NACP vs. JQUA

Last updated Jun 24, 2026

NACP (Impact Shares NAACP Minority Empowerment ETF) and JQUA (JPMorgan U.S. Quality Factor ETF) are both exchange-traded funds - NACP is a Large Cap Growth Equities fund tracking the Morningstar Minority Empowerment Index, while JQUA is a Large Cap Blend Equities fund tracking the JP Morgan US Quality Factor Index. Both are passively managed. Over the past 5 years, NACP returned 15.31%/yr vs 13.08%/yr for JQUA. Their correlation of 0.89 suggests significant overlap in exposure. NACP charges 0.49%/yr vs 0.12%/yr for JQUA.

Performance

NACP vs. JQUA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Impact Shares NAACP Minority Empowerment ETF (NACP) and JPMorgan U.S. Quality Factor ETF (JQUA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NACP achieves a 20.21% return, which is significantly higher than JQUA's 11.30% return.

NACP

• 1D: -2.21%
• 1M: 1.73%
• YTD: 20.21%
• 6M: 17.87%
• 1Y: 39.41%
• 3Y*: 25.74%
• 5Y*: 15.31%
• 10Y*: —

JQUA

• 1D: -2.01%
• 1M: 0.56%
• YTD: 11.30%
• 6M: 10.20%
• 1Y: 20.17%
• 3Y*: 19.01%
• 5Y*: 13.08%
• 10Y*: —

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

NACP vs. JQUA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
NACP Impact Shares NAACP Minority Empowerment ETF	20.21%	21.38%	23.93%	29.69%	-23.05%	27.62%	26.00%	30.74%	-8.79%
JQUA JPMorgan U.S. Quality Factor ETF	11.30%	11.69%	21.21%	25.13%	-13.45%	28.68%	16.56%	28.47%	-4.86%

Correlation

The correlation between NACP and JQUA is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jul 19, 2018	0.89

The correlation between NACP and JQUA has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.

NACP vs. JQUA - Sectors Allocation Comparison

Sectors	NACP	JQUA
Technology	41.3%	43.9%
Consumer Cyclical	10.9%	9.2%
Financial Services	9.5%	11.1%
Communication Services	9.0%	6.5%
Healthcare	8.5%	7.9%
Industrials	8.0%	8.0%
Energy	4.3%	3.4%
Consumer Defensive	3.1%	5.2%
Utilities	3.0%	1.2%
Basic Materials	1.4%	1.6%
Real Estate	1.1%	2.1%

Return for Risk

NACP vs. JQUA — Risk / Return Rank

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

NACP

NACP Risk / Return Rank: 84
NACP Sharpe Ratio Rank: 86
NACP Sortino Ratio Rank: 82
NACP Omega Ratio Rank: 82
NACP Calmar Ratio Rank: 83
NACP Martin Ratio Rank: 87

JQUA

JQUA Risk / Return Rank: 55
JQUA Sharpe Ratio Rank: 51
JQUA Sortino Ratio Rank: 50
JQUA Omega Ratio Rank: 48
JQUA Calmar Ratio Rank: 60
JQUA Martin Ratio Rank: 66

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.

NACP vs. JQUA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Impact Shares NAACP Minority Empowerment ETF (NACP) and JPMorgan U.S. Quality Factor ETF (JQUA). 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.

	NACP	JQUA	Difference
Sharpe ratio: Return per unit of total volatility	2.60	1.69	+0.92
Sortino ratio: Return per unit of downside risk	3.39	2.37	+1.03
Omega ratio: Gain probability vs. loss probability	1.45	1.29	+0.16
Calmar ratio: Return relative to maximum drawdown	4.10	2.84	+1.26
Martin ratio: Return relative to average drawdown	17.54	11.58	+5.95

NACP vs. JQUA - Sharpe Ratio Comparison

The current NACP Sharpe Ratio is 2.60, which is higher than the JQUA Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of NACP and JQUA, 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

NACP vs. JQUA - Drawdown Comparison

The maximum NACP drawdown since its inception was -30.96%, smaller than the maximum JQUA drawdown of -32.92%. Use the drawdown chart below to compare losses from any high point for NACP and JQUA.

Drawdown Indicators

	NACP	JQUA	Difference
Max Drawdown Largest peak-to-trough decline	-30.96%	-32.92%	+1.96%
Max Drawdown (1Y) Largest decline over 1 year	-9.65%	-7.13%	-2.52%
Max Drawdown (3Y) Largest decline over 3 years	-19.66%	-16.81%	-2.85%
Max Drawdown (5Y) Largest decline over 5 years	-27.89%	-22.47%	-5.42%
Current Drawdown Current decline from peak	-2.27%	-2.77%	+0.50%
Average Drawdown Average peak-to-trough decline	-5.72%	-4.15%	-1.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	1.75%	+0.50%

Volatility

NACP vs. JQUA - Volatility Comparison

Impact Shares NAACP Minority Empowerment ETF (NACP) has a higher volatility of 6.98% compared to JPMorgan U.S. Quality Factor ETF (JQUA) at 5.52%. This indicates that NACP's price experiences larger fluctuations and is considered to be riskier than JQUA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NACP	JQUA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.98%	5.52%	+1.46%
Volatility (6M) Calculated over the trailing 6-month period	12.73%	9.51%	+3.22%
Volatility (1Y) Calculated over the trailing 1-year period	15.25%	12.05%	+3.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.69%	15.74%	+1.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.77%	18.01%	+0.76%

NACP vs. JQUA - Expense Ratio Comparison

NACP has a 0.49% expense ratio, which is higher than JQUA's 0.12% expense ratio.

Dividends

NACP vs. JQUA - Dividend Comparison

NACP's dividend yield for the trailing twelve months is around 0.56%, less than JQUA's 1.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JQUA JPMorgan U.S. Quality Factor ETF	1.10%	1.19%	1.24%	1.21%	1.60%	1.32%	1.44%	1.67%	2.10%	0.40%
NACP Impact Shares NAACP Minority Empowerment ETF	0.56%	0.62%	2.96%	1.28%	3.48%	3.06%	1.48%	1.22%	0.71%	0.00%

Frequently Asked Questions

Can I hold both NACP and JQUA in my portfolio?

NACP and JQUA have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NACP or JQUA?

NACP has higher volatility (6.98%) compared to JQUA (5.52%). In terms of maximum drawdown, NACP dropped -30.96% vs JQUA's -32.92%.

Which ETF is better, NACP or JQUA?

On 5-year performance, NACP leads with 15.31% vs 13.08% for JQUA. On fees, JQUA is cheaper at 0.12% per year. On volatility, JQUA has been the lower-risk option at 5.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NACP or JQUA?

Over the 5-year period, NACP has performed better with a 15.31% return vs 13.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NACP or JQUA?

JQUA is cheaper with a 0.12% expense ratio, compared with 0.49% for NACP.

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

JQUA has the higher dividend yield at 1.10%, compared with 0.56% for NACP.

What is the main difference between NACP and JQUA?

NACP is categorized as Large Cap Growth Equities, while JQUA is Large Cap Blend Equities. NACP tracks Morningstar Minority Empowerment Index, while JQUA tracks JP Morgan US Quality Factor Index. They also come from different issuers: Impact Shares and JPMorgan. Their fees differ too: 0.49% for NACP and 0.12% for JQUA.

Which has better risk-adjusted returns?

NACP currently has the higher Sharpe Ratio (2.60 vs 1.69), 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.