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JOET vs. QUAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JOET vs. QUAL

Last updated Jun 4, 2026

JOET (Virtus Terranova U.S. Quality Momentum ETF) and QUAL (iShares MSCI USA Quality Factor ETF) are both exchange-traded funds - JOET is a Momentum fund tracking the Terranova U.S. Quality Momentum Index, while QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 5 years, JOET returned 10.88%/yr vs 11.96%/yr for QUAL. Their correlation of 0.91 suggests significant overlap in exposure. JOET charges 0.29%/yr vs 0.15%/yr for QUAL.

Performance

JOET vs. QUAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Terranova U.S. Quality Momentum ETF (JOET) and iShares MSCI USA Quality Factor ETF (QUAL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, JOET achieves a 7.43% return, which is significantly lower than QUAL's 8.80% return.

JOET

1D
0.00%
1M
5.74%
YTD
7.43%
6M
6.85%
1Y
14.02%
3Y*
18.62%
5Y*
10.88%
10Y*
—

QUAL

1D
-0.07%
1M
4.62%
YTD
8.80%
6M
8.86%
1Y
21.68%
3Y*
19.66%
5Y*
11.96%
10Y*
14.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JOET vs. QUAL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
JOET
Virtus Terranova U.S. Quality Momentum ETF		7.43%11.89%24.01%16.34%-18.04%26.79%6.00%
QUAL
iShares MSCI USA Quality Factor ETF		8.80%12.65%22.29%30.88%-20.50%26.94%4.94%

Correlation

The correlation between JOET and QUAL is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.88

Correlation (3Y)
Calculated over the trailing 3-year period

0.89

Correlation (5Y)
Calculated over the trailing 5-year period

0.92

Correlation (All Time)
Calculated using the full available price history since Nov 19, 2020

0.91

The correlation between JOET and QUAL has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

JOET vs. QUAL - Sectors Allocation Comparison

Sectors
JOET
QUAL

Technology

23.1%
36.5%

Industrials

22.6%
8.2%

Financial Services

15.1%
11.5%

Healthcare

11.1%
9.0%

Consumer Cyclical

10.3%
9.3%

Energy

5.8%
4.0%

Communication Services

4.0%
11.1%

Basic Materials

3.2%
1.7%

Real Estate

2.4%
1.8%

Consumer Defensive

1.6%
4.9%

Utilities

0.8%
1.9%

Technology

JOET
23.1%
QUAL
36.5%

Industrials

JOET
22.6%
QUAL
8.2%

Financial Services

JOET
15.1%
QUAL
11.5%

Healthcare

JOET
11.1%
QUAL
9.0%

Consumer Cyclical

JOET
10.3%
QUAL
9.3%

Energy

JOET
5.8%
QUAL
4.0%

Communication Services

JOET
4.0%
QUAL
11.1%

Basic Materials

JOET
3.2%
QUAL
1.7%

Real Estate

JOET
2.4%
QUAL
1.8%

Consumer Defensive

JOET
1.6%
QUAL
4.9%

Utilities

JOET
0.8%
QUAL
1.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Virtus Terranova U.S. Quality Momentum ETF

iShares MSCI USA Quality Factor ETF

Often compared with JOET:
JOET vs. SPYJOET vs. VOOJOET vs. JEPIJOET vs. FFNDJOET vs. ONEOJOET vs. QQQJOET vs. ARKK
Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD

Return for Risk

JOET vs. QUAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JOET
JOET Risk / Return Rank: 2929
Overall Rank
JOET Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
JOET Sortino Ratio Rank: 2929
Sortino Ratio Rank
JOET Omega Ratio Rank: 2727
Omega Ratio Rank
JOET Calmar Ratio Rank: 2828
Calmar Ratio Rank
JOET Martin Ratio Rank: 3434
Martin Ratio Rank
QUAL
QUAL Risk / Return Rank: 5353
Overall Rank
QUAL Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 5353
Sortino Ratio Rank
QUAL Omega Ratio Rank: 5151
Omega Ratio Rank
QUAL Calmar Ratio Rank: 4848
Calmar Ratio Rank
QUAL Martin Ratio Rank: 6060
Martin Ratio Rank
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.

