SPWO vs. MNZL

Last updated Jun 5, 2026

SPWO (SP Funds S&P World ETF) and MNZL (Manzil Russell Halal USA Broad Market ETF) are both exchange-traded funds - SPWO is a Foreign Large Cap Equities fund tracking the S&P DM Ex-U.S. & EM 50/50 Shariah Index - Benchmark TR Net, 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 0.81 suggests significant overlap in exposure. SPWO charges 0.55%/yr vs 0.40%/yr for MNZL.

Performance

SPWO vs. MNZL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SP Funds S&P World ETF (SPWO) 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, SPWO achieves a 26.98% return, which is significantly higher than MNZL's 18.20% return.

SPWO

• 1D: 0.09%
• 1M: 8.23%
• YTD: 26.98%
• 6M: 27.41%
• 1Y: 47.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MNZL

• 1D: -1.04%
• 1M: 8.16%
• YTD: 18.20%
• 6M: 16.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPWO vs. MNZL - Yearly Performance Comparison

	2026 (YTD)	2025
SPWO SP Funds S&P World ETF	26.98%	4.34%
MNZL Manzil Russell Halal USA Broad Market ETF	18.20%	2.90%

Correlation

The correlation between SPWO and MNZL is 0.81, 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	0.81

Return for Risk

SPWO vs. MNZL — Risk / Return Rank

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

SPWO

SPWO Risk / Return Rank: 73
SPWO Sharpe Ratio Rank: 76
SPWO Sortino Ratio Rank: 72
SPWO Omega Ratio Rank: 73
SPWO Calmar Ratio Rank: 71
SPWO Martin Ratio Rank: 72

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.

SPWO vs. MNZL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SP Funds S&P World ETF (SPWO) 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.

	SPWO	MNZL	Difference
Sharpe ratio: Return per unit of total volatility	2.44	—	—
Sortino ratio: Return per unit of downside risk	3.23	—	—
Omega ratio: Gain probability vs. loss probability	1.43	—	—
Calmar ratio: Return relative to maximum drawdown	3.48	—	—
Martin ratio: Return relative to average drawdown	13.22	—	—
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

	SPWO	MNZL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.44	2.84	-1.40

Drawdowns

SPWO vs. MNZL - Drawdown Comparison

The maximum SPWO drawdown since its inception was -18.03%, which is greater than MNZL's maximum drawdown of -9.66%. Use the drawdown chart below to compare losses from any high point for SPWO and MNZL.

Drawdown Indicators

	SPWO	MNZL	Difference
Max Drawdown Largest peak-to-trough decline	-18.03%	-9.66%	-8.37%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	—	—
Current Drawdown Current decline from peak	-1.12%	-1.04%	-0.08%
Average Drawdown Average peak-to-trough decline	-2.79%	-1.74%	-1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	—	—

Volatility

Volatility by Period

	SPWO	MNZL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.55%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.56%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.64%	15.73%	+3.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.02%	15.73%	+3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.02%	15.73%	+3.29%

SPWO vs. MNZL - Expense Ratio Comparison

SPWO has a 0.55% expense ratio, which is higher than MNZL's 0.40% expense ratio.

Dividends

SPWO vs. MNZL - Dividend Comparison

SPWO's dividend yield for the trailing twelve months is around 1.02%, more than MNZL's 0.03% yield.

Position	TTM	2025	2024
MNZL Manzil Russell Halal USA Broad Market ETF	0.03%	0.04%	0.00%
SPWO SP Funds S&P World ETF	1.02%	1.29%	1.24%

Frequently Asked Questions

Can I hold both SPWO and MNZL in my portfolio?

SPWO and MNZL have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPWO 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, SPWO or MNZL?

MNZL is cheaper with a 0.40% expense ratio, compared with 0.55% for SPWO.

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

SPWO has the higher dividend yield at 1.02%, compared with 0.03% for MNZL.

What is the main difference between SPWO and MNZL?

SPWO is categorized as Foreign Large Cap Equities, while MNZL is Large Cap Blend Equities. SPWO tracks S&P DM Ex-U.S. & EM 50/50 Shariah Index - Benchmark TR Net, 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: 0.55% for SPWO and 0.40% for MNZL.