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SKUK.AS vs. HLAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SKUK.AS vs. HLAL

Last updated Jul 21, 2026
Documentation

SKUK.AS (iShares $ Sukuk UCITS ETF USD (Dist)) and HLAL (Wahed FTSE USA Shariah ETF) are both exchange-traded funds - SKUK.AS is a Emerging Markets Bonds fund tracking the J.P. Morgan EM Aggregate Sukuk Index, while HLAL is a Large Cap Growth Equities fund tracking the FTSE Shariah USA Index. Both are passively managed. Over the past year, SKUK.AS returned 3.40% vs 31.55% for HLAL. At a 0.08 correlation, their price movements are largely independent. SKUK.AS charges 0.40%/yr vs 0.50%/yr for HLAL.

Performance

SKUK.AS vs. HLAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares $ Sukuk UCITS ETF USD (Dist) (SKUK.AS) and Wahed FTSE USA Shariah ETF (HLAL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SKUK.AS achieves a -0.12% return, which is significantly lower than HLAL's 15.02% return.

SKUK.AS

1D
0.00%
1M
-0.31%
6M
0.29%
YTD
-0.12%
1Y
3.40%
3Y*
—
5Y*
—
10Y*
—
ALL TIME*
4.07%

HLAL

1D
1.45%
1M
-0.81%
6M
15.79%
YTD
15.02%
1Y
31.55%
3Y*
18.68%
5Y*
14.09%
10Y*
—
ALL TIME*
17.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SKUK.AS vs. HLAL - Yearly Performance Comparison

2026 (YTD)20252024
SKUK.AS
iShares $ Sukuk UCITS ETF USD (Dist)		-0.12%5.00%5.37%
HLAL
Wahed FTSE USA Shariah ETF		15.02%18.30%17.24%

Correlation

The correlation between SKUK.AS and HLAL is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.17

Correlation (All Time)
Calculated using the full available price history since Jan 17, 2024

0.08

Compare stocks, funds, or ETFs

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iShares $ Sukuk UCITS ETF USD (Dist)

Wahed FTSE USA Shariah ETF

Often compared with SKUK.AS:
SKUK.AS vs. SPSKSKUK.AS vs. IWDA.ASSKUK.AS vs. CSPX.ASSKUK.AS vs. DFND.ASSKUK.AS vs. WINC.ASSKUK.AS vs. EUEA.ASSKUK.AS vs. CNDX.AS
Often compared with HLAL:
HLAL vs. SPUSHLAL vs. SPYHLAL vs. UMMAHLAL vs. VOOHLAL vs. AMAGXHLAL vs. SPTEHLAL vs. SPSK

Return for Risk

SKUK.AS vs. HLAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SKUK.AS
SKUK.AS Risk / Return Rank: 3737
Overall Rank
SKUK.AS Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
SKUK.AS Sortino Ratio Rank: 4242
Sortino Ratio Rank
SKUK.AS Omega Ratio Rank: 4343
Omega Ratio Rank
SKUK.AS Calmar Ratio Rank: 2828
Calmar Ratio Rank
SKUK.AS Martin Ratio Rank: 3434
Martin Ratio Rank
HLAL
HLAL Risk / Return Rank: 8484
Overall Rank
HLAL Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
HLAL Sortino Ratio Rank: 8585
Sortino Ratio Rank
HLAL Omega Ratio Rank: 8383
Omega Ratio Rank
HLAL Calmar Ratio Rank: 8080
Calmar Ratio Rank
HLAL Martin Ratio Rank: 8484
Martin Ratio Rank
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.

SKUK.AS vs. HLAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares $ Sukuk UCITS ETF USD (Dist) (SKUK.AS) 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.

SKUK.ASHLALDifference
Sharpe ratioReturn per unit of total volatility
1.06
2.13

-1.08

Sortino ratioReturn per unit of downside risk
1.64
2.95

-1.31

Omega ratioGain probability vs. loss probability

1.21

1.37

-0.16

Calmar ratioReturn relative to maximum drawdown

1.01

3.11

-2.09

Martin ratioReturn relative to average drawdown

3.73

12.20

-8.47

SKUK.AS vs. HLAL - Sharpe Ratio Comparison

The current SKUK.AS Sharpe Ratio is 1.06, which is lower than the HLAL Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of SKUK.AS 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.

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Drawdowns

SKUK.AS vs. HLAL - Drawdown Comparison

The maximum SKUK.AS drawdown since its inception was -3.33%, smaller than the maximum HLAL drawdown of -33.57%. Use the drawdown chart below to compare losses from any high point for SKUK.AS and HLAL.

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Drawdown Indicators

SKUK.ASHLALDifference

Max Drawdown

Largest peak-to-trough decline

-3.33%

-33.57%

+30.24%

Max Drawdown (1Y)

Largest decline over 1 year

-3.33%

-10.20%

+6.87%

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

-0.89%

-3.18%

+2.29%

Average Drawdown

Average peak-to-trough decline

-0.65%

-4.97%

+4.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.91%

2.59%

-1.68%

Volatility

SKUK.AS vs. HLAL - Volatility Comparison

The current volatility for iShares $ Sukuk UCITS ETF USD (Dist) (SKUK.AS) is 0.59%, while Wahed FTSE USA Shariah ETF (HLAL) has a volatility of 5.06%. This indicates that SKUK.AS 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.

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Volatility by Period

SKUK.ASHLALDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.59%

5.06%

-4.47%

Volatility (6M)

Calculated over the trailing 6-month period

2.81%

12.28%

-9.47%

Volatility (1Y)

Calculated over the trailing 1-year period

3.20%

14.87%

-11.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.15%

17.85%

-14.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.15%

20.23%

-17.08%

SKUK.AS vs. HLAL - Expense Ratio Comparison

SKUK.AS has a 0.40% expense ratio, which is lower than HLAL's 0.50% expense ratio.

Dividends

SKUK.AS vs. HLAL - Dividend Comparison

SKUK.AS's dividend yield for the trailing twelve months is around 4.81%, more than HLAL's 0.45% yield.

PositionTTM2025202420232022202120202019
HLAL
Wahed FTSE USA Shariah ETF		0.45%0.53%0.58%0.72%1.15%0.78%0.97%0.72%
SKUK.AS
iShares $ Sukuk UCITS ETF USD (Dist)		4.81%2.41%4.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

SKUK.AS and HLAL have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

SKUK.AS is cheaper with a 0.40% expense ratio, compared with 0.50% for HLAL.

SKUK.AS is categorized as Emerging Markets Bonds, while HLAL is Large Cap Growth Equities. SKUK.AS tracks J.P. Morgan EM Aggregate Sukuk Index, while HLAL tracks FTSE Shariah USA Index. They also come from different issuers: iShares and Wahed. Their fees differ too: 0.40% for SKUK.AS and 0.50% for HLAL.

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