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AMAPX vs. UMMA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

AMAPX vs. UMMA

Last updated Jun 23, 2026

AMAPX (Amana Participation Fund) and UMMA (Wahed Dow Jones Islamic World ETF) are both funds - AMAPX is a Emerging Markets Bonds fund managed by Amana, while UMMA is a Foreign Large Cap Equities fund actively managed by Wahed. Over the past 3 years, AMAPX returned 3.94%/yr vs 24.05%/yr for UMMA. At a 0.22 correlation, their price movements are largely independent. AMAPX charges 0.78%/yr vs 0.65%/yr for UMMA.

Performance

AMAPX vs. UMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amana Participation Fund (AMAPX) and Wahed Dow Jones Islamic World ETF (UMMA). 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 UMMA's 36.44% 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%

UMMA

1D
0.01%
1M
10.02%
YTD
36.44%
6M
38.86%
1Y
59.49%
3Y*
24.05%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

AMAPX vs. UMMA - Yearly Performance Comparison

2026 (YTD)2025202420232022
AMAPX
Amana Participation Fund		0.36%5.98%3.77%2.09%-4.90%
UMMA
Wahed Dow Jones Islamic World ETF		36.44%26.65%4.67%18.84%-21.31%

Correlation

The correlation between AMAPX and UMMA is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.30

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

0.23

Correlation (All Time)
Calculated using the full available price history since Jan 7, 2022

0.22

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Amana Participation Fund

Wahed Dow Jones Islamic World ETF

Often compared with AMAPX:
AMAPX vs. SPSKAMAPX vs. WISEXAMAPX vs. AMAGXAMAPX vs. AMIGXAMAPX vs. HLALAMAPX vs. SPUSAMAPX vs. SPRE
Often compared with UMMA:
UMMA vs. SPWOUMMA vs. SPUSUMMA vs. HLALUMMA vs. SPTEUMMA vs. SPSKUMMA vs. DIAUMMA vs. SPRE

Return for Risk

AMAPX vs. UMMA — 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
UMMA
UMMA Risk / Return Rank: 8282
Overall Rank
UMMA Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
UMMA Sortino Ratio Rank: 8181
Sortino Ratio Rank
UMMA Omega Ratio Rank: 8383
Omega Ratio Rank
UMMA Calmar Ratio Rank: 8080
Calmar Ratio Rank
UMMA Martin Ratio Rank: 8080
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. UMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amana Participation Fund (AMAPX) and Wahed Dow Jones Islamic World ETF (UMMA). 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.

AMAPXUMMADifference
Sharpe ratioReturn per unit of total volatility
1.83
2.70

-0.88

Sortino ratioReturn per unit of downside risk
2.99
3.44

-0.45

Omega ratioGain probability vs. loss probability

1.54

1.47

+0.07

Calmar ratioReturn relative to maximum drawdown

1.61

4.00

-2.39

Martin ratioReturn relative to average drawdown

5.13

15.38

-10.24

AMAPX vs. UMMA - Sharpe Ratio Comparison

The current AMAPX Sharpe Ratio is 1.83, which is lower than the UMMA Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of AMAPX and UMMA, 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. UMMA - Drawdown Comparison

The maximum AMAPX drawdown since its inception was -7.75%, smaller than the maximum UMMA drawdown of -34.17%. Use the drawdown chart below to compare losses from any high point for AMAPX and UMMA.

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Drawdown Indicators

AMAPXUMMADifference

Max Drawdown

Largest peak-to-trough decline

-7.75%

-34.17%

+26.42%

Max Drawdown (1Y)

Largest decline over 1 year

-2.51%

-14.93%

+12.42%

Max Drawdown (3Y)

Largest decline over 3 years

-2.63%

-18.73%

+16.10%

Max Drawdown (5Y)

Largest decline over 5 years

-7.75%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-7.75%

—

—

Current Drawdown

Current decline from peak

-0.50%

0.00%

-0.50%

Average Drawdown

Average peak-to-trough decline

-1.56%

-9.73%

+8.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.79%

3.88%

-3.09%

Volatility

AMAPX vs. UMMA - Volatility Comparison

The current volatility for Amana Participation Fund (AMAPX) is 1.20%, while Wahed Dow Jones Islamic World ETF (UMMA) has a volatility of 10.71%. This indicates that AMAPX experiences smaller price fluctuations and is considered to be less risky than UMMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

AMAPXUMMADifference

Volatility (1M)

Calculated over the trailing 1-month period

1.20%

10.71%

-9.51%

Volatility (6M)

Calculated over the trailing 6-month period

2.01%

19.57%

-17.56%

Volatility (1Y)

Calculated over the trailing 1-year period

2.22%

22.16%

-19.94%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.19%

20.95%

-18.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.01%

20.95%

-18.94%

AMAPX vs. UMMA - Expense Ratio Comparison

AMAPX has a 0.78% expense ratio, which is higher than UMMA's 0.65% expense ratio.

Dividends

AMAPX vs. UMMA - Dividend Comparison

AMAPX's dividend yield for the trailing twelve months is around 3.66%, more than UMMA's 0.90% 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%
UMMA
Wahed Dow Jones Islamic World ETF		0.90%1.02%0.91%1.09%1.77%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

AMAPX and UMMA have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UMMA has higher volatility (10.71%) compared to AMAPX (1.20%). In terms of maximum drawdown, AMAPX dropped -7.75% vs UMMA's -34.17%.

UMMA currently has the higher Sharpe Ratio (2.70 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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