SPUS vs. AMANX

Last updated Aug 2, 2026

SPUS (SP Funds S&P 500 Sharia Industry Exclusions ETF) and AMANX (Amana Income Fund Investor Shares) are both funds - SPUS is a S&P 500 fund tracking the S&P 500 Shariah Industry Exclusions Index, while AMANX is a Large Cap Blend Equities fund actively managed by Amana. SPUS is passively managed, while AMANX is actively managed. Over the past 5 years, SPUS returned 14.52%/yr vs 10.71%/yr for AMANX. Their correlation of 0.81 means they have usually moved in the same direction. SPUS charges 0.45%/yr vs 1.01%/yr for AMANX.

Performance

SPUS vs. AMANX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) and Amana Income Fund Investor Shares (AMANX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPUS achieves a 10.68% return, which is significantly lower than AMANX's 12.65% return.

SPUS

• 1D: -0.21%
• 1M: -0.54%
• 6M: 9.78%
• YTD: 10.68%
• 1Y: 25.03%
• 3Y*: 20.31%
• 5Y*: 14.52%
• 10Y*: —
• ALL TIME*: 18.05%

AMANX

• 1D: 1.60%
• 1M: -0.31%
• 6M: 10.23%
• YTD: 12.65%
• 1Y: 21.21%
• 3Y*: 15.09%
• 5Y*: 10.71%
• 10Y*: 11.79%
• ALL TIME*: 8.84%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AMANX Amana Income Fund Investor Shares	$0.00	$0.00	$0.00
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	$23.25M	$21.17M	$26.78M

SPUS vs. AMANX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	10.68%	19.77%	26.49%	34.24%	-22.76%	35.92%	25.68%	0.95%
AMANX Amana Income Fund Investor Shares	12.65%	16.41%	12.85%	13.60%	-8.86%	22.53%	13.98%	1.17%

Correlation

The correlation between SPUS and AMANX is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.81
Correlation (All Time) Calculated using the full available price history since Dec 18, 2019	0.81

The correlation between SPUS and AMANX has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.

Return for Risk

SPUS vs. AMANX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPUS

SPUS Risk / Return Rank: 63
SPUS Sharpe Ratio Rank: 64
SPUS Sortino Ratio Rank: 62
SPUS Omega Ratio Rank: 60
SPUS Calmar Ratio Rank: 63
SPUS Martin Ratio Rank: 63

AMANX

AMANX Risk / Return Rank: 59
AMANX Sharpe Ratio Rank: 64
AMANX Sortino Ratio Rank: 65
AMANX Omega Ratio Rank: 61
AMANX Calmar Ratio Rank: 49
AMANX Martin Ratio Rank: 54

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPUS vs. AMANX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) and Amana Income Fund Investor Shares (AMANX). 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.

	SPUS	AMANX	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.49	-0.01
Sortino ratio: Return per unit of downside risk	2.05	2.16	-0.11
Omega ratio: Gain probability vs. loss probability	1.26	1.27	-0.01
Calmar ratio: Return relative to maximum drawdown	2.19	1.79	+0.41
Martin ratio: Return relative to average drawdown	7.52	7.10	+0.43

SPUS vs. AMANX - Sharpe Ratio Comparison

The current SPUS Sharpe Ratio is 1.47, which is comparable to the AMANX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of SPUS and AMANX, 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

SPUS vs. AMANX - Drawdown Comparison

The maximum SPUS drawdown since its inception was -30.80%, smaller than the maximum AMANX drawdown of -37.82%. Use the drawdown chart below to compare losses from any high point for SPUS and AMANX.

Drawdown Indicators

	SPUS	AMANX	Difference
Max Drawdown Largest peak-to-trough decline	-30.80%	-37.82%	+7.02%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-11.03%	+0.37%
Max Drawdown (3Y) Largest decline over 3 years	-22.82%	-15.42%	-7.40%
Max Drawdown (5Y) Largest decline over 5 years	-28.06%	-19.19%	-8.87%
Max Drawdown (10Y) Largest decline over 10 years	—	-31.48%	—
Current Drawdown Current decline from peak	-5.26%	-1.11%	-4.15%
Average Drawdown Average peak-to-trough decline	-6.17%	-5.98%	-0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	2.77%	+0.33%

Volatility

SPUS vs. AMANX - Volatility Comparison

SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) has a higher volatility of 4.66% compared to Amana Income Fund Investor Shares (AMANX) at 3.48%. This indicates that SPUS's price experiences larger fluctuations and is considered to be riskier than AMANX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPUS	AMANX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.66%	3.48%	+1.18%
Volatility (6M) Calculated over the trailing 6-month period	12.81%	10.93%	+1.88%
Volatility (1Y) Calculated over the trailing 1-year period	15.89%	13.27%	+2.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.49%	14.08%	+5.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.26%	15.95%	+5.31%

SPUS vs. AMANX - Expense Ratio Comparison

SPUS has a 0.45% expense ratio, which is lower than AMANX's 1.01% expense ratio.

Dividends

SPUS vs. AMANX - Dividend Comparison

SPUS's dividend yield for the trailing twelve months is around 0.54%, less than AMANX's 4.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMANX Amana Income Fund Investor Shares	4.79%	5.39%	5.69%	5.24%	8.14%	4.66%	6.53%	7.81%	6.55%	5.75%	4.15%	6.88%
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	0.54%	0.60%	0.70%	0.87%	1.21%	1.15%	1.04%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPUS and AMANX in my portfolio?

SPUS and AMANX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPUS or AMANX?

SPUS has higher volatility (4.66%) compared to AMANX (3.48%). In terms of maximum drawdown, SPUS dropped -30.80% vs AMANX's -37.82%.

Which has better risk-adjusted returns?

AMANX currently has the higher Sharpe Ratio (1.49 vs 1.47), 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.