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JQUA vs. QUAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JQUA vs. QUAL

Last updated Aug 6, 2026
Documentation

JQUA (JPMorgan U.S. Quality Factor ETF) and QUAL (iShares MSCI USA Quality Factor ETF) are both Quality Factor funds - JQUA tracks the JP Morgan US Quality Factor Index while QUAL tracks the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 5 years, JQUA returned 13.30%/yr vs 11.42%/yr for QUAL. Their correlation of 0.91 means they have usually moved in the same direction. JQUA charges 0.12%/yr vs 0.15%/yr for QUAL.

Performance

JQUA vs. QUAL - 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 Factor ETF (QUAL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, JQUA achieves a 17.99% return, which is significantly higher than QUAL's 13.64% return.

JQUA

1D
-0.52%
1M
2.57%
6M
17.47%
YTD
17.99%
1Y
24.19%
3Y*
20.00%
5Y*
13.30%
10Y*
—
ALL TIME*
15.03%

QUAL

1D
0.00%
1M
2.90%
6M
11.95%
YTD
13.64%
1Y
23.43%
3Y*
19.28%
5Y*
11.42%
10Y*
14.32%
ALL TIME*
13.87%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

JQUA

JPMorgan U.S. Quality Factor ETF
$36.49M$32.35M$37.72M

QUAL

iShares MSCI USA Quality Factor ETF
$231.95M$239.34M$386.30M

JQUA vs. QUAL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
JQUA
JPMorgan U.S. Quality Factor ETF		17.99%11.69%21.21%25.13%-13.45%28.68%16.56%28.47%-2.98%5.07%
QUAL
iShares MSCI USA Quality Factor ETF		13.64%12.65%22.29%30.88%-20.50%26.94%17.04%33.89%-5.70%4.12%

Correlation

The correlation between JQUA and QUAL is 0.90, 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.

0.90

Correlation (3Y)
Balances recent behavior with more history.

0.93

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.96

Correlation (All Time)
Calculated using the full available price history since Nov 9, 2017

0.91

The correlation between JQUA and QUAL has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.

JQUA vs. QUAL - Sectors Allocation Comparison

Sectors
JQUA
QUAL

Technology

41.0%
40.2%

Financial Services

12.0%
10.9%

Consumer Cyclical

9.5%
9.0%

Industrials

8.9%
7.4%

Healthcare

8.8%
9.2%

Communication Services

6.2%
10.3%

Consumer Defensive

5.2%
4.3%

Energy

3.3%
2.9%

Real Estate

2.2%
1.7%

Basic Materials

1.7%
1.9%

Utilities

1.2%
2.1%

Technology

JQUA
41.0%
QUAL
40.2%

Financial Services

JQUA
12.0%
QUAL
10.9%

Consumer Cyclical

JQUA
9.5%
QUAL
9.0%

Industrials

JQUA
8.9%
QUAL
7.4%

Healthcare

JQUA
8.8%
QUAL
9.2%

Communication Services

JQUA
6.2%
QUAL
10.3%

Consumer Defensive

JQUA
5.2%
QUAL
4.3%

Energy

JQUA
3.3%
QUAL
2.9%

Real Estate

JQUA
2.2%
QUAL
1.7%

Basic Materials

JQUA
1.7%
QUAL
1.9%

Utilities

JQUA
1.2%
QUAL
2.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

JPMorgan U.S. Quality Factor ETF

iShares MSCI USA Quality Factor ETF

Often compared with JQUA:
JQUA vs. SPHQJQUA vs. VFQYJQUA vs. CGDVJQUA vs. SCHDJQUA vs. FQALJQUA vs. VIGJQUA vs. QUS
Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD

Return for Risk

JQUA vs. QUAL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
JQUA
JQUA Risk / Return Rank: 8080
Overall Rank
JQUA Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
JQUA Sortino Ratio Rank: 7878
Sortino Ratio Rank
JQUA Omega Ratio Rank: 7474
Omega Ratio Rank
JQUA Calmar Ratio Rank: 8383
Calmar Ratio Rank
JQUA Martin Ratio Rank: 8686
Martin Ratio Rank
QUAL
QUAL Risk / Return Rank: 7373
Overall Rank
QUAL Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 7474
Sortino Ratio Rank
QUAL Omega Ratio Rank: 7272
Omega Ratio Rank
QUAL Calmar Ratio Rank: 6565
Calmar Ratio Rank
QUAL Martin Ratio Rank: 7979
Martin Ratio Rank
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. QUAL - 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 Factor ETF (QUAL). 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.

