SPWO vs. MNZL

Last updated Apr 2, 2026

Compare and contrast key facts about SP Funds S&P World ETF (SPWO) and Manzil Russell Halal USA Broad Market ETF (MNZL).

SPWO and MNZL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPWO is a passively managed fund by SP Funds that tracks the performance of the S&P DM Ex-U.S. & EM 50/50 Shariah Index - Benchmark TR Net. It was launched on Dec 19, 2023. MNZL is a passively managed fund by Manzil that tracks the performance of the Russell IdealRatings Manzil Halal USA Broad Market Index. It was launched on Nov 18, 2025. Both SPWO and MNZL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

SPWO vs. MNZL - Yearly Performance Comparison

	2026 (YTD)	2025
SPWO SP Funds S&P World ETF	4.71%	4.34%
MNZL Manzil Russell Halal USA Broad Market ETF	-1.26%	2.90%

Returns By Period

In the year-to-date period, SPWO achieves a 4.71% return, which is significantly higher than MNZL's -1.26% return.

SPWO

• 1D: 1.10%
• 1M: -7.11%
• YTD: 4.71%
• 6M: 6.19%
• 1Y: 30.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MNZL

• 1D: 1.12%
• 1M: -4.93%
• YTD: -1.26%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPWO vs. MNZL - Expense Ratio Comparison

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

SPWO

SP Funds S&P World ETF

MNZL

Manzil Russell Halal USA Broad Market ETF

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: 78
SPWO Sharpe Ratio Rank: 79
SPWO Sortino Ratio Rank: 79
SPWO Omega Ratio Rank: 75
SPWO Calmar Ratio Rank: 80
SPWO Martin Ratio Rank: 77

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	1.52	—	—
Sortino ratio Return per unit of downside risk	2.10	—	—
Omega ratio Gain probability vs. loss probability	1.29	—	—
Calmar ratio Return relative to maximum drawdown	2.30	—	—
Martin ratio Return relative to average drawdown	8.57	—	—
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	1.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	0.29	+0.75

Correlation

The correlation between SPWO and MNZL is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SPWO vs. MNZL - Dividend Comparison

SPWO's dividend yield for the trailing twelve months is around 1.24%, more than MNZL's 0.04% yield.

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

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	-9.53%	-5.99%	-3.54%
Average Drawdown Average peak-to-trough decline	-2.86%	-2.05%	-0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.69%	—	—

Volatility

Volatility by Period

	SPWO	MNZL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.76%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.90%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	20.32%	15.61%	+4.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.41%	15.61%	+2.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.41%	15.61%	+2.80%