JOET vs. QUAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Terranova U.S. Quality Momentum ETF (JOET) and iShares MSCI USA Quality Factor ETF (QUAL). 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.

JOETQUALDifference
Sharpe ratioReturn per unit of total volatility
1.05
1.84

-0.80

Sortino ratioReturn per unit of downside risk
1.57
2.62

-1.06

Omega ratioGain probability vs. loss probability

1.19

1.32

-0.14

Calmar ratioReturn relative to maximum drawdown

1.35

2.41

-1.06

Martin ratioReturn relative to average drawdown

5.19

11.00

-5.81

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JOET vs. QUAL - Sharpe Ratio Comparison

The current JOET Sharpe Ratio is 1.05, which is lower than the QUAL Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of JOET and QUAL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

JOETQUALDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.05

1.84

-0.80

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.62

0.69

-0.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.79

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.71

0.80

-0.09

Drawdowns

JOET vs. QUAL - Drawdown Comparison

The maximum JOET drawdown since its inception was -26.58%, smaller than the maximum QUAL drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for JOET and QUAL.

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Drawdown Indicators

JOETQUALDifference

Max Drawdown

Largest peak-to-trough decline

-26.58%

-34.06%

+7.48%

Max Drawdown (1Y)

Largest decline over 1 year

-10.42%

-9.03%

-1.39%

Max Drawdown (3Y)

Largest decline over 3 years

-19.55%

-18.00%

-1.55%

Max Drawdown (5Y)

Largest decline over 5 years

-26.58%

-28.23%

+1.65%

Max Drawdown (10Y)

Largest decline over 10 years

—

-34.06%

—

Current Drawdown

Current decline from peak

0.00%

-0.16%

+0.16%

Average Drawdown

Average peak-to-trough decline

-7.18%

-4.11%

-3.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.71%

1.98%

+0.73%

Volatility

JOET vs. QUAL - Volatility Comparison

Virtus Terranova U.S. Quality Momentum ETF (JOET) has a higher volatility of 3.50% compared to iShares MSCI USA Quality Factor ETF (QUAL) at 2.51%. This indicates that JOET's price experiences larger fluctuations and is considered to be riskier than QUAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

JOETQUALDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.50%

2.51%

+0.99%

Volatility (6M)

Calculated over the trailing 6-month period

10.37%

9.03%

+1.34%

Volatility (1Y)

Calculated over the trailing 1-year period

13.45%

11.83%

+1.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.70%

17.33%

+0.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.52%

18.10%

-0.58%

JOET vs. QUAL - Expense Ratio Comparison

JOET has a 0.29% expense ratio, which is higher than QUAL's 0.15% expense ratio.

Dividends

JOET vs. QUAL - Dividend Comparison

JOET's dividend yield for the trailing twelve months is around 0.61%, less than QUAL's 0.88% yield.

PositionTTM20252024202320222021202020192018201720162015
JOET
Virtus Terranova U.S. Quality Momentum ETF		0.61%0.65%0.71%1.32%1.25%0.42%0.08%0.00%0.00%0.00%0.00%0.00%
QUAL
iShares MSCI USA Quality Factor ETF		0.88%0.94%1.02%1.23%1.59%1.20%1.39%1.60%2.00%1.76%1.96%1.63%

Frequently Asked Questions

JOET and QUAL have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

JOET has higher volatility (3.50%) compared to QUAL (2.51%). In terms of maximum drawdown, JOET dropped -26.58% vs QUAL's -34.06%.

On 5-year performance, QUAL leads with 11.96% vs 10.88% for JOET. On fees, QUAL is cheaper at 0.15% per year. On volatility, QUAL has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, QUAL has performed better with a 11.96% return vs 10.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QUAL is cheaper with a 0.15% expense ratio, compared with 0.29% for JOET.

QUAL has the higher dividend yield at 0.88%, compared with 0.61% for JOET.

JOET is categorized as Momentum, while QUAL is Large Cap Blend Equities. JOET tracks Terranova U.S. Quality Momentum Index, while QUAL tracks MSCI USA Sector Neutral Quality Index. They also come from different issuers: Virtus Investment Partners and iShares. Their fees differ too: 0.29% for JOET and 0.15% for QUAL.

QUAL currently has the higher Sharpe Ratio (1.84 vs 1.05), 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.

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