SPDW vs. UMMA

Last updated Jun 4, 2026

SPDW (SPDR Portfolio World ex-US ETF) and UMMA (Wahed Dow Jones Islamic World ETF) are both Foreign Large Cap Equities funds - SPDW tracks the S&P Developed Ex-U.S. BMI Index while UMMA tracks the Dow Jones Islamic Market International Titans 100 Index. Both are passively managed. Over the past 3 years, SPDW returned 19.77%/yr vs 22.73%/yr for UMMA. Their correlation of 0.87 suggests significant overlap in exposure. SPDW charges 0.04%/yr vs 0.65%/yr for UMMA.

Performance

SPDW vs. UMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio World ex-US ETF (SPDW) and Wahed Dow Jones Islamic World ETF (UMMA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPDW achieves a 15.00% return, which is significantly lower than UMMA's 32.49% return.

SPDW

• 1D: -0.87%
• 1M: 5.56%
• YTD: 15.00%
• 6M: 18.06%
• 1Y: 32.15%
• 3Y*: 19.77%
• 5Y*: 9.38%
• 10Y*: 10.09%

UMMA

• 1D: -0.77%
• 1M: 14.49%
• YTD: 32.49%
• 6M: 35.58%
• 1Y: 53.55%
• 3Y*: 22.73%
• 5Y*: —
• 10Y*: —

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

SPDW vs. UMMA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPDW SPDR Portfolio World ex-US ETF	15.00%	34.75%	3.55%	17.81%	-15.77%
UMMA Wahed Dow Jones Islamic World ETF	32.49%	26.65%	4.67%	18.84%	-21.62%

Correlation

The correlation between SPDW and UMMA is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 10, 2022	0.87

The correlation between SPDW and UMMA has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

SPDW vs. UMMA - Sectors Allocation Comparison

Sectors	SPDW	UMMA
Financial Services	22.9%	-
Industrials	19.2%	13.5%
Technology	13.7%	42.9%
Healthcare	8.3%	16.6%
Consumer Cyclical	7.8%	8.1%
Basic Materials	7.3%	9.3%
Consumer Defensive	5.7%	5.6%
Energy	5.5%	2.9%
Communication Services	3.8%	0.8%
Utilities	3.3%	-
Real Estate	2.5%	0.5%

Return for Risk

SPDW vs. UMMA — Risk / Return Rank

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

SPDW

SPDW Risk / Return Rank: 59
SPDW Sharpe Ratio Rank: 60
SPDW Sortino Ratio Rank: 59
SPDW Omega Ratio Rank: 59
SPDW Calmar Ratio Rank: 55
SPDW Martin Ratio Rank: 60

UMMA

UMMA Risk / Return Rank: 75
UMMA Sharpe Ratio Rank: 81
UMMA Sortino Ratio Rank: 77
UMMA Omega Ratio Rank: 75
UMMA Calmar Ratio Rank: 71
UMMA Martin Ratio Rank: 73

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.

SPDW vs. UMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) 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.

	SPDW	UMMA	Difference
Sharpe ratio: Return per unit of total volatility	2.07	2.68	-0.60
Sortino ratio: Return per unit of downside risk	2.87	3.53	-0.67
Omega ratio: Gain probability vs. loss probability	1.37	1.46	-0.09
Calmar ratio: Return relative to maximum drawdown	2.80	3.60	-0.81
Martin ratio: Return relative to average drawdown	10.93	14.07	-3.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPDW vs. UMMA - Sharpe Ratio Comparison

The current SPDW Sharpe Ratio is 2.07, which is comparable to the UMMA Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of SPDW and UMMA, 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

	SPDW	UMMA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	2.68	-0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.58	-0.34

Drawdowns

SPDW vs. UMMA - Drawdown Comparison

The maximum SPDW drawdown since its inception was -60.02%, which is greater than UMMA's maximum drawdown of -34.17%. Use the drawdown chart below to compare losses from any high point for SPDW and UMMA.

Drawdown Indicators

	SPDW	UMMA	Difference
Max Drawdown Largest peak-to-trough decline	-60.02%	-34.17%	-25.85%
Max Drawdown (1Y) Largest decline over 1 year	-11.55%	-14.93%	+3.38%
Max Drawdown (3Y) Largest decline over 3 years	-13.53%	-18.73%	+5.20%
Max Drawdown (5Y) Largest decline over 5 years	-30.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.98%	—	—
Current Drawdown Current decline from peak	-0.87%	-0.77%	-0.10%
Average Drawdown Average peak-to-trough decline	-12.91%	-9.82%	-3.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	3.82%	-0.87%

Volatility

SPDW vs. UMMA - Volatility Comparison

The current volatility for SPDR Portfolio World ex-US ETF (SPDW) is 5.63%, while Wahed Dow Jones Islamic World ETF (UMMA) has a volatility of 7.64%. This indicates that SPDW experiences smaller price fluctuations and is considered to be less risky than UMMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDW	UMMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	7.64%	-2.01%
Volatility (6M) Calculated over the trailing 6-month period	13.17%	17.26%	-4.09%
Volatility (1Y) Calculated over the trailing 1-year period	15.60%	20.10%	-4.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.49%	20.55%	-4.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.26%	20.55%	-3.29%

SPDW vs. UMMA - Expense Ratio Comparison

SPDW has a 0.04% expense ratio, which is lower than UMMA's 0.65% expense ratio.

Dividends

SPDW vs. UMMA - Dividend Comparison

SPDW's dividend yield for the trailing twelve months is around 2.87%, more than UMMA's 0.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPDW SPDR Portfolio World ex-US ETF	2.87%	3.30%	3.19%	2.75%	3.12%	3.04%	1.87%	3.13%	3.08%	1.86%	3.11%	2.78%
UMMA Wahed Dow Jones Islamic World ETF	0.93%	1.02%	0.91%	1.09%	1.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPDW and UMMA in my portfolio?

SPDW and UMMA have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPDW or UMMA?

UMMA has higher volatility (7.64%) compared to SPDW (5.63%). In terms of maximum drawdown, SPDW dropped -60.02% vs UMMA's -34.17%.

Which ETF is better, SPDW or UMMA?

On 3-year performance, UMMA leads with 22.73% vs 19.77% for SPDW. On fees, SPDW is cheaper at 0.04% per year. On volatility, SPDW has been the lower-risk option at 5.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDW or UMMA?

Over the 3-year period, UMMA has performed better with a 22.73% return vs 19.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDW or UMMA?

SPDW is cheaper with a 0.04% expense ratio, compared with 0.65% for UMMA.

Which ETF pays a higher dividend yield, SPDW or UMMA?

SPDW has the higher dividend yield at 2.87%, compared with 0.93% for UMMA.

What is the main difference between SPDW and UMMA?

SPDW tracks S&P Developed Ex-U.S. BMI Index, while UMMA tracks Dow Jones Islamic Market International Titans 100 Index. They also come from different issuers: State Street and Wahed. Their fees differ too: 0.04% for SPDW and 0.65% for UMMA.

Which has better risk-adjusted returns?

UMMA currently has the higher Sharpe Ratio (2.68 vs 2.07), 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.