UMMA vs. SPWO

Last updated Aug 2, 2026

UMMA (Wahed Dow Jones Islamic World ETF) and SPWO (SP Funds S&P World (ex-US) ETF) are both Foreign Large Cap Equities funds. UMMA is actively managed, while SPWO is passively managed. Over the past year, UMMA returned 42.50% vs 35.21% for SPWO. Their correlation of 0.91 means they have usually moved in the same direction. UMMA charges 0.65%/yr vs 0.55%/yr for SPWO.

Performance

UMMA vs. SPWO - Performance Comparison

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

Returns By Period

In the year-to-date period, UMMA achieves a 22.37% return, which is significantly higher than SPWO's 18.04% return.

UMMA

• 1D: -0.48%
• 1M: -4.45%
• 6M: 13.47%
• YTD: 22.37%
• 1Y: 42.50%
• 3Y*: 18.50%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.57%

SPWO

• 1D: 0.31%
• 1M: -3.27%
• 6M: 9.85%
• YTD: 18.04%
• 1Y: 35.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.17%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPWO SP Funds S&P World (ex-US) ETF	$1.91M	$1.88M	$2.00M
UMMA Wahed Dow Jones Islamic World ETF	$1.27M	$1.70M	$1.85M

UMMA vs. SPWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UMMA Wahed Dow Jones Islamic World ETF	22.37%	26.65%	4.67%	0.99%
SPWO SP Funds S&P World (ex-US) ETF	18.04%	26.32%	9.25%	1.36%

Correlation

The correlation between UMMA and SPWO is 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.91

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

UMMA vs. SPWO - Sectors Allocation Comparison

Sectors	UMMA	SPWO
Technology	48.5%	52.4%
Healthcare	15.1%	10.6%
Industrials	11.4%	11.4%
Basic Materials	8.0%	6.5%
Consumer Cyclical	7.1%	9.2%
Consumer Defensive	6.4%	4.1%
Energy	2.0%	2.3%
Communication Services	1.0%	1.6%
Real Estate	0.4%	0.7%
Financial Services	0.0%	0.8%
Utilities	-	0.3%

Return for Risk

UMMA vs. SPWO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UMMA

UMMA Risk / Return Rank: 74
UMMA Sharpe Ratio Rank: 75
UMMA Sortino Ratio Rank: 71
UMMA Omega Ratio Rank: 73
UMMA Calmar Ratio Rank: 78
UMMA Martin Ratio Rank: 73

SPWO

SPWO Risk / Return Rank: 65
SPWO Sharpe Ratio Rank: 63
SPWO Sortino Ratio Rank: 59
SPWO Omega Ratio Rank: 63
SPWO Calmar Ratio Rank: 72
SPWO Martin Ratio Rank: 66

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UMMA vs. SPWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wahed Dow Jones Islamic World ETF (UMMA) and SP Funds S&P World (ex-US) ETF (SPWO). 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	SPWO	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.46	+0.23
Sortino ratio: Return per unit of downside risk	2.28	2.00	+0.28
Omega ratio: Gain probability vs. loss probability	1.30	1.27	+0.04
Calmar ratio: Return relative to maximum drawdown	2.76	2.49	+0.28
Martin ratio: Return relative to average drawdown	8.85	7.92	+0.93

UMMA vs. SPWO - Sharpe Ratio Comparison

The current UMMA Sharpe Ratio is 1.70, which is comparable to the SPWO Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of UMMA and SPWO, 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. SPWO - Drawdown Comparison

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

Drawdown Indicators

	UMMA	SPWO	Difference
Max Drawdown Largest peak-to-trough decline	-34.17%	-18.03%	-16.14%
Max Drawdown (1Y) Largest decline over 1 year	-14.93%	-13.75%	-1.18%
Max Drawdown (3Y) Largest decline over 3 years	-18.73%	—	—
Current Drawdown Current decline from peak	-10.31%	-8.52%	-1.79%
Average Drawdown Average peak-to-trough decline	-9.69%	-2.97%	-6.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.65%	4.31%	+0.34%

Volatility

UMMA vs. SPWO - Volatility Comparison

Wahed Dow Jones Islamic World ETF (UMMA) and SP Funds S&P World (ex-US) ETF (SPWO) have volatilities of 8.43% and 8.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMMA	SPWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.43%	8.20%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	21.90%	20.77%	+1.13%
Volatility (1Y) Calculated over the trailing 1-year period	24.40%	23.43%	+0.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.31%	20.33%	+0.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.31%	20.33%	+0.98%

UMMA vs. SPWO - Expense Ratio Comparison

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

Dividends

UMMA vs. SPWO - Dividend Comparison

UMMA's dividend yield for the trailing twelve months is around 0.99%, less than SPWO's 1.10% yield.

Position	TTM	2025	2024	2023	2022
SPWO SP Funds S&P World (ex-US) ETF	1.10%	1.29%	1.24%	0.00%	0.00%
UMMA Wahed Dow Jones Islamic World ETF	0.99%	1.02%	0.91%	1.09%	1.77%

Frequently Asked Questions

Can I hold both UMMA and SPWO in my portfolio?

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

UMMA has higher volatility (8.43%) compared to SPWO (8.20%). In terms of maximum drawdown, UMMA dropped -34.17% vs SPWO's -18.03%.

Which ETF is better, UMMA or SPWO?

On 1-year performance, UMMA leads with 42.50% vs 35.21% for SPWO. On fees, SPWO is cheaper at 0.55% per year. On volatility, SPWO has been the lower-risk option at 8.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UMMA or SPWO?

Over the 1-year period, UMMA has performed better with a 42.50% return vs 35.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UMMA or SPWO?

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

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

SPWO has the higher dividend yield at 1.10%, compared with 0.99% for UMMA.

What is the main difference between UMMA and SPWO?

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

Which has better risk-adjusted returns?

UMMA currently has the higher Sharpe Ratio (1.70 vs 1.46), 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.