JMHI vs. JQUA

Last updated Jun 4, 2026

JMHI (JPMorgan High Yield Municipal ETF) and JQUA (JPMorgan U.S. Quality Factor ETF) are both exchange-traded funds - JMHI is a High Yield Muni fund actively managed by JPMorgan, while JQUA is a Large Cap Growth Equities fund tracking the JP Morgan US Quality Factor Index. JMHI is actively managed, while JQUA is passively managed. Over the past year, JMHI returned 6.41% vs 22.93% for JQUA. At a 0.20 correlation, their price movements are largely independent. JMHI charges 0.35%/yr vs 0.12%/yr for JQUA.

Performance

JMHI vs. JQUA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan High Yield Municipal ETF (JMHI) 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, JMHI achieves a 1.55% return, which is significantly lower than JQUA's 14.28% return.

JMHI

• 1D: -0.01%
• 1M: 0.65%
• YTD: 1.55%
• 6M: 1.66%
• 1Y: 6.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JQUA

• 1D: -0.17%
• 1M: 8.34%
• YTD: 14.28%
• 6M: 14.37%
• 1Y: 22.93%
• 3Y*: 20.58%
• 5Y*: 13.95%
• 10Y*: —

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

JMHI vs. JQUA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JMHI JPMorgan High Yield Municipal ETF	1.55%	4.60%	5.92%	1.43%
JQUA JPMorgan U.S. Quality Factor ETF	14.28%	11.69%	21.21%	6.96%

Correlation

The correlation between JMHI and JQUA is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jul 18, 2023	0.20

JMHI vs. JQUA - Sectors Allocation Comparison

Sectors	JMHI	JQUA
Technology	29.0%	41.9%
Healthcare	14.5%	7.2%
Financial Services	12.3%	10.2%
Consumer Cyclical	10.6%	9.2%
Industrials	9.0%	7.6%
Communication Services	7.8%	5.5%
Consumer Defensive	5.2%	5.3%
Energy	4.9%	3.2%
Basic Materials	2.4%	0.8%
Real Estate	2.3%	2.1%
Utilities	2.2%	2.3%

Return for Risk

JMHI vs. JQUA — Risk / Return Rank

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

JMHI

JMHI Risk / Return Rank: 56
JMHI Sharpe Ratio Rank: 60
JMHI Sortino Ratio Rank: 62
JMHI Omega Ratio Rank: 68
JMHI Calmar Ratio Rank: 45
JMHI Martin Ratio Rank: 47

JQUA

JQUA Risk / Return Rank: 63
JQUA Sharpe Ratio Rank: 60
JQUA Sortino Ratio Rank: 61
JQUA Omega Ratio Rank: 56
JQUA Calmar Ratio Rank: 64
JQUA Martin Ratio Rank: 71

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.

JMHI vs. JQUA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan High Yield Municipal ETF (JMHI) 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.

	JMHI	JQUA	Difference
Sharpe ratio Return per unit of total volatility	1.99	2.06	-0.07
Sortino ratio Return per unit of downside risk	2.86	2.94	-0.08
Omega ratio Gain probability vs. loss probability	1.40	1.35	+0.05
Calmar ratio Return relative to maximum drawdown	2.19	3.23	-1.04
Martin ratio Return relative to average drawdown	7.65	13.63	-5.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JMHI vs. JQUA - Sharpe Ratio Comparison

The current JMHI Sharpe Ratio is 1.99, which is comparable to the JQUA Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of JMHI 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

	JMHI	JQUA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	2.06	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	0.83	+0.21

Drawdowns

JMHI vs. JQUA - Drawdown Comparison

The maximum JMHI drawdown since its inception was -7.11%, smaller than the maximum JQUA drawdown of -32.92%. Use the drawdown chart below to compare losses from any high point for JMHI and JQUA.

Drawdown Indicators

	JMHI	JQUA	Difference
Max Drawdown Largest peak-to-trough decline	-7.11%	-32.92%	+25.81%
Max Drawdown (1Y) Largest decline over 1 year	-2.93%	-7.13%	+4.20%
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	-0.52%	-0.17%	-0.35%
Average Drawdown Average peak-to-trough decline	-1.29%	-4.16%	+2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.84%	1.69%	-0.85%

Volatility

JMHI vs. JQUA - Volatility Comparison

The current volatility for JPMorgan High Yield Municipal ETF (JMHI) is 1.08%, while JPMorgan U.S. Quality Factor ETF (JQUA) has a volatility of 2.84%. This indicates that JMHI 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

	JMHI	JQUA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	2.84%	-1.76%
Volatility (6M) Calculated over the trailing 6-month period	2.32%	8.31%	-5.99%
Volatility (1Y) Calculated over the trailing 1-year period	3.23%	11.21%	-7.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.49%	15.61%	-11.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.49%	17.99%	-13.50%

JMHI vs. JQUA - Expense Ratio Comparison

JMHI has a 0.35% expense ratio, which is higher than JQUA's 0.12% expense ratio.

Dividends

JMHI vs. JQUA - Dividend Comparison

JMHI's dividend yield for the trailing twelve months is around 4.54%, more than JQUA's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JMHI JPMorgan High Yield Municipal ETF	4.54%	4.42%	4.49%	2.48%	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 JMHI and JQUA in my portfolio?

JMHI and JQUA have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JMHI or JQUA?

JQUA has higher volatility (2.84%) compared to JMHI (1.08%). In terms of maximum drawdown, JMHI dropped -7.11% vs JQUA's -32.92%.

Which ETF is better, JMHI or JQUA?

On 1-year performance, JQUA leads with 22.93% vs 6.41% for JMHI. On fees, JQUA is cheaper at 0.12% per year. On volatility, JMHI has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMHI or JQUA?

Over the 1-year period, JQUA has performed better with a 22.93% return vs 6.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMHI or JQUA?

JQUA is cheaper with a 0.12% expense ratio, compared with 0.35% for JMHI.

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

JMHI has the higher dividend yield at 4.54%, compared with 1.07% for JQUA.

What is the main difference between JMHI and JQUA?

JMHI is categorized as High Yield Muni, while JQUA is Large Cap Growth Equities. Their fees differ too: 0.35% for JMHI and 0.12% for JQUA.

Which has better risk-adjusted returns?

JQUA currently has the higher Sharpe Ratio (2.06 vs 1.99), 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.