CZAR vs. AFOS

Last updated Jun 24, 2026

CZAR (Themes Natural Monopoly ETF) and AFOS (ARS Focused Opportunities Strategy ETF) are both Large Cap Blend Equities funds. At a 0.45 correlation, their price movements are largely independent. CZAR charges 0.35%/yr vs 0.45%/yr for AFOS.

Performance

CZAR vs. AFOS - Performance Comparison

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

Returns By Period

In the year-to-date period, CZAR achieves a -3.66% return, which is significantly lower than AFOS's 31.60% return.

CZAR

• 1D: -0.36%
• 1M: -3.86%
• YTD: -3.66%
• 6M: -3.68%
• 1Y: 0.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AFOS

• 1D: -3.79%
• 1M: 4.43%
• YTD: 31.60%
• 6M: 30.16%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CZAR vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
CZAR Themes Natural Monopoly ETF	-3.66%	4.25%
AFOS ARS Focused Opportunities Strategy ETF	31.60%	37.10%

Correlation

The correlation between CZAR and AFOS is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.45

Return for Risk

CZAR vs. AFOS — Risk / Return Rank

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

CZAR

CZAR Risk / Return Rank: 10
CZAR Sharpe Ratio Rank: 10
CZAR Sortino Ratio Rank: 9
CZAR Omega Ratio Rank: 9
CZAR Calmar Ratio Rank: 10
CZAR Martin Ratio Rank: 10

AFOS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

CZAR vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Natural Monopoly ETF (CZAR) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

	CZAR	AFOS	Difference
Sharpe ratio: Return per unit of total volatility	0.08	—	—
Sortino ratio: Return per unit of downside risk	0.19	—	—
Omega ratio: Gain probability vs. loss probability	1.02	—	—
Calmar ratio: Return relative to maximum drawdown	0.10	—	—
Martin ratio: Return relative to average drawdown	0.29	—	—

Drawdowns

CZAR vs. AFOS - Drawdown Comparison

The maximum CZAR drawdown since its inception was -13.38%, which is greater than AFOS's maximum drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for CZAR and AFOS.

Drawdown Indicators

	CZAR	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-13.38%	-11.52%	-1.86%
Max Drawdown (1Y) Largest decline over 1 year	-9.54%	—	—
Current Drawdown Current decline from peak	-6.32%	-3.79%	-2.53%
Average Drawdown Average peak-to-trough decline	-2.23%	-1.42%	-0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	—	—

Volatility

Volatility by Period

	CZAR	AFOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.88%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.96%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.13%	21.52%	-9.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.98%	21.52%	-6.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.98%	21.52%	-6.54%

CZAR vs. AFOS - Expense Ratio Comparison

CZAR has a 0.35% expense ratio, which is lower than AFOS's 0.45% expense ratio.

Dividends

CZAR vs. AFOS - Dividend Comparison

CZAR's dividend yield for the trailing twelve months is around 1.53%, more than AFOS's 0.23% yield.

Position	TTM	2025	2024
AFOS ARS Focused Opportunities Strategy ETF	0.23%	0.30%	0.00%
CZAR Themes Natural Monopoly ETF	1.53%	1.47%	0.94%

Frequently Asked Questions

Can I hold both CZAR and AFOS in my portfolio?

CZAR and AFOS have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CZAR or AFOS?

On fees, CZAR is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CZAR or AFOS?

CZAR is cheaper with a 0.35% expense ratio, compared with 0.45% for AFOS.

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

CZAR has the higher dividend yield at 1.53%, compared with 0.23% for AFOS.

What is the main difference between CZAR and AFOS?

They also come from different issuers: Themes and ARS Investment Partners. Their fees differ too: 0.35% for CZAR and 0.45% for AFOS.