SPUS vs. HLAL

Last updated Apr 1, 2026

Compare and contrast key facts about SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) and Wahed FTSE USA Shariah ETF (HLAL).

SPUS and HLAL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPUS is a passively managed fund by Toroso Investments that tracks the performance of the S&P 500 Shariah Industry Exclusions Index. It was launched on Dec 18, 2019. HLAL is a passively managed fund by Wahed that tracks the performance of the FTSE Shariah USA Index. It was launched on Jul 16, 2019. Both SPUS and HLAL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SPUS vs. HLAL - 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 Wahed FTSE USA Shariah ETF (HLAL). The values are adjusted to include any dividend payments, if applicable.

SPUS vs. HLAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	-5.55%	19.77%	26.49%	34.24%	-22.76%	35.92%	25.68%	0.81%
HLAL Wahed FTSE USA Shariah ETF	-4.25%	18.30%	16.70%	30.13%	-17.56%	28.64%	24.65%	1.73%

Returns By Period

In the year-to-date period, SPUS achieves a -5.55% return, which is significantly lower than HLAL's -4.25% return.

SPUS

• 1D: 3.24%
• 1M: -5.39%
• YTD: -5.55%
• 6M: -2.24%
• 1Y: 24.49%
• 3Y*: 19.34%
• 5Y*: 13.72%
• 10Y*: —

HLAL

• 1D: 3.24%
• 1M: -5.69%
• YTD: -4.25%
• 6M: 0.23%
• 1Y: 22.13%
• 3Y*: 15.73%
• 5Y*: 11.68%
• 10Y*: —

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

SPUS vs. HLAL - Expense Ratio Comparison

SPUS has a 0.49% expense ratio, which is lower than HLAL's 0.50% expense ratio.

HLAL

Wahed FTSE USA Shariah ETF

SPUS

SP Funds S&P 500 Sharia Industry Exclusions ETF

Return for Risk

SPUS vs. HLAL — Risk / Return Rank

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

SPUS

SPUS Risk / Return Rank: 76
SPUS Sharpe Ratio Rank: 70
SPUS Sortino Ratio Rank: 75
SPUS Omega Ratio Rank: 74
SPUS Calmar Ratio Rank: 78
SPUS Martin Ratio Rank: 82

HLAL

HLAL Risk / Return Rank: 73
HLAL Sharpe Ratio Rank: 68
HLAL Sortino Ratio Rank: 73
HLAL Omega Ratio Rank: 73
HLAL Calmar Ratio Rank: 71
HLAL Martin Ratio Rank: 78

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.

SPUS vs. HLAL - 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 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.

	SPUS	HLAL	Difference
Sharpe ratio Return per unit of total volatility	1.18	1.14	+0.04
Sortino ratio Return per unit of downside risk	1.80	1.76	+0.04
Omega ratio Gain probability vs. loss probability	1.26	1.26	0.00
Calmar ratio Return relative to maximum drawdown	1.96	1.72	+0.24
Martin ratio Return relative to average drawdown	8.40	7.90	+0.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPUS vs. HLAL - Sharpe Ratio Comparison

The current SPUS Sharpe Ratio is 1.18, which is comparable to the HLAL Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of SPUS and HLAL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPUS	HLAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	1.14	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.67	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.73	+0.02

Correlation

The correlation between SPUS and HLAL is 0.94, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SPUS vs. HLAL - Dividend Comparison

SPUS's dividend yield for the trailing twelve months is around 0.63%, more than HLAL's 0.55% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	0.63%	0.60%	0.70%	0.87%	1.21%	1.15%	1.04%	0.00%
HLAL Wahed FTSE USA Shariah ETF	0.55%	0.53%	0.58%	0.72%	1.15%	0.78%	0.97%	0.72%

Drawdowns

SPUS vs. HLAL - Drawdown Comparison

The maximum SPUS drawdown since its inception was -30.80%, smaller than the maximum HLAL drawdown of -33.57%. Use the drawdown chart below to compare losses from any high point for SPUS and HLAL.

Drawdown Indicators

	SPUS	HLAL	Difference
Max Drawdown Largest peak-to-trough decline	-30.80%	-33.57%	+2.77%
Max Drawdown (1Y) Largest decline over 1 year	-12.76%	-13.15%	+0.39%
Max Drawdown (5Y) Largest decline over 5 years	-28.06%	-23.18%	-4.88%
Current Drawdown Current decline from peak	-7.77%	-7.30%	-0.47%
Average Drawdown Average peak-to-trough decline	-6.35%	-5.10%	-1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	2.86%	+0.12%

Volatility

SPUS vs. HLAL - Volatility Comparison

SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) and Wahed FTSE USA Shariah ETF (HLAL) have volatilities of 6.04% and 5.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPUS	HLAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.04%	5.80%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	11.25%	10.12%	+1.13%
Volatility (1Y) Calculated over the trailing 1-year period	20.90%	19.52%	+1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.20%	17.52%	+1.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.43%	20.33%	+1.10%