PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
JUST vs. QUAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JUST vs. QUAL

Last updated Jun 19, 2026

JUST (Goldman Sachs JUST U.S. Large Cap Equity ETF) and QUAL (iShares MSCI USA Quality Factor ETF) are both exchange-traded funds - JUST is a Large Cap Growth Equities fund tracking the JUST US Large Cap Diversified Index, while QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 5 years, JUST returned 13.44%/yr vs 12.35%/yr for QUAL. With a 0.96 correlation, they move nearly in lockstep. JUST charges 0.20%/yr vs 0.15%/yr for QUAL.

Performance

JUST vs. QUAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) and iShares MSCI USA Quality Factor ETF (QUAL). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, JUST achieves a 11.11% return, which is significantly higher than QUAL's 9.12% return.

JUST

1D
1.07%
1M
2.31%
YTD
11.11%
6M
12.74%
1Y
27.82%
3Y*
20.91%
5Y*
13.44%
10Y*
—

QUAL

1D
0.67%
1M
3.21%
YTD
9.12%
6M
9.59%
1Y
23.42%
3Y*
18.63%
5Y*
12.35%
10Y*
14.37%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JUST vs. QUAL - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
JUST
Goldman Sachs JUST U.S. Large Cap Equity ETF		11.11%17.60%23.73%24.86%-17.88%26.89%19.59%31.54%-9.96%
QUAL
iShares MSCI USA Quality Factor ETF		9.12%12.65%22.29%30.88%-20.50%26.94%17.04%33.89%-9.85%

Correlation

The correlation between JUST and QUAL is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.94

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

0.95

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

0.96

Correlation (All Time)
Calculated using the full available price history since Jun 13, 2018

0.96

The correlation between JUST and QUAL has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

JUST vs. QUAL - Sectors Allocation Comparison

Sectors
JUST
QUAL

Technology

37.9%
38.8%

Financial Services

12.2%
10.8%

Consumer Cyclical

9.1%
9.3%

Healthcare

8.8%
8.7%

Communication Services

8.4%
11.8%

Industrials

8.1%
7.2%

Consumer Defensive

5.2%
4.4%

Energy

3.5%
3.2%

Utilities

2.5%
2.1%

Basic Materials

2.1%
1.9%

Real Estate

2.0%
1.8%

Technology

JUST
37.9%
QUAL
38.8%

Financial Services

JUST
12.2%
QUAL
10.8%

Consumer Cyclical

JUST
9.1%
QUAL
9.3%

Healthcare

JUST
8.8%
QUAL
8.7%

Communication Services

JUST
8.4%
QUAL
11.8%

Industrials

JUST
8.1%
QUAL
7.2%

Consumer Defensive

JUST
5.2%
QUAL
4.4%

Energy

JUST
3.5%
QUAL
3.2%

Utilities

JUST
2.5%
QUAL
2.1%

Basic Materials

JUST
2.1%
QUAL
1.9%

Real Estate

JUST
2.0%
QUAL
1.8%

Compare stocks, funds, or ETFs

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

Goldman Sachs JUST U.S. Large Cap Equity ETF

iShares MSCI USA Quality Factor ETF

Often compared with JUST:
JUST vs. CATHJUST vs. VOOJUST vs. ESGVJUST vs. ESGUJUST vs. GSJUST vs. VUGJUST vs. ITOT
Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD

Return for Risk

JUST vs. QUAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JUST
JUST Risk / Return Rank: 7474
Overall Rank
JUST Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
JUST Sortino Ratio Rank: 7474
Sortino Ratio Rank
JUST Omega Ratio Rank: 7474
Omega Ratio Rank
JUST Calmar Ratio Rank: 6868
Calmar Ratio Rank
JUST Martin Ratio Rank: 7979
Martin Ratio Rank
QUAL
QUAL Risk / Return Rank: 6262
Overall Rank
QUAL Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 6464
Sortino Ratio Rank
QUAL Omega Ratio Rank: 6060
Omega Ratio Rank
QUAL Calmar Ratio Rank: 5757
Calmar Ratio Rank
QUAL Martin Ratio Rank: 6969
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.

