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AMAPX vs. HLAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AMAPX vs. HLAL

Last updated Jun 23, 2026

AMAPX (Amana Participation Fund) and HLAL (Wahed FTSE USA Shariah ETF) are both funds - AMAPX is a Emerging Markets Bonds fund managed by Amana, while HLAL is a Large Cap Growth Equities fund tracking the FTSE Shariah USA Index. Over the past 5 years, AMAPX returned 1.34%/yr vs 15.03%/yr for HLAL. At a 0.11 correlation, their price movements are largely independent. AMAPX charges 0.78%/yr vs 0.50%/yr for HLAL.

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.

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Returns By Period

In the year-to-date period, AMAPX achieves a 0.36% return, which is significantly lower than HLAL's 15.80% return.

AMAPX

1D
0.10%
1M
1.56%
YTD
0.36%
6M
0.60%
1Y
4.03%
3Y*
3.94%
5Y*
1.34%
10Y*
2.20%

HLAL

1D
-0.14%
1M
0.88%
YTD
15.80%
6M
14.98%
1Y
39.01%
3Y*
20.26%
5Y*
15.03%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

AMAPX vs. HLAL - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
AMAPX
Amana Participation Fund		0.36%5.98%3.77%2.09%-5.27%0.49%5.35%1.76%
HLAL
Wahed FTSE USA Shariah ETF		15.80%18.30%16.70%30.13%-17.56%28.64%24.65%10.61%

Correlation

The correlation between AMAPX and HLAL is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.29

Correlation (3Y)
Calculated over the trailing 3-year period

0.17

Correlation (5Y)
Calculated over the trailing 5-year period

0.13

Correlation (All Time)
Calculated using the full available price history since Jul 16, 2019

0.11

The correlation between AMAPX and HLAL shifts across timeframes, from 0.11 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.

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Amana Participation Fund

Wahed FTSE USA Shariah ETF

Often compared with AMAPX:
AMAPX vs. SPSKAMAPX vs. WISEXAMAPX vs. AMAGXAMAPX vs. AMIGXAMAPX vs. SPUSAMAPX vs. UMMAAMAPX vs. SPRE
Often compared with HLAL:
HLAL vs. SPUSHLAL vs. SPYHLAL vs. UMMAHLAL vs. VOOHLAL vs. AMAGXHLAL vs. SPTEHLAL vs. SPSK

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: 4747
Overall Rank
AMAPX Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
AMAPX Sortino Ratio Rank: 6262
Sortino Ratio Rank
AMAPX Omega Ratio Rank: 8686
Omega Ratio Rank
AMAPX Calmar Ratio Rank: 2222
Calmar Ratio Rank
AMAPX Martin Ratio Rank: 2222
Martin Ratio Rank
HLAL
HLAL Risk / Return Rank: 8484
Overall Rank
HLAL Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
HLAL Sortino Ratio Rank: 8787
Sortino Ratio Rank
HLAL Omega Ratio Rank: 8585
Omega Ratio Rank
HLAL Calmar Ratio Rank: 7878
Calmar Ratio Rank
HLAL Martin Ratio Rank: 8484
Martin Ratio Rank
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.

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.

AMAPXHLALDifference
Sharpe ratioReturn per unit of total volatility
1.83
2.76

-0.94

Sortino ratioReturn per unit of downside risk
2.99
3.75

-0.76

Omega ratioGain probability vs. loss probability

1.54

1.49

+0.05

Calmar ratioReturn relative to maximum drawdown

1.61

3.84

-2.23

Martin ratioReturn relative to average drawdown

5.13

16.70

-11.57

AMAPX vs. HLAL - Sharpe Ratio Comparison

The current AMAPX Sharpe Ratio is 1.83, which is lower than the HLAL Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of AMAPX and HLAL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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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.

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Drawdown Indicators

AMAPXHLALDifference

Max Drawdown

Largest peak-to-trough decline

-7.75%

-33.57%

+25.82%

Max Drawdown (1Y)

Largest decline over 1 year

-2.51%

-10.20%

+7.69%

Max Drawdown (3Y)

Largest decline over 3 years

-2.63%

-21.67%

+19.04%

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

-0.50%

-2.53%

+2.03%

Average Drawdown

Average peak-to-trough decline

-1.56%

-4.99%

+3.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.79%

2.34%

-1.55%

Volatility

AMAPX vs. HLAL - Volatility Comparison

The current volatility for Amana Participation Fund (AMAPX) is 1.20%, while Wahed FTSE USA Shariah ETF (HLAL) has a volatility of 6.21%. 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.

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Volatility by Period

AMAPXHLALDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.20%

6.21%

-5.01%

Volatility (6M)

Calculated over the trailing 6-month period

2.01%

11.36%

-9.35%

Volatility (1Y)

Calculated over the trailing 1-year period

2.22%

14.21%

-11.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.19%

17.77%

-15.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.01%

20.25%

-18.24%

AMAPX vs. HLAL - Expense Ratio Comparison

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

Dividends

AMAPX vs. HLAL - Dividend Comparison

AMAPX's dividend yield for the trailing twelve months is around 3.66%, more than HLAL's 0.46% yield.

PositionTTM2025202420232022202120202019201820172016
AMAPX
Amana Participation Fund		3.66%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		0.46%0.53%0.58%0.72%1.15%0.78%0.97%0.72%0.00%0.00%0.00%

Frequently Asked Questions

AMAPX and HLAL have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HLAL has higher volatility (6.21%) compared to AMAPX (1.20%). In terms of maximum drawdown, AMAPX dropped -7.75% vs HLAL's -33.57%.

HLAL currently has the higher Sharpe Ratio (2.76 vs 1.83), 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.

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