ADJEX vs. AMANX

Last updated Jun 24, 2026

ADJEX (Azzad Ethical Fund) and AMANX (Amana Mutual Funds Trust Income Fund) are both mutual funds - ADJEX is a Mid Cap Growth Equities fund managed by Azzad Fund, while AMANX is a Large Cap Blend Equities fund managed by Amana. Over the past 10 years, ADJEX returned 9.98%/yr vs 12.44%/yr for AMANX. Their correlation of 0.82 suggests significant overlap in exposure. ADJEX charges 0.99%/yr vs 1.01%/yr for AMANX.

Performance

ADJEX vs. AMANX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Azzad Ethical Fund (ADJEX) and Amana Mutual Funds Trust Income Fund (AMANX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ADJEX achieves a 11.30% return, which is significantly lower than AMANX's 11.94% return. Over the past 10 years, ADJEX has underperformed AMANX with an annualized return of 9.98%, while AMANX has yielded a comparatively higher 12.44% annualized return.

ADJEX

• 1D: 0.55%
• 1M: 4.14%
• YTD: 11.30%
• 6M: 9.15%
• 1Y: 13.45%
• 3Y*: 7.21%
• 5Y*: 2.24%
• 10Y*: 9.98%

AMANX

• 1D: 0.06%
• 1M: 3.23%
• YTD: 11.94%
• 6M: 11.73%
• 1Y: 22.66%
• 3Y*: 15.48%
• 5Y*: 11.42%
• 10Y*: 12.44%

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

ADJEX vs. AMANX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ADJEX Azzad Ethical Fund	11.30%	1.43%	1.70%	24.25%	-27.82%	17.60%	30.47%	30.01%	-3.25%	23.40%
AMANX Amana Mutual Funds Trust Income Fund	11.94%	16.41%	12.85%	13.60%	-8.86%	22.53%	13.98%	25.31%	-5.17%	21.67%

Correlation

The correlation between ADJEX and AMANX is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Nov 30, 2000	0.82

The correlation between ADJEX and AMANX has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.

Return for Risk

ADJEX vs. AMANX — Risk / Return Rank

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

ADJEX

ADJEX Risk / Return Rank: 11
ADJEX Sharpe Ratio Rank: 10
ADJEX Sortino Ratio Rank: 10
ADJEX Omega Ratio Rank: 10
ADJEX Calmar Ratio Rank: 11
ADJEX Martin Ratio Rank: 12

AMANX

AMANX Risk / Return Rank: 43
AMANX Sharpe Ratio Rank: 46
AMANX Sortino Ratio Rank: 47
AMANX Omega Ratio Rank: 45
AMANX Calmar Ratio Rank: 36
AMANX Martin Ratio Rank: 42

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.

ADJEX vs. AMANX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Azzad Ethical Fund (ADJEX) and Amana Mutual Funds Trust Income Fund (AMANX). 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.

	ADJEX	AMANX	Difference
Sharpe ratio: Return per unit of total volatility	0.80	1.85	-1.04
Sortino ratio: Return per unit of downside risk	1.21	2.65	-1.44
Omega ratio: Gain probability vs. loss probability	1.14	1.33	-0.19
Calmar ratio: Return relative to maximum drawdown	1.01	2.16	-1.15
Martin ratio: Return relative to average drawdown	3.19	8.46	-5.27

ADJEX vs. AMANX - Sharpe Ratio Comparison

The current ADJEX Sharpe Ratio is 0.80, which is lower than the AMANX Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of ADJEX and AMANX, 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

ADJEX vs. AMANX - Drawdown Comparison

The maximum ADJEX drawdown since its inception was -55.62%, which is greater than AMANX's maximum drawdown of -37.82%. Use the drawdown chart below to compare losses from any high point for ADJEX and AMANX.

Drawdown Indicators

	ADJEX	AMANX	Difference
Max Drawdown Largest peak-to-trough decline	-55.62%	-37.82%	-17.80%
Max Drawdown (1Y) Largest decline over 1 year	-14.38%	-11.03%	-3.35%
Max Drawdown (3Y) Largest decline over 3 years	-25.81%	-15.42%	-10.39%
Max Drawdown (5Y) Largest decline over 5 years	-37.22%	-19.19%	-18.03%
Max Drawdown (10Y) Largest decline over 10 years	-37.22%	-31.48%	-5.74%
Current Drawdown Current decline from peak	-1.48%	0.00%	-1.48%
Average Drawdown Average peak-to-trough decline	-12.52%	-5.99%	-6.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.54%	2.80%	+1.74%

Volatility

ADJEX vs. AMANX - Volatility Comparison

Azzad Ethical Fund (ADJEX) has a higher volatility of 7.27% compared to Amana Mutual Funds Trust Income Fund (AMANX) at 4.61%. This indicates that ADJEX's price experiences larger fluctuations and is considered to be riskier than AMANX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ADJEX	AMANX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.27%	4.61%	+2.66%
Volatility (6M) Calculated over the trailing 6-month period	14.49%	10.49%	+4.00%
Volatility (1Y) Calculated over the trailing 1-year period	18.13%	12.90%	+5.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.72%	14.00%	+8.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.58%	15.98%	+5.60%

ADJEX vs. AMANX - Expense Ratio Comparison

ADJEX has a 0.99% expense ratio, which is lower than AMANX's 1.01% expense ratio.

Dividends

ADJEX vs. AMANX - Dividend Comparison

ADJEX has not paid dividends to shareholders, while AMANX's dividend yield for the trailing twelve months is around 4.83%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADJEX Azzad Ethical Fund	0.00%	0.00%	5.47%	2.53%	0.06%	12.81%	5.62%	6.35%	6.37%	14.98%	0.09%	0.69%
AMANX Amana Mutual Funds Trust Income Fund	4.83%	5.39%	5.69%	5.24%	8.14%	4.66%	6.53%	7.81%	6.55%	5.75%	4.15%	6.88%

Frequently Asked Questions

Can I hold both ADJEX and AMANX in my portfolio?

ADJEX and AMANX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ADJEX or AMANX?

ADJEX has higher volatility (7.27%) compared to AMANX (4.61%). In terms of maximum drawdown, ADJEX dropped -55.62% vs AMANX's -37.82%.

Which has better risk-adjusted returns?

AMANX currently has the higher Sharpe Ratio (1.85 vs 0.80), 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.