AMAGX vs. ADJEX

Last updated Jun 23, 2026

AMAGX (Amana Growth Fund Investor Shares) and ADJEX (Azzad Ethical Fund) are both mutual funds - AMAGX is a Large Cap Growth Equities fund actively managed by Amana, while ADJEX is a Mid Cap Growth Equities fund managed by Azzad Fund. Over the past 10 years, AMAGX returned 17.59%/yr vs 9.62%/yr for ADJEX. Their correlation of 0.88 suggests significant overlap in exposure. AMAGX charges 0.86%/yr vs 0.99%/yr for ADJEX.

Performance

AMAGX vs. ADJEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amana Growth Fund Investor Shares (AMAGX) and Azzad Ethical Fund (ADJEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMAGX achieves a 14.81% return, which is significantly higher than ADJEX's 10.68% return. Over the past 10 years, AMAGX has outperformed ADJEX with an annualized return of 17.59%, while ADJEX has yielded a comparatively lower 9.62% annualized return.

AMAGX

• 1D: 1.65%
• 1M: 1.18%
• YTD: 14.81%
• 6M: 15.02%
• 1Y: 34.39%
• 3Y*: 19.60%
• 5Y*: 13.63%
• 10Y*: 17.59%

ADJEX

• 1D: 1.75%
• 1M: 3.56%
• YTD: 10.68%
• 6M: 8.03%
• 1Y: 13.83%
• 3Y*: 6.45%
• 5Y*: 2.51%
• 10Y*: 9.62%

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

AMAGX vs. ADJEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AMAGX Amana Growth Fund Investor Shares	14.81%	17.62%	15.73%	25.67%	-19.49%	31.51%	32.93%	33.09%	2.47%	28.91%
ADJEX Azzad Ethical Fund	10.68%	1.43%	1.70%	24.25%	-27.82%	17.60%	30.47%	30.01%	-3.25%	23.40%

Correlation

The correlation between AMAGX and ADJEX 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	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Nov 30, 2000	0.88

The correlation between AMAGX and ADJEX shifts across timeframes, from 0.76 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AMAGX vs. ADJEX — Risk / Return Rank

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

AMAGX

AMAGX Risk / Return Rank: 59
AMAGX Sharpe Ratio Rank: 55
AMAGX Sortino Ratio Rank: 50
AMAGX Omega Ratio Rank: 49
AMAGX Calmar Ratio Rank: 69
AMAGX Martin Ratio Rank: 75

ADJEX

ADJEX Risk / Return Rank: 10
ADJEX Sharpe Ratio Rank: 10
ADJEX Sortino Ratio Rank: 10
ADJEX Omega Ratio Rank: 9
ADJEX Calmar Ratio Rank: 11
ADJEX Martin Ratio Rank: 11

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.

AMAGX vs. ADJEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amana Growth Fund Investor Shares (AMAGX) and Azzad Ethical Fund (ADJEX). 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.

	AMAGX	ADJEX	Difference
Sharpe ratio: Return per unit of total volatility	2.00	0.77	+1.23
Sortino ratio: Return per unit of downside risk	2.74	1.17	+1.57
Omega ratio: Gain probability vs. loss probability	1.35	1.14	+0.21
Calmar ratio: Return relative to maximum drawdown	3.07	0.97	+2.10
Martin ratio: Return relative to average drawdown	13.16	3.07	+10.09

AMAGX vs. ADJEX - Sharpe Ratio Comparison

The current AMAGX Sharpe Ratio is 2.00, which is higher than the ADJEX Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of AMAGX and ADJEX, 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

AMAGX vs. ADJEX - Drawdown Comparison

The maximum AMAGX drawdown since its inception was -57.64%, roughly equal to the maximum ADJEX drawdown of -55.62%. Use the drawdown chart below to compare losses from any high point for AMAGX and ADJEX.

Drawdown Indicators

	AMAGX	ADJEX	Difference
Max Drawdown Largest peak-to-trough decline	-57.64%	-55.62%	-2.02%
Max Drawdown (1Y) Largest decline over 1 year	-11.04%	-14.38%	+3.34%
Max Drawdown (3Y) Largest decline over 3 years	-21.45%	-25.81%	+4.36%
Max Drawdown (5Y) Largest decline over 5 years	-28.09%	-37.22%	+9.13%
Max Drawdown (10Y) Largest decline over 10 years	-28.09%	-37.22%	+9.13%
Current Drawdown Current decline from peak	-2.21%	-2.02%	-0.19%
Average Drawdown Average peak-to-trough decline	-10.26%	-12.52%	+2.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.57%	4.54%	-1.97%

Volatility

AMAGX vs. ADJEX - Volatility Comparison

The current volatility for Amana Growth Fund Investor Shares (AMAGX) is 6.35%, while Azzad Ethical Fund (ADJEX) has a volatility of 7.39%. This indicates that AMAGX experiences smaller price fluctuations and is considered to be less risky than ADJEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMAGX	ADJEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.35%	7.39%	-1.04%
Volatility (6M) Calculated over the trailing 6-month period	13.88%	14.57%	-0.69%
Volatility (1Y) Calculated over the trailing 1-year period	16.90%	18.09%	-1.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.55%	22.72%	-4.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.50%	21.58%	-3.08%

AMAGX vs. ADJEX - Expense Ratio Comparison

AMAGX has a 0.86% expense ratio, which is lower than ADJEX's 0.99% expense ratio.

Dividends

AMAGX vs. ADJEX - Dividend Comparison

Neither AMAGX nor ADJEX has paid dividends to shareholders.

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%
AMAGX Amana Growth Fund Investor Shares	0.00%	0.00%	3.95%	0.65%	3.64%	0.52%	5.44%	3.15%	3.47%	10.90%	13.67%	7.45%

Frequently Asked Questions

Can I hold both AMAGX and ADJEX in my portfolio?

AMAGX and ADJEX 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, AMAGX or ADJEX?

ADJEX has higher volatility (7.39%) compared to AMAGX (6.35%). In terms of maximum drawdown, AMAGX dropped -57.64% vs ADJEX's -55.62%.

Which has better risk-adjusted returns?

AMAGX currently has the higher Sharpe Ratio (2.00 vs 0.77), 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.