Does halal investing earn less? SPUS, HLAL and the S&P 500
The two largest halal ETFs and the S&P 500 (SPY) — total return by year (dividends reinvested), growth of $10,000 and the deepest drawdowns.
$31,679 18.4% /yr
SPUS · annualized (CAGR)
$29,129 17.0% /yr
HLAL · annualized (CAGR)
$26,705 15.5% /yr
SPY · annualized (CAGR)
What $10,000 became
Since 18 December 2019 (SPUS launch), dividends reinvested, fund expenses included in the price.
Total return by year
| Year | SPUS | HLAL | SPY |
|---|---|---|---|
| 2026* | +17.39% | +20.60% | +14.06% |
| 2025 | +19.78% | +18.30% | +17.72% |
| 2024 | +26.49% | +16.69% | +24.89% |
| 2023 | +34.20% | +30.12% | +26.19% |
| 2022 | -22.75% | -17.56% | -18.17% |
| 2021 | +35.62% | +28.64% | +28.74% |
| 2020 | +25.68% | +24.65% | +18.37% |
* partial year
Drawdown — decline from the peak
SPUS
- Now from the peak
- -2.34%
- Gain to the high
- 2.39%
- All-time high
- $61.15 · 06 October 2026
- Deepest decline
- -30.80% · 23 March 2020
HLAL
- Now from the peak
- -2.54%
- Gain to the high
- 2.61%
- All-time high
- $76.54 · 06 October 2026
- Deepest decline
- -33.57% · 23 March 2020
SPY
- Now from the peak
- -0.94%
- Gain to the high
- 0.95%
- All-time high
- $779.09 · 06 October 2026
- Deepest decline
- -34.10% · 23 March 2020
Deepest decline within each year
From the previous year's close to the year's lowest close.
| Year | SPUS | HLAL | SPY |
|---|---|---|---|
| 2026 | -8.65% | -7.37% | -7.32% |
| 2025 | -19.92% | -18.60% | -15.29% |
| 2024 | -2.37% | -2.24% | -1.69% |
| 2023 | -1.71% | -1.70% | -0.80% |
| 2022 | -28.09% | -23.04% | -24.93% |
| 2021 | -2.07% | -1.98% | -1.36% |
| 2020 | -26.59% | -31.05% | -30.73% |
What to keep in mind
The history is short: SPUS launched in December 2019 and HLAL in July 2019 — a single market cycle. Halal ETFs are heavier in technology (banks and highly indebted companies are excluded), so they lead when tech rises and fall deeper when it drops. Expense ratios differ too (SPY ~0.09%, SPUS ~0.45%, HLAL ~0.50%). Past performance does not guarantee future results.
Verdicts are Limitup's automated screening (AAOIFI-based, see the methodology). For information only — not a fatwa and not investment advice.