HLAL vs. FMTM

Last updated Apr 1, 2026

Compare and contrast key facts about Wahed FTSE USA Shariah ETF (HLAL) and MarketDesk Focused U.S. Momentum ETF (FMTM).

HLAL and FMTM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HLAL is a passively managed fund by Wahed that tracks the performance of the FTSE Shariah USA Index. It was launched on Jul 16, 2019.

Performance

HLAL vs. FMTM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wahed FTSE USA Shariah ETF (HLAL) and MarketDesk Focused U.S. Momentum ETF (FMTM). The values are adjusted to include any dividend payments, if applicable.

HLAL vs. FMTM - Yearly Performance Comparison

	2026 (YTD)	2025
HLAL Wahed FTSE USA Shariah ETF	-4.25%	26.45%
FMTM MarketDesk Focused U.S. Momentum ETF	8.17%	27.90%

Returns By Period

In the year-to-date period, HLAL achieves a -4.25% return, which is significantly lower than FMTM's 8.17% return.

HLAL

• 1D: 3.24%
• 1M: -5.69%
• YTD: -4.25%
• 6M: 0.23%
• 1Y: 22.13%
• 3Y*: 15.73%
• 5Y*: 11.68%
• 10Y*: —

FMTM

• 1D: 4.80%
• 1M: -6.51%
• YTD: 8.17%
• 6M: 16.49%
• 1Y: 36.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HLAL vs. FMTM - Expense Ratio Comparison

HLAL has a 0.50% expense ratio, which is higher than FMTM's 0.45% expense ratio.

HLAL

Wahed FTSE USA Shariah ETF

FMTM

MarketDesk Focused U.S. Momentum ETF

Return for Risk

HLAL vs. FMTM — Risk / Return Rank

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

HLAL

HLAL Risk / Return Rank: 73
HLAL Sharpe Ratio Rank: 68
HLAL Sortino Ratio Rank: 73
HLAL Omega Ratio Rank: 73
HLAL Calmar Ratio Rank: 71
HLAL Martin Ratio Rank: 78

FMTM

FMTM Risk / Return Rank: 85
FMTM Sharpe Ratio Rank: 83
FMTM Sortino Ratio Rank: 82
FMTM Omega Ratio Rank: 77
FMTM Calmar Ratio Rank: 91
FMTM Martin Ratio Rank: 91

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. FMTM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wahed FTSE USA Shariah ETF (HLAL) and MarketDesk Focused U.S. Momentum ETF (FMTM). 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.

	HLAL	FMTM	Difference
Sharpe ratio Return per unit of total volatility	1.14	1.58	-0.44
Sortino ratio Return per unit of downside risk	1.76	2.09	-0.34
Omega ratio Gain probability vs. loss probability	1.26	1.29	-0.03
Calmar ratio Return relative to maximum drawdown	1.72	3.15	-1.43
Martin ratio Return relative to average drawdown	7.90	11.97	-4.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HLAL vs. FMTM - Sharpe Ratio Comparison

The current HLAL Sharpe Ratio is 1.14, which is comparable to the FMTM Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of HLAL and FMTM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HLAL	FMTM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	1.58	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	1.61	-0.88

Correlation

The correlation between HLAL and FMTM is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HLAL vs. FMTM - Dividend Comparison

HLAL's dividend yield for the trailing twelve months is around 0.55%, more than FMTM's 0.27% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
HLAL Wahed FTSE USA Shariah ETF	0.55%	0.53%	0.58%	0.72%	1.15%	0.78%	0.97%	0.72%
FMTM MarketDesk Focused U.S. Momentum ETF	0.27%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

HLAL vs. FMTM - Drawdown Comparison

The maximum HLAL drawdown since its inception was -33.57%, which is greater than FMTM's maximum drawdown of -12.12%. Use the drawdown chart below to compare losses from any high point for HLAL and FMTM.

Drawdown Indicators

	HLAL	FMTM	Difference
Max Drawdown Largest peak-to-trough decline	-33.57%	-12.12%	-21.45%
Max Drawdown (1Y) Largest decline over 1 year	-13.15%	-12.12%	-1.03%
Max Drawdown (5Y) Largest decline over 5 years	-23.18%	—	—
Current Drawdown Current decline from peak	-7.30%	-7.90%	+0.60%
Average Drawdown Average peak-to-trough decline	-5.10%	-1.88%	-3.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	3.19%	-0.33%

Volatility

HLAL vs. FMTM - Volatility Comparison

The current volatility for Wahed FTSE USA Shariah ETF (HLAL) is 5.80%, while MarketDesk Focused U.S. Momentum ETF (FMTM) has a volatility of 11.09%. This indicates that HLAL experiences smaller price fluctuations and is considered to be less risky than FMTM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLAL	FMTM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.80%	11.09%	-5.29%
Volatility (6M) Calculated over the trailing 6-month period	10.12%	19.22%	-9.10%
Volatility (1Y) Calculated over the trailing 1-year period	19.52%	23.34%	-3.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.52%	23.18%	-5.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.33%	23.18%	-2.85%