Which returned more over the last year, GARP or USMV?

In the year to Oct 28, 2026, with distributions reinvested, GARP returned +18.0% and USMV +10.8%.

Which is cheaper, GARP or USMV?

Neither: GARP and USMV both charge 0.15% a year. Fees come from each fund's prospectus.

How much do GARP and USMV overlap with the S&P 500?

By their latest filed holdings, 94% of GARP and 93% of USMV by weight is stocks the S&P 500 already holds.

Data as of Oct 28, 2026.

Across categories

GARP vs USMV: Differences, Returns & Fees

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Over the year to Oct 28, 2026, GARP returned +18.0% to USMV's +10.8%; 22% of their weight is in the same names.

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Net assets on Oct 27, 2026: $3.6bn for iShares MSCI USA Quality GARP ETF and $24.1bn for iShares MSCI USA Min Vol Factor ETF.

GARP on its own →USMV on its own →

At a glance

+18.0%

GARP total return, 1 year

+10.8%

USMV total return, 1 year

0.15%

GARP expense ratio

0.15%

USMV expense ratio

Pair scorecard

Both cost 0.15% a year; their one-year returns differ by 7.2 points; USMV is 6.7 times larger.

Points (pts) are percentage points.

GARP vs USMV: Differences, Returns & Fees
Measure	GARP	USMV
Return
Measure	GARP	USMV
Total return, 1 year	+18.0%	+10.8%
Drawdown
Measure	GARP	USMV
Below its high	7.0%, high on Oct 6, 2026
Benchmark
Measure	GARP	USMV
What it tracks	MSCI USA Quality GARP Select Index	MSCI USA Minimum Volatility (USD) Index
Cost and size
Measure	GARP	USMV
Expense ratio	0.15%	0.15%
Net assets, as of Oct 27, 2026	$3.6bn	$24.1bn
Holdings
Measure	GARP	USMV
Holdings in common	22%
Top ten holdings, share of the fund	43.5%	14.8%

Holdings in common uses holdings dated Oct 27, 2026. Method

What they share

22%

By the books each fund has filed, GARP and USMV hold 22% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.

50%

0 half 100%

half

22% in common

Positions both hold · largest shared weight first GARP USMV

MICROSOFT 5.67% 1.61%

NVIDIA 5.18% 1.47%

AMPHENOL CORP CLASS A 1.27% 1.47%

PALANTIR TECHNOLOGIES CLASS A 2.86% 1.08%

VISA CLASS A 5.13% 1.05%

APPLE 5.66% 0.96%

FORTINET 1.77% 0.88%

BROADCOM INC 1.70% 0.86%

MASTERCARD CLASS A 0.86% 1.28%

ELI LILLY 1.78% 0.84%

ADVANCED MICRO DEVICES 2.01% 0.77%

PALO ALTO NETWORKS 0.72% 0.73%

Only in one fund ↓

Only in GARP

CATERPILLAR INC 3.29%

KLA 3.09%

ALPHABET CLASS A 2.24%

ROYAL CARIBBEAN GROUP 1.83%

INTEL CORPORATION 1.81%

GE AEROSPACE 0.93%

AIRBNB CLASS A 0.86%

EXPEDIA GROUP 0.77%

Only in USMV

EXXONMOBIL HOLDINGS CORP 1.54%

BERKSHIRE HATHAWAY INC CLASS B 1.50%

CHUBB 1.50%

MOTOROLA SOLUTIONS INC 1.48%

JOHNSON & JOHNSON 1.44%

DUKE ENERGY CORP 1.38%

WASTE MANAGEMENT INC 1.38%

MERCK & CO INC 1.37%

Check overlap with more funds →

Side by side

GARP iShares MSCI USA Quality GARP ETF USMV iShares MSCI USA Min Vol Factor ETF

Where it sits Stock ETF Stock ETF

Issuer iShares iShares

What it is Tracks the MSCI USA Quality GARP Tracks the MSCI USA Min Vol Factor

Total return, 1 year +18.0% +10.8%

Its benchmark over the same days +13.3% (PBUS) not measured

Gap to its benchmark +4.7 pts vs PBUS not measured

Expense ratio 0.15% 0.15%

Already in the S&P 500 94.4% 93.0%

Holdings 131 176

Net assets, as of Oct 27, 2026 $3.6bn $24.1bn

GARP and USMV on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Alert

About each fund

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.

USMV

USMV tracks the MSCI USA Min Vol Factor. Over the year to Oct 28, 2026 it returned +10.8% with distributions reinvested. By its holdings published by its issuer for Oct 27, 2026, 93% of the fund by weight is stocks the S&P 500 also holds, across 176 positions, with the top ten at 14.8%.

Questions people ask

Which returned more over the last year, GARP or USMV?: In the year to Oct 28, 2026, with distributions reinvested, GARP returned +18.0% and USMV +10.8%.
Which is cheaper, GARP or USMV?: Neither: GARP and USMV both charge 0.15% a year. Fees come from each fund's prospectus.
How much do GARP and USMV overlap with the S&P 500?: By their latest filed holdings, 94% of GARP and 93% of USMV by weight is stocks the S&P 500 already holds.

Other comparisons

GARP vs SPMO GARP vs SPHQ GARP vs MTUM GARP vs SCHB USMV vs VOOG USMV vs VONG SPYG vs USMV SCHG vs USMV

Where to next

GARP on its own →USMV on its own →Hold both: look the portfolio through →Rankings →GARP dividend history →GARP holdings →USMV dividend history →USMV holdings →Standards and sources →

Sources and dates

GARP and USMV filings on SEC EDGAR ↗

GARP prospectus with the expense ratio (SEC) ↗

iShares page for GARP ↗

USMV prospectus with the expense ratio (SEC) ↗

iShares page for USMV ↗

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, GARP against USMV, data as of Oct 28, 2026. https://etfiq.com/compare/any/garp-vs-usmv

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.