JPUS vs. EQL

Last updated Aug 4, 2026

JPUS (JPMorgan Diversified Return US Equity ETF) and EQL (ALPS Equal Sector Weight ETF) are both Large Cap Blend Equities funds - JPUS tracks the JPMorgan Diversified Factor US Equity Index while EQL tracks the NYSE Equal Sector Weight Index. Both are passively managed. Over the past 10 years, JPUS returned 11.51%/yr vs 12.40%/yr for EQL. Their correlation of 0.91 means they have usually moved in the same direction. JPUS charges 0.18%/yr vs 0.27%/yr for EQL.

Performance

JPUS vs. EQL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Diversified Return US Equity ETF (JPUS) and ALPS Equal Sector Weight ETF (EQL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPUS achieves a 16.20% return, which is significantly higher than EQL's 11.79% return. Over the past 10 years, JPUS has underperformed EQL with an annualized return of 11.51%, while EQL has yielded a comparatively higher 12.40% annualized return.

JPUS

• 1D: 0.53%
• 1M: 1.30%
• 6M: 11.04%
• YTD: 16.20%
• 1Y: 23.92%
• 3Y*: 15.47%
• 5Y*: 10.18%
• 10Y*: 11.51%
• ALL TIME*: 12.18%

EQL

• 1D: 0.98%
• 1M: 1.30%
• 6M: 7.57%
• YTD: 11.79%
• 1Y: 19.50%
• 3Y*: 15.68%
• 5Y*: 10.87%
• 10Y*: 12.40%
• ALL TIME*: 13.54%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EQL ALPS Equal Sector Weight ETF	$3.24M	$2.89M	$2.73M
JPUS JPMorgan Diversified Return US Equity ETF	$730.62K	$1.08M	$1.02M

JPUS vs. EQL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPUS JPMorgan Diversified Return US Equity ETF	16.20%	11.18%	13.48%	10.98%	-8.47%	29.09%	7.54%	25.50%	-6.14%	20.58%
EQL ALPS Equal Sector Weight ETF	11.79%	13.09%	16.44%	16.87%	-10.72%	29.32%	10.87%	27.87%	-6.12%	18.37%

Correlation

The correlation between JPUS and EQL is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Sep 30, 2015	0.91

The correlation between JPUS and EQL has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

JPUS vs. EQL - Sectors Allocation Comparison

Sectors	JPUS	EQL
Healthcare	12.7%	9.4%
Consumer Defensive	11.1%	8.8%
Real Estate	10.7%	8.7%
Utilities	10.0%	9.4%
Technology	9.5%	10.2%
Financial Services	8.8%	9.1%
Industrials	8.7%	9.3%
Consumer Cyclical	8.4%	9.6%
Energy	7.3%	8.7%
Basic Materials	7.2%	8.0%
Communication Services	4.3%	8.9%

Return for Risk

JPUS vs. EQL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JPUS

JPUS Risk / Return Rank: 89
JPUS Sharpe Ratio Rank: 90
JPUS Sortino Ratio Rank: 91
JPUS Omega Ratio Rank: 88
JPUS Calmar Ratio Rank: 86
JPUS Martin Ratio Rank: 89

EQL

EQL Risk / Return Rank: 85
EQL Sharpe Ratio Rank: 86
EQL Sortino Ratio Rank: 85
EQL Omega Ratio Rank: 85
EQL Calmar Ratio Rank: 83
EQL Martin Ratio Rank: 85

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JPUS vs. EQL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Diversified Return US Equity ETF (JPUS) and ALPS Equal Sector Weight ETF (EQL). 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.

	JPUS	EQL	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.07	+0.27
Sortino ratio: Return per unit of downside risk	3.39	2.89	+0.50
Omega ratio: Gain probability vs. loss probability	1.41	1.38	+0.04
Calmar ratio: Return relative to maximum drawdown	3.48	3.16	+0.32
Martin ratio: Return relative to average drawdown	14.32	12.39	+1.93

JPUS vs. EQL - Sharpe Ratio Comparison

The current JPUS Sharpe Ratio is 2.34, which is comparable to the EQL Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of JPUS and EQL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JPUS vs. EQL - Drawdown Comparison

The maximum JPUS drawdown since its inception was -38.69%, which is greater than EQL's maximum drawdown of -35.65%. Use the drawdown chart below to compare losses from any high point for JPUS and EQL.

Drawdown Indicators

	JPUS	EQL	Difference
Max Drawdown Largest peak-to-trough decline	-38.69%	-35.65%	-3.04%
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	-6.19%	-0.71%
Max Drawdown (3Y) Largest decline over 3 years	-15.96%	-15.07%	-0.89%
Max Drawdown (5Y) Largest decline over 5 years	-19.04%	-19.24%	+0.20%
Max Drawdown (10Y) Largest decline over 10 years	-38.69%	-35.65%	-3.04%
Current Drawdown Current decline from peak	-0.62%	0.00%	-0.62%
Average Drawdown Average peak-to-trough decline	-3.77%	-3.23%	-0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	1.58%	+0.09%

Volatility

JPUS vs. EQL - Volatility Comparison

JPMorgan Diversified Return US Equity ETF (JPUS) has a higher volatility of 2.47% compared to ALPS Equal Sector Weight ETF (EQL) at 2.29%. This indicates that JPUS's price experiences larger fluctuations and is considered to be riskier than EQL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPUS	EQL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.47%	2.29%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	7.66%	7.09%	+0.57%
Volatility (1Y) Calculated over the trailing 1-year period	10.30%	9.47%	+0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.45%	14.52%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.72%	16.49%	+0.23%

JPUS vs. EQL - Expense Ratio Comparison

JPUS has a 0.18% expense ratio, which is lower than EQL's 0.27% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

JPUS vs. EQL - Dividend Comparison

JPUS's dividend yield for the trailing twelve months is around 1.96%, more than EQL's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQL ALPS Equal Sector Weight ETF	1.34%	1.73%	1.78%	1.96%	2.14%	1.69%	2.29%	1.95%	2.39%	1.97%	2.89%	2.07%
JPUS JPMorgan Diversified Return US Equity ETF	1.96%	2.27%	2.12%	2.26%	2.35%	1.67%	1.94%	2.09%	2.16%	1.25%	0.77%	0.48%

Frequently Asked Questions

Can I hold both JPUS and EQL in my portfolio?

JPUS and EQL have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPUS or EQL?

JPUS has higher volatility (2.47%) compared to EQL (2.29%). In terms of maximum drawdown, JPUS dropped -38.69% vs EQL's -35.65%.

Which ETF is better, JPUS or EQL?

On 10-year performance, EQL leads with 12.40% vs 11.51% for JPUS. On fees, JPUS is cheaper at 0.18% per year. On volatility, EQL has been the lower-risk option at 2.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPUS or EQL?

Over the 10-year period, EQL has performed better with a 12.40% return vs 11.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPUS or EQL?

JPUS is cheaper with a 0.18% expense ratio, compared with 0.27% for EQL.

Which ETF pays a higher dividend yield, JPUS or EQL?

JPUS has the higher dividend yield at 1.96%, compared with 1.34% for EQL.

What is the main difference between JPUS and EQL?

JPUS tracks JPMorgan Diversified Factor US Equity Index, while EQL tracks NYSE Equal Sector Weight Index. They also come from different issuers: JPMorgan and SS&C. Their fees differ too: 0.18% for JPUS and 0.27% for EQL.

Which has better risk-adjusted returns?

JPUS currently has the higher Sharpe Ratio (2.34 vs 2.07), 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.