SPWO vs. SPUS

Last updated Jun 21, 2026

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

Performance

SPWO vs. SPUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SP Funds S&P World (ex-US) ETF (SPWO) and SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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

SPWO

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

SPUS

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

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

SPWO vs. SPUS - Yearly Performance Comparison

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

Correlation

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

SPWO vs. SPUS - Sectors Allocation Comparison

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

Return for Risk

SPWO vs. SPUS — Risk / Return Rank

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

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

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

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. SPUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SP Funds S&P World (ex-US) ETF (SPWO) and SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS). 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.

	SPWO	SPUS	Difference
Sharpe ratio: Return per unit of total volatility	2.35	2.34	0.00
Sortino ratio: Return per unit of downside risk	3.03	3.09	-0.06
Omega ratio: Gain probability vs. loss probability	1.41	1.41	+0.01
Calmar ratio: Return relative to maximum drawdown	3.65	3.32	+0.33
Martin ratio: Return relative to average drawdown	13.57	13.38	+0.19

SPWO vs. SPUS - Sharpe Ratio Comparison

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

SPWO vs. SPUS - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

SPWO vs. SPUS - Volatility Comparison

SP Funds S&P World (ex-US) ETF (SPWO) has a higher volatility of 9.85% compared to SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) at 6.46%. This indicates that SPWO's price experiences larger fluctuations and is considered to be riskier than SPUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

SPWO vs. SPUS - Expense Ratio Comparison

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

Dividends

SPWO vs. SPUS - Dividend Comparison

SPWO's dividend yield for the trailing twelve months is around 1.01%, more than SPUS's 0.53% 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 SPWO and SPUS in my portfolio?

SPWO and SPUS 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, SPWO or SPUS?

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

Which ETF is better, SPWO or SPUS?

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, SPWO or SPUS?

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, SPWO or SPUS?

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

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

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

What is the main difference between SPWO and SPUS?

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

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.