SPWO vs. UMMA

Last updated Jun 24, 2026

SPWO (SP Funds S&P World (ex-US) ETF) and UMMA (Wahed Dow Jones Islamic World ETF) are both Foreign Large Cap Equities funds. SPWO is passively managed, while UMMA is actively managed. Over the past year, SPWO returned 43.56% vs 50.76% for UMMA. Their correlation of 0.91 suggests significant overlap in exposure. SPWO charges 0.55%/yr vs 0.65%/yr for UMMA.

Performance

SPWO vs. UMMA - 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 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, SPWO achieves a 22.93% return, which is significantly lower than UMMA's 29.52% return.

SPWO

• 1D: -4.73%
• 1M: 2.00%
• YTD: 22.93%
• 6M: 23.17%
• 1Y: 43.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UMMA

• 1D: -5.07%
• 1M: 4.45%
• YTD: 29.52%
• 6M: 30.57%
• 1Y: 50.76%
• 3Y*: 21.92%
• 5Y*: —
• 10Y*: —

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

SPWO vs. UMMA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPWO SP Funds S&P World (ex-US) ETF	22.93%	26.32%	9.25%	1.36%
UMMA Wahed Dow Jones Islamic World ETF	29.52%	26.65%	4.67%	0.99%

Correlation

The correlation between SPWO and UMMA is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.91

The correlation between SPWO and UMMA has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.

SPWO vs. UMMA - Sectors Allocation Comparison

Sectors	SPWO	UMMA
Technology	49.7%	48.2%
Industrials	11.9%	12.1%
Healthcare	10.8%	14.8%
Consumer Cyclical	10.3%	7.3%
Basic Materials	7.3%	8.8%
Consumer Defensive	4.1%	5.0%
Energy	2.6%	2.4%
Communication Services	1.6%	1.0%
Financial Services	0.8%	0.0%
Real Estate	0.7%	0.4%
Utilities	0.3%	-

Return for Risk

SPWO vs. UMMA — Risk / Return Rank

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

SPWO

SPWO Risk / Return Rank: 63
SPWO Sharpe Ratio Rank: 63
SPWO Sortino Ratio Rank: 57
SPWO Omega Ratio Rank: 62
SPWO Calmar Ratio Rank: 66
SPWO Martin Ratio Rank: 67

UMMA

UMMA Risk / Return Rank: 70
UMMA Sharpe Ratio Rank: 73
UMMA Sortino Ratio Rank: 65
UMMA Omega Ratio Rank: 71
UMMA Calmar Ratio Rank: 70
UMMA 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. UMMA - 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 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.

	SPWO	UMMA	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.24	-0.24
Sortino ratio: Return per unit of downside risk	2.60	2.88	-0.28
Omega ratio: Gain probability vs. loss probability	1.36	1.40	-0.04
Calmar ratio: Return relative to maximum drawdown	3.18	3.42	-0.23
Martin ratio: Return relative to average drawdown	11.81	13.07	-1.26

SPWO vs. UMMA - Sharpe Ratio Comparison

The current SPWO Sharpe Ratio is 2.00, which is comparable to the UMMA Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of SPWO 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

SPWO vs. UMMA - Drawdown Comparison

The maximum SPWO drawdown since its inception was -18.03%, smaller than the maximum UMMA drawdown of -34.17%. Use the drawdown chart below to compare losses from any high point for SPWO and UMMA.

Drawdown Indicators

	SPWO	UMMA	Difference
Max Drawdown Largest peak-to-trough decline	-18.03%	-34.17%	+16.14%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-14.93%	+1.18%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.73%	—
Current Drawdown Current decline from peak	-4.73%	-5.07%	+0.34%
Average Drawdown Average peak-to-trough decline	-2.81%	-9.73%	+6.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.70%	3.89%	-0.19%

Volatility

SPWO vs. UMMA - Volatility Comparison

The current volatility for SP Funds S&P World (ex-US) ETF (SPWO) is 11.02%, while Wahed Dow Jones Islamic World ETF (UMMA) has a volatility of 12.08%. This indicates that SPWO 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

	SPWO	UMMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.02%	12.08%	-1.06%
Volatility (6M) Calculated over the trailing 6-month period	19.16%	20.30%	-1.14%
Volatility (1Y) Calculated over the trailing 1-year period	21.87%	22.74%	-0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.90%	21.08%	-1.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.90%	21.08%	-1.18%

SPWO vs. UMMA - Expense Ratio Comparison

SPWO has a 0.55% expense ratio, which is lower than UMMA's 0.65% expense ratio.

Dividends

SPWO vs. UMMA - Dividend Comparison

SPWO's dividend yield for the trailing twelve months is around 1.06%, more than UMMA's 0.95% yield.

Position	TTM	2025	2024	2023	2022
SPWO SP Funds S&P World (ex-US) ETF	1.06%	1.29%	1.24%	0.00%	0.00%
UMMA Wahed Dow Jones Islamic World ETF	0.95%	1.02%	0.91%	1.09%	1.77%

Frequently Asked Questions

Can I hold both SPWO and UMMA in my portfolio?

With a correlation of 0.95, SPWO and UMMA 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, SPWO or UMMA?

UMMA has higher volatility (12.08%) compared to SPWO (11.02%). In terms of maximum drawdown, SPWO dropped -18.03% vs UMMA's -34.17%.

Which ETF is better, SPWO or UMMA?

On 1-year performance, UMMA leads with 50.76% vs 43.56% for SPWO. On fees, SPWO is cheaper at 0.55% per year. On volatility, SPWO has been the lower-risk option at 11.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPWO or UMMA?

Over the 1-year period, UMMA has performed better with a 50.76% return vs 43.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPWO or UMMA?

SPWO is cheaper with a 0.55% expense ratio, compared with 0.65% for UMMA.

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

SPWO has the higher dividend yield at 1.06%, compared with 0.95% for UMMA.

What is the main difference between SPWO and UMMA?

They also come from different issuers: SP Funds and Wahed. Their fees differ too: 0.55% for SPWO and 0.65% for UMMA.

Which has better risk-adjusted returns?

UMMA currently has the higher Sharpe Ratio (2.24 vs 2.00), 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.