In this study, the performance of Malaysian Islamic unit trust is investigated based on consistency of ranking and can be considered as an alternative approach in evaluating portfolio performance. The Sign Test is employed to investigate consistency of ranking. The results of this study indicate that only four unit trusts namely Public Islamic Equity and CIMB Islamic Sukuk (both for short term investment) and Public Islamic Balance and CIMB Islamic Balance (both for medium term investment) exhibit non-random behavior in ranking which implies that the two unit trusts exhibit consistency and predictability in ranking. All other unit trusts show that the consistency in ranking is random and unpredictable consistent with the efficient market hypothesis.