JQUA vs. FQAL

Last updated Jun 3, 2026

JQUA (JPMorgan U.S. Quality Factor ETF) and FQAL (Fidelity Quality Factor ETF) are both Large Cap Growth Equities funds - JQUA tracks the JP Morgan US Quality Factor Index while FQAL tracks the Fidelity U.S. Quality Factor Index. Both are passively managed. Over the past 5 years, JQUA returned 14.20%/yr vs 12.72%/yr for FQAL. Their correlation of 0.91 suggests significant overlap in exposure. JQUA charges 0.12%/yr vs 0.29%/yr for FQAL.

Performance

JQUA vs. FQAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan U.S. Quality Factor ETF (JQUA) and Fidelity Quality Factor ETF (FQAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JQUA achieves a 14.47% return, which is significantly higher than FQAL's 8.43% return.

JQUA

• 1D: 0.42%
• 1M: 8.40%
• YTD: 14.47%
• 6M: 15.23%
• 1Y: 23.81%
• 3Y*: 20.64%
• 5Y*: 14.20%
• 10Y*: —

FQAL

• 1D: 0.15%
• 1M: 4.37%
• YTD: 8.43%
• 6M: 8.59%
• 1Y: 22.45%
• 3Y*: 20.25%
• 5Y*: 12.72%
• 10Y*: —

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

JQUA vs. FQAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JQUA JPMorgan U.S. Quality Factor ETF	14.47%	11.69%	21.21%	25.13%	-13.45%	28.68%	16.56%	28.47%	-2.98%	5.07%
FQAL Fidelity Quality Factor ETF	8.43%	16.93%	21.92%	24.20%	-19.70%	32.13%	16.17%	28.12%	-4.39%	4.45%

Correlation

The correlation between JQUA and FQAL is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Nov 10, 2017	0.91

The correlation between JQUA and FQAL has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.

JQUA vs. FQAL - Sectors Allocation Comparison

Sectors	JQUA	FQAL
Technology	41.9%	34.3%
Financial Services	10.2%	12.3%
Consumer Cyclical	9.2%	10.1%
Industrials	7.6%	9.1%
Healthcare	7.2%	8.9%
Communication Services	5.5%	10.5%
Consumer Defensive	5.3%	4.4%
Energy	3.2%	3.9%
Utilities	2.3%	2.2%
Real Estate	2.1%	2.2%
Basic Materials	0.8%	2.2%

Return for Risk

JQUA vs. FQAL — Risk / Return Rank

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

JQUA

JQUA Risk / Return Rank: 66
JQUA Sharpe Ratio Rank: 63
JQUA Sortino Ratio Rank: 65
JQUA Omega Ratio Rank: 60
JQUA Calmar Ratio Rank: 67
JQUA Martin Ratio Rank: 74

FQAL

FQAL Risk / Return Rank: 60
FQAL Sharpe Ratio Rank: 59
FQAL Sortino Ratio Rank: 60
FQAL Omega Ratio Rank: 59
FQAL Calmar Ratio Rank: 54
FQAL Martin Ratio Rank: 67

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.

JQUA vs. FQAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan U.S. Quality Factor ETF (JQUA) and Fidelity Quality Factor ETF (FQAL). 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.

	JQUA	FQAL	Difference
Sharpe ratio Return per unit of total volatility	2.13	2.01	+0.12
Sortino ratio Return per unit of downside risk	3.04	2.86	+0.18
Omega ratio Gain probability vs. loss probability	1.37	1.37	0.00
Calmar ratio Return relative to maximum drawdown	3.38	2.72	+0.66
Martin ratio Return relative to average drawdown	14.27	12.36	+1.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JQUA vs. FQAL - Sharpe Ratio Comparison

The current JQUA Sharpe Ratio is 2.13, which is comparable to the FQAL Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of JQUA and FQAL, 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

	JQUA	FQAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.01	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	0.79	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.83	+0.01

Drawdowns

JQUA vs. FQAL - Drawdown Comparison

The maximum JQUA drawdown since its inception was -32.92%, roughly equal to the maximum FQAL drawdown of -33.71%. Use the drawdown chart below to compare losses from any high point for JQUA and FQAL.

Drawdown Indicators

	JQUA	FQAL	Difference
Max Drawdown Largest peak-to-trough decline	-32.92%	-33.71%	+0.79%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	-8.43%	+1.30%
Max Drawdown (3Y) Largest decline over 3 years	-16.81%	-16.87%	+0.06%
Max Drawdown (5Y) Largest decline over 5 years	-22.47%	-25.50%	+3.03%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.16%	-4.59%	+0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	1.86%	-0.17%

Volatility

JQUA vs. FQAL - Volatility Comparison

JPMorgan U.S. Quality Factor ETF (JQUA) has a higher volatility of 2.83% compared to Fidelity Quality Factor ETF (FQAL) at 2.33%. This indicates that JQUA's price experiences larger fluctuations and is considered to be riskier than FQAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JQUA	FQAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	2.33%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	8.33%	8.57%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	11.21%	11.20%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.61%	16.18%	-0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.99%	17.58%	+0.41%

JQUA vs. FQAL - Expense Ratio Comparison

JQUA has a 0.12% expense ratio, which is lower than FQAL's 0.29% expense ratio.

Dividends

JQUA vs. FQAL - Dividend Comparison

JQUA's dividend yield for the trailing twelve months is around 1.07%, less than FQAL's 1.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FQAL Fidelity Quality Factor ETF	1.11%	1.12%	1.20%	1.35%	1.52%	1.17%	1.46%	1.55%	1.73%	1.53%	0.43%
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%	0.00%

Frequently Asked Questions

Can I hold both JQUA and FQAL in my portfolio?

JQUA and FQAL have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JQUA or FQAL?

JQUA has higher volatility (2.83%) compared to FQAL (2.33%). In terms of maximum drawdown, JQUA dropped -32.92% vs FQAL's -33.71%.

Which ETF is better, JQUA or FQAL?

On 5-year performance, JQUA leads with 14.20% vs 12.72% for FQAL. On fees, JQUA is cheaper at 0.12% per year. On volatility, FQAL has been the lower-risk option at 2.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JQUA or FQAL?

Over the 5-year period, JQUA has performed better with a 14.20% return vs 12.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JQUA or FQAL?

JQUA is cheaper with a 0.12% expense ratio, compared with 0.29% for FQAL.

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

FQAL has the higher dividend yield at 1.11%, compared with 1.07% for JQUA.

What is the main difference between JQUA and FQAL?

JQUA tracks JP Morgan US Quality Factor Index, while FQAL tracks Fidelity U.S. Quality Factor Index. They also come from different issuers: JPMorgan and Fidelity. Their fees differ too: 0.12% for JQUA and 0.29% for FQAL.

Which has better risk-adjusted returns?

JQUA currently has the higher Sharpe Ratio (2.13 vs 2.01), 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.