SPUS vs. SPY

Last updated Aug 2, 2026

SPUS (SP Funds S&P 500 Sharia Industry Exclusions ETF) and SPY (State Street SPDR S&P 500 ETF) are both S&P 500 funds - SPUS tracks the S&P 500 Shariah Industry Exclusions Index while SPY tracks the S&P 500 Index. Both are passively managed. Over the past 5 years, SPUS returned 14.52%/yr vs 12.76%/yr for SPY. Their correlation of 0.95 means they have usually moved in the same direction. SPUS charges 0.45%/yr vs 0.09%/yr for SPY.

Performance

SPUS vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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 higher than SPY's 10.13% 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%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

*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)
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	$23.25M	$21.17M	$26.78M
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

SPUS vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	1.21%

Correlation

The correlation between SPUS and SPY is 0.94, 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.	0.94
Correlation (3Y) Balances recent behavior with more history.	0.95
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	0.95

The correlation between SPUS and SPY has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

SPUS vs. SPY - Sectors Allocation Comparison

Sectors	SPUS	SPY
Technology	59.9%	36.9%
Healthcare	11.4%	9.4%
Consumer Cyclical	7.1%	8.9%
Industrials	6.8%	7.6%
Communication Services	5.6%	9.7%
Basic Materials	2.7%	1.9%
Consumer Defensive	2.7%	4.8%
Energy	2.5%	3.4%
Real Estate	1.2%	2.0%
Utilities	0.2%	2.6%
Financial Services	-	12.5%

Return for Risk

SPUS vs. SPY — 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

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.52	-0.05
Sortino ratio: Return per unit of downside risk	2.05	2.11	-0.06
Omega ratio: Gain probability vs. loss probability	1.26	1.27	-0.01
Calmar ratio: Return relative to maximum drawdown	2.19	2.20	-0.01
Martin ratio: Return relative to average drawdown	7.52	9.40	-1.88

SPUS vs. SPY - Sharpe Ratio Comparison

The current SPUS Sharpe Ratio is 1.47, which is comparable to the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of SPUS and SPY, 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. SPY - Drawdown Comparison

The maximum SPUS drawdown since its inception was -30.80%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPUS and SPY.

Drawdown Indicators

	SPUS	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-30.80%	-55.19%	+24.39%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-8.88%	-1.78%
Max Drawdown (3Y) Largest decline over 3 years	-22.82%	-18.76%	-4.06%
Max Drawdown (5Y) Largest decline over 5 years	-28.06%	-24.50%	-3.56%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-5.26%	-1.40%	-3.86%
Average Drawdown Average peak-to-trough decline	-6.17%	-9.01%	+2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	2.08%	+1.02%

Volatility

SPUS vs. SPY - Volatility Comparison

SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) has a higher volatility of 4.66% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that SPUS's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPUS	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.66%	3.58%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	12.81%	10.14%	+2.67%
Volatility (1Y) Calculated over the trailing 1-year period	15.89%	12.89%	+3.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.49%	17.18%	+2.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.26%	17.95%	+3.31%

SPUS vs. SPY - Expense Ratio Comparison

SPUS has a 0.45% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SPUS vs. SPY - Dividend Comparison

SPUS's dividend yield for the trailing twelve months is around 0.54%, less than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SPUS and SPY in my portfolio?

With a correlation of 0.94, SPUS and SPY 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 SPY?

SPUS has higher volatility (4.66%) compared to SPY (3.58%). In terms of maximum drawdown, SPUS dropped -30.80% vs SPY's -55.19%.

Which ETF is better, SPUS or SPY?

On 5-year performance, SPUS leads with 14.52% vs 12.76% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUS or SPY?

Over the 5-year period, SPUS has performed better with a 14.52% return vs 12.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUS or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.45% for SPUS.

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

SPY has the higher dividend yield at 1.01%, compared with 0.54% for SPUS.

What is the main difference between SPUS and SPY?

SPUS tracks S&P 500 Shariah Industry Exclusions Index, while SPY tracks S&P 500 Index. They also come from different issuers: SP Funds and State Street. Their fees differ too: 0.45% for SPUS and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 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.