JHQAX vs. DEF

Last updated Jun 24, 2026

JHQAX (JPMorgan Hedged Equity Fund) and DEF (Invesco Defensive Equity ETF) are both funds - JHQAX is a Options Trading fund managed by JPMorgan, while DEF is a Large Cap Growth Equities fund tracking the Invesco Defensive Equity Index. At a 0.45 correlation, their price movements are largely independent. JHQAX charges 0.83%/yr vs 0.53%/yr for DEF.

Performance

JHQAX vs. DEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Hedged Equity Fund (JHQAX) and Invesco Defensive Equity ETF (DEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

JHQAX

• 1D: -0.14%
• 1M: 0.20%
• YTD: -1.81%
• 6M: -2.66%
• 1Y: 5.57%
• 3Y*: 8.49%
• 5Y*: 6.59%
• 10Y*: 8.95%

DEF

• 1D: -3.03%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JHQAX vs. DEF - Yearly Performance Comparison

	2026 (YTD)
JHQAX JPMorgan Hedged Equity Fund	0.32%
DEF Invesco Defensive Equity ETF	-11.11%

Correlation

The correlation between JHQAX and DEF is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 8, 2026	0.45

Return for Risk

JHQAX vs. DEF — Risk / Return Rank

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

JHQAX

JHQAX Risk / Return Rank: 12
JHQAX Sharpe Ratio Rank: 13
JHQAX Sortino Ratio Rank: 12
JHQAX Omega Ratio Rank: 15
JHQAX Calmar Ratio Rank: 9
JHQAX Martin Ratio Rank: 10

DEF

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

JHQAX vs. DEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Hedged Equity Fund (JHQAX) and Invesco Defensive Equity ETF (DEF). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	JHQAX	DEF	Difference
Sharpe ratio: Return per unit of total volatility	0.94	—	—
Sortino ratio: Return per unit of downside risk	1.31	—	—
Omega ratio: Gain probability vs. loss probability	1.19	—	—
Calmar ratio: Return relative to maximum drawdown	0.85	—	—
Martin ratio: Return relative to average drawdown	2.77	—	—

Drawdowns

JHQAX vs. DEF - Drawdown Comparison

The maximum JHQAX drawdown since its inception was -18.82%, which is greater than DEF's maximum drawdown of -11.11%. Use the drawdown chart below to compare losses from any high point for JHQAX and DEF.

Drawdown Indicators

	JHQAX	DEF	Difference
Max Drawdown Largest peak-to-trough decline	-18.82%	-11.11%	-7.71%
Max Drawdown (1Y) Largest decline over 1 year	-6.91%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.11%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.48%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-18.82%	—	—
Current Drawdown Current decline from peak	-3.07%	-11.11%	+8.04%
Average Drawdown Average peak-to-trough decline	-2.22%	-9.26%	+7.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	—	—

Volatility

Volatility by Period

	JHQAX	DEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.52%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.54%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.28%	66.96%	-60.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.86%	66.96%	-58.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.38%	66.96%	-57.58%

JHQAX vs. DEF - Expense Ratio Comparison

JHQAX has a 0.83% expense ratio, which is higher than DEF's 0.53% expense ratio.

Dividends

JHQAX vs. DEF - Dividend Comparison

JHQAX's dividend yield for the trailing twelve months is around 0.37%, while DEF has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEF Invesco Defensive Equity ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
JHQAX JPMorgan Hedged Equity Fund	0.37%	0.41%	0.51%	0.74%	0.74%	0.50%	0.89%	1.18%	0.92%	0.76%	1.11%	0.97%

Frequently Asked Questions

Can I hold both JHQAX and DEF in my portfolio?

JHQAX and DEF have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.