SPUS vs. IMANX

Last updated Jun 24, 2026

SPUS (SP Funds S&P 500 Sharia Industry Exclusions ETF) and IMANX (Iman Fund) are both funds - SPUS is a S&P 500 fund tracking the S&P 500 Shariah Industry Exclusions Index, while IMANX is a Large Cap Growth Equities fund managed by Allied Asset. Over the past 5 years, SPUS returned 15.64%/yr vs 11.33%/yr for IMANX. Their correlation of 0.91 suggests significant overlap in exposure. SPUS charges 0.45%/yr vs 1.28%/yr for IMANX.

Performance

SPUS vs. IMANX - 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 Iman Fund (IMANX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPUS achieves a 10.08% return, which is significantly lower than IMANX's 20.62% return.

SPUS

• 1D: -2.44%
• 1M: -1.97%
• YTD: 10.08%
• 6M: 9.02%
• 1Y: 31.44%
• 3Y*: 21.93%
• 5Y*: 15.64%
• 10Y*: —

IMANX

• 1D: -0.17%
• 1M: 2.05%
• YTD: 20.62%
• 6M: 19.36%
• 1Y: 42.23%
• 3Y*: 22.92%
• 5Y*: 11.33%
• 10Y*: 14.74%

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

SPUS vs. IMANX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	10.08%	19.77%	26.49%	34.24%	-22.76%	35.92%	25.68%	0.95%
IMANX Iman Fund	20.62%	17.91%	20.60%	29.36%	-29.79%	17.07%	19.88%	1.50%

Correlation

The correlation between SPUS and IMANX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 18, 2019	0.91

The correlation between SPUS and IMANX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

Return for Risk

SPUS vs. IMANX — Risk / Return Rank

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

SPUS

SPUS Risk / Return Rank: 63
SPUS Sharpe Ratio Rank: 66
SPUS Sortino Ratio Rank: 61
SPUS Omega Ratio Rank: 62
SPUS Calmar Ratio Rank: 62
SPUS Martin Ratio Rank: 67

IMANX

IMANX Risk / Return Rank: 86
IMANX Sharpe Ratio Rank: 89
IMANX Sortino Ratio Rank: 81
IMANX Omega Ratio Rank: 78
IMANX Calmar Ratio Rank: 88
IMANX Martin Ratio Rank: 92

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. IMANX - 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 Iman Fund (IMANX). 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	IMANX	Difference
Sharpe ratio: Return per unit of total volatility	2.07	2.70	-0.62
Sortino ratio: Return per unit of downside risk	2.75	3.52	-0.78
Omega ratio: Gain probability vs. loss probability	1.36	1.47	-0.10
Calmar ratio: Return relative to maximum drawdown	2.96	4.11	-1.15
Martin ratio: Return relative to average drawdown	11.81	17.55	-5.74

SPUS vs. IMANX - Sharpe Ratio Comparison

The current SPUS Sharpe Ratio is 2.07, which is comparable to the IMANX Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of SPUS and IMANX, 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. IMANX - Drawdown Comparison

The maximum SPUS drawdown since its inception was -30.80%, smaller than the maximum IMANX drawdown of -56.64%. Use the drawdown chart below to compare losses from any high point for SPUS and IMANX.

Drawdown Indicators

	SPUS	IMANX	Difference
Max Drawdown Largest peak-to-trough decline	-30.80%	-56.64%	+25.84%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-10.58%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-22.82%	-21.54%	-1.28%
Max Drawdown (5Y) Largest decline over 5 years	-28.06%	-36.32%	+8.26%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.32%	—
Current Drawdown Current decline from peak	-5.76%	-1.12%	-4.64%
Average Drawdown Average peak-to-trough decline	-6.19%	-16.68%	+10.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	2.47%	+0.20%

Volatility

SPUS vs. IMANX - Volatility Comparison

SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) and Iman Fund (IMANX) have volatilities of 6.81% and 6.74%, 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	IMANX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.81%	6.74%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	12.29%	12.97%	-0.68%
Volatility (1Y) Calculated over the trailing 1-year period	15.27%	16.17%	-0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.41%	20.55%	-1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.33%	20.82%	+0.51%

SPUS vs. IMANX - Expense Ratio Comparison

SPUS has a 0.45% expense ratio, which is lower than IMANX's 1.28% expense ratio.

Dividends

SPUS vs. IMANX - Dividend Comparison

SPUS's dividend yield for the trailing twelve months is around 0.55%, more than IMANX's 0.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMANX Iman Fund	0.10%	0.12%	0.00%	0.00%	1.43%	20.20%	2.72%	12.50%	12.25%	8.71%	7.93%	4.32%
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	0.55%	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 IMANX in my portfolio?

With a correlation of 0.94, SPUS and IMANX 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 IMANX?

SPUS has higher volatility (6.81%) compared to IMANX (6.74%). In terms of maximum drawdown, SPUS dropped -30.80% vs IMANX's -56.64%.

Which has better risk-adjusted returns?

IMANX currently has the higher Sharpe Ratio (2.70 vs 2.07), 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.