HLAL vs. QUS

Last updated Jun 4, 2026

HLAL (Wahed FTSE USA Shariah ETF) and QUS (SPDR MSCI USA StrategicFactors ETF) are both Large Cap Growth Equities funds - HLAL tracks the FTSE Shariah USA Index while QUS tracks the MSCI USA Factor Mix A-Series Capped (USD). Both are passively managed. Over the past 5 years, HLAL returned 15.86%/yr vs 11.08%/yr for QUS. Their correlation of 0.89 suggests significant overlap in exposure. HLAL charges 0.50%/yr vs 0.15%/yr for QUS.

Performance

HLAL vs. QUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wahed FTSE USA Shariah ETF (HLAL) and SPDR MSCI USA StrategicFactors ETF (QUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HLAL achieves a 18.72% return, which is significantly higher than QUS's 6.67% return.

HLAL

• 1D: -0.07%
• 1M: 9.45%
• YTD: 18.72%
• 6M: 17.75%
• 1Y: 43.63%
• 3Y*: 22.04%
• 5Y*: 15.86%
• 10Y*: —

QUS

• 1D: -0.43%
• 1M: 2.68%
• YTD: 6.67%
• 6M: 6.93%
• 1Y: 17.65%
• 3Y*: 17.53%
• 5Y*: 11.08%
• 10Y*: 13.67%

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

HLAL vs. QUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HLAL Wahed FTSE USA Shariah ETF	18.72%	18.30%	16.70%	30.13%	-17.56%	28.64%	24.65%	10.96%
QUS SPDR MSCI USA StrategicFactors ETF	6.67%	14.13%	18.99%	21.78%	-14.15%	26.72%	12.40%	8.35%

Correlation

The correlation between HLAL and QUS is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019	0.89

The correlation between HLAL and QUS shifts across timeframes, from 0.78 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

HLAL vs. QUS - Sectors Allocation Comparison

Sectors	HLAL	QUS
Technology	50.4%	26.3%
Communication Services	16.7%	10.2%
Healthcare	10.5%	13.4%
Consumer Cyclical	5.6%	5.8%
Industrials	4.6%	8.6%
Energy	4.5%	4.6%
Consumer Defensive	2.9%	9.2%
Basic Materials	2.5%	2.3%
Utilities	1.0%	3.6%
Real Estate	0.8%	1.4%
Financial Services	0.0%	14.6%

Return for Risk

HLAL vs. QUS — Risk / Return Rank

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

HLAL

HLAL Risk / Return Rank: 88
HLAL Sharpe Ratio Rank: 91
HLAL Sortino Ratio Rank: 92
HLAL Omega Ratio Rank: 90
HLAL Calmar Ratio Rank: 81
HLAL Martin Ratio Rank: 88

QUS

QUS Risk / Return Rank: 57
QUS Sharpe Ratio Rank: 56
QUS Sortino Ratio Rank: 58
QUS Omega Ratio Rank: 55
QUS Calmar Ratio Rank: 52
QUS Martin Ratio Rank: 63

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. QUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wahed FTSE USA Shariah ETF (HLAL) and SPDR MSCI USA StrategicFactors ETF (QUS). 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	QUS	Difference
Sharpe ratio: Return per unit of total volatility	3.33	1.95	+1.38
Sortino ratio: Return per unit of downside risk	4.62	2.81	+1.81
Omega ratio: Gain probability vs. loss probability	1.59	1.35	+0.24
Calmar ratio: Return relative to maximum drawdown	4.30	2.59	+1.71
Martin ratio: Return relative to average drawdown	19.85	11.54	+8.31
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. QUS - Sharpe Ratio Comparison

The current HLAL Sharpe Ratio is 3.33, which is higher than the QUS Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of HLAL and QUS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HLAL	QUS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.33	1.95	+1.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	0.78	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	0.77	+0.12

Drawdowns

HLAL vs. QUS - Drawdown Comparison

The maximum HLAL drawdown since its inception was -33.57%, roughly equal to the maximum QUS drawdown of -33.78%. Use the drawdown chart below to compare losses from any high point for HLAL and QUS.

Drawdown Indicators

	HLAL	QUS	Difference
Max Drawdown Largest peak-to-trough decline	-33.57%	-33.78%	+0.21%
Max Drawdown (1Y) Largest decline over 1 year	-10.20%	-6.85%	-3.35%
Max Drawdown (3Y) Largest decline over 3 years	-21.67%	-13.94%	-7.73%
Max Drawdown (5Y) Largest decline over 5 years	-23.18%	-22.30%	-0.88%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.78%	—
Current Drawdown Current decline from peak	-0.07%	-0.50%	+0.43%
Average Drawdown Average peak-to-trough decline	-5.00%	-3.70%	-1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	1.53%	+0.67%

Volatility

HLAL vs. QUS - Volatility Comparison

Wahed FTSE USA Shariah ETF (HLAL) has a higher volatility of 3.70% compared to SPDR MSCI USA StrategicFactors ETF (QUS) at 1.78%. This indicates that HLAL's price experiences larger fluctuations and is considered to be riskier than QUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLAL	QUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	1.78%	+1.92%
Volatility (6M) Calculated over the trailing 6-month period	9.95%	6.66%	+3.29%
Volatility (1Y) Calculated over the trailing 1-year period	13.17%	9.09%	+4.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.60%	14.33%	+3.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.21%	16.42%	+3.79%

HLAL vs. QUS - Expense Ratio Comparison

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

Dividends

HLAL vs. QUS - Dividend Comparison

HLAL's dividend yield for the trailing twelve months is around 0.44%, less than QUS's 1.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLAL Wahed FTSE USA Shariah ETF	0.44%	0.53%	0.58%	0.72%	1.15%	0.78%	0.97%	0.72%	0.00%	0.00%	0.00%	0.00%
QUS SPDR MSCI USA StrategicFactors ETF	1.31%	1.38%	1.49%	1.57%	1.68%	1.27%	1.73%	1.81%	2.12%	1.86%	2.07%	1.48%

Frequently Asked Questions

Can I hold both HLAL and QUS in my portfolio?

HLAL and QUS have a correlation of 0.78, 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 QUS?

HLAL has higher volatility (3.70%) compared to QUS (1.78%). In terms of maximum drawdown, HLAL dropped -33.57% vs QUS's -33.78%.

Which ETF is better, HLAL or QUS?

On 5-year performance, HLAL leads with 15.86% vs 11.08% for QUS. On fees, QUS is cheaper at 0.15% per year. On volatility, QUS has been the lower-risk option at 1.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HLAL or QUS?

Over the 5-year period, HLAL has performed better with a 15.86% return vs 11.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HLAL or QUS?

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

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

QUS has the higher dividend yield at 1.31%, compared with 0.44% for HLAL.

What is the main difference between HLAL and QUS?

HLAL tracks FTSE Shariah USA Index, while QUS tracks MSCI USA Factor Mix A-Series Capped (USD). They also come from different issuers: Wahed and State Street. Their fees differ too: 0.50% for HLAL and 0.15% for QUS.

Which has better risk-adjusted returns?

HLAL currently has the higher Sharpe Ratio (3.33 vs 1.95), 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.