JUST vs. HLAL

Last updated Jun 4, 2026

JUST (Goldman Sachs JUST U.S. Large Cap Equity ETF) and HLAL (Wahed FTSE USA Shariah ETF) are both Large Cap Growth Equities funds - JUST tracks the JUST US Large Cap Diversified Index while HLAL tracks the FTSE Shariah USA Index. Both are passively managed. Over the past 5 years, JUST returned 13.24%/yr vs 15.86%/yr for HLAL. Their correlation of 0.94 suggests significant overlap in exposure. JUST charges 0.20%/yr vs 0.50%/yr for HLAL.

Performance

JUST vs. HLAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) 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, JUST achieves a 11.64% return, which is significantly lower than HLAL's 18.72% return.

JUST

• 1D: -0.74%
• 1M: 4.90%
• YTD: 11.64%
• 6M: 11.94%
• 1Y: 29.04%
• 3Y*: 22.10%
• 5Y*: 13.24%
• 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)

JUST vs. HLAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF	11.64%	17.60%	23.73%	24.86%	-17.88%	26.89%	19.59%	8.39%
HLAL Wahed FTSE USA Shariah ETF	18.72%	18.30%	16.70%	30.13%	-17.56%	28.64%	24.65%	10.96%

Correlation

The correlation between JUST and HLAL is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019	0.94

The correlation between JUST and HLAL has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

JUST vs. HLAL - Sectors Allocation Comparison

Sectors	JUST	HLAL
Technology	35.8%	50.4%
Financial Services	12.5%	0.0%
Consumer Cyclical	9.8%	5.6%
Communication Services	9.3%	16.7%
Healthcare	8.6%	10.5%
Industrials	8.6%	4.6%
Consumer Defensive	5.5%	2.9%
Energy	3.6%	4.5%
Utilities	2.2%	1.0%
Real Estate	2.2%	0.8%
Basic Materials	2.2%	2.5%

Return for Risk

JUST vs. HLAL — Risk / Return Rank

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

JUST

JUST Risk / Return Rank: 74
JUST Sharpe Ratio Rank: 75
JUST Sortino Ratio Rank: 75
JUST Omega Ratio Rank: 73
JUST Calmar Ratio Rank: 67
JUST Martin Ratio Rank: 79

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.

JUST vs. HLAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) 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.

	JUST	HLAL	Difference
Sharpe ratio: Return per unit of total volatility	2.46	3.33	-0.87
Sortino ratio: Return per unit of downside risk	3.38	4.62	-1.24
Omega ratio: Gain probability vs. loss probability	1.44	1.59	-0.15
Calmar ratio: Return relative to maximum drawdown	3.33	4.30	-0.97
Martin ratio: Return relative to average drawdown	15.48	19.85	-4.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JUST vs. HLAL - Sharpe Ratio Comparison

The current JUST Sharpe Ratio is 2.46, which is comparable to the HLAL Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of JUST 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

	JUST	HLAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	3.33	-0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.91	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.89	-0.12

Drawdowns

JUST vs. HLAL - Drawdown Comparison

The maximum JUST drawdown since its inception was -33.83%, roughly equal to the maximum HLAL drawdown of -33.57%. Use the drawdown chart below to compare losses from any high point for JUST and HLAL.

Drawdown Indicators

	JUST	HLAL	Difference
Max Drawdown Largest peak-to-trough decline	-33.83%	-33.57%	-0.26%
Max Drawdown (1Y) Largest decline over 1 year	-8.76%	-10.20%	+1.44%
Max Drawdown (3Y) Largest decline over 3 years	-19.34%	-21.67%	+2.33%
Max Drawdown (5Y) Largest decline over 5 years	-24.72%	-23.18%	-1.54%
Current Drawdown Current decline from peak	-0.74%	-0.07%	-0.67%
Average Drawdown Average peak-to-trough decline	-5.10%	-5.00%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	2.20%	-0.32%

Volatility

JUST vs. HLAL - Volatility Comparison

The current volatility for Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) is 2.94%, while Wahed FTSE USA Shariah ETF (HLAL) has a volatility of 3.70%. This indicates that JUST experiences smaller price fluctuations and is considered to be less risky than HLAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JUST	HLAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.94%	3.70%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	9.09%	9.95%	-0.86%
Volatility (1Y) Calculated over the trailing 1-year period	11.88%	13.17%	-1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.78%	17.60%	-0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.12%	20.21%	-1.09%

JUST vs. HLAL - Expense Ratio Comparison

JUST has a 0.20% expense ratio, which is lower than HLAL's 0.50% expense ratio.

Dividends

JUST vs. HLAL - Dividend Comparison

JUST's dividend yield for the trailing twelve months is around 0.93%, more than HLAL's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HLAL Wahed FTSE USA Shariah ETF	0.44%	0.53%	0.58%	0.72%	1.15%	0.78%	0.97%	0.72%	0.00%
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF	0.93%	1.02%	1.11%	1.37%	1.51%	1.07%	1.36%	1.86%	1.11%

Frequently Asked Questions

Can I hold both JUST and HLAL in my portfolio?

With a correlation of 0.91, JUST 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, JUST or HLAL?

HLAL has higher volatility (3.70%) compared to JUST (2.94%). In terms of maximum drawdown, JUST dropped -33.83% vs HLAL's -33.57%.

Which ETF is better, JUST or HLAL?

On 5-year performance, HLAL leads with 15.86% vs 13.24% for JUST. On fees, JUST is cheaper at 0.20% per year. On volatility, JUST has been the lower-risk option at 2.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JUST or HLAL?

Over the 5-year period, HLAL has performed better with a 15.86% return vs 13.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JUST or HLAL?

JUST is cheaper with a 0.20% expense ratio, compared with 0.50% for HLAL.

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

JUST has the higher dividend yield at 0.93%, compared with 0.44% for HLAL.

What is the main difference between JUST and HLAL?

JUST tracks JUST US Large Cap Diversified Index, while HLAL tracks FTSE Shariah USA Index. They also come from different issuers: Goldman Sachs and Wahed. Their fees differ too: 0.20% for JUST and 0.50% for HLAL.

Which has better risk-adjusted returns?

HLAL currently has the higher Sharpe Ratio (3.33 vs 2.46), 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.