^IMUS vs. UMMA

Last updated Jun 3, 2026

^IMUS (Dow Jones Islamic Market U.S. Index) is an index, while UMMA (Wahed Dow Jones Islamic World ETF) is Foreign Large Cap Equities fund tracking the Dow Jones Islamic Market International Titans 100 Index. Over the past 3 years, ^IMUS returned 22.91%/yr vs 22.73%/yr for UMMA. A 0.77 correlation means they provide meaningful diversification when combined.

Performance

^IMUS vs. UMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dow Jones Islamic Market U.S. Index (^IMUS) and Wahed Dow Jones Islamic World ETF (UMMA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^IMUS achieves a 14.54% return, which is significantly lower than UMMA's 32.49% return.

^IMUS

• 1D: 0.24%
• 1M: 7.21%
• YTD: 14.54%
• 6M: 14.21%
• 1Y: 36.28%
• 3Y*: 22.91%
• 5Y*: 14.23%
• 10Y*: 15.68%

UMMA

• 1D: -0.77%
• 1M: 14.49%
• YTD: 32.49%
• 6M: 35.58%
• 1Y: 53.55%
• 3Y*: 22.73%
• 5Y*: —
• 10Y*: —

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

^IMUS vs. UMMA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
^IMUS Dow Jones Islamic Market U.S. Index	14.54%	16.79%	24.16%	32.07%	-22.29%
UMMA Wahed Dow Jones Islamic World ETF	32.49%	26.65%	4.67%	18.84%	-21.62%

Correlation

The correlation between ^IMUS and UMMA is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jan 10, 2022	0.77

The correlation between ^IMUS and UMMA has been stable across timeframes, ranging from 0.76 to 0.77 - a consistent structural relationship.

Return for Risk

^IMUS vs. UMMA — Risk / Return Rank

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

^IMUS

^IMUS Risk / Return Rank: 69
^IMUS Sharpe Ratio Rank: 73
^IMUS Sortino Ratio Rank: 73
^IMUS Omega Ratio Rank: 85
^IMUS Calmar Ratio Rank: 55
^IMUS Martin Ratio Rank: 59

UMMA

UMMA Risk / Return Rank: 75
UMMA Sharpe Ratio Rank: 81
UMMA Sortino Ratio Rank: 77
UMMA Omega Ratio Rank: 75
UMMA Calmar Ratio Rank: 71
UMMA Martin Ratio Rank: 73

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.

^IMUS vs. UMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dow Jones Islamic Market U.S. Index (^IMUS) and Wahed Dow Jones Islamic World ETF (UMMA). 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.

	^IMUS	UMMA	Difference
Sharpe ratio Return per unit of total volatility	2.33	2.68	-0.35
Sortino ratio Return per unit of downside risk	3.18	3.53	-0.36
Omega ratio Gain probability vs. loss probability	1.46	1.46	+0.01
Calmar ratio Return relative to maximum drawdown	2.32	3.60	-1.29
Martin ratio Return relative to average drawdown	8.94	14.07	-5.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^IMUS vs. UMMA - Sharpe Ratio Comparison

The current ^IMUS Sharpe Ratio is 2.33, which is comparable to the UMMA Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of ^IMUS and UMMA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^IMUS	UMMA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.33	2.68	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.58	-0.13

Drawdowns

^IMUS vs. UMMA - Drawdown Comparison

The maximum ^IMUS drawdown since its inception was -47.72%, which is greater than UMMA's maximum drawdown of -34.17%. Use the drawdown chart below to compare losses from any high point for ^IMUS and UMMA.

Drawdown Indicators

	^IMUS	UMMA	Difference
Max Drawdown Largest peak-to-trough decline	-47.72%	-34.17%	-13.55%
Max Drawdown (1Y) Largest decline over 1 year	-11.00%	-14.93%	+3.93%
Max Drawdown (3Y) Largest decline over 3 years	-22.09%	-18.73%	-3.36%
Max Drawdown (5Y) Largest decline over 5 years	-29.97%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.20%	—	—
Current Drawdown Current decline from peak	0.00%	-0.77%	+0.77%
Average Drawdown Average peak-to-trough decline	-9.60%	-9.82%	+0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	3.82%	-0.97%

Volatility

^IMUS vs. UMMA - Volatility Comparison

The current volatility for Dow Jones Islamic Market U.S. Index (^IMUS) is 2.89%, while Wahed Dow Jones Islamic World ETF (UMMA) has a volatility of 7.64%. This indicates that ^IMUS experiences smaller price fluctuations and is considered to be less risky than UMMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^IMUS	UMMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.89%	7.64%	-4.75%
Volatility (6M) Calculated over the trailing 6-month period	9.94%	17.26%	-7.32%
Volatility (1Y) Calculated over the trailing 1-year period	12.52%	20.10%	-7.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.88%	20.55%	-1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.34%	20.55%	-1.21%

Frequently Asked Questions

Can I hold both ^IMUS and UMMA in my portfolio?

^IMUS and UMMA have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^IMUS or UMMA?

UMMA has higher volatility (7.64%) compared to ^IMUS (2.89%). In terms of maximum drawdown, ^IMUS dropped -47.72% vs UMMA's -34.17%.

Which has better risk-adjusted returns?

UMMA currently has the higher Sharpe Ratio (2.68 vs 2.33), 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.