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JQUA vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JQUA vs. USMV

Last updated Jul 14, 2026
Documentation

JQUA (JPMorgan U.S. Quality Factor ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds - JQUA tracks the JP Morgan US Quality Factor Index while USMV tracks the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, JQUA returned 13.24%/yr vs 7.16%/yr for USMV. Their correlation of 0.80 suggests significant overlap in exposure. JQUA charges 0.12%/yr vs 0.15%/yr for USMV.

Performance

JQUA vs. USMV - 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 Min Vol Factor ETF (USMV). 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 14.82% return, which is significantly higher than USMV's 4.64% return.

JQUA

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

USMV

1D
0.06%
1M
2.16%
6M
3.87%
YTD
4.64%
1Y
7.10%
3Y*
11.43%
5Y*
7.16%
10Y*
9.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JQUA vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
JQUA
JPMorgan U.S. Quality Factor ETF		14.82%11.69%21.21%25.13%-13.45%28.68%16.56%28.47%-2.98%5.07%
USMV
iShares MSCI USA Min Vol Factor ETF		4.64%7.65%15.74%10.33%-9.43%20.85%5.64%27.69%1.33%2.51%

Correlation

The correlation between JQUA and USMV is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.63

Correlation (3Y)
Calculated over the trailing 3-year period

0.76

Correlation (5Y)
Calculated over the trailing 5-year period

0.83

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

0.80

The correlation between JQUA and USMV shifts across timeframes, from 0.63 (1 year) to 0.83 (5 years), reflecting how their relationship changes across market environments.

JQUA vs. USMV - Sectors Allocation Comparison

Sectors
JQUA
USMV

Technology

39.6%
33.9%

Financial Services

12.3%
11.7%

Consumer Cyclical

9.5%
5.7%

Healthcare

8.7%
12.6%

Industrials

8.3%
6.1%

Consumer Defensive

5.4%
9.4%

Communication Services

5.3%
6.2%

Energy

3.3%
2.7%

Utilities

2.2%
6.9%

Real Estate

2.2%
2.5%

Basic Materials

1.8%
2.4%

Technology

JQUA
39.6%
USMV
33.9%

Financial Services

JQUA
12.3%
USMV
11.7%

Consumer Cyclical

JQUA
9.5%
USMV
5.7%

Healthcare

JQUA
8.7%
USMV
12.6%

Industrials

JQUA
8.3%
USMV
6.1%

Consumer Defensive

JQUA
5.4%
USMV
9.4%

Communication Services

JQUA
5.3%
USMV
6.2%

Energy

JQUA
3.3%
USMV
2.7%

Utilities

JQUA
2.2%
USMV
6.9%

Real Estate

JQUA
2.2%
USMV
2.5%

Basic Materials

JQUA
1.8%
USMV
2.4%

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 Min Vol Factor ETF

Often compared with JQUA:
JQUA vs. SPHQJQUA vs. VFQYJQUA vs. CGDVJQUA vs. SCHDJQUA vs. FQALJQUA vs. VIGJQUA vs. QUS
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. QUALUSMV vs. VFMVUSMV vs. ACWVUSMV vs. VTI

Return for Risk

JQUA vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JQUA
JQUA Risk / Return Rank: 7373
Overall Rank
JQUA Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
JQUA Sortino Ratio Rank: 7070
Sortino Ratio Rank
JQUA Omega Ratio Rank: 6666
Omega Ratio Rank
JQUA Calmar Ratio Rank: 7575
Calmar Ratio Rank
JQUA Martin Ratio Rank: 8181
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 2828
Overall Rank
USMV Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 2626
Sortino Ratio Rank
USMV Omega Ratio Rank: 2525
Omega Ratio Rank
USMV Calmar Ratio Rank: 2828
Calmar Ratio Rank
USMV Martin Ratio Rank: 3131
Martin Ratio Rank
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. USMV - 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 Min Vol Factor ETF (USMV). 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.

JQUAUSMVDifference
Sharpe ratioReturn per unit of total volatility
1.81
0.84

+0.96

Sortino ratioReturn per unit of downside risk
2.55
1.23

+1.32

Omega ratioGain probability vs. loss probability

1.31

1.15

+0.17

Calmar ratioReturn relative to maximum drawdown

3.05

1.10

+1.94

Martin ratioReturn relative to average drawdown

12.44

3.61

+8.83

JQUA vs. USMV - Sharpe Ratio Comparison

The current JQUA Sharpe Ratio is 1.81, which is higher than the USMV Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of JQUA and USMV, 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. USMV - Drawdown Comparison

The maximum JQUA drawdown since its inception was -32.92%, roughly equal to the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for JQUA and USMV.

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Drawdown Indicators

JQUAUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-32.92%

-33.10%

+0.18%

Max Drawdown (1Y)

Largest decline over 1 year

-7.13%

-6.46%

-0.67%

Max Drawdown (3Y)

Largest decline over 3 years

-16.81%

-9.36%

-7.45%

Max Drawdown (5Y)

Largest decline over 5 years

-22.47%

-17.93%

-4.54%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.10%

—

Current Drawdown

Current decline from peak

-0.46%

-0.54%

+0.08%

Average Drawdown

Average peak-to-trough decline

-4.13%

-2.87%

-1.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.74%

1.97%

-0.23%

Volatility

JQUA vs. USMV - Volatility Comparison

JPMorgan U.S. Quality Factor ETF (JQUA) has a higher volatility of 4.37% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.54%. This indicates that JQUA's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

JQUAUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.37%

2.54%

+1.83%

Volatility (6M)

Calculated over the trailing 6-month period

9.57%

6.22%

+3.35%

Volatility (1Y)

Calculated over the trailing 1-year period

12.05%

8.48%

+3.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.75%

12.36%

+3.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.97%

14.49%

+3.48%

JQUA vs. USMV - Expense Ratio Comparison

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

JQUA's dividend yield for the trailing twelve months is around 1.08%, less than USMV's 1.48% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
USMV
iShares MSCI USA Min Vol Factor ETF		1.48%1.49%1.67%1.82%1.62%1.26%1.81%1.88%2.12%1.77%2.22%2.02%

Frequently Asked Questions

JQUA and USMV have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

JQUA has higher volatility (4.37%) compared to USMV (2.54%). In terms of maximum drawdown, JQUA dropped -32.92% vs USMV's -33.10%.

On 5-year performance, JQUA leads with 13.24% vs 7.16% for USMV. On fees, JQUA is cheaper at 0.12% per year. On volatility, USMV has been the lower-risk option at 2.54%. 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 13.24% return vs 7.16%. 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 USMV.

USMV has the higher dividend yield at 1.48%, compared with 1.08% for JQUA.

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

JQUA currently has the higher Sharpe Ratio (1.81 vs 0.84), 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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