HLAL vs. FBT

Last updated Jun 14, 2026

HLAL (Wahed FTSE USA Shariah ETF) and FBT (First Trust Amex Biotechnology Index) are both exchange-traded funds - HLAL is a Large Cap Growth Equities fund tracking the FTSE Shariah USA Index, while FBT is a Health & Biotech Equities fund tracking the NYSE Arca Biotechnology Index. Both are passively managed. Over the past 5 years, HLAL returned 14.79%/yr vs 5.65%/yr for FBT. A 0.61 correlation means they provide meaningful diversification when combined. HLAL charges 0.50%/yr vs 0.57%/yr for FBT.

Performance

HLAL vs. FBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wahed FTSE USA Shariah ETF (HLAL) and First Trust Amex Biotechnology Index (FBT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HLAL achieves a 14.16% return, which is significantly higher than FBT's 9.24% return.

HLAL

• 1D: 0.43%
• 1M: 0.86%
• YTD: 14.16%
• 6M: 13.95%
• 1Y: 36.85%
• 3Y*: 19.70%
• 5Y*: 14.79%
• 10Y*: —

FBT

• 1D: -0.71%
• 1M: 9.05%
• YTD: 9.24%
• 6M: 7.98%
• 1Y: 38.85%
• 3Y*: 12.49%
• 5Y*: 5.65%
• 10Y*: 9.74%

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

HLAL vs. FBT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HLAL Wahed FTSE USA Shariah ETF	14.16%	18.30%	16.70%	30.13%	-17.56%	28.64%	24.65%	10.61%
FBT First Trust Amex Biotechnology Index	9.24%	24.25%	5.88%	2.55%	-4.83%	-2.26%	12.96%	8.14%

Correlation

The correlation between HLAL and FBT is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019	0.61

The correlation between HLAL and FBT shifts across timeframes, from 0.50 (1 year) to 0.61 (all time), reflecting how their relationship changes across market environments.

HLAL vs. FBT - Sectors Allocation Comparison

Sectors	HLAL	FBT
Technology	51.2%	-
Communication Services	16.8%	-
Healthcare	10.4%	100.0%
Consumer Cyclical	5.6%	-
Industrials	5.2%	-
Energy	4.4%	-
Consumer Defensive	2.9%	-
Basic Materials	2.5%	-
Real Estate	0.8%	-
Utilities	0.2%	-
Financial Services	0.0%	-

Return for Risk

HLAL vs. FBT — Risk / Return Rank

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

HLAL

HLAL Risk / Return Rank: 85
HLAL Sharpe Ratio Rank: 89
HLAL Sortino Ratio Rank: 88
HLAL Omega Ratio Rank: 86
HLAL Calmar Ratio Rank: 78
HLAL Martin Ratio Rank: 85

FBT

FBT Risk / Return Rank: 59
FBT Sharpe Ratio Rank: 61
FBT Sortino Ratio Rank: 65
FBT Omega Ratio Rank: 57
FBT Calmar Ratio Rank: 60
FBT Martin Ratio Rank: 52

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. FBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wahed FTSE USA Shariah ETF (HLAL) and First Trust Amex Biotechnology Index (FBT). 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	FBT	Difference
Sharpe ratio: Return per unit of total volatility	2.57	1.77	+0.80
Sortino ratio: Return per unit of downside risk	3.49	2.61	+0.88
Omega ratio: Gain probability vs. loss probability	1.46	1.31	+0.15
Calmar ratio: Return relative to maximum drawdown	3.51	2.62	+0.89
Martin ratio: Return relative to average drawdown	15.44	7.73	+7.71

HLAL vs. FBT - Sharpe Ratio Comparison

The current HLAL Sharpe Ratio is 2.57, which is higher than the FBT Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of HLAL and FBT, 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. FBT - Drawdown Comparison

The maximum HLAL drawdown since its inception was -33.57%, smaller than the maximum FBT drawdown of -40.51%. Use the drawdown chart below to compare losses from any high point for HLAL and FBT.

Drawdown Indicators

	HLAL	FBT	Difference
Max Drawdown Largest peak-to-trough decline	-33.57%	-40.51%	+6.94%
Max Drawdown (1Y) Largest decline over 1 year	-10.20%	-14.26%	+4.06%
Max Drawdown (3Y) Largest decline over 3 years	-21.67%	-20.05%	-1.62%
Max Drawdown (5Y) Largest decline over 5 years	-23.18%	-28.98%	+5.80%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.37%	—
Current Drawdown Current decline from peak	-3.91%	-0.71%	-3.20%
Average Drawdown Average peak-to-trough decline	-4.99%	-11.15%	+6.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	4.84%	-2.53%

Volatility

HLAL vs. FBT - Volatility Comparison

The current volatility for Wahed FTSE USA Shariah ETF (HLAL) is 5.63%, while First Trust Amex Biotechnology Index (FBT) has a volatility of 7.35%. This indicates that HLAL experiences smaller price fluctuations and is considered to be less risky than FBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLAL	FBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	7.35%	-1.72%
Volatility (6M) Calculated over the trailing 6-month period	11.03%	16.17%	-5.14%
Volatility (1Y) Calculated over the trailing 1-year period	13.93%	21.10%	-7.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.71%	21.86%	-4.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.25%	23.89%	-3.64%

HLAL vs. FBT - Expense Ratio Comparison

HLAL has a 0.50% expense ratio, which is lower than FBT's 0.57% expense ratio.

Dividends

HLAL vs. FBT - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBT First Trust Amex Biotechnology Index	0.00%	0.00%	0.71%	0.00%	0.00%	1.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.12%
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 FBT in my portfolio?

HLAL and FBT have a correlation of 0.50, 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 FBT?

FBT has higher volatility (7.35%) compared to HLAL (5.63%). In terms of maximum drawdown, HLAL dropped -33.57% vs FBT's -40.51%.

Which ETF is better, HLAL or FBT?

On 5-year performance, HLAL leads with 14.79% vs 5.65% for FBT. On fees, HLAL is cheaper at 0.50% per year. On volatility, HLAL has been the lower-risk option at 5.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HLAL or FBT?

Over the 5-year period, HLAL has performed better with a 14.79% return vs 5.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HLAL or FBT?

HLAL is cheaper with a 0.50% expense ratio, compared with 0.57% for FBT.

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

HLAL has the higher dividend yield at 0.46%, compared with 0.00% for FBT.

What is the main difference between HLAL and FBT?

HLAL is categorized as Large Cap Growth Equities, while FBT is Health & Biotech Equities. HLAL tracks FTSE Shariah USA Index, while FBT tracks NYSE Arca Biotechnology Index. They also come from different issuers: Wahed and First Trust. Their fees differ too: 0.50% for HLAL and 0.57% for FBT.

Which has better risk-adjusted returns?

HLAL currently has the higher Sharpe Ratio (2.57 vs 1.77), 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.