Head-to-head comparison of halal financial providers on HalalWallet — features, fees, Shariah oversight, state availability, and independent editorial verdict. Published by HalalWallet (halalwallet.us).
SP Funds (SPUS) vs Wahed Invest (HLAL)
Head-to-Head: The Two Most Popular Halal ETFs Compared
Co-Founder, HalalWallet
Reviewed quarterly when provider data or pricing changes.
Our Verdict
SPUS and HLAL are the two most popular Shariah-compliant ETFs in the U.S. market. SPUS has a slightly lower expense ratio (0.45% vs 0.50%) and tracks the S&P 500 Shariah Index. HLAL tracks the FTSE USA Shariah Index. Performance differences are typically small. For most investors, either is a solid choice — the difference comes down to index methodology and fee sensitivity.
Side-by-Side Comparison
| Feature | SP Funds (SPUS) | Wahed Invest (HLAL) |
|---|---|---|
| ETF Ticker | SPUS | HLAL |
| Expense Ratio | 0.45% | 0.50% |
| Index Tracked | S&P 500 Shariah Industry Exclusion Index | FTSE USA Shariah Index |
| Shariah Advisor | Ratings Intelligence Partners | Wahed's Ethical Advisory Committee |
| Additional Products | SPSK (Sukuk ETF) | Robo-advisor, managed portfolios, gold |
| Management Style | Passively managed ETF only | ETF + robo-advisor platform |
Which Should You Choose?
You want the lowest expense ratio
→ SP Funds (SPUS)— 0.45% vs 0.50% — small but adds up over decades
You also want fixed-income exposure (Sukuk)
→ SP Funds— SPSK is one of the few Shariah-compliant Sukuk ETFs available
You want a managed portfolio, not just an ETF
→ Wahed Invest— Wahed offers a full robo-advisor service beyond just the HLAL ETF
You want to buy one ETF and hold it forever
→ Either— Both are solid, well-screened halal ETFs. Pick based on index and fee preference
Understand the evidence behind this comparison
Prefer a ranked pick for your situation? See our evidence-backed guides:
SP Funds (SPUS) Full Review
Pros, cons, rates & details
Wahed Invest (HLAL) Full Review
Pros, cons, rates & details
Not sure which is right? Compare all Investing providers.
Browse All Investing OptionsThis is just one of 7 categories. Average score: 63/100.
See yoursFrequently Asked Questions
Which has better performance?
Performance varies year to year and depends on the underlying index methodology. Historically, both track large-cap U.S. equities with Shariah screens. Check current performance on your brokerage platform.
Can I hold SPUS and HLAL in any brokerage?
Yes. Both trade on major U.S. exchanges and can be purchased through any brokerage account (Fidelity, Schwab, Vanguard, etc.).
Halal verdicts for popular stocks
Full AAOIFI-based Shariah screens for individual stocks — business activity, financial ratios, and where scholars and screeners differ.
SPUS and HLAL are the two most popular Shariah-compliant ETFs in the U.S. market. SPUS has a slightly lower expense ratio (0.45% vs 0.50%) and tracks the S&P 500 Shariah Index. HLAL tracks the FTSE USA Shariah Index. Performance differences are typically small. For most investors, either is a solid choice — the difference comes down to index methodology and fee sensitivity.
- You want the lowest expense ratio: SP Funds (SPUS) — 0.45% vs 0.50% — small but adds up over decades
- You also want fixed-income exposure (Sukuk): SP Funds — SPSK is one of the few Shariah-compliant Sukuk ETFs available
- You want a managed portfolio, not just an ETF: Wahed Invest — Wahed offers a full robo-advisor service beyond just the HLAL ETF
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Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: March 2026
How to cite this page
How to use this comparison: HalalWallet is an independent educational comparison platform — by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
- Confirm current terms and halal compliance directly with the provider — their quote is final.
- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
- Bring your shortlist to a qualified Islamic finance advisor or scholar, so the conversation is about your situation, not the basics.