HLAL vs. OUSA

Last updated Aug 4, 2026

HLAL (Wahed FTSE USA Shariah ETF) and OUSA (OShares U.S. Quality Dividend ETF) are both exchange-traded funds - HLAL is a Large Cap Growth Equities fund tracking the FTSE Shariah USA Index, while OUSA is a Quality Factor fund tracking the O'Shares US Quality Dividend Index. Both are passively managed. Over the past 5 years, HLAL returned 13.58%/yr vs 8.96%/yr for OUSA. Their 0.79 correlation means they have sometimes moved together and sometimes differently. HLAL charges 0.50%/yr vs 0.48%/yr for OUSA.

Performance

HLAL vs. OUSA - Performance Comparison

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

Returns By Period

In the year-to-date period, HLAL achieves a 14.82% return, which is significantly higher than OUSA's 7.09% return.

HLAL

• 1D: 1.73%
• 1M: 1.15%
• 6M: 11.49%
• YTD: 14.82%
• 1Y: 32.26%
• 3Y*: 19.21%
• 5Y*: 13.58%
• 10Y*: —
• ALL TIME*: 16.95%

OUSA

• 1D: 0.53%
• 1M: 2.40%
• 6M: 3.84%
• YTD: 7.09%
• 1Y: 16.21%
• 3Y*: 13.56%
• 5Y*: 8.96%
• 10Y*: 10.40%
• ALL TIME*: 10.73%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HLAL Wahed FTSE USA Shariah ETF	$3.61M	$3.52M	$4.38M
OUSA OShares U.S. Quality Dividend ETF	$872.37K	$1.31M	$1.44M

HLAL vs. OUSA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HLAL Wahed FTSE USA Shariah ETF	14.82%	18.30%	16.70%	30.13%	-17.56%	28.64%	24.65%	10.61%
OUSA OShares U.S. Quality Dividend ETF	7.09%	10.23%	17.09%	13.44%	-9.33%	23.75%	6.96%	6.45%

Correlation

The correlation between HLAL and OUSA is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (3Y) Balances recent behavior with more history.	0.64
Correlation (5Y) Shows whether the relationship held over a longer period.	0.75
Correlation (All Time) Calculated using the full available price history since Jul 16, 2019	0.79

Over the past year, the correlation between HLAL and OUSA has dropped to 0.41 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

HLAL vs. OUSA - Sectors Allocation Comparison

Sectors	HLAL	OUSA
Technology	57.0%	23.7%
Communication Services	13.8%	10.3%
Healthcare	9.6%	15.1%
Industrials	5.1%	11.9%
Consumer Cyclical	5.0%	13.1%
Energy	3.9%	-
Consumer Defensive	2.6%	7.4%
Basic Materials	2.1%	-
Real Estate	0.8%	-
Utilities	0.2%	-
Financial Services	0.0%	18.6%

Return for Risk

HLAL vs. OUSA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HLAL

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

OUSA

OUSA Risk / Return Rank: 62
OUSA Sharpe Ratio Rank: 67
OUSA Sortino Ratio Rank: 72
OUSA Omega Ratio Rank: 65
OUSA Calmar Ratio Rank: 53
OUSA Martin Ratio Rank: 55

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HLAL vs. OUSA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wahed FTSE USA Shariah ETF (HLAL) and OShares U.S. Quality Dividend ETF (OUSA). 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	OUSA	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.59	+0.53
Sortino ratio: Return per unit of downside risk	2.96	2.41	+0.55
Omega ratio: Gain probability vs. loss probability	1.37	1.28	+0.08
Calmar ratio: Return relative to maximum drawdown	3.18	1.95	+1.23
Martin ratio: Return relative to average drawdown	11.67	6.80	+4.87

HLAL vs. OUSA - Sharpe Ratio Comparison

The current HLAL Sharpe Ratio is 2.12, which is higher than the OUSA Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of HLAL and OUSA, 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. OUSA - Drawdown Comparison

The maximum HLAL drawdown since its inception was -33.57%, roughly equal to the maximum OUSA drawdown of -33.12%. Use the drawdown chart below to compare losses from any high point for HLAL and OUSA.

Drawdown Indicators

	HLAL	OUSA	Difference
Max Drawdown Largest peak-to-trough decline	-33.57%	-33.12%	-0.45%
Max Drawdown (1Y) Largest decline over 1 year	-10.20%	-8.36%	-1.84%
Max Drawdown (3Y) Largest decline over 3 years	-21.67%	-13.14%	-8.53%
Max Drawdown (5Y) Largest decline over 5 years	-23.18%	-19.54%	-3.64%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.12%	—
Current Drawdown Current decline from peak	-3.36%	-0.23%	-3.13%
Average Drawdown Average peak-to-trough decline	-4.98%	-3.50%	-1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	2.39%	+0.38%

Volatility

HLAL vs. OUSA - Volatility Comparison

Wahed FTSE USA Shariah ETF (HLAL) has a higher volatility of 5.34% compared to OShares U.S. Quality Dividend ETF (OUSA) at 3.65%. This indicates that HLAL's price experiences larger fluctuations and is considered to be riskier than OUSA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLAL	OUSA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.34%	3.65%	+1.69%
Volatility (6M) Calculated over the trailing 6-month period	12.66%	8.12%	+4.54%
Volatility (1Y) Calculated over the trailing 1-year period	15.32%	10.25%	+5.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.93%	13.38%	+4.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.23%	15.19%	+5.04%

HLAL vs. OUSA - Expense Ratio Comparison

HLAL has a 0.50% expense ratio, which is higher than OUSA's 0.48% expense ratio.

Dividends

HLAL vs. OUSA - Dividend Comparison

HLAL's dividend yield for the trailing twelve months is around 0.45%, less than OUSA's 1.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLAL Wahed FTSE USA Shariah ETF	0.45%	0.53%	0.58%	0.72%	1.15%	0.78%	0.97%	0.72%	0.00%	0.00%	0.00%	0.00%
OUSA OShares U.S. Quality Dividend ETF	1.35%	1.39%	1.50%	1.81%	1.92%	1.56%	2.03%	2.31%	3.06%	2.15%	2.32%	1.17%

Frequently Asked Questions

Can I hold both HLAL and OUSA in my portfolio?

HLAL and OUSA have a correlation of 0.41, 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 OUSA?

HLAL has higher volatility (5.34%) compared to OUSA (3.65%). In terms of maximum drawdown, HLAL dropped -33.57% vs OUSA's -33.12%.

Which ETF is better, HLAL or OUSA?

On 5-year performance, HLAL leads with 13.58% vs 8.96% for OUSA. On fees, OUSA is cheaper at 0.48% per year. On volatility, OUSA has been the lower-risk option at 3.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HLAL or OUSA?

Over the 5-year period, HLAL has performed better with a 13.58% return vs 8.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HLAL or OUSA?

OUSA is cheaper with a 0.48% expense ratio, compared with 0.50% for HLAL.

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

OUSA has the higher dividend yield at 1.35%, compared with 0.45% for HLAL.

What is the main difference between HLAL and OUSA?

HLAL is categorized as Large Cap Growth Equities, while OUSA is Quality Factor. HLAL tracks FTSE Shariah USA Index, while OUSA tracks O'Shares US Quality Dividend Index. They also come from different issuers: Wahed and O'Shares Investments. Their fees differ too: 0.50% for HLAL and 0.48% for OUSA.

Which has better risk-adjusted returns?

HLAL currently has the higher Sharpe Ratio (2.12 vs 1.59), 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.