DWAW vs. HLAL

Last updated Jun 4, 2026

DWAW (AdvisorShares Dorsey Wright FSM All Cap World ETF) and HLAL (Wahed FTSE USA Shariah ETF) are both Large Cap Growth Equities funds. DWAW is actively managed, while HLAL is passively managed. Over the past 5 years, DWAW returned 7.23%/yr vs 15.86%/yr for HLAL. Their correlation of 0.83 suggests significant overlap in exposure. DWAW charges 1.24%/yr vs 0.50%/yr for HLAL.

Performance

DWAW vs. HLAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW) and Wahed FTSE USA Shariah ETF (HLAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DWAW achieves a 16.16% return, which is significantly lower than HLAL's 18.72% return.

DWAW

• 1D: -0.51%
• 1M: 8.96%
• YTD: 16.16%
• 6M: 17.44%
• 1Y: 27.21%
• 3Y*: 19.57%
• 5Y*: 7.23%
• 10Y*: —

HLAL

• 1D: -0.07%
• 1M: 9.45%
• YTD: 18.72%
• 6M: 17.75%
• 1Y: 43.63%
• 3Y*: 22.04%
• 5Y*: 15.86%
• 10Y*: —

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

DWAW vs. HLAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DWAW AdvisorShares Dorsey Wright FSM All Cap World ETF	16.16%	10.85%	18.48%	11.18%	-17.80%	3.49%	48.87%	-0.38%
HLAL Wahed FTSE USA Shariah ETF	18.72%	18.30%	16.70%	30.13%	-17.56%	28.64%	24.65%	0.03%

Correlation

The correlation between DWAW and HLAL is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Dec 30, 2019	0.83

The correlation between DWAW and HLAL has been stable across timeframes, ranging from 0.83 to 0.84 - a consistent structural relationship.

DWAW vs. HLAL - Sectors Allocation Comparison

Sectors	DWAW	HLAL
Technology	29.1%	50.4%
Financial Services	20.0%	0.0%
Industrials	12.8%	4.6%
Consumer Cyclical	7.8%	5.6%
Healthcare	7.1%	10.5%
Communication Services	6.5%	16.7%
Basic Materials	4.6%	2.5%
Consumer Defensive	4.0%	2.9%
Energy	3.7%	4.5%
Utilities	2.9%	1.0%
Real Estate	1.4%	0.8%

Return for Risk

DWAW vs. HLAL — Risk / Return Rank

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

DWAW

DWAW Risk / Return Rank: 52
DWAW Sharpe Ratio Rank: 51
DWAW Sortino Ratio Rank: 51
DWAW Omega Ratio Rank: 52
DWAW Calmar Ratio Rank: 49
DWAW Martin Ratio Rank: 55

HLAL

HLAL Risk / Return Rank: 88
HLAL Sharpe Ratio Rank: 91
HLAL Sortino Ratio Rank: 92
HLAL Omega Ratio Rank: 90
HLAL Calmar Ratio Rank: 81
HLAL Martin Ratio Rank: 88

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.

DWAW vs. HLAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW) 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.

	DWAW	HLAL	Difference
Sharpe ratio Return per unit of total volatility	1.76	3.33	-1.57
Sortino ratio Return per unit of downside risk	2.46	4.62	-2.16
Omega ratio Gain probability vs. loss probability	1.32	1.59	-0.27
Calmar ratio Return relative to maximum drawdown	2.36	4.30	-1.94
Martin ratio Return relative to average drawdown	9.57	19.85	-10.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DWAW vs. HLAL - Sharpe Ratio Comparison

The current DWAW Sharpe Ratio is 1.76, which is lower than the HLAL Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of DWAW 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.

Sharpe Ratios by Period

	DWAW	HLAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	3.33	-1.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.91	-0.53
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.89	-0.33

Drawdowns

DWAW vs. HLAL - Drawdown Comparison

The maximum DWAW drawdown since its inception was -31.55%, smaller than the maximum HLAL drawdown of -33.57%. Use the drawdown chart below to compare losses from any high point for DWAW and HLAL.

Drawdown Indicators

	DWAW	HLAL	Difference
Max Drawdown Largest peak-to-trough decline	-31.55%	-33.57%	+2.02%
Max Drawdown (1Y) Largest decline over 1 year	-11.58%	-10.20%	-1.38%
Max Drawdown (3Y) Largest decline over 3 years	-22.91%	-21.67%	-1.24%
Max Drawdown (5Y) Largest decline over 5 years	-28.43%	-23.18%	-5.25%
Current Drawdown Current decline from peak	-0.51%	-0.07%	-0.44%
Average Drawdown Average peak-to-trough decline	-10.98%	-5.00%	-5.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	2.20%	+0.65%

Volatility

DWAW vs. HLAL - Volatility Comparison

AdvisorShares Dorsey Wright FSM All Cap World ETF (DWAW) has a higher volatility of 5.42% compared to Wahed FTSE USA Shariah ETF (HLAL) at 3.70%. This indicates that DWAW'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

	DWAW	HLAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.42%	3.70%	+1.72%
Volatility (6M) Calculated over the trailing 6-month period	12.97%	9.95%	+3.02%
Volatility (1Y) Calculated over the trailing 1-year period	15.57%	13.17%	+2.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.13%	17.60%	+1.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.41%	20.21%	+2.20%

DWAW vs. HLAL - Expense Ratio Comparison

DWAW has a 1.24% expense ratio, which is higher than HLAL's 0.50% expense ratio.

Dividends

DWAW vs. HLAL - Dividend Comparison

DWAW's dividend yield for the trailing twelve months is around 0.66%, more than HLAL's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DWAW AdvisorShares Dorsey Wright FSM All Cap World ETF	0.66%	0.76%	0.00%	1.70%	0.53%	1.45%	0.16%	0.00%
HLAL Wahed FTSE USA Shariah ETF	0.44%	0.53%	0.58%	0.72%	1.15%	0.78%	0.97%	0.72%

Frequently Asked Questions

Can I hold both DWAW and HLAL in my portfolio?

DWAW and HLAL have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DWAW or HLAL?

DWAW has higher volatility (5.42%) compared to HLAL (3.70%). In terms of maximum drawdown, DWAW dropped -31.55% vs HLAL's -33.57%.

Which ETF is better, DWAW or HLAL?

On 5-year performance, HLAL leads with 15.86% vs 7.23% for DWAW. On fees, HLAL is cheaper at 0.50% per year. On volatility, HLAL has been the lower-risk option at 3.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWAW or HLAL?

Over the 5-year period, HLAL has performed better with a 15.86% return vs 7.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWAW or HLAL?

HLAL is cheaper with a 0.50% expense ratio, compared with 1.24% for DWAW.

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

DWAW has the higher dividend yield at 0.66%, compared with 0.44% for HLAL.

What is the main difference between DWAW and HLAL?

They also come from different issuers: AdvisorShares and Wahed. Their fees differ too: 1.24% for DWAW and 0.50% for HLAL.

Which has better risk-adjusted returns?

HLAL currently has the higher Sharpe Ratio (3.33 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.