DVQQ vs. HLAL

Last updated Jul 14, 2026

DVQQ (WEBs QQQ Defined Volatility ETF) and HLAL (Wahed FTSE USA Shariah ETF) are both Large Cap Growth Equities funds - DVQQ tracks the Syntax Defined Volatility Triple Qs Index while HLAL tracks the FTSE Shariah USA Index. Both are passively managed. Over the past year, DVQQ returned 30.52% vs 31.92% for HLAL. Their correlation of 0.90 suggests significant overlap in exposure. DVQQ charges 0.94%/yr vs 0.50%/yr for HLAL.

Performance

DVQQ vs. HLAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WEBs QQQ Defined Volatility ETF (DVQQ) and Wahed FTSE USA Shariah ETF (HLAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with DVQQ having a 14.11% return and HLAL slightly higher at 14.77%.

DVQQ

• 1D: -1.33%
• 1M: -0.80%
• 6M: 10.35%
• YTD: 14.11%
• 1Y: 30.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HLAL

• 1D: -1.34%
• 1M: 0.54%
• 6M: 12.70%
• YTD: 14.77%
• 1Y: 31.92%
• 3Y*: 18.68%
• 5Y*: 14.05%
• 10Y*: —

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

DVQQ vs. HLAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DVQQ WEBs QQQ Defined Volatility ETF	14.11%	18.03%	-7.84%
HLAL Wahed FTSE USA Shariah ETF	14.77%	18.30%	-3.93%

Correlation

The correlation between DVQQ and HLAL is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 17, 2024	0.90

The correlation between DVQQ and HLAL has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

DVQQ vs. HLAL — Risk / Return Rank

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

DVQQ

DVQQ Risk / Return Rank: 43
DVQQ Sharpe Ratio Rank: 45
DVQQ Sortino Ratio Rank: 40
DVQQ Omega Ratio Rank: 43
DVQQ Calmar Ratio Rank: 42
DVQQ Martin Ratio Rank: 42

HLAL

HLAL Risk / Return Rank: 82
HLAL Sharpe Ratio Rank: 85
HLAL Sortino Ratio Rank: 85
HLAL Omega Ratio Rank: 82
HLAL Calmar Ratio Rank: 77
HLAL Martin Ratio Rank: 82

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.

DVQQ vs. HLAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WEBs QQQ Defined Volatility ETF (DVQQ) 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.

	DVQQ	HLAL	Difference
Sharpe ratio: Return per unit of total volatility	1.28	2.18	-0.90
Sortino ratio: Return per unit of downside risk	1.71	3.01	-1.30
Omega ratio: Gain probability vs. loss probability	1.23	1.38	-0.16
Calmar ratio: Return relative to maximum drawdown	1.71	3.14	-1.43
Martin ratio: Return relative to average drawdown	5.34	12.62	-7.28

DVQQ vs. HLAL - Sharpe Ratio Comparison

The current DVQQ Sharpe Ratio is 1.28, which is lower than the HLAL Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of DVQQ 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.

Drawdowns

DVQQ vs. HLAL - Drawdown Comparison

The maximum DVQQ drawdown since its inception was -25.28%, smaller than the maximum HLAL drawdown of -33.57%. Use the drawdown chart below to compare losses from any high point for DVQQ and HLAL.

Drawdown Indicators

	DVQQ	HLAL	Difference
Max Drawdown Largest peak-to-trough decline	-25.28%	-33.57%	+8.29%
Max Drawdown (1Y) Largest decline over 1 year	-17.89%	-10.20%	-7.69%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.67%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.18%	—
Current Drawdown Current decline from peak	-6.34%	-3.40%	-2.94%
Average Drawdown Average peak-to-trough decline	-7.12%	-4.98%	-2.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.73%	2.54%	+3.19%

Volatility

DVQQ vs. HLAL - Volatility Comparison

WEBs QQQ Defined Volatility ETF (DVQQ) has a higher volatility of 6.46% compared to Wahed FTSE USA Shariah ETF (HLAL) at 5.92%. This indicates that DVQQ's price experiences larger fluctuations and is considered to be riskier than HLAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DVQQ	HLAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.46%	5.92%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	17.97%	12.10%	+5.87%
Volatility (1Y) Calculated over the trailing 1-year period	23.99%	14.74%	+9.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.72%	17.86%	+6.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.72%	20.24%	+4.48%

DVQQ vs. HLAL - Expense Ratio Comparison

DVQQ has a 0.94% expense ratio, which is higher than HLAL's 0.50% expense ratio.

Dividends

DVQQ vs. HLAL - Dividend Comparison

DVQQ's dividend yield for the trailing twelve months is around 0.03%, less than HLAL's 0.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DVQQ WEBs QQQ Defined Volatility ETF	0.03%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HLAL Wahed FTSE USA Shariah ETF	0.45%	0.53%	0.58%	0.72%	1.15%	0.78%	0.97%	0.72%

Frequently Asked Questions

Can I hold both DVQQ and HLAL in my portfolio?

With a correlation of 0.92, DVQQ and HLAL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DVQQ or HLAL?

DVQQ has higher volatility (6.46%) compared to HLAL (5.92%). In terms of maximum drawdown, DVQQ dropped -25.28% vs HLAL's -33.57%.

Which ETF is better, DVQQ or HLAL?

On 1-year performance, HLAL leads with 31.92% vs 30.52% for DVQQ. On fees, HLAL is cheaper at 0.50% per year. On volatility, HLAL has been the lower-risk option at 5.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVQQ or HLAL?

Over the 1-year period, HLAL has performed better with a 31.92% return vs 30.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVQQ or HLAL?

HLAL is cheaper with a 0.50% expense ratio, compared with 0.94% for DVQQ.

Which ETF pays a higher dividend yield, DVQQ or HLAL?

HLAL has the higher dividend yield at 0.45%, compared with 0.03% for DVQQ.

What is the main difference between DVQQ and HLAL?

DVQQ tracks Syntax Defined Volatility Triple Qs Index, while HLAL tracks FTSE Shariah USA Index. They also come from different issuers: WEBs and Wahed. Their fees differ too: 0.94% for DVQQ and 0.50% for HLAL.

Which has better risk-adjusted returns?

HLAL currently has the higher Sharpe Ratio (2.18 vs 1.28), 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.