JQUA vs. QDEF

Last updated Aug 4, 2026

JQUA (JPMorgan U.S. Quality Factor ETF) and QDEF (FlexShares Quality Dividend Defensive Index Fund) are both Quality Factor funds - JQUA tracks the JP Morgan US Quality Factor Index while QDEF tracks the Northern Trust Quality Dividend Defensive Index. Both are passively managed. Over the past 5 years, JQUA returned 12.98%/yr vs 12.40%/yr for QDEF. Their correlation of 0.88 means they have usually moved in the same direction. JQUA charges 0.12%/yr vs 0.37%/yr for QDEF.

Performance

JQUA vs. QDEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan U.S. Quality Factor ETF (JQUA) and FlexShares Quality Dividend Defensive Index Fund (QDEF). 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 higher than QDEF's 10.91% 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%

QDEF

• 1D: 0.39%
• 1M: 2.07%
• 6M: 8.51%
• YTD: 10.91%
• 1Y: 21.44%
• 3Y*: 18.49%
• 5Y*: 12.40%
• 10Y*: 12.03%
• ALL TIME*: 12.74%

*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)
JQUA JPMorgan U.S. Quality Factor ETF	$27.54M	$28.89M	$36.27M
QDEF FlexShares Quality Dividend Defensive Index Fund	$574.46K	$566.98K	$752.75K

JQUA vs. QDEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JQUA JPMorgan U.S. Quality Factor ETF	15.84%	11.69%	21.21%	25.13%	-13.45%	28.68%	16.56%	28.47%	-2.98%	5.07%
QDEF FlexShares Quality Dividend Defensive Index Fund	10.91%	17.43%	21.19%	17.48%	-10.94%	26.04%	3.15%	24.90%	-4.10%	4.98%

Correlation

The correlation between JQUA and QDEF is 0.83, 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.	0.83
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (All Time) Calculated using the full available price history since Nov 9, 2017	0.88

The correlation between JQUA and QDEF shifts across timeframes, from 0.83 (1 year) to 0.93 (5 years), reflecting how their relationship changes across market environments.

JQUA vs. QDEF - Sectors Allocation Comparison

Sectors	JQUA	QDEF
Technology	41.0%	35.6%
Financial Services	12.0%	11.7%
Consumer Cyclical	9.5%	7.3%
Industrials	8.9%	5.5%
Healthcare	8.8%	10.5%
Communication Services	6.2%	5.8%
Consumer Defensive	5.2%	7.3%
Energy	3.3%	4.2%
Real Estate	2.2%	3.9%
Basic Materials	1.7%	3.5%
Utilities	1.2%	3.6%

Return for Risk

JQUA vs. QDEF — 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

QDEF

QDEF Risk / Return Rank: 86
QDEF Sharpe Ratio Rank: 88
QDEF Sortino Ratio Rank: 88
QDEF Omega Ratio Rank: 88
QDEF Calmar Ratio Rank: 81
QDEF 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.

JQUA vs. QDEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan U.S. Quality Factor ETF (JQUA) and FlexShares Quality Dividend Defensive Index Fund (QDEF). 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	QDEF	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.19	-0.25
Sortino ratio: Return per unit of downside risk	2.73	3.10	-0.37
Omega ratio: Gain probability vs. loss probability	1.34	1.41	-0.07
Calmar ratio: Return relative to maximum drawdown	3.27	3.10	+0.17
Martin ratio: Return relative to average drawdown	13.35	12.91	+0.45

JQUA vs. QDEF - Sharpe Ratio Comparison

The current JQUA Sharpe Ratio is 1.94, which is comparable to the QDEF Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of JQUA and QDEF, 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. QDEF - Drawdown Comparison

The maximum JQUA drawdown since its inception was -32.92%, smaller than the maximum QDEF drawdown of -35.74%. Use the drawdown chart below to compare losses from any high point for JQUA and QDEF.

Drawdown Indicators

	JQUA	QDEF	Difference
Max Drawdown Largest peak-to-trough decline	-32.92%	-35.74%	+2.82%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	-6.95%	-0.18%
Max Drawdown (3Y) Largest decline over 3 years	-16.81%	-14.43%	-2.38%
Max Drawdown (5Y) Largest decline over 5 years	-22.47%	-21.37%	-1.10%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.74%	—
Current Drawdown Current decline from peak	0.00%	-0.19%	+0.19%
Average Drawdown Average peak-to-trough decline	-4.10%	-3.27%	-0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	1.66%	+0.08%

Volatility

JQUA vs. QDEF - Volatility Comparison

JPMorgan U.S. Quality Factor ETF (JQUA) has a higher volatility of 2.46% compared to FlexShares Quality Dividend Defensive Index Fund (QDEF) at 2.23%. This indicates that JQUA's price experiences larger fluctuations and is considered to be riskier than QDEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JQUA	QDEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	2.23%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	9.45%	7.47%	+1.98%
Volatility (1Y) Calculated over the trailing 1-year period	12.01%	9.84%	+2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.73%	13.77%	+1.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.92%	16.14%	+1.78%

JQUA vs. QDEF - Expense Ratio Comparison

JQUA has a 0.12% expense ratio, which is lower than QDEF's 0.37% expense ratio.

Dividends

JQUA vs. QDEF - Dividend Comparison

JQUA's dividend yield for the trailing twelve months is around 1.07%, less than QDEF's 1.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
QDEF FlexShares Quality Dividend Defensive Index Fund	1.57%	1.74%	1.85%	2.21%	2.42%	1.84%	2.50%	3.17%	7.10%	2.70%	2.90%	3.00%

Frequently Asked Questions

Can I hold both JQUA and QDEF in my portfolio?

JQUA and QDEF have a correlation of 0.83, 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 QDEF?

JQUA has higher volatility (2.46%) compared to QDEF (2.23%). In terms of maximum drawdown, JQUA dropped -32.92% vs QDEF's -35.74%.

Which ETF is better, JQUA or QDEF?

On 5-year performance, JQUA leads with 12.98% vs 12.40% for QDEF. On fees, JQUA is cheaper at 0.12% per year. On volatility, QDEF has been the lower-risk option at 2.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JQUA or QDEF?

Over the 5-year period, JQUA has performed better with a 12.98% return vs 12.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JQUA or QDEF?

JQUA is cheaper with a 0.12% expense ratio, compared with 0.37% for QDEF.

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

QDEF has the higher dividend yield at 1.57%, compared with 1.07% for JQUA.

What is the main difference between JQUA and QDEF?

JQUA tracks JP Morgan US Quality Factor Index, while QDEF tracks Northern Trust Quality Dividend Defensive Index. They also come from different issuers: JPMorgan and FlexShares. Their fees differ too: 0.12% for JQUA and 0.37% for QDEF.

Which has better risk-adjusted returns?

QDEF currently has the higher Sharpe Ratio (2.19 vs 1.94), 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.