WISEX vs. HLAL

Last updated Jun 3, 2026

WISEX (Azzad Wise Capital Fund) and HLAL (Wahed FTSE USA Shariah ETF) are both funds - WISEX is a Short-Term Bond fund managed by Azzad Fund, while HLAL is a Large Cap Growth Equities fund tracking the FTSE Shariah USA Index. Over the past 5 years, WISEX returned 2.30%/yr vs 16.13%/yr for HLAL. A 0.60 correlation means they provide meaningful diversification when combined. WISEX charges 0.89%/yr vs 0.50%/yr for HLAL.

Performance

WISEX vs. HLAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Azzad Wise Capital Fund (WISEX) and Wahed FTSE USA Shariah ETF (HLAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WISEX achieves a 0.51% return, which is significantly lower than HLAL's 18.80% return.

WISEX

• 1D: 0.00%
• 1M: 0.13%
• YTD: 0.51%
• 6M: 0.83%
• 1Y: 3.65%
• 3Y*: 4.24%
• 5Y*: 2.30%
• 10Y*: 2.40%

HLAL

• 1D: 0.63%
• 1M: 8.99%
• YTD: 18.80%
• 6M: 18.19%
• 1Y: 44.31%
• 3Y*: 22.07%
• 5Y*: 16.13%
• 10Y*: —

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

WISEX vs. HLAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
WISEX Azzad Wise Capital Fund	0.51%	5.29%	4.53%	3.90%	-3.37%	1.99%	3.52%	1.60%
HLAL Wahed FTSE USA Shariah ETF	18.80%	18.30%	16.70%	30.13%	-17.56%	28.64%	24.65%	10.96%

Correlation

The correlation between WISEX and HLAL is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jul 17, 2019	0.60

Over the past year, the correlation between WISEX and HLAL has dropped to 0.38 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.

Return for Risk

WISEX vs. HLAL — Risk / Return Rank

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

WISEX

WISEX Risk / Return Rank: 65
WISEX Sharpe Ratio Rank: 88
WISEX Sortino Ratio Rank: 91
WISEX Omega Ratio Rank: 94
WISEX Calmar Ratio Rank: 25
WISEX Martin Ratio Rank: 26

HLAL

HLAL Risk / Return Rank: 90
HLAL Sharpe Ratio Rank: 92
HLAL Sortino Ratio Rank: 93
HLAL Omega Ratio Rank: 91
HLAL Calmar Ratio Rank: 82
HLAL Martin Ratio Rank: 89

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.

WISEX vs. HLAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Azzad Wise Capital Fund (WISEX) and Wahed FTSE USA Shariah ETF (HLAL). 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.

	WISEX	HLAL	Difference
Sharpe ratio Return per unit of total volatility	2.85	3.38	-0.53
Sortino ratio Return per unit of downside risk	4.53	4.68	-0.15
Omega ratio Gain probability vs. loss probability	1.74	1.60	+0.14
Calmar ratio Return relative to maximum drawdown	1.92	4.40	-2.48
Martin ratio Return relative to average drawdown	6.52	20.35	-13.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WISEX vs. HLAL - Sharpe Ratio Comparison

The current WISEX Sharpe Ratio is 2.85, which is comparable to the HLAL Sharpe Ratio of 3.38. The chart below compares the historical Sharpe Ratios of WISEX and HLAL, 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

	WISEX	HLAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.85	3.38	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.51	0.92	+0.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.35	0.90	+0.45

Drawdowns

WISEX vs. HLAL - Drawdown Comparison

The maximum WISEX drawdown since its inception was -5.28%, smaller than the maximum HLAL drawdown of -33.57%. Use the drawdown chart below to compare losses from any high point for WISEX and HLAL.

Drawdown Indicators

	WISEX	HLAL	Difference
Max Drawdown Largest peak-to-trough decline	-5.28%	-33.57%	+28.29%
Max Drawdown (1Y) Largest decline over 1 year	-1.92%	-10.20%	+8.28%
Max Drawdown (3Y) Largest decline over 3 years	-1.92%	-21.67%	+19.75%
Max Drawdown (5Y) Largest decline over 5 years	-5.28%	-23.18%	+17.90%
Max Drawdown (10Y) Largest decline over 10 years	-5.28%	—	—
Current Drawdown Current decline from peak	-0.67%	0.00%	-0.67%
Average Drawdown Average peak-to-trough decline	-0.66%	-5.00%	+4.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	2.20%	-1.64%

Volatility

WISEX vs. HLAL - Volatility Comparison

The current volatility for Azzad Wise Capital Fund (WISEX) is 0.44%, while Wahed FTSE USA Shariah ETF (HLAL) has a volatility of 3.79%. This indicates that WISEX experiences smaller price fluctuations and is considered to be less risky than HLAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WISEX	HLAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.44%	3.79%	-3.35%
Volatility (6M) Calculated over the trailing 6-month period	1.08%	9.96%	-8.88%
Volatility (1Y) Calculated over the trailing 1-year period	1.29%	13.17%	-11.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.53%	17.60%	-16.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.64%	20.22%	-18.58%

WISEX vs. HLAL - Expense Ratio Comparison

WISEX has a 0.89% expense ratio, which is higher than HLAL's 0.50% expense ratio.

Dividends

WISEX vs. HLAL - Dividend Comparison

WISEX's dividend yield for the trailing twelve months is around 3.62%, more than HLAL's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLAL Wahed FTSE USA Shariah ETF	0.44%	0.53%	0.58%	0.72%	1.15%	0.78%	0.97%	0.72%	0.00%	0.00%	0.00%	0.00%
WISEX Azzad Wise Capital Fund	3.62%	3.56%	3.59%	2.20%	1.54%	1.42%	1.31%	1.84%	1.66%	1.11%	0.99%	0.47%

Frequently Asked Questions

Can I hold both WISEX and HLAL in my portfolio?

WISEX and HLAL have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WISEX or HLAL?

HLAL has higher volatility (3.79%) compared to WISEX (0.44%). In terms of maximum drawdown, WISEX dropped -5.28% vs HLAL's -33.57%.

Which has better risk-adjusted returns?

HLAL currently has the higher Sharpe Ratio (3.38 vs 2.85), 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.