SPSK vs. HLAL

Last updated Jun 23, 2026

SPSK (SP Funds Dow Jones Global Sukuk ETF) and HLAL (Wahed FTSE USA Shariah ETF) are both exchange-traded funds - SPSK is a Global Bonds fund tracking the Dow Jones Sukuk Total Return (No Coupon Reinvestment), while HLAL is a Large Cap Growth Equities fund tracking the FTSE Shariah USA Index. Both are passively managed. Over the past 5 years, SPSK returned 0.88%/yr vs 15.03%/yr for HLAL. At a 0.23 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

SPSK vs. HLAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SP Funds Dow Jones Global Sukuk ETF (SPSK) 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, SPSK achieves a 0.03% return, which is significantly lower than HLAL's 15.80% return.

SPSK

• 1D: -0.19%
• 1M: 0.37%
• YTD: 0.03%
• 6M: 0.01%
• 1Y: 3.79%
• 3Y*: 4.03%
• 5Y*: 0.88%
• 10Y*: —

HLAL

• 1D: -0.14%
• 1M: 0.88%
• YTD: 15.80%
• 6M: 14.98%
• 1Y: 39.01%
• 3Y*: 20.26%
• 5Y*: 15.03%
• 10Y*: —

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

SPSK vs. HLAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SPSK SP Funds Dow Jones Global Sukuk ETF	0.03%	6.16%	2.95%	3.95%	-7.75%	-1.30%	3.67%	0.25%
HLAL Wahed FTSE USA Shariah ETF	15.80%	18.30%	16.70%	30.13%	-17.56%	28.64%	24.65%	0.03%

Correlation

The correlation between SPSK and HLAL is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (All Time) Calculated using the full available price history since Dec 30, 2019	0.23

The correlation between SPSK and HLAL shifts across timeframes, from 0.19 (5 years) to 0.33 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SPSK vs. HLAL — Risk / Return Rank

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

SPSK

SPSK Risk / Return Rank: 28
SPSK Sharpe Ratio Rank: 28
SPSK Sortino Ratio Rank: 27
SPSK Omega Ratio Rank: 25
SPSK Calmar Ratio Rank: 28
SPSK Martin Ratio Rank: 31

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: 78
HLAL Martin Ratio Rank: 84

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.

SPSK vs. HLAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SP Funds Dow Jones Global Sukuk ETF (SPSK) 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.

	SPSK	HLAL	Difference
Sharpe ratio: Return per unit of total volatility	0.99	2.76	-1.77
Sortino ratio: Return per unit of downside risk	1.46	3.75	-2.29
Omega ratio: Gain probability vs. loss probability	1.17	1.49	-0.32
Calmar ratio: Return relative to maximum drawdown	1.34	3.84	-2.51
Martin ratio: Return relative to average drawdown	4.36	16.70	-12.34

SPSK vs. HLAL - Sharpe Ratio Comparison

The current SPSK Sharpe Ratio is 0.99, which is lower than the HLAL Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of SPSK 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

SPSK vs. HLAL - Drawdown Comparison

The maximum SPSK drawdown since its inception was -12.83%, smaller than the maximum HLAL drawdown of -33.57%. Use the drawdown chart below to compare losses from any high point for SPSK and HLAL.

Drawdown Indicators

	SPSK	HLAL	Difference
Max Drawdown Largest peak-to-trough decline	-12.83%	-33.57%	+20.74%
Max Drawdown (1Y) Largest decline over 1 year	-2.85%	-10.20%	+7.35%
Max Drawdown (3Y) Largest decline over 3 years	-3.17%	-21.67%	+18.50%
Max Drawdown (5Y) Largest decline over 5 years	-12.45%	-23.18%	+10.73%
Current Drawdown Current decline from peak	-1.03%	-2.53%	+1.50%
Average Drawdown Average peak-to-trough decline	-3.80%	-4.99%	+1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	2.34%	-1.47%

Volatility

SPSK vs. HLAL - Volatility Comparison

The current volatility for SP Funds Dow Jones Global Sukuk ETF (SPSK) is 0.90%, while Wahed FTSE USA Shariah ETF (HLAL) has a volatility of 6.21%. This indicates that SPSK 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

	SPSK	HLAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	6.21%	-5.31%
Volatility (6M) Calculated over the trailing 6-month period	2.50%	11.36%	-8.86%
Volatility (1Y) Calculated over the trailing 1-year period	3.84%	14.21%	-10.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.28%	17.77%	-12.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.45%	20.25%	-14.80%

SPSK vs. HLAL - Expense Ratio Comparison

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

Dividends

SPSK vs. HLAL - Dividend Comparison

SPSK's dividend yield for the trailing twelve months is around 4.24%, more than HLAL's 0.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HLAL Wahed FTSE USA Shariah ETF	0.46%	0.53%	0.58%	0.72%	1.15%	0.78%	0.97%	0.72%
SPSK SP Funds Dow Jones Global Sukuk ETF	4.24%	3.63%	3.53%	2.95%	2.22%	2.56%	1.78%	0.00%

Frequently Asked Questions

Can I hold both SPSK and HLAL in my portfolio?

SPSK and HLAL have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPSK or HLAL?

HLAL has higher volatility (6.21%) compared to SPSK (0.90%). In terms of maximum drawdown, SPSK dropped -12.83% vs HLAL's -33.57%.

Which ETF is better, SPSK or HLAL?

On 5-year performance, HLAL leads with 15.03% vs 0.88% for SPSK. Both ETFs have the same 0.50% expense ratio. On volatility, SPSK has been the lower-risk option at 0.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPSK or HLAL?

Over the 5-year period, HLAL has performed better with a 15.03% return vs 0.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPSK or HLAL?

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

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

SPSK has the higher dividend yield at 4.24%, compared with 0.46% for HLAL.

What is the main difference between SPSK and HLAL?

SPSK is categorized as Global Bonds, while HLAL is Large Cap Growth Equities. SPSK tracks Dow Jones Sukuk Total Return (No Coupon Reinvestment), while HLAL tracks FTSE Shariah USA Index. They also come from different issuers: SP Funds and Wahed.

Which has better risk-adjusted returns?

HLAL currently has the higher Sharpe Ratio (2.76 vs 0.99), 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.