SPHQ vs. JQUA

Last updated Jun 23, 2026

SPHQ (Invesco S&P 500 Quality ETF) and JQUA (JPMorgan U.S. Quality Factor ETF) are both exchange-traded funds - SPHQ is a S&P 500 fund tracking the S&P 500 Quality 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, SPHQ returned 15.01%/yr vs 13.70%/yr for JQUA. Their correlation of 0.89 suggests significant overlap in exposure. SPHQ charges 0.15%/yr vs 0.12%/yr for JQUA.

Performance

SPHQ vs. JQUA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Quality ETF (SPHQ) 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, SPHQ achieves a 20.05% return, which is significantly higher than JQUA's 13.59% return.

SPHQ

• 1D: 0.44%
• 1M: 6.04%
• YTD: 20.05%
• 6M: 18.67%
• 1Y: 31.26%
• 3Y*: 23.56%
• 5Y*: 15.01%
• 10Y*: 15.81%

JQUA

• 1D: 0.20%
• 1M: 2.62%
• YTD: 13.59%
• 6M: 12.46%
• 1Y: 23.79%
• 3Y*: 19.82%
• 5Y*: 13.70%
• 10Y*: —

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

SPHQ vs. JQUA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPHQ Invesco S&P 500 Quality ETF	20.05%	13.25%	25.44%	24.83%	-15.76%	28.03%	17.36%	33.64%	-7.10%	4.34%
JQUA JPMorgan U.S. Quality Factor ETF	13.59%	11.69%	21.21%	25.13%	-13.45%	28.68%	16.56%	28.47%	-2.98%	5.07%

Correlation

The correlation between SPHQ and JQUA is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Nov 9, 2017	0.89

The correlation between SPHQ and JQUA has been stable across timeframes, ranging from 0.87 to 0.94 - a consistent structural relationship.

SPHQ vs. JQUA - Sectors Allocation Comparison

Sectors	SPHQ	JQUA
Technology	32.0%	43.9%
Industrials	22.7%	8.0%
Consumer Defensive	14.4%	5.2%
Financial Services	12.4%	11.1%
Healthcare	8.0%	7.9%
Consumer Cyclical	4.4%	9.2%
Communication Services	2.5%	6.5%
Basic Materials	2.1%	1.6%
Utilities	0.9%	1.2%
Energy	0.6%	3.4%
Real Estate	-	2.1%

Return for Risk

SPHQ vs. JQUA — Risk / Return Rank

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

SPHQ

SPHQ Risk / Return Rank: 77
SPHQ Sharpe Ratio Rank: 78
SPHQ Sortino Ratio Rank: 81
SPHQ Omega Ratio Rank: 73
SPHQ Calmar Ratio Rank: 72
SPHQ Martin Ratio Rank: 80

JQUA

JQUA Risk / Return Rank: 66
JQUA Sharpe Ratio Rank: 63
JQUA Sortino Ratio Rank: 63
JQUA Omega Ratio Rank: 59
JQUA Calmar Ratio Rank: 69
JQUA Martin Ratio Rank: 75

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.

SPHQ vs. JQUA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Quality ETF (SPHQ) 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.

	SPHQ	JQUA	Difference
Sharpe ratio: Return per unit of total volatility	2.40	2.01	+0.38
Sortino ratio: Return per unit of downside risk	3.41	2.82	+0.59
Omega ratio: Gain probability vs. loss probability	1.41	1.35	+0.06
Calmar ratio: Return relative to maximum drawdown	3.53	3.35	+0.18
Martin ratio: Return relative to average drawdown	15.17	13.73	+1.43

SPHQ vs. JQUA - Sharpe Ratio Comparison

The current SPHQ Sharpe Ratio is 2.40, which is comparable to the JQUA Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of SPHQ 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

SPHQ vs. JQUA - Drawdown Comparison

The maximum SPHQ drawdown since its inception was -57.83%, which is greater than JQUA's maximum drawdown of -32.92%. Use the drawdown chart below to compare losses from any high point for SPHQ and JQUA.

Drawdown Indicators

	SPHQ	JQUA	Difference
Max Drawdown Largest peak-to-trough decline	-57.83%	-32.92%	-24.91%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-7.13%	-1.77%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	-16.81%	+0.24%
Max Drawdown (5Y) Largest decline over 5 years	-25.04%	-22.47%	-2.57%
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	—	—
Current Drawdown Current decline from peak	0.00%	-0.78%	+0.78%
Average Drawdown Average peak-to-trough decline	-10.68%	-4.15%	-6.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	1.74%	+0.33%

Volatility

SPHQ vs. JQUA - Volatility Comparison

Invesco S&P 500 Quality ETF (SPHQ) and JPMorgan U.S. Quality Factor ETF (JQUA) have volatilities of 4.85% and 5.06%, 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.

Volatility by Period

	SPHQ	JQUA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.85%	5.06%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	10.87%	9.28%	+1.59%
Volatility (1Y) Calculated over the trailing 1-year period	13.13%	11.89%	+1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.54%	15.71%	+0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.92%	18.00%	-0.08%

SPHQ vs. JQUA - Expense Ratio Comparison

SPHQ has a 0.15% expense ratio, which is higher than JQUA's 0.12% 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

SPHQ vs. JQUA - Dividend Comparison

SPHQ's dividend yield for the trailing twelve months is around 1.23%, more than JQUA's 1.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPHQ Invesco S&P 500 Quality ETF	1.23%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%

Frequently Asked Questions

Can I hold both SPHQ and JQUA in my portfolio?

SPHQ and JQUA have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPHQ or JQUA?

JQUA has higher volatility (5.06%) compared to SPHQ (4.85%). In terms of maximum drawdown, SPHQ dropped -57.83% vs JQUA's -32.92%.

Which ETF is better, SPHQ or JQUA?

On 5-year performance, SPHQ leads with 15.01% vs 13.70% for JQUA. On fees, JQUA is cheaper at 0.12% per year. On volatility, SPHQ has been the lower-risk option at 4.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHQ or JQUA?

Over the 5-year period, SPHQ has performed better with a 15.01% return vs 13.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHQ or JQUA?

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

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

SPHQ has the higher dividend yield at 1.23%, compared with 1.08% for JQUA.

What is the main difference between SPHQ and JQUA?

SPHQ is categorized as S&P 500, while JQUA is Large Cap Blend Equities. SPHQ tracks S&P 500 Quality Index, while JQUA tracks JP Morgan US Quality Factor Index. They also come from different issuers: Invesco and JPMorgan. Their fees differ too: 0.15% for SPHQ and 0.12% for JQUA.

Which has better risk-adjusted returns?

SPHQ currently has the higher Sharpe Ratio (2.40 vs 2.01), 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.