SPSK vs. SPUS

Last updated Jun 23, 2026

SPSK (SP Funds Dow Jones Global Sukuk ETF) and SPUS (SP Funds S&P 500 Sharia Industry Exclusions ETF) are both exchange-traded funds - SPSK is a Global Bonds fund tracking the Dow Jones Sukuk Total Return (No Coupon Reinvestment), while SPUS is a S&P 500 fund tracking the S&P 500 Shariah Industry Exclusions Index. Both are passively managed. Over the past 5 years, SPSK returned 0.88%/yr vs 16.30%/yr for SPUS. At a 0.22 correlation, their price movements are largely independent. SPSK charges 0.50%/yr vs 0.45%/yr for SPUS.

Performance

SPSK vs. SPUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SP Funds Dow Jones Global Sukuk ETF (SPSK) 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, SPSK achieves a 0.03% return, which is significantly lower than SPUS's 12.83% return.

SPSK

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

SPSK vs. SPUS - 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%
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	12.83%	19.77%	26.49%	34.24%	-22.76%	35.92%	25.68%	-0.83%

Correlation

The correlation between SPSK and SPUS is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since Dec 30, 2019	0.22

Return for Risk

SPSK vs. SPUS — 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

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.

SPSK vs. SPUS - Risk-Adjusted Trends Comparison

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

	SPSK	SPUS	Difference
Sharpe ratio: Return per unit of total volatility	0.99	2.42	-1.42
Sortino ratio: Return per unit of downside risk	1.46	3.17	-1.72
Omega ratio: Gain probability vs. loss probability	1.17	1.42	-0.25
Calmar ratio: Return relative to maximum drawdown	1.34	3.41	-2.08
Martin ratio: Return relative to average drawdown	4.36	13.73	-9.36

SPSK vs. SPUS - Sharpe Ratio Comparison

The current SPSK Sharpe Ratio is 0.99, which is lower than the SPUS Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of SPSK and SPUS, 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. SPUS - Drawdown Comparison

The maximum SPSK drawdown since its inception was -12.83%, smaller than the maximum SPUS drawdown of -30.80%. Use the drawdown chart below to compare losses from any high point for SPSK and SPUS.

Drawdown Indicators

	SPSK	SPUS	Difference
Max Drawdown Largest peak-to-trough decline	-12.83%	-30.80%	+17.97%
Max Drawdown (1Y) Largest decline over 1 year	-2.85%	-10.66%	+7.81%
Max Drawdown (3Y) Largest decline over 3 years	-3.17%	-22.82%	+19.65%
Max Drawdown (5Y) Largest decline over 5 years	-12.45%	-28.06%	+15.61%
Current Drawdown Current decline from peak	-1.03%	-3.41%	+2.38%
Average Drawdown Average peak-to-trough decline	-3.80%	-6.19%	+2.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	2.64%	-1.77%

Volatility

SPSK vs. SPUS - Volatility Comparison

The current volatility for SP Funds Dow Jones Global Sukuk ETF (SPSK) is 0.90%, while SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) has a volatility of 6.34%. This indicates that SPSK experiences smaller price fluctuations and is considered to be less risky than SPUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPSK	SPUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	6.34%	-5.44%
Volatility (6M) Calculated over the trailing 6-month period	2.50%	12.05%	-9.55%
Volatility (1Y) Calculated over the trailing 1-year period	3.84%	15.08%	-11.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.28%	19.38%	-14.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.45%	21.32%	-15.87%

SPSK vs. SPUS - Expense Ratio Comparison

SPSK has a 0.50% expense ratio, which is higher than SPUS's 0.45% expense ratio.

Dividends

SPSK vs. SPUS - Dividend Comparison

SPSK's dividend yield for the trailing twelve months is around 4.24%, more than SPUS's 0.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
SPSK SP Funds Dow Jones Global Sukuk ETF	4.24%	3.63%	3.53%	2.95%	2.22%	2.56%	1.78%
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 SPSK and SPUS in my portfolio?

SPSK and SPUS have a correlation of 0.26, 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 SPUS?

SPUS has higher volatility (6.34%) compared to SPSK (0.90%). In terms of maximum drawdown, SPSK dropped -12.83% vs SPUS's -30.80%.

Which ETF is better, SPSK or SPUS?

On 5-year performance, SPUS leads with 16.30% vs 0.88% for SPSK. On fees, SPUS is cheaper at 0.45% per year. 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 SPUS?

Over the 5-year period, SPUS has performed better with a 16.30% 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 SPUS?

SPUS is cheaper with a 0.45% expense ratio, compared with 0.50% for SPSK.

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

SPSK has the higher dividend yield at 4.24%, compared with 0.53% for SPUS.

What is the main difference between SPSK and SPUS?

SPSK is categorized as Global Bonds, while SPUS is S&P 500. SPSK tracks Dow Jones Sukuk Total Return (No Coupon Reinvestment), while SPUS tracks S&P 500 Shariah Industry Exclusions Index. Their fees differ too: 0.50% for SPSK and 0.45% for SPUS.

Which has better risk-adjusted returns?

SPUS currently has the higher Sharpe Ratio (2.42 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.