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I'd say they are on par.

Counting Xenoblade, the Baten Kaitos series and other games they have done, Monolith Soft is a very good developer.

Retro has less games but counting their games which include two just short of classic revivals in Metriod Prime and Donkey Kong Country Returns which brought back two franchises that both hadn't had real love since the SNES it is hard not to say they have had the most quality.

But in general I'd say they are on par with each other right now and until I get to play Xenoblade Chronicles X and another brand new Retro game I can't say for certain which is better.