JQUA vs. GARP

Last updated Aug 4, 2026

JQUA (JPMorgan U.S. Quality Factor ETF) and GARP (iShares MSCI USA Quality GARP ETF) are both Quality Factor funds - JQUA tracks the JP Morgan US Quality Factor Index while GARP tracks the MSCI USA Quality GARP Select Index. Both are passively managed. Over the past 5 years, JQUA returned 12.98%/yr vs 17.57%/yr for GARP. Their correlation of 0.86 means they have usually moved in the same direction. JQUA charges 0.12%/yr vs 0.15%/yr for GARP.

Performance

JQUA vs. GARP - Performance Comparison

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

Returns By Period

In the year-to-date period, JQUA achieves a 15.84% return, which is significantly lower than GARP's 18.78% return.

JQUA

• 1D: 0.79%
• 1M: 1.13%
• 6M: 13.59%
• YTD: 15.84%
• 1Y: 23.18%
• 3Y*: 19.27%
• 5Y*: 12.98%
• 10Y*: —
• ALL TIME*: 14.80%

GARP

• 1D: 1.62%
• 1M: 0.39%
• 6M: 15.63%
• YTD: 18.78%
• 1Y: 33.89%
• 3Y*: 30.65%
• 5Y*: 17.57%
• 10Y*: —
• ALL TIME*: 20.34%

*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)
GARP iShares MSCI USA Quality GARP ETF	$26.43M	$25.59M	$23.01M
JQUA JPMorgan U.S. Quality Factor ETF	$27.54M	$28.89M	$36.27M

JQUA vs. GARP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
JQUA JPMorgan U.S. Quality Factor ETF	15.84%	11.69%	21.21%	25.13%	-13.45%	28.68%	14.18%
GARP iShares MSCI USA Quality GARP ETF	18.78%	21.49%	37.42%	42.86%	-26.75%	27.99%	26.51%

Correlation

The correlation between JQUA and GARP is 0.86, 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.	0.86
Correlation (3Y) Balances recent behavior with more history.	0.86
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (All Time) Calculated using the full available price history since Jan 16, 2020	0.86

The correlation between JQUA and GARP has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

JQUA vs. GARP - Sectors Allocation Comparison

Sectors	JQUA	GARP
Technology	41.0%	54.7%
Financial Services	12.0%	7.9%
Consumer Cyclical	9.5%	9.1%
Industrials	8.9%	6.4%
Healthcare	8.8%	5.4%
Communication Services	6.2%	11.0%
Consumer Defensive	5.2%	-
Energy	3.3%	3.0%
Real Estate	2.2%	0.4%
Basic Materials	1.7%	1.1%
Utilities	1.2%	1.3%

Return for Risk

JQUA vs. GARP — Risk / Return Rank

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

JQUA

JQUA Risk / Return Rank: 83
JQUA Sharpe Ratio Rank: 82
JQUA Sortino Ratio Rank: 82
JQUA Omega Ratio Rank: 79
JQUA Calmar Ratio Rank: 85
JQUA Martin Ratio Rank: 88

GARP

GARP Risk / Return Rank: 70
GARP Sharpe Ratio Rank: 74
GARP Sortino Ratio Rank: 69
GARP Omega Ratio Rank: 67
GARP Calmar Ratio Rank: 70
GARP Martin Ratio Rank: 72

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.

JQUA vs. GARP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan U.S. Quality Factor ETF (JQUA) and iShares MSCI USA Quality GARP ETF (GARP). 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.

	JQUA	GARP	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.70	+0.24
Sortino ratio: Return per unit of downside risk	2.73	2.31	+0.42
Omega ratio: Gain probability vs. loss probability	1.34	1.29	+0.05
Calmar ratio: Return relative to maximum drawdown	3.27	2.49	+0.78
Martin ratio: Return relative to average drawdown	13.35	9.05	+4.30

JQUA vs. GARP - Sharpe Ratio Comparison

The current JQUA Sharpe Ratio is 1.94, which is comparable to the GARP Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of JQUA and GARP, 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

JQUA vs. GARP - Drawdown Comparison

The maximum JQUA drawdown since its inception was -32.92%, which is greater than GARP's maximum drawdown of -31.34%. Use the drawdown chart below to compare losses from any high point for JQUA and GARP.

Drawdown Indicators

	JQUA	GARP	Difference
Max Drawdown Largest peak-to-trough decline	-32.92%	-31.34%	-1.58%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	-13.69%	+6.56%
Max Drawdown (3Y) Largest decline over 3 years	-16.81%	-23.73%	+6.92%
Max Drawdown (5Y) Largest decline over 5 years	-22.47%	-30.61%	+8.14%
Current Drawdown Current decline from peak	0.00%	-2.79%	+2.79%
Average Drawdown Average peak-to-trough decline	-4.10%	-7.27%	+3.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	3.76%	-2.02%

Volatility

JQUA vs. GARP - Volatility Comparison

The current volatility for JPMorgan U.S. Quality Factor ETF (JQUA) is 2.46%, while iShares MSCI USA Quality GARP ETF (GARP) has a volatility of 5.74%. This indicates that JQUA experiences smaller price fluctuations and is considered to be less risky than GARP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JQUA	GARP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	5.74%	-3.28%
Volatility (6M) Calculated over the trailing 6-month period	9.45%	16.02%	-6.57%
Volatility (1Y) Calculated over the trailing 1-year period	12.01%	20.01%	-8.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.73%	22.36%	-6.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.92%	23.92%	-6.00%

JQUA vs. GARP - Expense Ratio Comparison

JQUA has a 0.12% expense ratio, which is lower than GARP's 0.15% 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

JQUA vs. GARP - Dividend Comparison

JQUA's dividend yield for the trailing twelve months is around 1.07%, more than GARP's 0.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GARP iShares MSCI USA Quality GARP ETF	0.27%	0.31%	0.38%	0.75%	1.85%	0.67%	0.75%	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 JQUA and GARP in my portfolio?

JQUA and GARP have a correlation of 0.86, 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 GARP?

GARP has higher volatility (5.74%) compared to JQUA (2.46%). In terms of maximum drawdown, JQUA dropped -32.92% vs GARP's -31.34%.

Which ETF is better, JQUA or GARP?

On 5-year performance, GARP leads with 17.57% vs 12.98% for JQUA. On fees, JQUA is cheaper at 0.12% per year. On volatility, JQUA has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JQUA or GARP?

Over the 5-year period, GARP has performed better with a 17.57% return vs 12.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JQUA or GARP?

JQUA is cheaper with a 0.12% expense ratio, compared with 0.15% for GARP.

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

JQUA has the higher dividend yield at 1.07%, compared with 0.27% for GARP.

What is the main difference between JQUA and GARP?

JQUA tracks JP Morgan US Quality Factor Index, while GARP tracks MSCI USA Quality GARP Select Index. They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.12% for JQUA and 0.15% for GARP.

Which has better risk-adjusted returns?

JQUA currently has the higher Sharpe Ratio (1.94 vs 1.70), 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.