HEQQ vs. JQUA

Last updated Apr 3, 2026

Compare and contrast key facts about JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (HEQQ) and JPMorgan U.S. Quality Factor ETF (JQUA).

HEQQ and JQUA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HEQQ is managed by JPMorgan. JQUA is a passively managed fund by JPMorgan that tracks the performance of the JP Morgan US Quality Factor Index. It was launched on Nov 8, 2017.

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.

HEQQ vs. JQUA - Yearly Performance Comparison

	2026 (YTD)	2025
HEQQ JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF	-3.32%	17.20%
JQUA JPMorgan U.S. Quality Factor ETF	-1.91%	11.81%

Returns By Period

In the year-to-date period, HEQQ achieves a -3.32% return, which is significantly lower than JQUA's -1.91% return.

HEQQ

• 1D: 0.07%
• 1M: -2.08%
• YTD: -3.32%
• 6M: -1.45%
• 1Y: 13.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JQUA

• 1D: 0.39%
• 1M: -3.06%
• YTD: -1.91%
• 6M: -1.46%
• 1Y: 9.83%
• 3Y*: 15.71%
• 5Y*: 11.65%
• 10Y*: —

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

HEQQ vs. JQUA - Expense Ratio Comparison

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

HEQQ

JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF

JQUA

JPMorgan U.S. Quality Factor ETF

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: 64
HEQQ Sharpe Ratio Rank: 66
HEQQ Sortino Ratio Rank: 70
HEQQ Omega Ratio Rank: 70
HEQQ Calmar Ratio Rank: 59
HEQQ Martin Ratio Rank: 58

JQUA

JQUA Risk / Return Rank: 31
JQUA Sharpe Ratio Rank: 29
JQUA Sortino Ratio Rank: 30
JQUA Omega Ratio Rank: 30
JQUA Calmar Ratio Rank: 29
JQUA Martin Ratio Rank: 39

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	1.22	0.59	+0.63
Sortino ratio Return per unit of downside risk	1.85	0.97	+0.88
Omega ratio Gain probability vs. loss probability	1.27	1.14	+0.14
Calmar ratio Return relative to maximum drawdown	1.87	0.91	+0.97
Martin ratio Return relative to average drawdown	7.14	4.41	+2.72
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 1.22, which is higher than the JQUA Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of HEQQ and JQUA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HEQQ	JQUA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	0.59	+0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.75	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	0.73	+0.42

Correlation

The correlation between HEQQ and JQUA is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HEQQ vs. JQUA - Dividend Comparison

HEQQ's dividend yield for the trailing twelve months is around 0.20%, less than JQUA's 1.25% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HEQQ JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF	0.20%	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	1.25%	1.19%	1.24%	1.21%	1.60%	1.32%	1.44%	1.67%	2.10%	0.40%

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%	-7.83%	+0.19%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.47%	—
Current Drawdown Current decline from peak	-5.83%	-4.20%	-1.63%
Average Drawdown Average peak-to-trough decline	-1.15%	-4.23%	+3.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	2.37%	-0.36%

Volatility

HEQQ vs. JQUA - Volatility Comparison

The current volatility for JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (HEQQ) is 3.58%, while JPMorgan U.S. Quality Factor ETF (JQUA) has a volatility of 4.41%. 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	3.58%	4.41%	-0.83%
Volatility (6M) Calculated over the trailing 6-month period	7.13%	8.58%	-1.45%
Volatility (1Y) Calculated over the trailing 1-year period	11.43%	16.71%	-5.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.45%	15.60%	-4.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.45%	18.09%	-6.64%