REFA vs. UMMA
REFA (Columbia Research Enhanced International Equity ETF) and UMMA (Wahed Dow Jones Islamic World ETF) are both Foreign Large Cap Equities funds. REFA is passively managed, while UMMA is actively managed. Their correlation of 0.82 suggests significant overlap in exposure. REFA charges 0.32%/yr vs 0.65%/yr for UMMA.
Performance
REFA vs. UMMA - Performance Comparison
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Returns By Period
In the year-to-date period, REFA achieves a 11.14% return, which is significantly lower than UMMA's 28.06% return.
REFA
- 1D
- 1.35%
- 1M
- 2.81%
- 6M
- 9.75%
- YTD
- 11.14%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UMMA
- 1D
- -0.95%
- 1M
- -3.34%
- 6M
- 25.31%
- YTD
- 28.06%
- 1Y
- 42.83%
- 3Y*
- 20.93%
- 5Y*
- —
- 10Y*
- —
REFA vs. UMMA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
REFA Columbia Research Enhanced International Equity ETF | 11.14% | 0.33% |
UMMA Wahed Dow Jones Islamic World ETF | 28.06% | 0.45% |
Correlation
The correlation between REFA and UMMA is 0.82, 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 Dec 11, 2025 | 0.82 |
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Return for Risk
REFA vs. UMMA — Risk / Return Rank
REFA
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
UMMA
REFA vs. UMMA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Columbia Research Enhanced International Equity ETF (REFA) and Wahed Dow Jones Islamic World ETF (UMMA). 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.
| REFA | UMMA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.34 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.88 | — |
| Martin ratioReturn relative to average drawdown | — | 10.86 | — |
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Drawdowns
REFA vs. UMMA - Drawdown Comparison
The maximum REFA drawdown since its inception was -11.23%, smaller than the maximum UMMA drawdown of -34.17%. Use the drawdown chart below to compare losses from any high point for REFA and UMMA.
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Drawdown Indicators
| REFA | UMMA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.23% | -34.17% | +22.94% |
Max Drawdown (1Y)Largest decline over 1 year | — | -14.93% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.73% | — |
Current DrawdownCurrent decline from peak | -0.36% | -6.14% | +5.78% |
Average DrawdownAverage peak-to-trough decline | -2.79% | -9.69% | +6.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 3.95% | — |
Volatility
REFA vs. UMMA - Volatility Comparison
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Volatility by Period
| REFA | UMMA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 12.39% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 20.85% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 18.61% | 23.16% | -4.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.61% | 21.14% | -2.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.61% | 21.14% | -2.53% |
REFA vs. UMMA - Expense Ratio Comparison
REFA has a 0.32% expense ratio, which is lower than UMMA's 0.65% expense ratio.
Dividends
REFA vs. UMMA - Dividend Comparison
REFA's dividend yield for the trailing twelve months is around 0.03%, less than UMMA's 0.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
REFA Columbia Research Enhanced International Equity ETF | 0.03% | 0.03% | 0.00% | 0.00% | 0.00% |
UMMA Wahed Dow Jones Islamic World ETF | 0.95% | 1.02% | 0.91% | 1.09% | 1.77% |
Frequently Asked Questions
REFA and UMMA have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, REFA is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.
REFA is cheaper with a 0.32% expense ratio, compared with 0.65% for UMMA.
UMMA has the higher dividend yield at 0.95%, compared with 0.03% for REFA.
They also come from different issuers: Columbia Threadneedle and Wahed. Their fees differ too: 0.32% for REFA and 0.65% for UMMA.
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