SPUS vs HLAL: Live Data, Overlap, and How to Actually Choose
Published Updated August 12, 2026 · 9 min read · Penny editorial team
Both are legitimate core holdings — the choice is really about which screening methodology you want applied to your money. Here's the head-to-head with live data (as of 2026-08-12), the holdings overlap measured from their actual top-10 lists, and scenario-based guidance instead of performance-chasing.
Head-to-head, live
| SPUS | HLAL | |
|---|---|---|
| Sponsor | SP Funds | Wahed |
| Index | S&P 500 Shariah Industry Exclusions | FTSE USA Shariah |
| Screen family | AAOIFI-based (S&P Shariah) | FTSE Shariah |
| Ratio denominator | Market capitalization (36-mo avg) | Total assets |
| Universe | S&P 500 only | Broader US market |
| Expense ratio | 0.45% | 0.50% |
| Net assets | $2.88B | $914M |
| Yield | 0.54% | 0.46% |
| Inception | 2019-12-17 | 2019-07-15 |
The methodology difference that actually matters
Both screens block the same industries and use the same 5% impermissible-income tolerance. The substantive difference is the denominator for the financial ratios. S&P Shariah (SPUS) measures debt and cash against market capitalization: when a stock's price falls hard, its debt ratio mechanically rises, so companies can drop out of the index in downturns — the screen is pro-cyclical but tracks what the market says the equity is worth. FTSE (HLAL) measures against total assets: stable through price swings, so membership changes mainly with filings, not sentiment — steadier, but a company whose equity value collapses can linger longer. Neither is “more correct”; AAOIFI's own standard uses market-cap-style measures, while several respected boards endorse total-assets screens. This is a genuine ikhtilaf (legitimate difference) you get to choose between.
How much do they overlap?
Measured from their current top-10 holdings: 8 of SPUS's top 10 also sit in HLAL's top 10 (NVDA, AAPL, MSFT, GOOGL, AVGO, MU, LLY, TSLA). Screened US large-cap is a concentrated world — removing banks and leveraged firms leaves both funds leaning on the same compliant mega-cap tech. Two consequences: holding both adds little diversification, and whichever you pick, your real tech exposure is higher than a conventional index fund's — worth checking against any individual tech stocks you hold (this is exactly what Penny's concentration warnings track).
Decision scenarios
| If you… | Pick | Why |
|---|---|---|
| Want the market benchmark, screened | SPUS | Closest behavior to the S&P 500's compliant subset; largest AUM and tightest spreads in the category |
| Prefer screening stability through volatility | HLAL | Total-assets denominator doesn't flinch at price swings |
| Are cost-first | SPUS | 0.45% vs 0.50% — small but real over decades |
| Worry about methodology concentration | Split both | A name dropped by one screen may remain in the other; costs you a second position to track |
| Want one ticket for everything | Neither — see SPWO | Global equities in a single screened fund |
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What's the real difference between SPUS and HLAL?
The screening methodology and universe. SPUS applies the S&P Shariah screen (AAOIFI-based, ratios measured against market capitalization) to the S&P 500. HLAL applies FTSE's Shariah screen (ratios against total assets) to a broader US universe. Different rules and denominators produce somewhat different holdings and sector weights, though both end up dominated by the same screened mega-caps.
Which is cheaper, SPUS or HLAL?
SPUS, slightly — 0.45% vs 0.50% expense ratio at current disclosures. On a $10,000 position that's a $5/year difference: real but rarely decisive. Liquidity and methodology preference matter more.
Can I hold both SPUS and HLAL?
You can, and it slightly diversifies screening-methodology risk (a stock dropped by one screen may remain in the other). But their top holdings overlap heavily, so it adds little market diversification — most investors pick one core and diversify internationally (UMMA/SPWO) or into sukuk (SPSK) instead.
Are SPUS and HLAL actually sharia-compliant?
Both track indexes maintained under recognized methodologies with scholar oversight, scheduled rebalances that remove failing stocks, and published purification guidance from the sponsors. Holdings can drift between rebalances, which is why some investors also spot-check underlying names.
Which has performed better?
It flips depending on the window, driven mostly by how each screen weights mega-cap tech in that period. Choosing on trailing performance between two screened large-cap US funds is noise-chasing; choose on methodology, cost, and liquidity.
Do SPUS and HLAL pay dividends?
Yes, both distribute quarterly; current yields are in the table above. Both sponsors publish annual purification figures for the impermissible fraction.
Related: The complete halal ETF list with live data · How the screens work · Which US stocks are halal?
Fund data via Yahoo Finance as of 2026-08-12; index methodology details from S&P Dow Jones Indices and FTSE Russell public documentation. Verify current figures on issuer sites before investing. Educational content, not investment advice or a fatwa.
Educational content, not a fatwa or financial advice. Scholarly positions differ — consult a qualified scholar for your situation.
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