HLAL vs. GARP

Last updated Jun 13, 2026

HLAL (Wahed FTSE USA Shariah ETF) and GARP (iShares MSCI USA Quality GARP ETF) are both Large Cap Growth Equities funds - HLAL tracks the FTSE Shariah USA Index while GARP tracks the MSCI USA Quality GARP Select Index. Both are passively managed. Over the past 5 years, HLAL returned 14.79%/yr vs 18.96%/yr for GARP. Their correlation of 0.88 suggests significant overlap in exposure. HLAL charges 0.50%/yr vs 0.15%/yr for GARP.

Performance

HLAL vs. GARP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wahed FTSE USA Shariah ETF (HLAL) and iShares MSCI USA Quality GARP ETF (GARP). 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 lower than GARP's 16.96% return.

HLAL

• 1D: 0.43%
• 1M: 0.41%
• YTD: 14.16%
• 6M: 13.95%
• 1Y: 35.60%
• 3Y*: 19.70%
• 5Y*: 14.79%
• 10Y*: —

GARP

• 1D: 0.21%
• 1M: 2.98%
• YTD: 16.96%
• 6M: 17.70%
• 1Y: 36.11%
• 3Y*: 31.05%
• 5Y*: 18.96%
• 10Y*: —

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

HLAL vs. GARP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HLAL Wahed FTSE USA Shariah ETF	14.16%	18.30%	16.70%	30.13%	-17.56%	28.64%	22.30%
GARP iShares MSCI USA Quality GARP ETF	16.96%	21.49%	37.42%	42.86%	-26.75%	27.99%	26.51%

Correlation

The correlation between HLAL and GARP is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 16, 2020	0.88

The correlation between HLAL and GARP has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

HLAL vs. GARP - Sectors Allocation Comparison

Sectors	HLAL	GARP
Technology	50.4%	56.7%
Communication Services	16.7%	12.0%
Healthcare	10.5%	5.4%
Consumer Cyclical	5.6%	6.1%
Industrials	4.6%	6.9%
Energy	4.5%	2.7%
Consumer Defensive	2.9%	-
Basic Materials	2.5%	0.9%
Utilities	1.0%	1.4%
Real Estate	0.8%	0.4%
Financial Services	0.0%	7.5%

Return for Risk

HLAL vs. GARP — 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

GARP

GARP Risk / Return Rank: 64
GARP Sharpe Ratio Rank: 69
GARP Sortino Ratio Rank: 63
GARP Omega Ratio Rank: 63
GARP Calmar Ratio Rank: 61
GARP Martin Ratio Rank: 65

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. GARP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wahed FTSE USA Shariah ETF (HLAL) and iShares MSCI USA Quality GARP ETF (GARP). 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	GARP	Difference
Sharpe ratio: Return per unit of total volatility	2.57	1.93	+0.64
Sortino ratio: Return per unit of downside risk	3.49	2.53	+0.96
Omega ratio: Gain probability vs. loss probability	1.46	1.33	+0.13
Calmar ratio: Return relative to maximum drawdown	3.51	2.65	+0.86
Martin ratio: Return relative to average drawdown	15.44	10.37	+5.07

HLAL vs. GARP - Sharpe Ratio Comparison

The current HLAL Sharpe Ratio is 2.57, which is higher than the GARP Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of HLAL and GARP, 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. GARP - Drawdown Comparison

The maximum HLAL drawdown since its inception was -33.57%, which is greater than GARP's maximum drawdown of -31.34%. Use the drawdown chart below to compare losses from any high point for HLAL and GARP.

Drawdown Indicators

	HLAL	GARP	Difference
Max Drawdown Largest peak-to-trough decline	-33.57%	-31.34%	-2.23%
Max Drawdown (1Y) Largest decline over 1 year	-10.20%	-13.69%	+3.49%
Max Drawdown (3Y) Largest decline over 3 years	-21.67%	-23.73%	+2.06%
Max Drawdown (5Y) Largest decline over 5 years	-23.18%	-30.61%	+7.43%
Current Drawdown Current decline from peak	-3.91%	-4.27%	+0.36%
Average Drawdown Average peak-to-trough decline	-4.99%	-7.35%	+2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	3.49%	-1.18%

Volatility

HLAL vs. GARP - Volatility Comparison

The current volatility for Wahed FTSE USA Shariah ETF (HLAL) is 5.63%, while iShares MSCI USA Quality GARP ETF (GARP) has a volatility of 7.61%. This indicates that HLAL experiences smaller price fluctuations and is considered to be less risky than GARP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLAL	GARP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	7.61%	-1.98%
Volatility (6M) Calculated over the trailing 6-month period	11.03%	15.12%	-4.09%
Volatility (1Y) Calculated over the trailing 1-year period	13.93%	18.79%	-4.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.71%	22.11%	-4.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.25%	23.95%	-3.70%

HLAL vs. GARP - Expense Ratio Comparison

HLAL has a 0.50% expense ratio, which is higher than GARP's 0.15% expense ratio.

Dividends

HLAL vs. GARP - Dividend Comparison

HLAL's dividend yield for the trailing twelve months is around 0.46%, more than GARP's 0.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
GARP iShares MSCI USA Quality GARP ETF	0.26%	0.31%	0.38%	0.75%	1.85%	0.67%	0.75%	0.00%
HLAL Wahed FTSE USA Shariah ETF	0.46%	0.53%	0.58%	0.72%	1.15%	0.78%	0.97%	0.72%

Frequently Asked Questions

Can I hold both HLAL and GARP in my portfolio?

HLAL and GARP have a correlation of 0.89, 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 GARP?

GARP has higher volatility (7.61%) compared to HLAL (5.63%). In terms of maximum drawdown, HLAL dropped -33.57% vs GARP's -31.34%.

Which ETF is better, HLAL or GARP?

On 5-year performance, GARP leads with 18.96% vs 14.79% for HLAL. On fees, GARP is cheaper at 0.15% 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 GARP?

Over the 5-year period, GARP has performed better with a 18.96% return vs 14.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HLAL or GARP?

GARP is cheaper with a 0.15% expense ratio, compared with 0.50% for HLAL.

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

HLAL has the higher dividend yield at 0.46%, compared with 0.26% for GARP.

What is the main difference between HLAL and GARP?

HLAL tracks FTSE Shariah USA Index, while GARP tracks MSCI USA Quality GARP Select Index. They also come from different issuers: Wahed and iShares. Their fees differ too: 0.50% for HLAL and 0.15% for GARP.

Which has better risk-adjusted returns?

HLAL currently has the higher Sharpe Ratio (2.57 vs 1.93), 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.