UMMA vs. FPXI

Last updated Jun 26, 2026

UMMA (Wahed Dow Jones Islamic World ETF) and FPXI (First Trust International Equity Opportunities ETF) are both Foreign Large Cap Equities funds. UMMA is actively managed, while FPXI is passively managed. Over the past 3 years, UMMA returned 23.04%/yr vs 31.18%/yr for FPXI. Their correlation of 0.82 suggests significant overlap in exposure. UMMA charges 0.65%/yr vs 0.70%/yr for FPXI.

Performance

UMMA vs. FPXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wahed Dow Jones Islamic World ETF (UMMA) and First Trust International Equity Opportunities ETF (FPXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UMMA achieves a 33.37% return, which is significantly lower than FPXI's 43.00% return.

UMMA

• 1D: 2.27%
• 1M: 4.19%
• YTD: 33.37%
• 6M: 33.68%
• 1Y: 52.69%
• 3Y*: 23.04%
• 5Y*: —
• 10Y*: —

FPXI

• 1D: 3.42%
• 1M: 9.46%
• YTD: 43.00%
• 6M: 40.39%
• 1Y: 53.93%
• 3Y*: 31.18%
• 5Y*: 5.05%
• 10Y*: 14.64%

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

UMMA vs. FPXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UMMA Wahed Dow Jones Islamic World ETF	33.37%	26.65%	4.67%	18.84%	-21.31%
FPXI First Trust International Equity Opportunities ETF	43.00%	26.37%	12.62%	9.56%	-28.76%

Correlation

The correlation between UMMA and FPXI is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 7, 2022	0.82

The correlation between UMMA and FPXI has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

UMMA vs. FPXI - Sectors Allocation Comparison

Sectors	UMMA	FPXI
Technology	48.2%	37.3%
Healthcare	14.8%	10.9%
Industrials	12.1%	21.5%
Basic Materials	8.8%	13.2%
Consumer Cyclical	7.3%	6.5%
Consumer Defensive	5.0%	0.7%
Energy	2.4%	2.1%
Communication Services	1.0%	2.2%
Real Estate	0.4%	0.5%
Financial Services	0.0%	4.2%
Utilities	-	1.0%

Return for Risk

UMMA vs. FPXI — Risk / Return Rank

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

UMMA

UMMA Risk / Return Rank: 80
UMMA Sharpe Ratio Rank: 84
UMMA Sortino Ratio Rank: 77
UMMA Omega Ratio Rank: 80
UMMA Calmar Ratio Rank: 79
UMMA Martin Ratio Rank: 80

FPXI

FPXI Risk / Return Rank: 72
FPXI Sharpe Ratio Rank: 73
FPXI Sortino Ratio Rank: 68
FPXI Omega Ratio Rank: 66
FPXI Calmar Ratio Rank: 80
FPXI 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.

UMMA vs. FPXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wahed Dow Jones Islamic World ETF (UMMA) and First Trust International Equity Opportunities ETF (FPXI). 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.

	UMMA	FPXI	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.03	+0.29
Sortino ratio: Return per unit of downside risk	2.97	2.71	+0.26
Omega ratio: Gain probability vs. loss probability	1.41	1.34	+0.07
Calmar ratio: Return relative to maximum drawdown	3.55	3.67	-0.12
Martin ratio: Return relative to average drawdown	13.53	12.25	+1.28

UMMA vs. FPXI - Sharpe Ratio Comparison

The current UMMA Sharpe Ratio is 2.32, which is comparable to the FPXI Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of UMMA and FPXI, 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

UMMA vs. FPXI - Drawdown Comparison

The maximum UMMA drawdown since its inception was -34.17%, smaller than the maximum FPXI drawdown of -55.78%. Use the drawdown chart below to compare losses from any high point for UMMA and FPXI.

Drawdown Indicators

	UMMA	FPXI	Difference
Max Drawdown Largest peak-to-trough decline	-34.17%	-55.78%	+21.61%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-14.77%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	-18.73%	-20.58%	+1.85%
Max Drawdown (5Y) Largest decline over 5 years	—	-50.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-55.78%	—
Current Drawdown Current decline from peak	-2.25%	-2.26%	+0.01%
Average Drawdown Average peak-to-trough decline	-9.72%	-20.16%	+10.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.91%	4.42%	-0.51%

Volatility

UMMA vs. FPXI - Volatility Comparison

The current volatility for Wahed Dow Jones Islamic World ETF (UMMA) is 11.87%, while First Trust International Equity Opportunities ETF (FPXI) has a volatility of 13.78%. This indicates that UMMA experiences smaller price fluctuations and is considered to be less risky than FPXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMMA	FPXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.87%	13.78%	-1.91%
Volatility (6M) Calculated over the trailing 6-month period	20.40%	23.58%	-3.18%
Volatility (1Y) Calculated over the trailing 1-year period	22.78%	26.73%	-3.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.09%	22.36%	-1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.09%	21.48%	-0.39%

UMMA vs. FPXI - Expense Ratio Comparison

UMMA has a 0.65% expense ratio, which is lower than FPXI's 0.70% expense ratio.

Dividends

UMMA vs. FPXI - Dividend Comparison

UMMA's dividend yield for the trailing twelve months is around 0.91%, less than FPXI's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPXI First Trust International Equity Opportunities ETF	0.97%	0.70%	0.93%	0.71%	1.13%	0.71%	0.18%	0.67%	1.75%	0.75%	2.09%	1.34%
UMMA Wahed Dow Jones Islamic World ETF	0.91%	1.02%	0.91%	1.09%	1.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UMMA and FPXI in my portfolio?

UMMA and FPXI have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UMMA or FPXI?

FPXI has higher volatility (13.78%) compared to UMMA (11.87%). In terms of maximum drawdown, UMMA dropped -34.17% vs FPXI's -55.78%.

Which ETF is better, UMMA or FPXI?

On 3-year performance, FPXI leads with 31.18% vs 23.04% for UMMA. On fees, UMMA is cheaper at 0.65% per year. On volatility, UMMA has been the lower-risk option at 11.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UMMA or FPXI?

Over the 3-year period, FPXI has performed better with a 31.18% return vs 23.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UMMA or FPXI?

UMMA is cheaper with a 0.65% expense ratio, compared with 0.70% for FPXI.

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

FPXI has the higher dividend yield at 0.97%, compared with 0.91% for UMMA.

What is the main difference between UMMA and FPXI?

They also come from different issuers: Wahed and First Trust. Their fees differ too: 0.65% for UMMA and 0.70% for FPXI.

Which has better risk-adjusted returns?

UMMA currently has the higher Sharpe Ratio (2.32 vs 2.03), 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.