SPUS vs. SPWO

Last updated Jun 21, 2026

SPUS (SP Funds S&P 500 Sharia Industry Exclusions ETF) and SPWO (SP Funds S&P World (ex-US) ETF) are both exchange-traded funds - SPUS is a S&P 500 fund tracking the S&P 500 Shariah Industry Exclusions Index, while SPWO is a Foreign Large Cap Equities fund tracking the S&P DM Ex-U.S. & EM 50/50 Shariah Index. Both are passively managed. Over the past year, SPUS returned 36.33% vs 51.69% for SPWO. A 0.72 correlation means they provide meaningful diversification when combined. SPUS charges 0.45%/yr vs 0.55%/yr for SPWO.

Performance

SPUS vs. SPWO - 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 SP Funds S&P World (ex-US) ETF (SPWO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPUS achieves a 12.93% return, which is significantly lower than SPWO's 28.86% return.

SPUS

• 1D: 1.59%
• 1M: 1.03%
• YTD: 12.93%
• 6M: 13.11%
• 1Y: 36.33%
• 3Y*: 22.44%
• 5Y*: 16.74%
• 10Y*: —

SPWO

• 1D: 3.27%
• 1M: 6.88%
• YTD: 28.86%
• 6M: 30.87%
• 1Y: 51.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPUS vs. SPWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	12.93%	19.77%	26.49%	0.03%
SPWO SP Funds S&P World (ex-US) ETF	28.86%	26.32%	9.25%	1.36%

Correlation

The correlation between SPUS and SPWO is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.72

The correlation between SPUS and SPWO has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.

SPUS vs. SPWO - Sectors Allocation Comparison

Sectors	SPUS	SPWO
Technology	61.1%	49.7%
Healthcare	10.5%	10.8%
Consumer Cyclical	6.9%	10.3%
Industrials	6.2%	11.9%
Communication Services	5.9%	1.6%
Basic Materials	2.7%	7.3%
Energy	2.7%	2.6%
Consumer Defensive	2.7%	4.1%
Real Estate	1.1%	0.7%
Utilities	0.2%	0.3%
Financial Services	-	0.8%

Return for Risk

SPUS vs. SPWO — Risk / Return Rank

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

SPUS

SPUS Risk / Return Rank: 74
SPUS Sharpe Ratio Rank: 78
SPUS Sortino Ratio Rank: 74
SPUS Omega Ratio Rank: 74
SPUS Calmar Ratio Rank: 69
SPUS Martin Ratio Rank: 75

SPWO

SPWO Risk / Return Rank: 75
SPWO Sharpe Ratio Rank: 78
SPWO Sortino Ratio Rank: 71
SPWO Omega Ratio Rank: 75
SPWO Calmar Ratio Rank: 75
SPWO Martin Ratio Rank: 75

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. SPWO - 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 SP Funds S&P World (ex-US) ETF (SPWO). 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	SPWO	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.35	0.00
Sortino ratio: Return per unit of downside risk	3.09	3.03	+0.06
Omega ratio: Gain probability vs. loss probability	1.41	1.41	-0.01
Calmar ratio: Return relative to maximum drawdown	3.32	3.65	-0.33
Martin ratio: Return relative to average drawdown	13.38	13.57	-0.19

SPUS vs. SPWO - Sharpe Ratio Comparison

The current SPUS Sharpe Ratio is 2.34, which is comparable to the SPWO Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of SPUS and SPWO, 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. SPWO - Drawdown Comparison

The maximum SPUS drawdown since its inception was -30.80%, which is greater than SPWO's maximum drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for SPUS and SPWO.

Drawdown Indicators

	SPUS	SPWO	Difference
Max Drawdown Largest peak-to-trough decline	-30.80%	-18.03%	-12.77%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-13.75%	+3.09%
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	-3.33%	0.00%	-3.33%
Average Drawdown Average peak-to-trough decline	-6.19%	-2.81%	-3.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	3.69%	-1.05%

Volatility

SPUS vs. SPWO - Volatility Comparison

The current volatility for SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) is 6.46%, while SP Funds S&P World (ex-US) ETF (SPWO) has a volatility of 9.85%. This indicates that SPUS experiences smaller price fluctuations and is considered to be less risky than SPWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPUS	SPWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.46%	9.85%	-3.39%
Volatility (6M) Calculated over the trailing 6-month period	12.18%	18.58%	-6.40%
Volatility (1Y) Calculated over the trailing 1-year period	15.08%	21.37%	-6.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.38%	19.69%	-0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.33%	19.69%	+1.64%

SPUS vs. SPWO - Expense Ratio Comparison

SPUS has a 0.45% expense ratio, which is lower than SPWO's 0.55% expense ratio.

Dividends

SPUS vs. SPWO - Dividend Comparison

SPUS's dividend yield for the trailing twelve months is around 0.53%, less than SPWO's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	0.53%	0.60%	0.70%	0.87%	1.21%	1.15%	1.04%
SPWO SP Funds S&P World (ex-US) ETF	1.01%	1.29%	1.24%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPUS and SPWO in my portfolio?

SPUS and SPWO have a correlation of 0.79, 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 SPWO?

SPWO has higher volatility (9.85%) compared to SPUS (6.46%). In terms of maximum drawdown, SPUS dropped -30.80% vs SPWO's -18.03%.

Which ETF is better, SPUS or SPWO?

On 1-year performance, SPWO leads with 51.69% vs 36.33% for SPUS. On fees, SPUS is cheaper at 0.45% per year. On volatility, SPUS has been the lower-risk option at 6.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUS or SPWO?

Over the 1-year period, SPWO has performed better with a 51.69% return vs 36.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUS or SPWO?

SPUS is cheaper with a 0.45% expense ratio, compared with 0.55% for SPWO.

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

SPWO has the higher dividend yield at 1.01%, compared with 0.53% for SPUS.

What is the main difference between SPUS and SPWO?

SPUS is categorized as S&P 500, while SPWO is Foreign Large Cap Equities. SPUS tracks S&P 500 Shariah Industry Exclusions Index, while SPWO tracks S&P DM Ex-U.S. & EM 50/50 Shariah Index. Their fees differ too: 0.45% for SPUS and 0.55% for SPWO.

Which has better risk-adjusted returns?

SPWO currently has the higher Sharpe Ratio (2.35 vs 2.34), 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.