^IMXL vs. SPY

Last updated Jun 5, 2026

^IMXL (Dow Jones Islamic Market Titans 100 Index) is an index, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, ^IMXL returned 15.59%/yr vs 15.48%/yr for SPY. Their correlation of 0.85 suggests significant overlap in exposure.

Performance

^IMXL vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dow Jones Islamic Market Titans 100 Index (^IMXL) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^IMXL achieves a 14.62% return, which is significantly higher than SPY's 11.33% return. Both investments have delivered pretty close results over the past 10 years, with ^IMXL having a 15.59% annualized return and SPY not far behind at 15.48%.

^IMXL

• 1D: -0.10%
• 1M: 6.29%
• YTD: 14.62%
• 6M: 14.66%
• 1Y: 37.63%
• 3Y*: 24.35%
• 5Y*: 14.79%
• 10Y*: 15.59%

SPY

• 1D: 0.38%
• 1M: 4.60%
• YTD: 11.33%
• 6M: 11.25%
• 1Y: 28.50%
• 3Y*: 22.58%
• 5Y*: 13.91%
• 10Y*: 15.48%

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

^IMXL vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^IMXL Dow Jones Islamic Market Titans 100 Index	14.62%	20.39%	26.01%	33.51%	-25.49%	24.93%	26.81%	31.38%	-5.65%	23.76%
SPY State Street SPDR S&P 500 ETF	11.33%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between ^IMXL and SPY is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since May 14, 2001	0.85

The correlation between ^IMXL and SPY has been stable across timeframes, ranging from 0.85 to 0.94 - a consistent structural relationship.

Return for Risk

^IMXL vs. SPY — Risk / Return Rank

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

^IMXL

^IMXL Risk / Return Rank: 79
^IMXL Sharpe Ratio Rank: 85
^IMXL Sortino Ratio Rank: 86
^IMXL Omega Ratio Rank: 91
^IMXL Calmar Ratio Rank: 64
^IMXL Martin Ratio Rank: 72

SPY

SPY Risk / Return Rank: 74
SPY Sharpe Ratio Rank: 76
SPY Sortino Ratio Rank: 74
SPY Omega Ratio Rank: 75
SPY Calmar Ratio Rank: 66
SPY Martin Ratio Rank: 78

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.

^IMXL vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dow Jones Islamic Market Titans 100 Index (^IMXL) and State Street SPDR S&P 500 ETF (SPY). 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.

	^IMXL	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.51	2.42	+0.09
Sortino ratio: Return per unit of downside risk	3.46	3.29	+0.17
Omega ratio: Gain probability vs. loss probability	1.48	1.44	+0.04
Calmar ratio: Return relative to maximum drawdown	2.59	3.22	-0.63
Martin ratio: Return relative to average drawdown	10.84	14.99	-4.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^IMXL vs. SPY - Sharpe Ratio Comparison

The current ^IMXL Sharpe Ratio is 2.51, which is comparable to the SPY Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of ^IMXL and SPY, 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

	^IMXL	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.51	2.42	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.82	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	0.87	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.59	-0.13

Drawdowns

^IMXL vs. SPY - Drawdown Comparison

The maximum ^IMXL drawdown since its inception was -48.36%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ^IMXL and SPY.

Drawdown Indicators

	^IMXL	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-48.36%	-55.19%	+6.83%
Max Drawdown (1Y) Largest decline over 1 year	-11.34%	-8.88%	-2.46%
Max Drawdown (3Y) Largest decline over 3 years	-20.41%	-18.76%	-1.65%
Max Drawdown (5Y) Largest decline over 5 years	-30.52%	-24.50%	-6.02%
Max Drawdown (10Y) Largest decline over 10 years	-30.52%	-33.72%	+3.20%
Current Drawdown Current decline from peak	-0.77%	-0.33%	-0.44%
Average Drawdown Average peak-to-trough decline	-10.79%	-9.05%	-1.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	1.91%	+1.08%

Volatility

^IMXL vs. SPY - Volatility Comparison

Dow Jones Islamic Market Titans 100 Index (^IMXL) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 2.86% and 2.79%, 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

	^IMXL	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	2.79%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	9.61%	8.91%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	11.74%	11.82%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.91%	17.05%	-0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.66%	17.93%	-1.27%

Frequently Asked Questions

Can I hold both ^IMXL and SPY in my portfolio?

^IMXL and SPY have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^IMXL or SPY?

^IMXL has higher volatility (2.86%) compared to SPY (2.79%). In terms of maximum drawdown, ^IMXL dropped -48.36% vs SPY's -55.19%.

Which has better risk-adjusted returns?

^IMXL currently has the higher Sharpe Ratio (2.51 vs 2.42), 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.