UMMA vs. SPWO

Last updated Jun 3, 2026

UMMA (Wahed Dow Jones Islamic World ETF) and SPWO (SP Funds S&P World ETF) are both Foreign Large Cap Equities funds - UMMA tracks the Dow Jones Islamic Market International Titans 100 Index while SPWO tracks the S&P DM Ex-U.S. & EM 50/50 Shariah Index - Benchmark TR Net. Both are passively managed. Over the past year, UMMA returned 54.63% vs 50.85% for SPWO. Their correlation of 0.91 suggests significant overlap in exposure. 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 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 33.52% return, which is significantly higher than SPWO's 28.41% return.

UMMA

• 1D: 1.04%
• 1M: 14.73%
• YTD: 33.52%
• 6M: 37.91%
• 1Y: 54.63%
• 3Y*: 23.05%
• 5Y*: —
• 10Y*: —

SPWO

• 1D: 0.84%
• 1M: 10.28%
• YTD: 28.41%
• 6M: 30.98%
• 1Y: 50.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UMMA vs. SPWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UMMA Wahed Dow Jones Islamic World ETF	33.52%	26.65%	4.67%	2.85%
SPWO SP Funds S&P World ETF	28.41%	26.32%	9.25%	2.96%

Correlation

The correlation between UMMA and SPWO is 0.94, 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	0.94
Correlation (All Time) Calculated using the full available price history since Dec 21, 2023	0.91

The correlation between UMMA and SPWO has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

UMMA vs. SPWO - Sectors Allocation Comparison

Sectors	UMMA	SPWO
Technology	42.9%	48.9%
Healthcare	16.6%	10.5%
Industrials	13.5%	11.7%
Basic Materials	9.3%	6.5%
Consumer Cyclical	8.1%	10.4%
Consumer Defensive	5.6%	4.0%
Energy	2.9%	2.0%
Communication Services	0.8%	0.7%
Real Estate	0.5%	0.6%
Financial Services	-	0.0%
Utilities	-	0.1%

Return for Risk

UMMA vs. SPWO — Risk / Return Rank

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

UMMA

UMMA Risk / Return Rank: 78
UMMA Sharpe Ratio Rank: 83
UMMA Sortino Ratio Rank: 79
UMMA Omega Ratio Rank: 78
UMMA Calmar Ratio Rank: 74
UMMA Martin Ratio Rank: 76

SPWO

SPWO Risk / Return Rank: 76
SPWO Sharpe Ratio Rank: 79
SPWO Sortino Ratio Rank: 75
SPWO Omega Ratio Rank: 76
SPWO Calmar Ratio Rank: 74
SPWO 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. 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 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.

	UMMA	SPWO	Difference
Sharpe ratio Return per unit of total volatility	2.73	2.61	+0.13
Sortino ratio Return per unit of downside risk	3.60	3.42	+0.17
Omega ratio Gain probability vs. loss probability	1.47	1.46	+0.01
Calmar ratio Return relative to maximum drawdown	3.76	3.80	-0.04
Martin ratio Return relative to average drawdown	14.73	14.50	+0.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UMMA vs. SPWO - Sharpe Ratio Comparison

The current UMMA Sharpe Ratio is 2.73, which is comparable to the SPWO Sharpe Ratio of 2.61. 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.

Sharpe Ratios by Period

	UMMA	SPWO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.73	2.61	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	1.48	-0.89

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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.83%	-2.80%	-7.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	3.61%	+0.21%

Volatility

UMMA vs. SPWO - Volatility Comparison

Wahed Dow Jones Islamic World ETF (UMMA) and SP Funds S&P World ETF (SPWO) have volatilities of 7.60% and 7.39%, 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	7.60%	7.39%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	17.23%	16.50%	+0.73%
Volatility (1Y) Calculated over the trailing 1-year period	20.10%	19.61%	+0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.56%	19.04%	+1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.56%	19.04%	+1.52%

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 0.92%, less than SPWO's 1.01% yield.

Position	TTM	2025	2024	2023	2022
SPWO SP Funds S&P World ETF	1.01%	1.29%	1.24%	0.00%	0.00%
UMMA Wahed Dow Jones Islamic World ETF	0.92%	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 0.94, 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 (7.60%) compared to SPWO (7.39%). 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 54.63% vs 50.85% for SPWO. On fees, SPWO is cheaper at 0.55% per year. On volatility, SPWO has been the lower-risk option at 7.39%. 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 54.63% return vs 50.85%. 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 1.01%, compared with 0.92% for UMMA.

What is the main difference between UMMA and SPWO?

UMMA tracks Dow Jones Islamic Market International Titans 100 Index, while SPWO tracks S&P DM Ex-U.S. & EM 50/50 Shariah Index - Benchmark TR Net. 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 (2.73 vs 2.61), 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.