CZAR vs. ESN

Last updated Aug 2, 2026

CZAR (Themes Natural Monopoly ETF) and ESN (Essential 40 Stock ETF) are both Large Cap Blend Equities funds - CZAR tracks the Solactive Natural Monopoly Index - Benchmark TR Gross while ESN tracks the Essential 40 Stock Index. Both are passively managed. Over the past year, CZAR returned 7.47% vs 27.64% for ESN. Their 0.70 correlation means they have sometimes moved together and sometimes differently. CZAR charges 0.35%/yr vs 0.70%/yr for ESN.

Performance

CZAR vs. ESN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Natural Monopoly ETF (CZAR) and Essential 40 Stock ETF (ESN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CZAR achieves a 3.33% return, which is significantly lower than ESN's 16.65% return.

CZAR

• 1D: 0.00%
• 1M: 3.31%
• 6M: 2.62%
• YTD: 3.33%
• 1Y: 7.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.05%

ESN

• 1D: 0.28%
• 1M: -0.26%
• 6M: 12.11%
• YTD: 16.65%
• 1Y: 27.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.50%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CZAR Themes Natural Monopoly ETF	$4.24K	$4.35K	$3.75K
ESN Essential 40 Stock ETF	$2.17M	$1.60M	$1.63M

CZAR vs. ESN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CZAR Themes Natural Monopoly ETF	3.33%	13.32%	-2.94%
ESN Essential 40 Stock ETF	16.65%	16.52%	-3.53%

Correlation

The correlation between CZAR and ESN is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.63
Correlation (All Time) Calculated using the full available price history since Oct 21, 2024	0.70

The correlation between CZAR and ESN has been stable across timeframes, ranging from 0.63 to 0.70 - a consistent structural relationship.

Return for Risk

CZAR vs. ESN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CZAR

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

ESN

ESN Risk / Return Rank: 93
ESN Sharpe Ratio Rank: 94
ESN Sortino Ratio Rank: 93
ESN Omega Ratio Rank: 92
ESN Calmar Ratio Rank: 91
ESN Martin Ratio Rank: 92

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CZAR vs. ESN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Natural Monopoly ETF (CZAR) and Essential 40 Stock ETF (ESN). 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	ESN	Difference
Sharpe ratio: Return per unit of total volatility	0.48	2.65	-2.17
Sortino ratio: Return per unit of downside risk	0.76	3.65	-2.89
Omega ratio: Gain probability vs. loss probability	1.09	1.46	-0.37
Calmar ratio: Return relative to maximum drawdown	0.61	4.12	-3.50
Martin ratio: Return relative to average drawdown	1.73	16.52	-14.78

CZAR vs. ESN - Sharpe Ratio Comparison

The current CZAR Sharpe Ratio is 0.48, which is lower than the ESN Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of CZAR and ESN, 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

CZAR vs. ESN - Drawdown Comparison

The maximum CZAR drawdown since its inception was -13.38%, roughly equal to the maximum ESN drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for CZAR and ESN.

Drawdown Indicators

	CZAR	ESN	Difference
Max Drawdown Largest peak-to-trough decline	-13.38%	-13.60%	+0.22%
Max Drawdown (1Y) Largest decline over 1 year	-9.54%	-6.42%	-3.12%
Current Drawdown Current decline from peak	0.00%	-0.53%	+0.53%
Average Drawdown Average peak-to-trough decline	-2.27%	-1.81%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	1.60%	+1.77%

Volatility

CZAR vs. ESN - Volatility Comparison

Themes Natural Monopoly ETF (CZAR) has a higher volatility of 3.48% compared to Essential 40 Stock ETF (ESN) at 2.65%. This indicates that CZAR's price experiences larger fluctuations and is considered to be riskier than ESN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CZAR	ESN	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	2.65%	+0.83%
Volatility (6M) Calculated over the trailing 6-month period	9.39%	7.51%	+1.88%
Volatility (1Y) Calculated over the trailing 1-year period	12.24%	9.98%	+2.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.85%	13.04%	+1.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.85%	13.04%	+1.81%

CZAR vs. ESN - Expense Ratio Comparison

CZAR has a 0.35% expense ratio, which is lower than ESN's 0.70% expense ratio.

Dividends

CZAR vs. ESN - Dividend Comparison

CZAR has not paid dividends to shareholders, while ESN's dividend yield for the trailing twelve months is around 0.78%.

Position	TTM	2025	2024
CZAR Themes Natural Monopoly ETF	1.42%	1.47%	0.94%
ESN Essential 40 Stock ETF	0.78%	0.91%	0.76%

Frequently Asked Questions

Can I hold both CZAR and ESN in my portfolio?

CZAR and ESN have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CZAR or ESN?

CZAR has higher volatility (3.48%) compared to ESN (2.65%). In terms of maximum drawdown, CZAR dropped -13.38% vs ESN's -13.60%.

Which ETF is better, CZAR or ESN?

On 1-year performance, ESN leads with 27.64% vs 7.47% for CZAR. On fees, CZAR is cheaper at 0.35% per year. On volatility, ESN has been the lower-risk option at 2.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CZAR or ESN?

Over the 1-year period, ESN has performed better with a 27.64% return vs 7.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CZAR or ESN?

CZAR is cheaper with a 0.35% expense ratio, compared with 0.70% for ESN.

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

CZAR has the higher dividend yield at 1.42%, compared with 0.78% for ESN.

What is the main difference between CZAR and ESN?

CZAR tracks Solactive Natural Monopoly Index - Benchmark TR Gross, while ESN tracks Essential 40 Stock Index. They also come from different issuers: Themes and KKM. Their fees differ too: 0.35% for CZAR and 0.70% for ESN.

Which has better risk-adjusted returns?

ESN currently has the higher Sharpe Ratio (2.65 vs 0.48), 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.