JUST vs. QUAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) 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.

JUSTQUALDifference
Sharpe ratioReturn per unit of total volatility
2.25
1.95

+0.30

Sortino ratioReturn per unit of downside risk
3.07
2.75

+0.33

Omega ratioGain probability vs. loss probability

1.40

1.34

+0.06

Calmar ratioReturn relative to maximum drawdown

3.19

2.60

+0.59

Martin ratioReturn relative to average drawdown

14.38

11.89

+2.48

JUST vs. QUAL - Sharpe Ratio Comparison

The current JUST Sharpe Ratio is 2.25, which is comparable to the QUAL Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of JUST 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.

Loading charts...

Drawdowns

JUST vs. QUAL - Drawdown Comparison

The maximum JUST drawdown since its inception was -33.83%, roughly equal to the maximum QUAL drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for JUST and QUAL.

Loading charts...

Drawdown Indicators

JUSTQUALDifference

Max Drawdown

Largest peak-to-trough decline

-33.83%

-34.06%

+0.23%

Max Drawdown (1Y)

Largest decline over 1 year

-8.76%

-9.03%

+0.27%

Max Drawdown (3Y)

Largest decline over 3 years

-19.34%

-18.00%

-1.34%

Max Drawdown (5Y)

Largest decline over 5 years

-24.72%

-28.23%

+3.51%

Max Drawdown (10Y)

Largest decline over 10 years

—

-34.06%

—

Current Drawdown

Current decline from peak

-1.21%

-1.51%

+0.30%

Average Drawdown

Average peak-to-trough decline

-5.09%

-4.09%

-1.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.94%

1.97%

-0.03%

Volatility

JUST vs. QUAL - Volatility Comparison

Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) has a higher volatility of 4.55% compared to iShares MSCI USA Quality Factor ETF (QUAL) at 4.02%. This indicates that JUST's price experiences larger fluctuations and is considered to be riskier than QUAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

JUSTQUALDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.55%

4.02%

+0.53%

Volatility (6M)

Calculated over the trailing 6-month period

9.87%

9.61%

+0.26%

Volatility (1Y)

Calculated over the trailing 1-year period

12.42%

12.10%

+0.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.87%

17.38%

-0.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.12%

18.12%

+1.00%

JUST vs. QUAL - Expense Ratio Comparison

JUST has a 0.20% expense ratio, which is higher than QUAL's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

JUST vs. QUAL - Dividend Comparison

JUST's dividend yield for the trailing twelve months is around 0.94%, more than QUAL's 0.87% yield.

PositionTTM20252024202320222021202020192018201720162015
JUST
Goldman Sachs JUST U.S. Large Cap Equity ETF		0.94%1.02%1.11%1.37%1.51%1.07%1.36%1.86%1.11%0.00%0.00%0.00%
QUAL
iShares MSCI USA Quality Factor ETF		0.87%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 0.94, JUST 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.

JUST has higher volatility (4.55%) compared to QUAL (4.02%). In terms of maximum drawdown, JUST dropped -33.83% vs QUAL's -34.06%.

On 5-year performance, JUST leads with 13.44% vs 12.35% for QUAL. On fees, QUAL is cheaper at 0.15% per year. On volatility, QUAL has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, JUST has performed better with a 13.44% return vs 12.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QUAL is cheaper with a 0.15% expense ratio, compared with 0.20% for JUST.

JUST has the higher dividend yield at 0.94%, compared with 0.87% for QUAL.

JUST is categorized as Large Cap Growth Equities, while QUAL is Large Cap Blend Equities. JUST tracks JUST US Large Cap Diversified Index, while QUAL tracks MSCI USA Sector Neutral Quality Index. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.20% for JUST and 0.15% for QUAL.

JUST currently has the higher Sharpe Ratio (2.25 vs 1.95), 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.

Portfolio Optimizer

Find the right allocation for JUST and QUAL

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer