 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.88 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.78 | −0.47 | GARP | Return above Treasury bills per unit of volatility. |
| Sortino | 1.16 | −0.63 | GARP | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.157 | −0.072 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.65 | −0.11 | GARP | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | PBUS | BBLB | The ETF each fund is measured against. | |
| Alpha | +3.4% a year | 0.0% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 1.15 | −0.01 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −2.4% to +9.2% | −0.8% to +0.8% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.59 | −0.10 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 7.9% | 0.7% | 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, GARP and TLT 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
GARP and TLT on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
GARP and TLT do different jobs. What does each one do in a portfolio?
- What each follows. GARP follows MSCI USA Quality GARP Select Index and TLT follows ICE U.S. Treasury 20+ Year Bond 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 GARP returned +18.0% and TLT −7.9% with distributions reinvested, a gap of 25.9 points.
Data as of Oct 28, 2026.
The two-page PDF for this pair is coming. Save the comparison to follow its changes. Free. It needs an email sign-in, once.
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.
TLT
TLT tracks an index of 20+ year Treasuries. Over the year to Oct 28, 2026 it returned −7.9% with distributions reinvested, against −7.8% for its benchmark, the ICE U.S. Treasury 20+ Year Bond Index. It sat 42.6% below its high of Aug 4, 2020 on Oct 28, 2026.
Questions people ask
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.
Cite this pageCitation, APA and Markdown
ETFIQ, GARP against TLT, data as of Oct 28, 2026. https://etfiq.com/compare/any/garp-vs-tlt
ETFIQ. (Oct 28, 2026). GARP against TLT. Retrieved from https://etfiq.com/compare/any/garp-vs-tlt
[GARP against TLT (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/garp-vs-tlt)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.