What is the main structural difference between HLAL and VOO?

HLAL focuses on Shariah-compliant investing, excluding specific sectors, while VOO is a market-cap weighted tracker of the S&P 500.

How do the expense ratios compare?

HLAL has an expense ratio of 0.50%, significantly higher than VOO's 0.03%, reflecting the costs of Shariah screening.

Why does HLAL charge more?

HLAL's higher expense ratio is due to the costs associated with maintaining Shariah compliance through regular portfolio screening.

How do the net asset bases compare?

VOO has significantly larger net assets, approximately $1.08 trillion, compared to HLAL's roughly $982 million.

What is the impact of top holdings concentration?

Both funds have concentration risk in top technology holdings, but VOO's is spread across more sectors.

How do dividend yields compare?

VOO delivers a more competitive dividend yield of 1.03% compared to HLAL's 0.43%.

Why do the inception dates matter?

HLAL's 2019 launch means it has a shorter track record compared to VOO's 2010 inception.

What does market focus mean for these funds?

VOO provides broad US market exposure, while HLAL offers targeted exposure to companies compliant with Shariah principles.

Which fund aligns with different investing goals?

VOO suits general market exposure seekers, whereas HLAL is for those requiring ethical or Shariah-compliant options.

What are the pros of VOO's liquidity?

VOO's massive net assets ensure high trading liquidity, making it easier for investors to buy and sell shares.

What is a practical use case for HLAL?

HLAL serves as an accessible vehicle for investors who wish to participate in the US market while adhering to Islamic finance principles, despite the higher expense ratio and lower dividend yield.

Educational disclaimer regarding this comparison?

This content is for educational purposes only and does not constitute financial advice. Always consult with a qualified financial advisor before making investment decisions. The figures provided are sourced from Yahoo Finance as of 2026-09-22 and are subject to change.

HLAL vs VOO

Two funds, one decision: we compare cost, performance and what each ETF actually holds in October 2026.

Compare HLAL (Wahed FTSE USA Shariah ETF) and VOO (S&P 500 Vanguard ETF). This page outlines their expense ratios, top holdings, dividend yields, and market focus to help you understand the differences between a Shariah-compliant fund and a broad market index tracker. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

HLAL

Metric

VOO

0.50%

Expense Ratio

0.03%

0.43%

Dividend Yield

1.03%

$982.08M

Net Assets

$1.08T

213

Holdings

516

Jul 16, 2019

Inception Date

Sep 7, 2010

–

Index Tracked

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Large Blend

Fund Category

Large Blend

VOO costs about $47.00 less per year for every $10,000 invested.

Shared Top Holdings

Holding	HLAL	VOO
NVDANVIDIA Corporation	12.59%	8.08%
AAPLApple Inc.	12.23%	7.03%
MSFTMicrosoft Corporation	9.28%	5.70%
GOOGLAlphabet Inc.	5.08%	3.01%
GOOGAlphabet Inc.	4.10%	2.40%
AVGOBroadcom Inc.	4.05%	2.65%
METAMeta Platforms, Inc.	3.76%	1.90%
MUMicron Technology, Inc.	2.76%	1.63%
TSLATesla, Inc.	2.68%	1.57%

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Compare SCHG and VOO: 0.04% vs 0.03% expense ratio, large-cap growth vs the S&P 500, 196 vs 516 holdings, and a 0.37% vs 1.04% dividend yield.

Investment Analysis

HLAL

Pros

HLAL uses a fee of 0.50 percent which is acceptable for an ethical screening product.
HLAL holds a substantial net asset base of approximately $982 million to support investor activity.
HLAL launched in July 2019 which provides a track record of several years for US investors.

Considerations

HLAL charges 0.50 percent which is significantly higher than conventional large blend tracking products.
HLAL records a dividend yield of 0.43 percent which limits the total cash return available.
HLAL concentration in top technology holdings increases the exposure to specific market sector risks.

VOO

Pros

VOO charges an extremely low expense ratio of just 0.03 percent for broad market exposure.
VOO manages massive net assets of approximately $1.08 trillion which ensures high trading liquidity levels.
VOO delivers a more competitive dividend yield of 1.03 percent compared to the specialist peer.

Considerations

VOO top ten holdings represent a large portion of the portfolio creating concentrated market risk.
VOO inception date of September 2010 means it lacks data for the current short term period.
VOO sector weights are not available which prevents a detailed analysis of its industry diversification.

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About HLAL and VOO

HLAL (HLAL)

Wahed FTSE USA Shariah ETF (HLAL) is an exchange-traded fund that aims to track the FTSE USA Shariah Index, offering investors US equity exposure aligned with Shariah principles. The fund screens out companies involved in alcohol, gambling, conventional financial services, and other activities deemed non-compliant, as well as those with high leverage or non-compliant revenue mixes. It provides a passive, diversified exposure to US large- and mid-cap stocks while following ethical constraints. Investors should note this means the opportunity set is narrower than a broad US index and returns can differ from mainstream benchmarks. Like all ETFs, HLAL may experience tracking error, market volatility, and currency effects for non‑USD investors. Fees, liquidity and the specifics of the Shariah screening process are important to review before investing. This information is educational and not personalised advice; values can fall as well as rise and past performance is no guarantee of future results.

VOO (VOO)

VOO is Vanguard’s exchange-traded fund designed to track the S&P 500 Index, offering broad exposure to about 500 of the largest publicly traded US companies. It aims to replicate the index’s performance minus fees by holding the same stocks in similar proportions, making it a straightforward, passive way to access large‑cap US equities. Investors commonly use VOO as a core holding for long‑term growth or as a simple building block in a diversified portfolio. It typically offers high liquidity and regular dividend distributions from underlying companies. As with any equity investment, VOO’s value can rise or fall with the market, and past performance is not a guide to future returns. Fees, trading costs and potential tracking error reduce returns slightly. This information is general and educational only and not personalised financial advice — consider your own circumstances or speak to a qualified adviser before investing.

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This carefully selected group of stocks represents companies at the forefront of Sharia-compliant finance. Our professional analysts have identified these opportunities based on their adherence to Islamic principles while meeting strong financial criteria.

Published: 18 June 2025

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Which Baskets Do They Appear In?

Islamic Finance Leaders

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HLAL vs VOO

Fund Snapshot