HEQQ vs. JQUA

Last updated Jun 5, 2026

HEQQ (JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF) and JQUA (JPMorgan U.S. Quality Factor ETF) are both exchange-traded funds - HEQQ is a Nasdaq-100 fund managed by JPMorgan, while JQUA is a Large Cap Growth Equities fund tracking the JP Morgan US Quality Factor Index. Over the past year, HEQQ returned 16.57% vs 22.69% for JQUA. A 0.73 correlation means they provide meaningful diversification when combined. HEQQ charges 0.50%/yr vs 0.12%/yr for JQUA.

Performance

HEQQ vs. JQUA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (HEQQ) and JPMorgan U.S. Quality Factor ETF (JQUA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEQQ achieves a 4.36% return, which is significantly lower than JQUA's 14.16% return.

HEQQ

• 1D: -0.29%
• 1M: 0.32%
• YTD: 4.36%
• 6M: 4.07%
• 1Y: 16.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JQUA

• 1D: -0.11%
• 1M: 7.20%
• YTD: 14.16%
• 6M: 14.37%
• 1Y: 22.69%
• 3Y*: 20.64%
• 5Y*: 13.92%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HEQQ vs. JQUA - Yearly Performance Comparison

	2026 (YTD)	2025
HEQQ JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF	4.36%	17.20%
JQUA JPMorgan U.S. Quality Factor ETF	14.16%	11.81%

Correlation

The correlation between HEQQ and JQUA is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (All Time) Calculated using the full available price history since Mar 28, 2025	0.73

The correlation between HEQQ and JQUA has been stable across timeframes, ranging from 0.69 to 0.73 - a consistent structural relationship.

HEQQ vs. JQUA - Sectors Allocation Comparison

Sectors	HEQQ	JQUA
Technology	53.8%	41.9%
Communication Services	15.3%	5.5%
Consumer Cyclical	12.3%	9.2%
Consumer Defensive	6.9%	5.3%
Healthcare	4.7%	7.2%
Industrials	3.0%	7.6%
Utilities	1.8%	2.3%
Basic Materials	0.7%	0.8%
Energy	0.7%	3.2%
Financial Services	0.6%	10.2%
Real Estate	0.2%	2.1%

Return for Risk

HEQQ vs. JQUA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HEQQ

HEQQ Risk / Return Rank: 57
HEQQ Sharpe Ratio Rank: 62
HEQQ Sortino Ratio Rank: 62
HEQQ Omega Ratio Rank: 67
HEQQ Calmar Ratio Rank: 44
HEQQ Martin Ratio Rank: 51

JQUA

JQUA Risk / Return Rank: 64
JQUA Sharpe Ratio Rank: 62
JQUA Sortino Ratio Rank: 64
JQUA Omega Ratio Rank: 58
JQUA Calmar Ratio Rank: 65
JQUA Martin Ratio Rank: 73

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HEQQ vs. JQUA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (HEQQ) and JPMorgan U.S. Quality Factor ETF (JQUA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	HEQQ	JQUA	Difference
Sharpe ratio: Return per unit of total volatility	2.04	2.03	+0.01
Sortino ratio: Return per unit of downside risk	2.87	2.91	-0.04
Omega ratio: Gain probability vs. loss probability	1.39	1.35	+0.04
Calmar ratio: Return relative to maximum drawdown	2.18	3.20	-1.02
Martin ratio: Return relative to average drawdown	8.59	13.48	-4.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEQQ vs. JQUA - Sharpe Ratio Comparison

The current HEQQ Sharpe Ratio is 2.04, which is comparable to the JQUA Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of HEQQ and JQUA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HEQQ	JQUA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	2.03	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.71	0.83	+0.88

Drawdowns

HEQQ vs. JQUA - Drawdown Comparison

The maximum HEQQ drawdown since its inception was -7.64%, smaller than the maximum JQUA drawdown of -32.92%. Use the drawdown chart below to compare losses from any high point for HEQQ and JQUA.

Drawdown Indicators

	HEQQ	JQUA	Difference
Max Drawdown Largest peak-to-trough decline	-7.64%	-32.92%	+25.28%
Max Drawdown (1Y) Largest decline over 1 year	-7.64%	-7.13%	-0.51%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.81%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.47%	—
Current Drawdown Current decline from peak	-0.84%	-0.28%	-0.56%
Average Drawdown Average peak-to-trough decline	-1.11%	-4.16%	+3.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	1.69%	+0.24%

Volatility

HEQQ vs. JQUA - Volatility Comparison

The current volatility for JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (HEQQ) is 1.33%, while JPMorgan U.S. Quality Factor ETF (JQUA) has a volatility of 2.82%. This indicates that HEQQ experiences smaller price fluctuations and is considered to be less risky than JQUA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEQQ	JQUA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	2.82%	-1.49%
Volatility (6M) Calculated over the trailing 6-month period	6.63%	8.31%	-1.68%
Volatility (1Y) Calculated over the trailing 1-year period	8.14%	11.20%	-3.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.87%	15.61%	-4.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.87%	17.99%	-7.12%

HEQQ vs. JQUA - Expense Ratio Comparison

HEQQ has a 0.50% expense ratio, which is higher than JQUA's 0.12% expense ratio.

Dividends

HEQQ vs. JQUA - Dividend Comparison

HEQQ's dividend yield for the trailing twelve months is around 0.19%, less than JQUA's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HEQQ JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF	0.19%	0.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
JQUA JPMorgan U.S. Quality Factor ETF	1.07%	1.19%	1.24%	1.21%	1.60%	1.32%	1.44%	1.67%	2.10%	0.40%

Frequently Asked Questions

Can I hold both HEQQ and JQUA in my portfolio?

HEQQ and JQUA have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HEQQ or JQUA?

JQUA has higher volatility (2.82%) compared to HEQQ (1.33%). In terms of maximum drawdown, HEQQ dropped -7.64% vs JQUA's -32.92%.

Which ETF is better, HEQQ or JQUA?

On 1-year performance, JQUA leads with 22.69% vs 16.57% for HEQQ. On fees, JQUA is cheaper at 0.12% per year. On volatility, HEQQ has been the lower-risk option at 1.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEQQ or JQUA?

Over the 1-year period, JQUA has performed better with a 22.69% return vs 16.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEQQ or JQUA?

JQUA is cheaper with a 0.12% expense ratio, compared with 0.50% for HEQQ.

Which ETF pays a higher dividend yield, HEQQ or JQUA?

JQUA has the higher dividend yield at 1.07%, compared with 0.19% for HEQQ.

What is the main difference between HEQQ and JQUA?

HEQQ is categorized as Nasdaq-100, while JQUA is Large Cap Growth Equities. Their fees differ too: 0.50% for HEQQ and 0.12% for JQUA.

Which has better risk-adjusted returns?

HEQQ currently has the higher Sharpe Ratio (2.04 vs 2.03), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.