SPY vs UMMA
State Street SPDR S&P 500 ETF Trust vs Wahed Dow Jones Islamic World ETF
Which is better, SPY or UMMA?
Each has led over a different period.
SPY has a lower expense ratio. SPY led over the full window, UMMA over 1Y and 3Y. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 41.3%.
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 | SPY | UMMA |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.65% |
| AUM | $804.7B | $293M |
| Dividend Yield | 0.98% | 0.96% |
| Holdings | 505 | 102 |
| YTD Return | +12.09% | +21.50%Best |
| 1Y Return | +16.29% | +33.55%Best |
| 3Y Return (annualized) | +21.20% | +22.03%Best |
| 5Y Return (annualized) | +13.37% | - |
| Volatility (annualized) | 15.6%Best | 20.6% |
| Max Drawdown | -23.4%Best | -34.2% |
| $10,000 over 4.7 years | $17,380Best | $15,339 |
| Top 10 Weight | 37.8%Best | 41.3% |
| Fund Family | State Street Investment Management | Wahed Invest |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Jan 6, 2022 |
Volatility and max drawdown, and the $10,000 over 4.7 years row, are measured over the window both funds cover: Jan 7, 2022 to Sep 18, 2026 (4.7 years).
SPY vs UMMA 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 4.7 years both funds cover.
SPY vs UMMA Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Wahed Dow Jones Islamic World ETF (UMMA) is an ETF from Wahed Invest. Over the past year SPY returned +16.29% while UMMA returned +33.55%. Year to date, SPY is up 12.09% versus a gain of 21.50% for UMMA.
Over three years, SPY compounded at +21.20% per year against +22.03% for UMMA.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UMMA has been the more volatile fund, with annualized monthly volatility of 20.6% compared with 15.6% 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 -23.4% for SPY and -34.2% for UMMA. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.79. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while UMMA charges 0.65%. On a $10,000 position that is $9 vs $65 annually, a gap of $56 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 0.96% for UMMA.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 94 in UMMA, totalling 99.9% and 97.8% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 504 positions we hold weights for in SPY and 94 in UMMA, against full books of 505 and 102.
What only one of them owns
Our book lists 3 positions for UMMA that do not appear in our book for SPY (1.2% of the fund), and 497 for SPY that do not appear in UMMA (99.3%).
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.
You are not choosing between two funds in isolation.
Whichever of SPY and UMMA you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or UMMA?
SPY has an expense ratio of 0.09% while UMMA charges 0.65%. SPY is the cheaper option, by $56 a year on a $10,000 investment.
Which performed better, SPY or UMMA?
Over the past year SPY returned +16.29% vs +33.55% for UMMA, so UMMA leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or UMMA?
UMMA has been the more volatile fund at 20.6% annualized versus 15.6% for SPY. Worst drawdown: SPY -23.4% vs UMMA -34.2%.
Should I hold both SPY and UMMA?
SPY and UMMA have a monthly-return correlation of 0.79, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPY or UMMA?
SPY yields 0.98% while UMMA yields 0.96%, so SPY currently pays the higher dividend yield.
Is UMMA better than SPY?
SPY has a lower expense ratio. SPY led over the full window, UMMA over 1Y and 3Y. SPY is less concentrated, with 37.8% of the fund in its ten largest positions against 41.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.