Data as of Oct 28, 2026.
JAAA vs QUAL: Differences, Returns & Fees
Over the year to Oct 28, 2026, JAAA returned +4.7% to QUAL's +13.1%; 0% of their weight is in the same names.
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Net assets on Oct 28, 2026: $32.5bn for Janus Henderson AAA CLO ETF and $48.2bn for iShares MSCI USA Quality Factor ETF.
Pair scorecard
QUAL costs 0.05 points a year less; their one-year returns differ by 8.4 points; QUAL is 1.5 times larger.
| Measure | JAAA | QUAL |
|---|---|---|
| Return | ||
| Total return, 1 year | +4.7% | +13.1% |
| Benchmark | ||
| What it tracks | No index, actively managed | MSCI USA Sector Neutral Quality Index |
| Cost and size | ||
| Expense ratio | 0.20% | 0.15% |
| Net assets | $32.5bn | $48.2bn |
| Holdings | ||
| Holdings in common | 0% | |
| In the S&P 500, by weight | 97% | |
| Top ten holdings, share of the fund | 44.5% | |
Holdings in common uses holdings dated Jul 31, 2026 and Oct 27, 2026. Method
Risk and return
Oct 30, 2020 to Oct 23, 2026 · 312 weekly returnsQUAL returned more: +137.0% to +31.1%. JAAA swung less: 1.3% to 16.1%. JAAA fell less at its worst: −2.5% to −27.9%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | JAAA | QUAL | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +31.1% | +137.0% | QUAL | Price change plus distributions, reinvested. |
| Annualized | +4.6% | +15.5% | QUAL | Total return as a yearly rate. |
| Price return | +1.6% | +120.5% | QUAL | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 1.3% | 16.1% | JAAA | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 1.0% | 10.5% | JAAA | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −2.5% | −27.9% | JAAA | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.93 | 0.77 | JAAA | Return above Treasury bills per unit of volatility. |
| Sortino | 1.24 | 1.18 | JAAA (slight) | Return above Treasury bills per unit of downside deviation. |
| Calmar | 1.82 | 0.56 | JAAA | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 312 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, JAAA and QUAL hold 0% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Oct 27, 2026.
half
0% in common
Only in one fund ↓
Side by side
JAAA and QUAL on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
JAAA and QUAL do different jobs. What does each one do in a portfolio?
- What each follows. JAAA follows No index, actively managed and QUAL follows MSCI USA Sector Neutral Quality Index.
- Holdings in common. 0% of the weight is in the same securities (holdings dated Jul 31, 2026 and Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 JAAA returned +4.7% and QUAL +13.1% with distributions reinvested, a gap of 8.4 points.
Data as of Oct 28, 2026.
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JAAA
JAAA is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned +4.7% with distributions reinvested. The prospectus expense ratio is 0.20% a year.
QUAL
QUAL tracks the MSCI USA Quality Factor. Over the year to Oct 28, 2026 it returned +13.1% with distributions reinvested, against +13.6% for its benchmark, the MSCI USA Index. The prospectus expense ratio is 0.15% a year. By its holdings published by its issuer for Oct 27, 2026, 97% of the fund by weight is stocks the S&P 500 also holds, across 119 positions, with the top ten at 44.5%.
Questions people ask
- Which returned more over the last year, JAAA or QUAL?
- In the year to Oct 28, 2026, with distributions reinvested, JAAA returned +4.7% and QUAL +13.1%.
- Which is cheaper, JAAA or QUAL?
- QUAL is cheaper, by 0.05 percentage points a year. That is about $5 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, JAAA against QUAL, data as of Oct 28, 2026. https://etfiq.com/compare/any/jaaa-vs-qual
ETFIQ. (Oct 28, 2026). JAAA against QUAL. Retrieved from https://etfiq.com/compare/any/jaaa-vs-qual
[JAAA against QUAL (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/jaaa-vs-qual)
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