SPUS vs. UMMA

Last updated Jun 23, 2026

SPUS (SP Funds S&P 500 Sharia Industry Exclusions ETF) and UMMA (Wahed Dow Jones Islamic World ETF) are both exchange-traded funds - SPUS is a S&P 500 fund tracking the S&P 500 Shariah Industry Exclusions Index, while UMMA is a Foreign Large Cap Equities fund actively managed by Wahed. SPUS is passively managed, while UMMA is actively managed. Over the past 3 years, SPUS returned 22.94%/yr vs 24.05%/yr for UMMA. A 0.77 correlation means they provide meaningful diversification when combined. SPUS charges 0.45%/yr vs 0.65%/yr for UMMA.

Performance

SPUS vs. UMMA - 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 Dow Jones Islamic World ETF (UMMA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPUS achieves a 12.83% return, which is significantly lower than UMMA's 36.44% return.

SPUS

• 1D: -0.09%
• 1M: 0.48%
• YTD: 12.83%
• 6M: 12.41%
• 1Y: 36.21%
• 3Y*: 22.94%
• 5Y*: 16.30%
• 10Y*: —

UMMA

• 1D: 0.01%
• 1M: 10.02%
• YTD: 36.44%
• 6M: 38.86%
• 1Y: 59.49%
• 3Y*: 24.05%
• 5Y*: —
• 10Y*: —

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

SPUS vs. UMMA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF	12.83%	19.77%	26.49%	34.24%	-20.40%
UMMA Wahed Dow Jones Islamic World ETF	36.44%	26.65%	4.67%	18.84%	-21.31%

Correlation

The correlation between SPUS and UMMA 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 (3Y) Calculated over the trailing 3-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jan 7, 2022	0.77

The correlation between SPUS and UMMA has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.

SPUS vs. UMMA - Sectors Allocation Comparison

Sectors	SPUS	UMMA
Technology	61.1%	48.2%
Healthcare	10.5%	14.8%
Consumer Cyclical	6.9%	7.3%
Industrials	6.2%	12.1%
Communication Services	5.9%	1.0%
Basic Materials	2.7%	8.8%
Energy	2.7%	2.4%
Consumer Defensive	2.7%	5.0%
Real Estate	1.1%	0.4%
Utilities	0.2%	-
Financial Services	-	0.0%

Return for Risk

SPUS vs. UMMA — 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: 79
SPUS Sortino Ratio Rank: 74
SPUS Omega Ratio Rank: 75
SPUS Calmar Ratio Rank: 70
SPUS Martin Ratio Rank: 75

UMMA

UMMA Risk / Return Rank: 82
UMMA Sharpe Ratio Rank: 86
UMMA Sortino Ratio Rank: 81
UMMA Omega Ratio Rank: 83
UMMA Calmar Ratio Rank: 80
UMMA Martin Ratio Rank: 80

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. UMMA - 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 Dow Jones Islamic World ETF (UMMA). 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	UMMA	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.70	-0.29
Sortino ratio: Return per unit of downside risk	3.17	3.44	-0.27
Omega ratio: Gain probability vs. loss probability	1.42	1.47	-0.05
Calmar ratio: Return relative to maximum drawdown	3.41	4.00	-0.59
Martin ratio: Return relative to average drawdown	13.73	15.38	-1.65

SPUS vs. UMMA - Sharpe Ratio Comparison

The current SPUS Sharpe Ratio is 2.42, which is comparable to the UMMA Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of SPUS and UMMA, 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. UMMA - Drawdown Comparison

The maximum SPUS drawdown since its inception was -30.80%, smaller than the maximum UMMA drawdown of -34.17%. Use the drawdown chart below to compare losses from any high point for SPUS and UMMA.

Drawdown Indicators

	SPUS	UMMA	Difference
Max Drawdown Largest peak-to-trough decline	-30.80%	-34.17%	+3.37%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-14.93%	+4.27%
Max Drawdown (3Y) Largest decline over 3 years	-22.82%	-18.73%	-4.09%
Max Drawdown (5Y) Largest decline over 5 years	-28.06%	—	—
Current Drawdown Current decline from peak	-3.41%	0.00%	-3.41%
Average Drawdown Average peak-to-trough decline	-6.19%	-9.73%	+3.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	3.88%	-1.24%

Volatility

SPUS vs. UMMA - Volatility Comparison

The current volatility for SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) is 6.34%, while Wahed Dow Jones Islamic World ETF (UMMA) has a volatility of 10.71%. This indicates that SPUS experiences smaller price fluctuations and is considered to be less risky than UMMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPUS	UMMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.34%	10.71%	-4.37%
Volatility (6M) Calculated over the trailing 6-month period	12.05%	19.57%	-7.52%
Volatility (1Y) Calculated over the trailing 1-year period	15.08%	22.16%	-7.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.38%	20.95%	-1.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.32%	20.95%	+0.37%

SPUS vs. UMMA - Expense Ratio Comparison

SPUS has a 0.45% expense ratio, which is lower than UMMA's 0.65% expense ratio.

Dividends

SPUS vs. UMMA - Dividend Comparison

SPUS's dividend yield for the trailing twelve months is around 0.53%, less than UMMA's 0.90% 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%
UMMA Wahed Dow Jones Islamic World ETF	0.90%	1.02%	0.91%	1.09%	1.77%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPUS and UMMA in my portfolio?

SPUS and UMMA 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 UMMA?

UMMA has higher volatility (10.71%) compared to SPUS (6.34%). In terms of maximum drawdown, SPUS dropped -30.80% vs UMMA's -34.17%.

Which ETF is better, SPUS or UMMA?

On 3-year performance, UMMA leads with 24.05% vs 22.94% for SPUS. On fees, SPUS is cheaper at 0.45% per year. On volatility, SPUS has been the lower-risk option at 6.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUS or UMMA?

Over the 3-year period, UMMA has performed better with a 24.05% return vs 22.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUS or UMMA?

SPUS is cheaper with a 0.45% expense ratio, compared with 0.65% for UMMA.

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

UMMA has the higher dividend yield at 0.90%, compared with 0.53% for SPUS.

What is the main difference between SPUS and UMMA?

SPUS is categorized as S&P 500, while UMMA is Foreign Large Cap Equities. They also come from different issuers: SP Funds and Wahed. Their fees differ too: 0.45% for SPUS and 0.65% for UMMA.

Which has better risk-adjusted returns?

UMMA currently has the higher Sharpe Ratio (2.70 vs 2.42), 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.