JPUS vs. QUS

Last updated Aug 4, 2026

JPUS (JPMorgan Diversified Return US Equity ETF) and QUS (State Street SPDR MSCI USA StrategicFactors ETF) are both Large Cap Blend Equities funds - JPUS tracks the JPMorgan Diversified Factor US Equity Index while QUS tracks the MSCI USA Factor Mix A-Series Capped Index. Both are passively managed. Over the past 10 years, JPUS returned 11.51%/yr vs 13.54%/yr for QUS. Their correlation of 0.86 means they have usually moved in the same direction. JPUS charges 0.18%/yr vs 0.15%/yr for QUS.

Performance

JPUS vs. QUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Diversified Return US Equity ETF (JPUS) and State Street SPDR MSCI USA StrategicFactors ETF (QUS). 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 QUS's 10.23% return. Over the past 10 years, JPUS has underperformed QUS with an annualized return of 11.51%, while QUS has yielded a comparatively higher 13.54% 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%

QUS

• 1D: 0.83%
• 1M: 1.29%
• 6M: 7.60%
• YTD: 10.23%
• 1Y: 19.80%
• 3Y*: 17.10%
• 5Y*: 10.91%
• 10Y*: 13.54%
• ALL TIME*: 12.75%

*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)
JPUS JPMorgan Diversified Return US Equity ETF	$730.62K	$1.08M	$1.02M
QUS State Street SPDR MSCI USA StrategicFactors ETF	$3.01M	$4.81M	$3.43M

JPUS vs. QUS - 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%
QUS State Street SPDR MSCI USA StrategicFactors ETF	10.23%	14.13%	18.99%	21.78%	-14.15%	26.72%	12.40%	32.45%	-3.66%	21.67%

Correlation

The correlation between JPUS and QUS is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.89
Correlation (All Time) Calculated using the full available price history since Sep 30, 2015	0.86

The correlation between JPUS and QUS shifts across timeframes, from 0.79 (1 year) to 0.90 (5 years), reflecting how their relationship changes across market environments.

JPUS vs. QUS - Sectors Allocation Comparison

Sectors	JPUS	QUS
Healthcare	12.7%	14.4%
Consumer Defensive	11.1%	8.3%
Real Estate	10.7%	1.6%
Utilities	10.0%	3.9%
Technology	9.5%	28.4%
Financial Services	8.8%	15.7%
Industrials	8.7%	8.1%
Consumer Cyclical	8.4%	5.7%
Energy	7.3%	3.3%
Basic Materials	7.2%	2.2%
Communication Services	4.3%	8.2%

Return for Risk

JPUS vs. QUS — 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

QUS

QUS Risk / Return Rank: 85
QUS Sharpe Ratio Rank: 87
QUS Sortino Ratio Rank: 88
QUS Omega Ratio Rank: 86
QUS Calmar Ratio Rank: 78
QUS Martin Ratio Rank: 86

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. QUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Diversified Return US Equity ETF (JPUS) and State Street SPDR MSCI USA StrategicFactors ETF (QUS). 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	QUS	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.16	+0.18
Sortino ratio: Return per unit of downside risk	3.39	3.05	+0.34
Omega ratio: Gain probability vs. loss probability	1.41	1.39	+0.02
Calmar ratio: Return relative to maximum drawdown	3.48	2.90	+0.58
Martin ratio: Return relative to average drawdown	14.32	12.95	+1.37

JPUS vs. QUS - Sharpe Ratio Comparison

The current JPUS Sharpe Ratio is 2.34, which is comparable to the QUS Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of JPUS and QUS, 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. QUS - Drawdown Comparison

The maximum JPUS drawdown since its inception was -38.69%, which is greater than QUS's maximum drawdown of -33.78%. Use the drawdown chart below to compare losses from any high point for JPUS and QUS.

Drawdown Indicators

	JPUS	QUS	Difference
Max Drawdown Largest peak-to-trough decline	-38.69%	-33.78%	-4.91%
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	-6.85%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-15.96%	-13.94%	-2.02%
Max Drawdown (5Y) Largest decline over 5 years	-19.04%	-22.30%	+3.26%
Max Drawdown (10Y) Largest decline over 10 years	-38.69%	-33.78%	-4.91%
Current Drawdown Current decline from peak	-0.62%	0.00%	-0.62%
Average Drawdown Average peak-to-trough decline	-3.77%	-3.66%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	1.53%	+0.14%

Volatility

JPUS vs. QUS - Volatility Comparison

JPMorgan Diversified Return US Equity ETF (JPUS) and State Street SPDR MSCI USA StrategicFactors ETF (QUS) have volatilities of 2.47% and 2.42%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPUS	QUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.47%	2.42%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	7.66%	6.97%	+0.69%
Volatility (1Y) Calculated over the trailing 1-year period	10.30%	9.22%	+1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.45%	14.32%	+0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.72%	16.40%	+0.32%

JPUS vs. QUS - Expense Ratio Comparison

JPUS has a 0.18% expense ratio, which is higher than QUS's 0.15% expense ratio. However, 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. QUS - Dividend Comparison

JPUS's dividend yield for the trailing twelve months is around 1.96%, more than QUS's 1.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
QUS State Street SPDR MSCI USA StrategicFactors ETF	1.27%	1.38%	1.49%	1.57%	1.68%	1.27%	1.73%	1.81%	2.12%	1.86%	2.07%	1.48%

Frequently Asked Questions

Can I hold both JPUS and QUS in my portfolio?

JPUS and QUS have a correlation of 0.79, 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 QUS?

JPUS has higher volatility (2.47%) compared to QUS (2.42%). In terms of maximum drawdown, JPUS dropped -38.69% vs QUS's -33.78%.

Which ETF is better, JPUS or QUS?

On 10-year performance, QUS leads with 13.54% vs 11.51% for JPUS. On fees, QUS is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPUS or QUS?

Over the 10-year period, QUS has performed better with a 13.54% 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 QUS?

QUS is cheaper with a 0.15% expense ratio, compared with 0.18% for JPUS.

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

JPUS has the higher dividend yield at 1.96%, compared with 1.27% for QUS.

What is the main difference between JPUS and QUS?

JPUS tracks JPMorgan Diversified Factor US Equity Index, while QUS tracks MSCI USA Factor Mix A-Series Capped Index. They also come from different issuers: JPMorgan and State Street. Their fees differ too: 0.18% for JPUS and 0.15% for QUS.

Which has better risk-adjusted returns?

JPUS currently has the higher Sharpe Ratio (2.34 vs 2.16), 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.