AMANX vs. SPUS

Last updated Jun 23, 2026

AMANX (Amana Mutual Funds Trust Income Fund) and SPUS (SP Funds S&P 500 Sharia Industry Exclusions ETF) are both funds - AMANX is a Large Cap Blend Equities fund managed by Amana, while SPUS is a S&P 500 fund tracking the S&P 500 Shariah Industry Exclusions Index. Over the past 5 years, AMANX returned 11.61%/yr vs 16.30%/yr for SPUS. Their correlation of 0.81 suggests significant overlap in exposure. AMANX charges 1.01%/yr vs 0.45%/yr for SPUS.

Performance

AMANX vs. SPUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amana Mutual Funds Trust Income Fund (AMANX) and SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMANX achieves a 11.87% return, which is significantly lower than SPUS's 12.83% return.

AMANX

• 1D: 1.75%
• 1M: 3.16%
• YTD: 11.87%
• 6M: 11.90%
• 1Y: 23.59%
• 3Y*: 15.07%
• 5Y*: 11.61%
• 10Y*: 12.20%

SPUS

• 1D: -0.09%
• 1M: 0.48%
• YTD: 12.83%
• 6M: 12.41%
• 1Y: 36.21%
• 3Y*: 22.94%
• 5Y*: 16.30%
• 10Y*: —

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

AMANX vs. SPUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AMANX Amana Mutual Funds Trust Income Fund	11.87%	16.41%	12.85%	13.60%	-8.86%	22.53%	13.98%	1.17%
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	12.83%	19.77%	26.49%	34.24%	-22.76%	35.92%	25.68%	0.95%

Correlation

The correlation between AMANX and SPUS is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Dec 18, 2019	0.81

The correlation between AMANX and SPUS has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.

Return for Risk

AMANX vs. SPUS — Risk / Return Rank

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

AMANX

AMANX Risk / Return Rank: 40
AMANX Sharpe Ratio Rank: 42
AMANX Sortino Ratio Rank: 43
AMANX Omega Ratio Rank: 41
AMANX Calmar Ratio Rank: 33
AMANX Martin Ratio Rank: 39

SPUS

SPUS Risk / Return Rank: 74
SPUS Sharpe Ratio Rank: 79
SPUS Sortino Ratio Rank: 74
SPUS Omega Ratio Rank: 75
SPUS Calmar Ratio Rank: 70
SPUS Martin Ratio Rank: 75

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.

AMANX vs. SPUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amana Mutual Funds Trust Income Fund (AMANX) and SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS). 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.

	AMANX	SPUS	Difference
Sharpe ratio: Return per unit of total volatility	1.76	2.42	-0.66
Sortino ratio: Return per unit of downside risk	2.53	3.17	-0.64
Omega ratio: Gain probability vs. loss probability	1.32	1.42	-0.11
Calmar ratio: Return relative to maximum drawdown	2.06	3.41	-1.36
Martin ratio: Return relative to average drawdown	8.07	13.73	-5.65

AMANX vs. SPUS - Sharpe Ratio Comparison

The current AMANX Sharpe Ratio is 1.76, which is comparable to the SPUS Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of AMANX and SPUS, 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

AMANX vs. SPUS - Drawdown Comparison

The maximum AMANX drawdown since its inception was -37.82%, which is greater than SPUS's maximum drawdown of -30.80%. Use the drawdown chart below to compare losses from any high point for AMANX and SPUS.

Drawdown Indicators

	AMANX	SPUS	Difference
Max Drawdown Largest peak-to-trough decline	-37.82%	-30.80%	-7.02%
Max Drawdown (1Y) Largest decline over 1 year	-11.03%	-10.66%	-0.37%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-22.82%	+7.40%
Max Drawdown (5Y) Largest decline over 5 years	-19.19%	-28.06%	+8.87%
Max Drawdown (10Y) Largest decline over 10 years	-31.48%	—	—
Current Drawdown Current decline from peak	0.00%	-3.41%	+3.41%
Average Drawdown Average peak-to-trough decline	-5.99%	-6.19%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	2.64%	+0.16%

Volatility

AMANX vs. SPUS - Volatility Comparison

The current volatility for Amana Mutual Funds Trust Income Fund (AMANX) is 4.67%, while SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) has a volatility of 6.34%. This indicates that AMANX experiences smaller price fluctuations and is considered to be less risky than SPUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMANX	SPUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.67%	6.34%	-1.67%
Volatility (6M) Calculated over the trailing 6-month period	10.57%	12.05%	-1.48%
Volatility (1Y) Calculated over the trailing 1-year period	12.90%	15.08%	-2.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.01%	19.38%	-5.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.98%	21.32%	-5.34%

AMANX vs. SPUS - Expense Ratio Comparison

AMANX has a 1.01% expense ratio, which is higher than SPUS's 0.45% expense ratio.

Dividends

AMANX vs. SPUS - Dividend Comparison

AMANX's dividend yield for the trailing twelve months is around 4.83%, more than SPUS's 0.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	0.53%	0.60%	0.70%	0.87%	1.21%	1.15%	1.04%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AMANX and SPUS in my portfolio?

AMANX and SPUS have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMANX or SPUS?

SPUS has higher volatility (6.34%) compared to AMANX (4.67%). In terms of maximum drawdown, AMANX dropped -37.82% vs SPUS's -30.80%.

Which has better risk-adjusted returns?

SPUS currently has the higher Sharpe Ratio (2.42 vs 1.76), 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.