AMAPX vs. HLAL

Last updated Apr 1, 2026

Compare and contrast key facts about Amana Participation Fund (AMAPX) and Wahed FTSE USA Shariah ETF (HLAL).

AMAPX is managed by Amana. It was launched on Sep 27, 2015. HLAL is a passively managed fund by Wahed that tracks the performance of the FTSE Shariah USA Index. It was launched on Jul 16, 2019.

Performance

AMAPX vs. HLAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amana Participation Fund (AMAPX) and Wahed FTSE USA Shariah ETF (HLAL). The values are adjusted to include any dividend payments, if applicable.

AMAPX vs. HLAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AMAPX Amana Participation Fund	-1.66%	5.98%	3.77%	2.09%	-5.27%	0.49%	5.35%	1.66%
HLAL Wahed FTSE USA Shariah ETF	-4.25%	18.30%	16.70%	30.13%	-17.56%	28.64%	24.65%	10.96%

Returns By Period

In the year-to-date period, AMAPX achieves a -1.66% return, which is significantly higher than HLAL's -4.25% return.

AMAPX

• 1D: 0.00%
• 1M: -2.51%
• YTD: -1.66%
• 6M: -0.66%
• 1Y: 2.49%
• 3Y*: 3.09%
• 5Y*: 1.12%
• 10Y*: 2.09%

HLAL

• 1D: 3.24%
• 1M: -5.69%
• YTD: -4.25%
• 6M: 0.23%
• 1Y: 22.13%
• 3Y*: 15.73%
• 5Y*: 11.68%
• 10Y*: —

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

AMAPX vs. HLAL - Expense Ratio Comparison

AMAPX has a 0.78% expense ratio, which is higher than HLAL's 0.50% expense ratio.

AMAPX

Amana Participation Fund

HLAL

Wahed FTSE USA Shariah ETF

Return for Risk

AMAPX vs. HLAL — Risk / Return Rank

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

AMAPX

AMAPX Risk / Return Rank: 70
AMAPX Sharpe Ratio Rank: 77
AMAPX Sortino Ratio Rank: 82
AMAPX Omega Ratio Rank: 89
AMAPX Calmar Ratio Rank: 48
AMAPX Martin Ratio Rank: 53

HLAL

HLAL Risk / Return Rank: 73
HLAL Sharpe Ratio Rank: 68
HLAL Sortino Ratio Rank: 73
HLAL Omega Ratio Rank: 73
HLAL Calmar Ratio Rank: 71
HLAL 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.

AMAPX vs. HLAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amana Participation Fund (AMAPX) and Wahed FTSE USA Shariah ETF (HLAL). 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.

	AMAPX	HLAL	Difference
Sharpe ratio Return per unit of total volatility	1.36	1.14	+0.22
Sortino ratio Return per unit of downside risk	2.07	1.76	+0.31
Omega ratio Gain probability vs. loss probability	1.39	1.26	+0.13
Calmar ratio Return relative to maximum drawdown	1.17	1.72	-0.55
Martin ratio Return relative to average drawdown	5.20	7.90	-2.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AMAPX vs. HLAL - Sharpe Ratio Comparison

The current AMAPX Sharpe Ratio is 1.36, which is comparable to the HLAL Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of AMAPX and HLAL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AMAPX	HLAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	1.14	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.67	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.08	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	0.73	+0.33

Correlation

The correlation between AMAPX and HLAL is 0.09, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

AMAPX vs. HLAL - Dividend Comparison

AMAPX's dividend yield for the trailing twelve months is around 3.41%, more than HLAL's 0.55% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
AMAPX Amana Participation Fund	3.41%	3.52%	3.15%	2.25%	1.30%	1.55%	1.95%	2.45%	2.62%	2.14%	2.14%
HLAL Wahed FTSE USA Shariah ETF	0.55%	0.53%	0.58%	0.72%	1.15%	0.78%	0.97%	0.72%	0.00%	0.00%	0.00%

Drawdowns

AMAPX vs. HLAL - Drawdown Comparison

The maximum AMAPX drawdown since its inception was -7.75%, smaller than the maximum HLAL drawdown of -33.57%. Use the drawdown chart below to compare losses from any high point for AMAPX and HLAL.

Drawdown Indicators

	AMAPX	HLAL	Difference
Max Drawdown Largest peak-to-trough decline	-7.75%	-33.57%	+25.82%
Max Drawdown (1Y) Largest decline over 1 year	-2.51%	-13.15%	+10.64%
Max Drawdown (5Y) Largest decline over 5 years	-7.75%	-23.18%	+15.43%
Max Drawdown (10Y) Largest decline over 10 years	-7.75%	—	—
Current Drawdown Current decline from peak	-2.51%	-7.30%	+4.79%
Average Drawdown Average peak-to-trough decline	-1.57%	-5.10%	+3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	2.86%	-2.30%

Volatility

AMAPX vs. HLAL - Volatility Comparison

The current volatility for Amana Participation Fund (AMAPX) is 0.70%, while Wahed FTSE USA Shariah ETF (HLAL) has a volatility of 5.80%. This indicates that AMAPX experiences smaller price fluctuations and is considered to be less risky than HLAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMAPX	HLAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	5.80%	-5.10%
Volatility (6M) Calculated over the trailing 6-month period	1.16%	10.12%	-8.96%
Volatility (1Y) Calculated over the trailing 1-year period	2.08%	19.52%	-17.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.06%	17.52%	-15.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.95%	20.33%	-18.38%