LGRO vs. HLAL

Last updated Jul 12, 2026

LGRO (Level Four Large Cap Growth Active ETF) and HLAL (Wahed FTSE USA Shariah ETF) are both Large Cap Growth Equities funds. LGRO is actively managed, while HLAL is passively managed. Over the past year, LGRO returned 19.40% vs 33.71% for HLAL. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

LGRO vs. HLAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Level Four Large Cap Growth Active ETF (LGRO) 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, LGRO achieves a 7.94% return, which is significantly lower than HLAL's 16.33% return.

LGRO

• 1D: -0.18%
• 1M: 3.33%
• 6M: 4.68%
• YTD: 7.94%
• 1Y: 19.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HLAL

• 1D: 0.67%
• 1M: 1.90%
• 6M: 14.48%
• YTD: 16.33%
• 1Y: 33.71%
• 3Y*: 19.99%
• 5Y*: 14.36%
• 10Y*: —

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

LGRO vs. HLAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
LGRO Level Four Large Cap Growth Active ETF	7.94%	18.15%	23.95%	12.10%
HLAL Wahed FTSE USA Shariah ETF	16.33%	18.30%	16.70%	8.40%

Correlation

The correlation between LGRO and HLAL is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Aug 23, 2023	0.86

The correlation between LGRO and HLAL has been stable across timeframes, ranging from 0.80 to 0.86 - a consistent structural relationship.

LGRO vs. HLAL - Sectors Allocation Comparison

Sectors	LGRO	HLAL
Technology	52.9%	51.2%
Consumer Cyclical	13.5%	5.6%
Communication Services	11.1%	16.8%
Financial Services	8.7%	0.0%
Healthcare	7.7%	10.4%
Industrials	2.8%	5.2%
Energy	1.9%	4.4%
Consumer Defensive	1.5%	2.9%
Basic Materials	-	2.5%
Real Estate	-	0.8%
Utilities	-	0.2%

Return for Risk

LGRO vs. HLAL — Risk / Return Rank

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

LGRO

LGRO Risk / Return Rank: 35
LGRO Sharpe Ratio Rank: 40
LGRO Sortino Ratio Rank: 37
LGRO Omega Ratio Rank: 37
LGRO Calmar Ratio Rank: 30
LGRO Martin Ratio Rank: 32

HLAL

HLAL Risk / Return Rank: 84
HLAL Sharpe Ratio Rank: 88
HLAL Sortino Ratio Rank: 87
HLAL Omega Ratio Rank: 85
HLAL Calmar Ratio Rank: 79
HLAL Martin Ratio Rank: 83

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.

LGRO vs. HLAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Level Four Large Cap Growth Active ETF (LGRO) 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.

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.

	LGRO	HLAL	Difference
Sharpe ratio: Return per unit of total volatility	1.14	2.29	-1.15
Sortino ratio: Return per unit of downside risk	1.60	3.16	-1.55
Omega ratio: Gain probability vs. loss probability	1.20	1.40	-0.20
Calmar ratio: Return relative to maximum drawdown	1.21	3.29	-2.07
Martin ratio: Return relative to average drawdown	3.78	13.24	-9.46

LGRO vs. HLAL - Sharpe Ratio Comparison

The current LGRO Sharpe Ratio is 1.14, which is lower than the HLAL Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of LGRO 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.

Drawdowns

LGRO vs. HLAL - Drawdown Comparison

The maximum LGRO drawdown since its inception was -23.26%, smaller than the maximum HLAL drawdown of -33.57%. Use the drawdown chart below to compare losses from any high point for LGRO and HLAL.

Drawdown Indicators

	LGRO	HLAL	Difference
Max Drawdown Largest peak-to-trough decline	-23.26%	-33.57%	+10.31%
Max Drawdown (1Y) Largest decline over 1 year	-15.24%	-10.20%	-5.04%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.67%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.18%	—
Current Drawdown Current decline from peak	-2.05%	-2.09%	+0.04%
Average Drawdown Average peak-to-trough decline	-3.42%	-4.98%	+1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.88%	2.53%	+2.35%

Volatility

LGRO vs. HLAL - Volatility Comparison

The current volatility for Level Four Large Cap Growth Active ETF (LGRO) is 4.84%, while Wahed FTSE USA Shariah ETF (HLAL) has a volatility of 6.06%. This indicates that LGRO 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

	LGRO	HLAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.84%	6.06%	-1.22%
Volatility (6M) Calculated over the trailing 6-month period	12.23%	12.01%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	16.19%	14.64%	+1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.25%	17.84%	+1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.25%	20.24%	-0.99%

LGRO vs. HLAL - Expense Ratio Comparison

Both LGRO and HLAL have an expense ratio of 0.50%.

Dividends

LGRO vs. HLAL - Dividend Comparison

LGRO's dividend yield for the trailing twelve months is around 0.36%, less than HLAL's 0.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HLAL Wahed FTSE USA Shariah ETF	0.45%	0.53%	0.58%	0.72%	1.15%	0.78%	0.97%	0.72%
LGRO Level Four Large Cap Growth Active ETF	0.36%	0.31%	0.39%	0.26%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LGRO and HLAL in my portfolio?

LGRO and HLAL have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LGRO or HLAL?

HLAL has higher volatility (6.06%) compared to LGRO (4.84%). In terms of maximum drawdown, LGRO dropped -23.26% vs HLAL's -33.57%.

Which ETF is better, LGRO or HLAL?

On 1-year performance, HLAL leads with 33.71% vs 19.40% for LGRO. Both ETFs have the same 0.50% expense ratio. On volatility, LGRO has been the lower-risk option at 4.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LGRO or HLAL?

Over the 1-year period, HLAL has performed better with a 33.71% return vs 19.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LGRO or HLAL?

LGRO and HLAL have the same expense ratio: 0.50% per year.

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

HLAL has the higher dividend yield at 0.45%, compared with 0.36% for LGRO.

What is the main difference between LGRO and HLAL?

They also come from different issuers: ALPS and Wahed.

Which has better risk-adjusted returns?

HLAL currently has the higher Sharpe Ratio (2.29 vs 1.14), 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.