HLAL vs. AMAGX

Last updated Jun 23, 2026

HLAL (Wahed FTSE USA Shariah ETF) and AMAGX (Amana Growth Fund Investor Shares) are both Large Cap Growth Equities funds. HLAL is passively managed, while AMAGX is actively managed. Over the past 5 years, HLAL returned 15.03%/yr vs 13.63%/yr for AMAGX. Their correlation of 0.91 suggests significant overlap in exposure. HLAL charges 0.50%/yr vs 0.86%/yr for AMAGX.

Performance

HLAL vs. AMAGX - Performance Comparison

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

Returns By Period

In the year-to-date period, HLAL achieves a 15.80% return, which is significantly higher than AMAGX's 14.81% return.

HLAL

• 1D: -0.14%
• 1M: 0.88%
• YTD: 15.80%
• 6M: 14.98%
• 1Y: 39.01%
• 3Y*: 20.26%
• 5Y*: 15.03%
• 10Y*: —

AMAGX

• 1D: 1.65%
• 1M: 1.18%
• YTD: 14.81%
• 6M: 15.02%
• 1Y: 34.39%
• 3Y*: 19.60%
• 5Y*: 13.63%
• 10Y*: 17.59%

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

HLAL vs. AMAGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HLAL Wahed FTSE USA Shariah ETF	15.80%	18.30%	16.70%	30.13%	-17.56%	28.64%	24.65%	10.61%
AMAGX Amana Growth Fund Investor Shares	14.81%	17.62%	15.73%	25.67%	-19.49%	31.51%	32.93%	7.77%

Correlation

The correlation between HLAL and AMAGX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019	0.91

The correlation between HLAL and AMAGX has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Return for Risk

HLAL vs. AMAGX — Risk / Return Rank

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

HLAL

HLAL Risk / Return Rank: 84
HLAL Sharpe Ratio Rank: 88
HLAL Sortino Ratio Rank: 87
HLAL Omega Ratio Rank: 85
HLAL Calmar Ratio Rank: 78
HLAL Martin Ratio Rank: 84

AMAGX

AMAGX Risk / Return Rank: 59
AMAGX Sharpe Ratio Rank: 55
AMAGX Sortino Ratio Rank: 50
AMAGX Omega Ratio Rank: 49
AMAGX Calmar Ratio Rank: 69
AMAGX Martin Ratio Rank: 75

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.

HLAL vs. AMAGX - Risk-Adjusted Trends Comparison

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

	HLAL	AMAGX	Difference
Sharpe ratio: Return per unit of total volatility	2.76	2.00	+0.76
Sortino ratio: Return per unit of downside risk	3.75	2.74	+1.01
Omega ratio: Gain probability vs. loss probability	1.49	1.35	+0.14
Calmar ratio: Return relative to maximum drawdown	3.84	3.07	+0.78
Martin ratio: Return relative to average drawdown	16.70	13.16	+3.54

HLAL vs. AMAGX - Sharpe Ratio Comparison

The current HLAL Sharpe Ratio is 2.76, which is higher than the AMAGX Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of HLAL and AMAGX, 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

HLAL vs. AMAGX - Drawdown Comparison

The maximum HLAL drawdown since its inception was -33.57%, smaller than the maximum AMAGX drawdown of -57.64%. Use the drawdown chart below to compare losses from any high point for HLAL and AMAGX.

Drawdown Indicators

	HLAL	AMAGX	Difference
Max Drawdown Largest peak-to-trough decline	-33.57%	-57.64%	+24.07%
Max Drawdown (1Y) Largest decline over 1 year	-10.20%	-11.04%	+0.84%
Max Drawdown (3Y) Largest decline over 3 years	-21.67%	-21.45%	-0.22%
Max Drawdown (5Y) Largest decline over 5 years	-23.18%	-28.09%	+4.91%
Max Drawdown (10Y) Largest decline over 10 years	—	-28.09%	—
Current Drawdown Current decline from peak	-2.53%	-2.21%	-0.32%
Average Drawdown Average peak-to-trough decline	-4.99%	-10.26%	+5.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	2.57%	-0.23%

Volatility

HLAL vs. AMAGX - Volatility Comparison

Wahed FTSE USA Shariah ETF (HLAL) and Amana Growth Fund Investor Shares (AMAGX) have volatilities of 6.21% and 6.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLAL	AMAGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	6.35%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	11.36%	13.88%	-2.52%
Volatility (1Y) Calculated over the trailing 1-year period	14.21%	16.90%	-2.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.77%	18.55%	-0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.25%	18.50%	+1.75%

HLAL vs. AMAGX - Expense Ratio Comparison

HLAL has a 0.50% expense ratio, which is lower than AMAGX's 0.86% expense ratio.

Dividends

HLAL vs. AMAGX - Dividend Comparison

HLAL's dividend yield for the trailing twelve months is around 0.46%, while AMAGX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMAGX Amana Growth Fund Investor Shares	0.00%	0.00%	3.95%	0.65%	3.64%	0.52%	5.44%	3.15%	3.47%	10.90%	13.67%	7.45%
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%	0.00%

Frequently Asked Questions

Can I hold both HLAL and AMAGX in my portfolio?

HLAL and AMAGX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HLAL or AMAGX?

AMAGX has higher volatility (6.35%) compared to HLAL (6.21%). In terms of maximum drawdown, HLAL dropped -33.57% vs AMAGX's -57.64%.

Which has better risk-adjusted returns?

HLAL currently has the higher Sharpe Ratio (2.76 vs 2.00), 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.