UMMA vs. ITOL

Last updated Jun 21, 2026

UMMA (Wahed Dow Jones Islamic World ETF) and ITOL (Tema International Durable Quality ETF) are both Foreign Large Cap Equities funds. Both are actively managed. A 0.78 correlation means they provide meaningful diversification when combined. UMMA charges 0.65%/yr vs 0.60%/yr for ITOL.

Performance

UMMA vs. ITOL - Performance Comparison

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

Returns By Period

In the year-to-date period, UMMA achieves a 36.42% return, which is significantly higher than ITOL's 0.58% return.

UMMA

• 1D: 3.30%
• 1M: 9.54%
• YTD: 36.42%
• 6M: 39.45%
• 1Y: 59.48%
• 3Y*: 22.56%
• 5Y*: —
• 10Y*: —

ITOL

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.58%
• 6M: 1.71%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UMMA vs. ITOL - Yearly Performance Comparison

	2026 (YTD)	2025
UMMA Wahed Dow Jones Islamic World ETF	36.42%	10.83%
ITOL Tema International Durable Quality ETF	0.58%	3.85%

Correlation

The correlation between UMMA and ITOL is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 11, 2025	0.78

Return for Risk

UMMA vs. ITOL — 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: 82
UMMA Calmar Ratio Rank: 79
UMMA Martin Ratio Rank: 80

ITOL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. ITOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wahed Dow Jones Islamic World ETF (UMMA) and Tema International Durable Quality ETF (ITOL). 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	ITOL	Difference
Sharpe ratio: Return per unit of total volatility	2.64	—	—
Sortino ratio: Return per unit of downside risk	3.38	—	—
Omega ratio: Gain probability vs. loss probability	1.46	—	—
Calmar ratio: Return relative to maximum drawdown	3.92	—	—
Martin ratio: Return relative to average drawdown	15.03	—	—

Drawdowns

UMMA vs. ITOL - Drawdown Comparison

The maximum UMMA drawdown since its inception was -34.17%, which is greater than ITOL's maximum drawdown of -15.54%. Use the drawdown chart below to compare losses from any high point for UMMA and ITOL.

Drawdown Indicators

	UMMA	ITOL	Difference
Max Drawdown Largest peak-to-trough decline	-34.17%	-15.54%	-18.63%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-18.73%	—	—
Current Drawdown Current decline from peak	0.00%	-5.46%	+5.46%
Average Drawdown Average peak-to-trough decline	-9.74%	-3.68%	-6.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	—	—

Volatility

Volatility by Period

	UMMA	ITOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.85%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.64%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	22.14%	17.34%	+4.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.96%	17.34%	+3.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.96%	17.34%	+3.62%

UMMA vs. ITOL - Expense Ratio Comparison

UMMA has a 0.65% expense ratio, which is higher than ITOL's 0.60% expense ratio.

Dividends

UMMA vs. ITOL - Dividend Comparison

UMMA's dividend yield for the trailing twelve months is around 0.90%, more than ITOL's 0.13% yield.

Position	TTM	2025	2024	2023	2022
ITOL Tema International Durable Quality ETF	0.13%	0.13%	0.00%	0.00%	0.00%
UMMA Wahed Dow Jones Islamic World ETF	0.90%	1.02%	0.91%	1.09%	1.77%

Frequently Asked Questions

Can I hold both UMMA and ITOL in my portfolio?

UMMA and ITOL have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UMMA or ITOL?

On fees, ITOL is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UMMA or ITOL?

ITOL is cheaper with a 0.60% expense ratio, compared with 0.65% for UMMA.

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

UMMA has the higher dividend yield at 0.90%, compared with 0.13% for ITOL.

What is the main difference between UMMA and ITOL?

They also come from different issuers: Wahed and Tema. Their fees differ too: 0.65% for UMMA and 0.60% for ITOL.