SPUS vs. MNZL

Last updated Jun 4, 2026

SPUS (SP Funds S&P 500 Sharia Industry Exclusions ETF) and MNZL (Manzil Russell Halal USA Broad Market ETF) are both exchange-traded funds - SPUS is a S&P 500 fund tracking the S&P 500 Shariah Industry Exclusions Index, while MNZL is a Large Cap Blend Equities fund tracking the Russell IdealRatings Manzil Halal USA Broad Market Index. Both are passively managed. Their correlation of 0.91 suggests significant overlap in exposure. SPUS charges 0.45%/yr vs 0.40%/yr for MNZL.

Performance

SPUS vs. MNZL - 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 Manzil Russell Halal USA Broad Market ETF (MNZL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPUS achieves a 15.82% return, which is significantly lower than MNZL's 19.44% return.

SPUS

• 1D: -0.86%
• 1M: 9.49%
• YTD: 15.82%
• 6M: 15.21%
• 1Y: 40.24%
• 3Y*: 24.89%
• 5Y*: 17.46%
• 10Y*: —

MNZL

• 1D: 0.03%
• 1M: 11.20%
• YTD: 19.44%
• 6M: 17.34%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPUS vs. MNZL - Yearly Performance Comparison

	2026 (YTD)	2025
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	15.82%	2.09%
MNZL Manzil Russell Halal USA Broad Market ETF	19.44%	2.90%

Correlation

The correlation between SPUS and MNZL is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025	0.91

Return for Risk

SPUS vs. MNZL — Risk / Return Rank

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

SPUS

SPUS Risk / Return Rank: 81
SPUS Sharpe Ratio Rank: 85
SPUS Sortino Ratio Rank: 83
SPUS Omega Ratio Rank: 80
SPUS Calmar Ratio Rank: 74
SPUS Martin Ratio Rank: 81

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. MNZL - 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 Manzil Russell Halal USA Broad Market ETF (MNZL). 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	MNZL	Difference
Sharpe ratio: Return per unit of total volatility	2.86	—	—
Sortino ratio: Return per unit of downside risk	3.79	—	—
Omega ratio: Gain probability vs. loss probability	1.49	—	—
Calmar ratio: Return relative to maximum drawdown	3.79	—	—
Martin ratio: Return relative to average drawdown	16.32	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SPUS	MNZL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.86	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	3.06	-2.14

Drawdowns

SPUS vs. MNZL - Drawdown Comparison

The maximum SPUS drawdown since its inception was -30.80%, which is greater than MNZL's maximum drawdown of -9.66%. Use the drawdown chart below to compare losses from any high point for SPUS and MNZL.

Drawdown Indicators

	SPUS	MNZL	Difference
Max Drawdown Largest peak-to-trough decline	-30.80%	-9.66%	-21.14%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-22.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.06%	—	—
Current Drawdown Current decline from peak	-0.86%	0.00%	-0.86%
Average Drawdown Average peak-to-trough decline	-6.21%	-1.75%	-4.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	—	—

Volatility

Volatility by Period

	SPUS	MNZL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.84%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.16%	15.71%	-1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.23%	15.71%	+3.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.28%	15.71%	+5.57%

SPUS vs. MNZL - Expense Ratio Comparison

SPUS has a 0.45% expense ratio, which is higher than MNZL's 0.40% expense ratio.

Dividends

SPUS vs. MNZL - Dividend Comparison

SPUS's dividend yield for the trailing twelve months is around 0.52%, more than MNZL's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
MNZL Manzil Russell Halal USA Broad Market ETF	0.03%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	0.52%	0.60%	0.70%	0.87%	1.21%	1.15%	1.04%

Frequently Asked Questions

Can I hold both SPUS and MNZL in my portfolio?

With a correlation of 0.91, SPUS and MNZL 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 ETF is better, SPUS or MNZL?

On fees, MNZL is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPUS or MNZL?

MNZL is cheaper with a 0.40% expense ratio, compared with 0.45% for SPUS.

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

SPUS has the higher dividend yield at 0.52%, compared with 0.03% for MNZL.

What is the main difference between SPUS and MNZL?

SPUS is categorized as S&P 500, while MNZL is Large Cap Blend Equities. SPUS tracks S&P 500 Shariah Industry Exclusions Index, while MNZL tracks Russell IdealRatings Manzil Halal USA Broad Market Index. They also come from different issuers: SP Funds and Manzil. Their fees differ too: 0.45% for SPUS and 0.40% for MNZL.