HLAL vs SPY
Wahed FTSE USA Shariah ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, HLAL or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. HLAL led over 1Y, 5Y and the full window, SPY over 3Y. The two have moved almost in lockstep, correlation 0.97. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 58.6%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | HLAL | SPY |
|---|---|---|
| Expense Ratio | 0.50% | 0.09%Best |
| AUM | $939M | $804.7B |
| Dividend Yield | 0.44% | 0.98% |
| Holdings | 213 | 505 |
| YTD Return | +16.62%Best | +11.45% |
| 1Y Return | +24.52%Best | +15.87% |
| 3Y Return (annualized) | +19.71% | +20.93%Best |
| 5Y Return (annualized) | +13.81%Best | +12.59% |
| Volatility (annualized) | 17.9% | 16.5%Best |
| Max Drawdown | -33.6%Best | -34.1% |
| $10,000 over 5 years | $19,094Best | $18,093 |
| Top 10 Weight | 58.6% | 37.8%Best |
| Fund Family | Wahed Invest | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jul 15, 2019 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Jul 16, 2019 to Sep 15, 2026 (7.2 years).
HLAL vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 7.2 years both funds cover.
HLAL vs SPY Performance
Wahed FTSE USA Shariah ETF (HLAL) is an ETF from Wahed Invest and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year HLAL returned +24.52% while SPY returned +15.87%. Year to date, HLAL is up 16.62% versus a gain of 11.45% for SPY.
Over three years, HLAL compounded at +19.71% per year against +20.93% for SPY; over five years the annualized figures are +13.81% and +12.59% respectively. Across the full 7-year window we track, HLAL has the edge at +16.73% annualized vs +14.99%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
HLAL has been the more volatile fund, with annualized monthly volatility of 17.9% compared with 16.5% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -33.6% for HLAL and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.97. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
HLAL charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, HLAL currently yields 0.44% against 0.98% for SPY.
Holdings Overlap
98.7% of HLAL's money is in holdings SPY also owns. 59.7% of SPY's money is in holdings HLAL also owns.
Most of HLAL is already inside SPY. Owning both mostly buys the same companies twice.
190 positions in common, counted across the 210 positions we hold weights for in HLAL and 504 in SPY, against full books of 213 and 505.
What only one of them owns
Our book lists 309 positions for SPY that do not appear in our book for HLAL (39.7% of the fund), and 17 for HLAL that do not appear in SPY (0.9%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in HLAL | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 13.01% | 8.01% | 5.00% |
| AAPLApple, Inc | 11.91% | 7.26% | 4.65% |
| MSFTMicrosoft Corp | 9.35% | 5.66% | 3.69% |
| GOOGLAlphabet Inc,class A | 4.98% | 2.99% | 1.99% |
| AVGOBroadcom Inc | 4.33% | 2.66% | 1.67% |
| GOOGAlphabet Inc | 4.02% | 2.39% | 1.63% |
| METAMeta Platforms Inc | 3.30% | 1.93% | 1.37% |
| MUMicron Technology, Inc. | 2.73% | 1.60% | 1.13% |
| TSLATesla Inc | 2.64% | 1.52% | 1.12% |
| LLYEli Lilly & Co. | 2.33% | 1.40% | 0.93% |
98.7% of HLAL is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, HLAL or SPY?
HLAL has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option, by $41 a year on a $10,000 investment.
Which performed better, HLAL or SPY?
Over the past year HLAL returned +24.52% vs +15.87% for SPY, so HLAL leads on 1-year performance. Over the longest common window we track (7 years), HLAL annualized +16.73% vs +14.99% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HLAL or SPY?
HLAL has been the more volatile fund at 17.9% annualized versus 16.5% for SPY. Worst drawdown: HLAL -33.6% vs SPY -34.1%.
Should I hold both HLAL and SPY?
HLAL and SPY have a monthly-return correlation of 0.97, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between HLAL and SPY?
98.7% of HLAL's money is in holdings SPY also owns. 59.7% of SPY's is in holdings HLAL also owns. They hold 190 positions in common, counted across the 210 positions we hold weights for in HLAL and 504 in SPY.
Which pays a higher dividend, HLAL or SPY?
HLAL yields 0.44% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than HLAL?
SPY has a lower expense ratio. HLAL led over 1Y, 5Y and the full window, SPY over 3Y. The two have moved almost in lockstep, correlation 0.97. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 58.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.