IQSU vs. HLAL

Last updated Jun 3, 2026

IQSU (IQ Candriam ESG U.S. Equity ETF) and HLAL (Wahed FTSE USA Shariah ETF) are both Large Cap Growth Equities funds - IQSU tracks the IQ Candriam ESG US Equity Index while HLAL tracks the FTSE Shariah USA Index. Both are passively managed. Over the past 5 years, IQSU returned 13.18%/yr vs 15.86%/yr for HLAL. Their correlation of 0.93 suggests significant overlap in exposure. IQSU charges 0.09%/yr vs 0.50%/yr for HLAL.

Performance

IQSU vs. HLAL - Performance Comparison

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

Returns By Period

In the year-to-date period, IQSU achieves a 13.58% return, which is significantly lower than HLAL's 18.72% return.

IQSU

• 1D: 0.21%
• 1M: 6.55%
• YTD: 13.58%
• 6M: 14.50%
• 1Y: 30.67%
• 3Y*: 19.82%
• 5Y*: 13.18%
• 10Y*: —

HLAL

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

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

IQSU vs. HLAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IQSU IQ Candriam ESG U.S. Equity ETF	13.58%	14.44%	16.64%	32.96%	-22.10%	30.53%	28.24%	1.24%
HLAL Wahed FTSE USA Shariah ETF	18.72%	18.30%	16.70%	30.13%	-17.56%	28.64%	24.65%	1.69%

Correlation

The correlation between IQSU and HLAL is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 18, 2019	0.93

The correlation between IQSU and HLAL has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

IQSU vs. HLAL - Sectors Allocation Comparison

Sectors	IQSU	HLAL
Technology	34.0%	50.4%
Communication Services	15.0%	16.7%
Consumer Cyclical	14.8%	5.6%
Financial Services	11.7%	0.0%
Industrials	6.8%	4.6%
Healthcare	6.2%	10.5%
Consumer Defensive	3.5%	2.9%
Real Estate	2.8%	0.8%
Basic Materials	2.7%	2.5%
Energy	1.3%	4.5%
Utilities	1.2%	1.0%

Return for Risk

IQSU vs. HLAL — Risk / Return Rank

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

IQSU

IQSU Risk / Return Rank: 62
IQSU Sharpe Ratio Rank: 65
IQSU Sortino Ratio Rank: 64
IQSU Omega Ratio Rank: 66
IQSU Calmar Ratio Rank: 54
IQSU Martin Ratio Rank: 61

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

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.

IQSU vs. HLAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ Candriam ESG U.S. Equity ETF (IQSU) and Wahed FTSE USA Shariah ETF (HLAL). 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.

	IQSU	HLAL	Difference
Sharpe ratio Return per unit of total volatility	2.23	3.33	-1.10
Sortino ratio Return per unit of downside risk	3.02	4.62	-1.60
Omega ratio Gain probability vs. loss probability	1.40	1.59	-0.19
Calmar ratio Return relative to maximum drawdown	2.74	4.30	-1.56
Martin ratio Return relative to average drawdown	11.19	19.85	-8.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IQSU vs. HLAL - Sharpe Ratio Comparison

The current IQSU Sharpe Ratio is 2.23, which is lower than the HLAL Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of IQSU and HLAL, 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

	IQSU	HLAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	3.33	-1.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.91	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.89	-0.10

Drawdowns

IQSU vs. HLAL - Drawdown Comparison

The maximum IQSU drawdown since its inception was -31.29%, smaller than the maximum HLAL drawdown of -33.57%. Use the drawdown chart below to compare losses from any high point for IQSU and HLAL.

Drawdown Indicators

	IQSU	HLAL	Difference
Max Drawdown Largest peak-to-trough decline	-31.29%	-33.57%	+2.28%
Max Drawdown (1Y) Largest decline over 1 year	-11.18%	-10.20%	-0.98%
Max Drawdown (3Y) Largest decline over 3 years	-20.96%	-21.67%	+0.71%
Max Drawdown (5Y) Largest decline over 5 years	-26.76%	-23.18%	-3.58%
Current Drawdown Current decline from peak	-0.02%	-0.07%	+0.05%
Average Drawdown Average peak-to-trough decline	-5.99%	-5.00%	-0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.74%	2.20%	+0.54%

Volatility

IQSU vs. HLAL - Volatility Comparison

IQ Candriam ESG U.S. Equity ETF (IQSU) and Wahed FTSE USA Shariah ETF (HLAL) have volatilities of 3.66% and 3.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IQSU	HLAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	3.70%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	9.82%	9.95%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	13.84%	13.17%	+0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.88%	17.60%	+0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.68%	20.21%	+0.47%

IQSU vs. HLAL - Expense Ratio Comparison

IQSU has a 0.09% expense ratio, which is lower than HLAL's 0.50% expense ratio.

Dividends

IQSU vs. HLAL - Dividend Comparison

IQSU's dividend yield for the trailing twelve months is around 0.97%, more than HLAL's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HLAL Wahed FTSE USA Shariah ETF	0.44%	0.53%	0.58%	0.72%	1.15%	0.78%	0.97%	0.72%
IQSU IQ Candriam ESG U.S. Equity ETF	0.97%	1.09%	1.12%	1.15%	1.47%	1.07%	0.98%	0.00%

Frequently Asked Questions

Can I hold both IQSU and HLAL in my portfolio?

With a correlation of 0.94, IQSU and HLAL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IQSU or HLAL?

HLAL has higher volatility (3.70%) compared to IQSU (3.66%). In terms of maximum drawdown, IQSU dropped -31.29% vs HLAL's -33.57%.

Which ETF is better, IQSU or HLAL?

On 5-year performance, HLAL leads with 15.86% vs 13.18% for IQSU. On fees, IQSU is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IQSU or HLAL?

Over the 5-year period, HLAL has performed better with a 15.86% return vs 13.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IQSU or HLAL?

IQSU is cheaper with a 0.09% expense ratio, compared with 0.50% for HLAL.

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

IQSU has the higher dividend yield at 0.97%, compared with 0.44% for HLAL.

What is the main difference between IQSU and HLAL?

IQSU tracks IQ Candriam ESG US Equity Index, while HLAL tracks FTSE Shariah USA Index. They also come from different issuers: New York Life and Wahed. Their fees differ too: 0.09% for IQSU and 0.50% for HLAL.

Which has better risk-adjusted returns?

HLAL currently has the higher Sharpe Ratio (3.33 vs 2.23), 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.