SPUS vs. HLAL

Last updated Aug 2, 2026

SPUS (SP Funds S&P 500 Sharia Industry Exclusions ETF) and HLAL (Wahed FTSE USA Shariah ETF) are both exchange-traded funds - SPUS is a S&P 500 fund tracking the S&P 500 Shariah Industry Exclusions Index, while HLAL is a Large Cap Growth Equities fund tracking the FTSE Shariah USA Index. Both are passively managed. Over the past 5 years, SPUS returned 14.52%/yr vs 13.34%/yr for HLAL. Their correlation of 0.94 means they have usually moved in the same direction. SPUS charges 0.45%/yr vs 0.50%/yr for HLAL.

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.

Returns By Period

In the year-to-date period, SPUS achieves a 10.68% return, which is significantly lower than HLAL's 12.86% 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%

HLAL

• 1D: 0.12%
• 1M: -0.57%
• 6M: 10.76%
• YTD: 12.86%
• 1Y: 30.01%
• 3Y*: 17.36%
• 5Y*: 13.34%
• 10Y*: —
• ALL TIME*: 16.69%

*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)
HLAL Wahed FTSE USA Shariah ETF	$3.42M	$3.57M	$4.40M
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	$23.25M	$21.17M	$26.78M

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	10.68%	19.77%	26.49%	34.24%	-22.76%	35.92%	25.68%	0.95%
HLAL Wahed FTSE USA Shariah ETF	12.86%	18.30%	16.70%	30.13%	-17.56%	28.64%	24.65%	1.69%

Correlation

The correlation between SPUS and HLAL is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.96
Correlation (All Time) Calculated using the full available price history since Dec 18, 2019	0.94

The correlation between SPUS and HLAL has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

SPUS vs. HLAL - Sectors Allocation Comparison

Sectors	SPUS	HLAL
Technology	59.9%	57.0%
Healthcare	11.4%	9.6%
Consumer Cyclical	7.1%	5.0%
Industrials	6.8%	5.1%
Communication Services	5.6%	13.8%
Basic Materials	2.7%	2.1%
Consumer Defensive	2.7%	2.6%
Energy	2.5%	3.9%
Real Estate	1.2%	0.8%
Utilities	0.2%	0.2%
Financial Services	-	0.0%

Return for Risk

SPUS vs. HLAL — 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

HLAL

HLAL Risk / Return Rank: 79
HLAL Sharpe Ratio Rank: 80
HLAL Sortino Ratio Rank: 80
HLAL Omega Ratio Rank: 77
HLAL Calmar Ratio Rank: 78
HLAL Martin Ratio Rank: 79

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. 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.

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	HLAL	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.83	-0.36
Sortino ratio: Return per unit of downside risk	2.05	2.58	-0.53
Omega ratio: Gain probability vs. loss probability	1.26	1.32	-0.06
Calmar ratio: Return relative to maximum drawdown	2.19	2.75	-0.55
Martin ratio: Return relative to average drawdown	7.52	10.11	-2.59

SPUS vs. HLAL - Sharpe Ratio Comparison

The current SPUS Sharpe Ratio is 1.47, which is comparable to the HLAL Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of SPUS 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

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	-10.66%	-10.20%	-0.46%
Max Drawdown (3Y) Largest decline over 3 years	-22.82%	-21.67%	-1.15%
Max Drawdown (5Y) Largest decline over 5 years	-28.06%	-23.18%	-4.88%
Current Drawdown Current decline from peak	-5.26%	-5.00%	-0.26%
Average Drawdown Average peak-to-trough decline	-6.17%	-4.98%	-1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	2.77%	+0.33%

Volatility

SPUS vs. HLAL - Volatility Comparison

The current volatility for SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) is 4.66%, while Wahed FTSE USA Shariah ETF (HLAL) has a volatility of 5.12%. This indicates that SPUS 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

	SPUS	HLAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.66%	5.12%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	12.81%	12.57%	+0.24%
Volatility (1Y) Calculated over the trailing 1-year period	15.89%	15.30%	+0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.49%	17.91%	+1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.26%	20.23%	+1.03%

SPUS vs. HLAL - Expense Ratio Comparison

SPUS has a 0.45% expense ratio, which is lower than HLAL's 0.50% expense ratio.

Dividends

SPUS vs. HLAL - Dividend Comparison

SPUS's dividend yield for the trailing twelve months is around 0.54%, 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%
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%

Frequently Asked Questions

Can I hold both SPUS and HLAL in my portfolio?

With a correlation of 0.93, SPUS and HLAL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPUS or HLAL?

HLAL has higher volatility (5.12%) compared to SPUS (4.66%). In terms of maximum drawdown, SPUS dropped -30.80% vs HLAL's -33.57%.

Which ETF is better, SPUS or HLAL?

On 5-year performance, SPUS leads with 14.52% vs 13.34% for HLAL. On fees, SPUS is cheaper at 0.45% per year. On volatility, SPUS has been the lower-risk option at 4.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUS or HLAL?

Over the 5-year period, SPUS has performed better with a 14.52% return vs 13.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUS or HLAL?

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

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

SPUS has the higher dividend yield at 0.54%, compared with 0.46% for HLAL.

What is the main difference between SPUS and HLAL?

SPUS is categorized as S&P 500, while HLAL is Large Cap Growth Equities. SPUS tracks S&P 500 Shariah Industry Exclusions Index, while HLAL tracks FTSE Shariah USA Index. They also come from different issuers: SP Funds and Wahed. Their fees differ too: 0.45% for SPUS and 0.50% for HLAL.

Which has better risk-adjusted returns?

HLAL currently has the higher Sharpe Ratio (1.83 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.