JQUA vs. QLV

Last updated Aug 4, 2026

JQUA (JPMorgan U.S. Quality Factor ETF) and QLV (FlexShares US Quality Low Volatility Index Fund) are both Quality Factor funds - JQUA tracks the JP Morgan US Quality Factor Index while QLV tracks the Northern Trust Quality Low Volatility Index. Both are passively managed. Over the past 5 years, JQUA returned 12.98%/yr vs 10.05%/yr for QLV. Their correlation of 0.90 means they have usually moved in the same direction. JQUA charges 0.12%/yr vs 0.22%/yr for QLV.

Performance

JQUA vs. QLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan U.S. Quality Factor ETF (JQUA) and FlexShares US Quality Low Volatility Index Fund (QLV). 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 QLV's 9.55% 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%

QLV

• 1D: 0.50%
• 1M: 1.91%
• 6M: 6.89%
• YTD: 9.55%
• 1Y: 16.70%
• 3Y*: 15.60%
• 5Y*: 10.05%
• 10Y*: —
• ALL TIME*: 11.67%

*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
QLV FlexShares US Quality Low Volatility Index Fund	$571.44K	$481.55K	$516.78K

JQUA vs. QLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
JQUA JPMorgan U.S. Quality Factor ETF	15.84%	11.69%	21.21%	25.13%	-13.45%	28.68%	16.56%	6.79%
QLV FlexShares US Quality Low Volatility Index Fund	9.55%	12.28%	18.08%	13.71%	-9.97%	26.08%	9.63%	5.97%

Correlation

The correlation between JQUA and QLV is 0.64, 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.	0.64
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.88
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019	0.90

Over the past year, the correlation between JQUA and QLV has dropped to 0.64 - well below their long-term average of 0.90, suggesting their price drivers have been diverging.

JQUA vs. QLV - Sectors Allocation Comparison

Sectors	JQUA	QLV
Technology	41.0%	30.2%
Financial Services	12.0%	12.3%
Consumer Cyclical	9.5%	6.4%
Industrials	8.9%	6.3%
Healthcare	8.8%	14.1%
Communication Services	6.2%	7.4%
Consumer Defensive	5.2%	7.8%
Energy	3.3%	6.5%
Real Estate	2.2%	1.4%
Basic Materials	1.7%	1.3%
Utilities	1.2%	6.4%

Return for Risk

JQUA vs. QLV — 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

QLV

QLV Risk / Return Rank: 83
QLV Sharpe Ratio Rank: 86
QLV Sortino Ratio Rank: 89
QLV Omega Ratio Rank: 85
QLV Calmar Ratio Rank: 74
QLV Martin Ratio Rank: 81

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. QLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan U.S. Quality Factor ETF (JQUA) and FlexShares US Quality Low Volatility Index Fund (QLV). 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	QLV	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.13	-0.19
Sortino ratio: Return per unit of downside risk	2.73	3.13	-0.40
Omega ratio: Gain probability vs. loss probability	1.34	1.39	-0.05
Calmar ratio: Return relative to maximum drawdown	3.27	2.71	+0.56
Martin ratio: Return relative to average drawdown	13.35	11.17	+2.18

JQUA vs. QLV - Sharpe Ratio Comparison

The current JQUA Sharpe Ratio is 1.94, which is comparable to the QLV Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of JQUA and QLV, 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. QLV - Drawdown Comparison

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

Drawdown Indicators

	JQUA	QLV	Difference
Max Drawdown Largest peak-to-trough decline	-32.92%	-33.71%	+0.79%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	-6.19%	-0.94%
Max Drawdown (3Y) Largest decline over 3 years	-16.81%	-12.05%	-4.76%
Max Drawdown (5Y) Largest decline over 5 years	-22.47%	-17.93%	-4.54%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.10%	-3.93%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	1.50%	+0.24%

Volatility

JQUA vs. QLV - Volatility Comparison

JPMorgan U.S. Quality Factor ETF (JQUA) has a higher volatility of 2.46% compared to FlexShares US Quality Low Volatility Index Fund (QLV) at 2.30%. This indicates that JQUA's price experiences larger fluctuations and is considered to be riskier than QLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JQUA	QLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	2.30%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	9.45%	5.98%	+3.47%
Volatility (1Y) Calculated over the trailing 1-year period	12.01%	7.88%	+4.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.73%	12.64%	+3.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.92%	16.43%	+1.49%

JQUA vs. QLV - Expense Ratio Comparison

JQUA has a 0.12% expense ratio, which is lower than QLV's 0.22% 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. QLV - Dividend Comparison

JQUA's dividend yield for the trailing twelve months is around 1.07%, less than QLV's 1.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
QLV FlexShares US Quality Low Volatility Index Fund	1.52%	1.60%	1.66%	1.60%	1.74%	0.96%	1.24%	0.58%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JQUA and QLV in my portfolio?

JQUA and QLV have a correlation of 0.64, 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 QLV?

JQUA has higher volatility (2.46%) compared to QLV (2.30%). In terms of maximum drawdown, JQUA dropped -32.92% vs QLV's -33.71%.

Which ETF is better, JQUA or QLV?

On 5-year performance, JQUA leads with 12.98% vs 10.05% for QLV. On fees, JQUA is cheaper at 0.12% per year. On volatility, QLV has been the lower-risk option at 2.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JQUA or QLV?

Over the 5-year period, JQUA has performed better with a 12.98% return vs 10.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JQUA or QLV?

JQUA is cheaper with a 0.12% expense ratio, compared with 0.22% for QLV.

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

QLV has the higher dividend yield at 1.52%, compared with 1.07% for JQUA.

What is the main difference between JQUA and QLV?

JQUA tracks JP Morgan US Quality Factor Index, while QLV tracks Northern Trust Quality Low Volatility Index. They also come from different issuers: JPMorgan and Northern Trust. Their fees differ too: 0.12% for JQUA and 0.22% for QLV.

Which has better risk-adjusted returns?

QLV currently has the higher Sharpe Ratio (2.13 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.