UMMA vs. HAWX

Last updated Jun 23, 2026

UMMA (Wahed Dow Jones Islamic World ETF) and HAWX (iShares Currency Hedged MSCI ACWI ex U.S. ETF) are both Foreign Large Cap Equities funds. UMMA is actively managed, while HAWX is passively managed. Over the past 3 years, UMMA returned 24.05%/yr vs 22.87%/yr for HAWX. Their correlation of 0.86 suggests significant overlap in exposure. UMMA charges 0.65%/yr vs 0.35%/yr for HAWX.

Performance

UMMA vs. HAWX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wahed Dow Jones Islamic World ETF (UMMA) and iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UMMA achieves a 36.44% return, which is significantly higher than HAWX's 19.66% return.

UMMA

• 1D: 0.01%
• 1M: 10.02%
• YTD: 36.44%
• 6M: 38.86%
• 1Y: 59.49%
• 3Y*: 24.05%
• 5Y*: —
• 10Y*: —

HAWX

• 1D: 0.64%
• 1M: 5.80%
• YTD: 19.66%
• 6M: 20.07%
• 1Y: 40.65%
• 3Y*: 22.87%
• 5Y*: 13.58%
• 10Y*: 12.83%

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

UMMA vs. HAWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UMMA Wahed Dow Jones Islamic World ETF	36.44%	26.65%	4.67%	18.84%	-21.31%
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	19.66%	26.24%	14.88%	17.05%	-8.41%

Correlation

The correlation between UMMA and HAWX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 7, 2022	0.86

The correlation between UMMA and HAWX has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

UMMA vs. HAWX - Sectors Allocation Comparison

Sectors	UMMA	HAWX
Technology	48.2%	22.5%
Healthcare	14.8%	6.8%
Industrials	12.1%	14.2%
Basic Materials	8.8%	6.9%
Consumer Cyclical	7.3%	7.5%
Consumer Defensive	5.0%	4.8%
Energy	2.4%	4.8%
Communication Services	1.0%	4.9%
Real Estate	0.4%	1.4%
Financial Services	0.0%	23.2%
Utilities	-	3.0%

Return for Risk

UMMA vs. HAWX — Risk / Return Rank

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

UMMA

UMMA Risk / Return Rank: 82
UMMA Sharpe Ratio Rank: 86
UMMA Sortino Ratio Rank: 81
UMMA Omega Ratio Rank: 83
UMMA Calmar Ratio Rank: 80
UMMA Martin Ratio Rank: 80

HAWX

HAWX Risk / Return Rank: 88
HAWX Sharpe Ratio Rank: 90
HAWX Sortino Ratio Rank: 89
HAWX Omega Ratio Rank: 90
HAWX Calmar Ratio Rank: 84
HAWX Martin Ratio Rank: 87

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. HAWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wahed Dow Jones Islamic World ETF (UMMA) and iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX). 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	HAWX	Difference
Sharpe ratio: Return per unit of total volatility	2.70	2.93	-0.22
Sortino ratio: Return per unit of downside risk	3.44	3.89	-0.44
Omega ratio: Gain probability vs. loss probability	1.47	1.56	-0.08
Calmar ratio: Return relative to maximum drawdown	4.00	4.35	-0.35
Martin ratio: Return relative to average drawdown	15.38	18.01	-2.63

UMMA vs. HAWX - Sharpe Ratio Comparison

The current UMMA Sharpe Ratio is 2.70, which is comparable to the HAWX Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of UMMA and HAWX, 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. HAWX - Drawdown Comparison

The maximum UMMA drawdown since its inception was -34.17%, which is greater than HAWX's maximum drawdown of -30.63%. Use the drawdown chart below to compare losses from any high point for UMMA and HAWX.

Drawdown Indicators

	UMMA	HAWX	Difference
Max Drawdown Largest peak-to-trough decline	-34.17%	-30.63%	-3.54%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-9.39%	-5.54%
Max Drawdown (3Y) Largest decline over 3 years	-18.73%	-13.30%	-5.43%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.47%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-30.63%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.73%	-4.27%	-5.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	2.26%	+1.62%

Volatility

UMMA vs. HAWX - Volatility Comparison

Wahed Dow Jones Islamic World ETF (UMMA) has a higher volatility of 10.71% compared to iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX) at 5.92%. This indicates that UMMA's price experiences larger fluctuations and is considered to be riskier than HAWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMMA	HAWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.71%	5.92%	+4.79%
Volatility (6M) Calculated over the trailing 6-month period	19.57%	12.26%	+7.31%
Volatility (1Y) Calculated over the trailing 1-year period	22.16%	13.98%	+8.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.95%	13.54%	+7.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.95%	15.24%	+5.71%

UMMA vs. HAWX - Expense Ratio Comparison

UMMA has a 0.65% expense ratio, which is higher than HAWX's 0.35% expense ratio.

Dividends

UMMA vs. HAWX - Dividend Comparison

UMMA's dividend yield for the trailing twelve months is around 0.90%, less than HAWX's 2.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAWX iShares Currency Hedged MSCI ACWI ex U.S. ETF	2.34%	2.80%	3.31%	2.95%	16.94%	2.63%	2.00%	3.23%	2.51%	2.40%	2.49%	3.86%
UMMA Wahed Dow Jones Islamic World ETF	0.90%	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 HAWX in my portfolio?

UMMA and HAWX have a correlation of 0.89, 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 HAWX?

UMMA has higher volatility (10.71%) compared to HAWX (5.92%). In terms of maximum drawdown, UMMA dropped -34.17% vs HAWX's -30.63%.

Which ETF is better, UMMA or HAWX?

On 3-year performance, UMMA leads with 24.05% vs 22.87% for HAWX. On fees, HAWX is cheaper at 0.35% per year. On volatility, HAWX has been the lower-risk option at 5.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UMMA or HAWX?

Over the 3-year period, UMMA has performed better with a 24.05% return vs 22.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UMMA or HAWX?

HAWX is cheaper with a 0.35% expense ratio, compared with 0.65% for UMMA.

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

HAWX has the higher dividend yield at 2.34%, compared with 0.90% for UMMA.

What is the main difference between UMMA and HAWX?

They also come from different issuers: Wahed and iShares. Their fees differ too: 0.65% for UMMA and 0.35% for HAWX.

Which has better risk-adjusted returns?

HAWX currently has the higher Sharpe Ratio (2.93 vs 2.70), 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.