MNZL vs. SPUS

Last updated Jun 23, 2026

MNZL (Manzil Russell Halal USA Broad Market ETF) and SPUS (SP Funds S&P 500 Sharia Industry Exclusions ETF) are both exchange-traded funds - MNZL is a Large Cap Blend Equities fund tracking the Russell IdealRatings Manzil Halal USA Broad Market Index, while SPUS is a S&P 500 fund tracking the S&P 500 Shariah Industry Exclusions Index. Both are passively managed. Their correlation of 0.92 suggests significant overlap in exposure. MNZL charges 0.40%/yr vs 0.45%/yr for SPUS.

Performance

MNZL vs. SPUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Manzil Russell Halal USA Broad Market ETF (MNZL) and SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MNZL achieves a 18.40% return, which is significantly higher than SPUS's 12.83% return.

MNZL

• 1D: 0.42%
• 1M: 3.76%
• YTD: 18.40%
• 6M: 17.23%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPUS

• 1D: -0.09%
• 1M: 0.48%
• YTD: 12.83%
• 6M: 12.41%
• 1Y: 36.21%
• 3Y*: 22.94%
• 5Y*: 16.30%
• 10Y*: —

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

MNZL vs. SPUS - Yearly Performance Comparison

	2026 (YTD)	2025
MNZL Manzil Russell Halal USA Broad Market ETF	18.40%	3.37%
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	12.83%	2.91%

Correlation

The correlation between MNZL and SPUS is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 19, 2025	0.92

Return for Risk

MNZL vs. SPUS — Risk / Return Rank

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

MNZL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SPUS

SPUS Risk / Return Rank: 74
SPUS Sharpe Ratio Rank: 79
SPUS Sortino Ratio Rank: 74
SPUS Omega Ratio Rank: 75
SPUS Calmar Ratio Rank: 70
SPUS Martin Ratio Rank: 75

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.

MNZL vs. SPUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Manzil Russell Halal USA Broad Market ETF (MNZL) and SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS). 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.

	MNZL	SPUS	Difference
Sharpe ratio: Return per unit of total volatility	—	2.42	—
Sortino ratio: Return per unit of downside risk	—	3.17	—
Omega ratio: Gain probability vs. loss probability	—	1.42	—
Calmar ratio: Return relative to maximum drawdown	—	3.41	—
Martin ratio: Return relative to average drawdown	—	13.73	—

Drawdowns

MNZL vs. SPUS - Drawdown Comparison

The maximum MNZL drawdown since its inception was -9.66%, smaller than the maximum SPUS drawdown of -30.80%. Use the drawdown chart below to compare losses from any high point for MNZL and SPUS.

Drawdown Indicators

	MNZL	SPUS	Difference
Max Drawdown Largest peak-to-trough decline	-9.66%	-30.80%	+21.14%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.66%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-22.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.06%	—
Current Drawdown Current decline from peak	-0.87%	-3.41%	+2.54%
Average Drawdown Average peak-to-trough decline	-1.83%	-6.19%	+4.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.64%	—

Volatility

Volatility by Period

	MNZL	SPUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.34%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.05%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.76%	15.08%	+1.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.76%	19.38%	-2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.76%	21.32%	-4.56%

MNZL vs. SPUS - Expense Ratio Comparison

MNZL has a 0.40% expense ratio, which is lower than SPUS's 0.45% expense ratio.

Dividends

MNZL vs. SPUS - Dividend Comparison

MNZL's dividend yield for the trailing twelve months is around 0.03%, less than SPUS's 0.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
MNZL Manzil Russell Halal USA Broad Market ETF	0.03%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	0.53%	0.60%	0.70%	0.87%	1.21%	1.15%	1.04%

Frequently Asked Questions

Can I hold both MNZL and SPUS in my portfolio?

With a correlation of 0.92, MNZL and SPUS 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 ETF is better, MNZL or SPUS?

On fees, MNZL is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MNZL or SPUS?

MNZL is cheaper with a 0.40% expense ratio, compared with 0.45% for SPUS.

Which ETF pays a higher dividend yield, MNZL or SPUS?

SPUS has the higher dividend yield at 0.53%, compared with 0.03% for MNZL.

What is the main difference between MNZL and SPUS?

MNZL is categorized as Large Cap Blend Equities, while SPUS is S&P 500. MNZL tracks Russell IdealRatings Manzil Halal USA Broad Market Index, while SPUS tracks S&P 500 Shariah Industry Exclusions Index. They also come from different issuers: Manzil and SP Funds. Their fees differ too: 0.40% for MNZL and 0.45% for SPUS.