CLOD vs. CZAR

Last updated Jul 14, 2026

CLOD (Themes Cloud Computing ETF) and CZAR (Themes Natural Monopoly ETF) are both exchange-traded funds - CLOD is a Technology Equities fund tracking the Solactive Cloud Technology Index, while CZAR is a Large Cap Blend Equities fund tracking the Solactive Natural Monopoly Index - Benchmark TR Gross. Both are passively managed. Over the past year, CLOD returned -4.85% vs 2.18% for CZAR. A 0.53 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

CLOD vs. CZAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Cloud Computing ETF (CLOD) and Themes Natural Monopoly ETF (CZAR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CLOD achieves a -2.97% return, which is significantly lower than CZAR's -0.16% return.

CLOD

• 1D: -0.00%
• 1M: 2.61%
• 6M: -3.86%
• YTD: -2.97%
• 1Y: -4.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CZAR

• 1D: -0.30%
• 1M: 1.67%
• 6M: -1.92%
• YTD: -0.16%
• 1Y: 2.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CLOD vs. CZAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CLOD Themes Cloud Computing ETF	-2.97%	7.53%	21.03%	0.77%
CZAR Themes Natural Monopoly ETF	-0.16%	13.32%	10.92%	1.98%

Correlation

The correlation between CLOD and CZAR is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (All Time) Calculated using the full available price history since Dec 15, 2023	0.53

The correlation between CLOD and CZAR has been stable across timeframes, ranging from 0.52 to 0.53 - a consistent structural relationship.

CLOD vs. CZAR - Sectors Allocation Comparison

Sectors	CLOD	CZAR
Technology	82.0%	18.6%
Communication Services	7.9%	2.2%
Consumer Cyclical	7.1%	6.3%
Industrials	1.4%	27.8%
Financial Services	0.6%	18.2%
Basic Materials	-	3.5%
Consumer Defensive	-	5.9%
Energy	-	3.3%
Healthcare	-	9.1%
Real Estate	-	-
Utilities	-	2.8%

Return for Risk

CLOD vs. CZAR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CLOD

CLOD Risk / Return Rank: 7
CLOD Sharpe Ratio Rank: 7
CLOD Sortino Ratio Rank: 7
CLOD Omega Ratio Rank: 7
CLOD Calmar Ratio Rank: 8
CLOD Martin Ratio Rank: 8

CZAR

CZAR Risk / Return Rank: 12
CZAR Sharpe Ratio Rank: 12
CZAR Sortino Ratio Rank: 11
CZAR Omega Ratio Rank: 11
CZAR Calmar Ratio Rank: 12
CZAR Martin Ratio Rank: 13

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CLOD vs. CZAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Cloud Computing ETF (CLOD) and Themes Natural Monopoly ETF (CZAR). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CLOD	CZAR	Difference
Sharpe ratio: Return per unit of total volatility	-0.19	0.18	-0.37
Sortino ratio: Return per unit of downside risk	-0.09	0.34	-0.42
Omega ratio: Gain probability vs. loss probability	0.99	1.04	-0.05
Calmar ratio: Return relative to maximum drawdown	-0.16	0.23	-0.38
Martin ratio: Return relative to average drawdown	-0.32	0.65	-0.97

CLOD vs. CZAR - Sharpe Ratio Comparison

The current CLOD Sharpe Ratio is -0.19, which is lower than the CZAR Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of CLOD and CZAR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CLOD vs. CZAR - Drawdown Comparison

The maximum CLOD drawdown since its inception was -31.36%, which is greater than CZAR's maximum drawdown of -13.38%. Use the drawdown chart below to compare losses from any high point for CLOD and CZAR.

Drawdown Indicators

	CLOD	CZAR	Difference
Max Drawdown Largest peak-to-trough decline	-31.36%	-13.38%	-17.98%
Max Drawdown (1Y) Largest decline over 1 year	-31.36%	-9.54%	-21.82%
Current Drawdown Current decline from peak	-12.43%	-2.92%	-9.51%
Average Drawdown Average peak-to-trough decline	-7.74%	-2.27%	-5.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.97%	3.36%	+11.61%

Volatility

CLOD vs. CZAR - Volatility Comparison

Themes Cloud Computing ETF (CLOD) has a higher volatility of 6.97% compared to Themes Natural Monopoly ETF (CZAR) at 3.25%. This indicates that CLOD's price experiences larger fluctuations and is considered to be riskier than CZAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLOD	CZAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.97%	3.25%	+3.72%
Volatility (6M) Calculated over the trailing 6-month period	22.69%	10.19%	+12.50%
Volatility (1Y) Calculated over the trailing 1-year period	26.00%	12.24%	+13.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.54%	14.92%	+9.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.54%	14.92%	+9.62%

CLOD vs. CZAR - Expense Ratio Comparison

Both CLOD and CZAR have an expense ratio of 0.35%.

Dividends

CLOD vs. CZAR - Dividend Comparison

CLOD's dividend yield for the trailing twelve months is around 1.51%, more than CZAR's 1.47% yield.

Position	TTM	2025	2024
CLOD Themes Cloud Computing ETF	1.51%	1.47%	0.00%
CZAR Themes Natural Monopoly ETF	1.47%	1.47%	0.94%

Frequently Asked Questions

Can I hold both CLOD and CZAR in my portfolio?

CLOD and CZAR have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CLOD or CZAR?

CLOD has higher volatility (6.97%) compared to CZAR (3.25%). In terms of maximum drawdown, CLOD dropped -31.36% vs CZAR's -13.38%.

Which ETF is better, CLOD or CZAR?

On 1-year performance, CZAR leads with 2.18% vs -4.85% for CLOD. Both ETFs have the same 0.35% expense ratio. On volatility, CZAR has been the lower-risk option at 3.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLOD or CZAR?

Over the 1-year period, CZAR has performed better with a 2.18% return vs -4.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLOD or CZAR?

CLOD and CZAR have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, CLOD or CZAR?

CLOD has the higher dividend yield at 1.51%, compared with 1.47% for CZAR.

What is the main difference between CLOD and CZAR?

CLOD is categorized as Technology Equities, while CZAR is Large Cap Blend Equities. CLOD tracks Solactive Cloud Technology Index, while CZAR tracks Solactive Natural Monopoly Index - Benchmark TR Gross.

Which has better risk-adjusted returns?

CZAR currently has the higher Sharpe Ratio (0.18 vs -0.19), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.