JQUAQUALDifference
Sharpe ratioReturn per unit of total volatility
2.00
1.92

+0.08

Sortino ratioReturn per unit of downside risk
2.84
2.71

+0.13

Omega ratioGain probability vs. loss probability

1.35

1.34

+0.01

Calmar ratioReturn relative to maximum drawdown

3.41

2.60

+0.81

Martin ratioReturn relative to average drawdown

13.94

11.67

+2.27

JQUA vs. QUAL - Sharpe Ratio Comparison

The current JQUA Sharpe Ratio is 2.00, which is comparable to the QUAL Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of JQUA and QUAL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

JQUA vs. QUAL - Drawdown Comparison

The maximum JQUA drawdown since its inception was -32.92%, roughly equal to the maximum QUAL drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for JQUA and QUAL.

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Drawdown Indicators

JQUAQUALDifference

Max Drawdown

Largest peak-to-trough decline

-32.92%

-34.06%

+1.14%

Max Drawdown (1Y)

Largest decline over 1 year

-7.13%

-9.03%

+1.90%

Max Drawdown (3Y)

Largest decline over 3 years

-16.81%

-18.00%

+1.19%

Max Drawdown (5Y)

Largest decline over 5 years

-22.47%

-28.23%

+5.76%

Max Drawdown (10Y)

Largest decline over 10 years

—

-34.06%

—

Current Drawdown

Current decline from peak

-0.52%

0.00%

-0.52%

Average Drawdown

Average peak-to-trough decline

-4.10%

-4.06%

-0.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.74%

2.01%

-0.27%

Volatility

JQUA vs. QUAL - Volatility Comparison

JPMorgan U.S. Quality Factor ETF (JQUA) and iShares MSCI USA Quality Factor ETF (QUAL) have volatilities of 3.38% and 3.30%, 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.

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Volatility by Period

JQUAQUALDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.38%

3.30%

+0.08%

Volatility (6M)

Calculated over the trailing 6-month period

9.62%

9.69%

-0.07%

Volatility (1Y)

Calculated over the trailing 1-year period

12.14%

12.27%

-0.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.77%

17.40%

-1.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.93%

18.10%

-0.17%

JQUA vs. QUAL - Expense Ratio Comparison

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

JQUA's dividend yield for the trailing twelve months is around 1.05%, more than QUAL's 0.84% yield.

PositionTTM20252024202320222021202020192018201720162015
JQUA
JPMorgan U.S. Quality Factor ETF		1.05%1.19%1.24%1.21%1.60%1.32%1.44%1.67%2.10%0.40%0.00%0.00%
QUAL
iShares MSCI USA Quality Factor ETF		0.84%0.94%1.02%1.23%1.59%1.20%1.39%1.60%2.00%1.76%1.96%1.63%

Frequently Asked Questions

With a correlation of 0.90, JQUA and QUAL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

JQUA has higher volatility (3.38%) compared to QUAL (3.30%). In terms of maximum drawdown, JQUA dropped -32.92% vs QUAL's -34.06%.

On 5-year performance, JQUA leads with 13.30% vs 11.42% for QUAL. On fees, JQUA is cheaper at 0.12% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, JQUA has performed better with a 13.30% return vs 11.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

JQUA has the higher dividend yield at 1.05%, compared with 0.84% for QUAL.

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

JQUA currently has the higher Sharpe Ratio (2.00 vs 1.92), 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.

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