JQUA vs. SPXM

Last updated Jul 14, 2026

JQUA (JPMorgan U.S. Quality Factor ETF) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. JQUA is passively managed, while SPXM is actively managed. Over the past year, JQUA returned 21.62% vs 8.67% for SPXM. At a 0.46 correlation, their price movements are largely independent. JQUA charges 0.12%/yr vs 0.47%/yr for SPXM.

Performance

JQUA vs. SPXM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan U.S. Quality Factor ETF (JQUA) and Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

JQUA

• 1D: -0.46%
• 1M: 1.89%
• 6M: 12.32%
• YTD: 14.82%
• 1Y: 21.62%
• 3Y*: 18.70%
• 5Y*: 13.24%
• 10Y*: —

SPXM

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: 8.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JQUA vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
JQUA JPMorgan U.S. Quality Factor ETF	14.82%	5.22%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%

Correlation

The correlation between JQUA and SPXM is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.46

Return for Risk

JQUA vs. SPXM — Risk / Return Rank

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

JQUA

JQUA Risk / Return Rank: 73
JQUA Sharpe Ratio Rank: 71
JQUA Sortino Ratio Rank: 70
JQUA Omega Ratio Rank: 66
JQUA Calmar Ratio Rank: 75
JQUA Martin Ratio Rank: 81

SPXM

SPXM Risk / Return Rank: 60
SPXM Sharpe Ratio Rank: 51
SPXM Sortino Ratio Rank: 49
SPXM Omega Ratio Rank: 81
SPXM Calmar Ratio Rank: 53
SPXM Martin Ratio Rank: 68

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. SPXM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan U.S. Quality Factor ETF (JQUA) and Azoria 500 Meritocracy ETF (SPXM). 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	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.39	+0.42
Sortino ratio: Return per unit of downside risk	2.55	1.97	+0.58
Omega ratio: Gain probability vs. loss probability	1.31	1.38	-0.07
Calmar ratio: Return relative to maximum drawdown	3.05	2.10	+0.95
Martin ratio: Return relative to average drawdown	12.44	9.84	+2.60

JQUA vs. SPXM - Sharpe Ratio Comparison

The current JQUA Sharpe Ratio is 1.81, which is comparable to the SPXM Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of JQUA and SPXM, 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. SPXM - Drawdown Comparison

The maximum JQUA drawdown since its inception was -32.92%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for JQUA and SPXM.

Drawdown Indicators

	JQUA	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-32.92%	-5.08%	-27.84%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	-5.08%	-2.05%
Max Drawdown (3Y) Largest decline over 3 years	-16.81%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.47%	—	—
Current Drawdown Current decline from peak	-0.46%	-0.75%	+0.29%
Average Drawdown Average peak-to-trough decline	-4.13%	-0.78%	-3.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	—	—

Volatility

JQUA vs. SPXM - Volatility Comparison

JPMorgan U.S. Quality Factor ETF (JQUA) has a higher volatility of 4.37% compared to Azoria 500 Meritocracy ETF (SPXM) at 0.00%. This indicates that JQUA's price experiences larger fluctuations and is considered to be riskier than SPXM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JQUA	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	0.00%	+4.37%
Volatility (6M) Calculated over the trailing 6-month period	9.57%	3.99%	+5.58%
Volatility (1Y) Calculated over the trailing 1-year period	12.05%	7.68%	+4.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.75%	7.64%	+8.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.97%	7.64%	+10.33%

JQUA vs. SPXM - Expense Ratio Comparison

JQUA has a 0.12% expense ratio, which is lower than SPXM's 0.47% expense ratio.

Dividends

JQUA vs. SPXM - Dividend Comparison

JQUA's dividend yield for the trailing twelve months is around 1.08%, more than SPXM's 0.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JQUA JPMorgan U.S. Quality Factor ETF	1.08%	1.19%	1.24%	1.21%	1.60%	1.32%	1.44%	1.67%	2.10%	0.40%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JQUA and SPXM in my portfolio?

JQUA and SPXM have a correlation of 0.46, 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 SPXM?

JQUA has higher volatility (4.37%) compared to SPXM (0.00%). In terms of maximum drawdown, JQUA dropped -32.92% vs SPXM's -5.08%.

Which ETF is better, JQUA or SPXM?

On 1-year performance, JQUA leads with 21.62% vs 8.67% for SPXM. On fees, JQUA is cheaper at 0.12% per year. On volatility, SPXM has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JQUA or SPXM?

Over the 1-year period, JQUA has performed better with a 21.62% return vs 8.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JQUA or SPXM?

JQUA is cheaper with a 0.12% expense ratio, compared with 0.47% for SPXM.

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

JQUA has the higher dividend yield at 1.08%, compared with 0.24% for SPXM.

What is the main difference between JQUA and SPXM?

They also come from different issuers: JPMorgan and Azoria. Their fees differ too: 0.12% for JQUA and 0.47% for SPXM.

Which has better risk-adjusted returns?

JQUA currently has the higher Sharpe Ratio (1.81 vs 1.39), 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.