HLAL vs. IGDA.L

Last updated Apr 1, 2026

Compare and contrast key facts about Wahed FTSE USA Shariah ETF (HLAL) and Invesco Dow Jones Islamic Global Developed Markets UCITS ETF USD Acc (IGDA.L).

HLAL and IGDA.L 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. IGDA.L is a passively managed fund by Invesco that tracks the performance of the Dow Jones Islamic Market Developed Markets Index. It was launched on Jan 7, 2022. Both HLAL and IGDA.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

HLAL vs. IGDA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wahed FTSE USA Shariah ETF (HLAL) and Invesco Dow Jones Islamic Global Developed Markets UCITS ETF USD Acc (IGDA.L). The values are adjusted to include any dividend payments, if applicable.

HLAL vs. IGDA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HLAL Wahed FTSE USA Shariah ETF	-4.25%	18.30%	16.70%	30.13%	-11.27%
IGDA.L Invesco Dow Jones Islamic Global Developed Markets UCITS ETF USD Acc	-5.89%	18.74%	17.94%	29.72%	-14.30%

Returns By Period

In the year-to-date period, HLAL achieves a -4.25% return, which is significantly higher than IGDA.L's -5.89% return.

HLAL

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

IGDA.L

• 1D: 0.81%
• 1M: -8.14%
• YTD: -5.89%
• 6M: -0.88%
• 1Y: 20.85%
• 3Y*: 15.76%
• 5Y*: —
• 10Y*: —

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

HLAL vs. IGDA.L - Expense Ratio Comparison

HLAL has a 0.50% expense ratio, which is higher than IGDA.L's 0.40% expense ratio.

HLAL

Wahed FTSE USA Shariah ETF

IGDA.L

Invesco Dow Jones Islamic Global Developed Markets UCITS ETF USD Acc

Return for Risk

HLAL vs. IGDA.L — 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

IGDA.L

IGDA.L Risk / Return Rank: 71
IGDA.L Sharpe Ratio Rank: 72
IGDA.L Sortino Ratio Rank: 72
IGDA.L Omega Ratio Rank: 68
IGDA.L Calmar Ratio Rank: 67
IGDA.L Martin Ratio Rank: 74

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. IGDA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wahed FTSE USA Shariah ETF (HLAL) and Invesco Dow Jones Islamic Global Developed Markets UCITS ETF USD Acc (IGDA.L). 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	IGDA.L	Difference
Sharpe ratio Return per unit of total volatility	1.14	1.23	-0.09
Sortino ratio Return per unit of downside risk	1.76	1.75	+0.01
Omega ratio Gain probability vs. loss probability	1.26	1.24	+0.02
Calmar ratio Return relative to maximum drawdown	1.72	1.62	+0.09
Martin ratio Return relative to average drawdown	7.90	7.29	+0.61
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. IGDA.L - Sharpe Ratio Comparison

The current HLAL Sharpe Ratio is 1.14, which is comparable to the IGDA.L Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of HLAL and IGDA.L, 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	IGDA.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	1.23	-0.09
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	0.57	+0.16

Correlation

The correlation between HLAL and IGDA.L is 0.53, 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. IGDA.L - Dividend Comparison

HLAL's dividend yield for the trailing twelve months is around 0.55%, while IGDA.L has not paid dividends to shareholders.

	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%
IGDA.L Invesco Dow Jones Islamic Global Developed Markets UCITS ETF USD Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

HLAL vs. IGDA.L - Drawdown Comparison

The maximum HLAL drawdown since its inception was -33.57%, which is greater than IGDA.L's maximum drawdown of -24.18%. Use the drawdown chart below to compare losses from any high point for HLAL and IGDA.L.

Drawdown Indicators

	HLAL	IGDA.L	Difference
Max Drawdown Largest peak-to-trough decline	-33.57%	-24.18%	-9.39%
Max Drawdown (1Y) Largest decline over 1 year	-13.15%	-11.73%	-1.42%
Max Drawdown (5Y) Largest decline over 5 years	-23.18%	—	—
Current Drawdown Current decline from peak	-7.30%	-8.98%	+1.68%
Average Drawdown Average peak-to-trough decline	-5.10%	-5.37%	+0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	2.61%	+0.25%

Volatility

HLAL vs. IGDA.L - Volatility Comparison

Wahed FTSE USA Shariah ETF (HLAL) has a higher volatility of 5.80% compared to Invesco Dow Jones Islamic Global Developed Markets UCITS ETF USD Acc (IGDA.L) at 5.17%. This indicates that HLAL's price experiences larger fluctuations and is considered to be riskier than IGDA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLAL	IGDA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.80%	5.17%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	10.12%	9.69%	+0.43%
Volatility (1Y) Calculated over the trailing 1-year period	19.52%	17.00%	+2.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.52%	18.64%	-1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.33%	18.64%	+1.69%