CZAR vs. ITOT

Last updated Jun 5, 2026

CZAR (Themes Natural Monopoly ETF) and ITOT (iShares Core S&P Total U.S. Stock Market ETF) are both Large Cap Blend Equities funds - CZAR tracks the Solactive Natural Monopoly Index - Benchmark TR Gross while ITOT tracks the S&P Total Market Index. Both are passively managed. Over the past year, CZAR returned 2.80% vs 28.81% for ITOT. A 0.70 correlation means they provide meaningful diversification when combined. CZAR charges 0.35%/yr vs 0.03%/yr for ITOT.

Performance

CZAR vs. ITOT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Natural Monopoly ETF (CZAR) and iShares Core S&P Total U.S. Stock Market ETF (ITOT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CZAR achieves a -0.86% return, which is significantly lower than ITOT's 11.78% return.

CZAR

• 1D: 0.32%
• 1M: -0.67%
• YTD: -0.86%
• 6M: 0.03%
• 1Y: 2.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ITOT

• 1D: 0.48%
• 1M: 4.64%
• YTD: 11.78%
• 6M: 11.52%
• 1Y: 28.81%
• 3Y*: 22.39%
• 5Y*: 12.80%
• 10Y*: 15.01%

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

CZAR vs. ITOT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CZAR Themes Natural Monopoly ETF	-0.86%	13.32%	10.92%	2.34%
ITOT iShares Core S&P Total U.S. Stock Market ETF	11.78%	17.00%	23.80%	1.76%

Correlation

The correlation between CZAR and ITOT is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Dec 14, 2023	0.70

The correlation between CZAR and ITOT has been stable across timeframes, ranging from 0.69 to 0.70 - a consistent structural relationship.

CZAR vs. ITOT - Sectors Allocation Comparison

Sectors	CZAR	ITOT
Industrials	27.3%	9.5%
Technology	20.9%	33.8%
Financial Services	17.0%	12.1%
Healthcare	8.2%	9.0%
Consumer Cyclical	6.1%	10.1%
Consumer Defensive	5.8%	4.7%
Energy	3.9%	3.7%
Basic Materials	3.5%	2.1%
Utilities	2.7%	2.3%
Communication Services	2.3%	10.3%
Real Estate	-	2.4%

Return for Risk

CZAR vs. ITOT — Risk / Return Rank

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

CZAR

CZAR Risk / Return Rank: 13
CZAR Sharpe Ratio Rank: 13
CZAR Sortino Ratio Rank: 12
CZAR Omega Ratio Rank: 12
CZAR Calmar Ratio Rank: 13
CZAR Martin Ratio Rank: 14

ITOT

ITOT Risk / Return Rank: 73
ITOT Sharpe Ratio Rank: 74
ITOT Sortino Ratio Rank: 73
ITOT Omega Ratio Rank: 72
ITOT Calmar Ratio Rank: 66
ITOT Martin Ratio Rank: 78

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. ITOT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Natural Monopoly ETF (CZAR) and iShares Core S&P Total U.S. Stock Market ETF (ITOT). 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.

	CZAR	ITOT	Difference
Sharpe ratio: Return per unit of total volatility	0.23	2.37	-2.14
Sortino ratio: Return per unit of downside risk	0.41	3.24	-2.83
Omega ratio: Gain probability vs. loss probability	1.05	1.43	-0.38
Calmar ratio: Return relative to maximum drawdown	0.30	3.25	-2.96
Martin ratio: Return relative to average drawdown	0.92	14.92	-14.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CZAR vs. ITOT - Sharpe Ratio Comparison

The current CZAR Sharpe Ratio is 0.23, which is lower than the ITOT Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of CZAR and ITOT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CZAR	ITOT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.23	2.37	-2.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.74	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.57	+0.12

Drawdowns

CZAR vs. ITOT - Drawdown Comparison

The maximum CZAR drawdown since its inception was -13.38%, smaller than the maximum ITOT drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for CZAR and ITOT.

Drawdown Indicators

	CZAR	ITOT	Difference
Max Drawdown Largest peak-to-trough decline	-13.38%	-55.20%	+41.82%
Max Drawdown (1Y) Largest decline over 1 year	-9.54%	-8.90%	-0.64%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.44%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.00%	—
Current Drawdown Current decline from peak	-3.61%	-0.25%	-3.36%
Average Drawdown Average peak-to-trough decline	-2.18%	-6.97%	+4.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	1.94%	+1.12%

Volatility

CZAR vs. ITOT - Volatility Comparison

Themes Natural Monopoly ETF (CZAR) and iShares Core S&P Total U.S. Stock Market ETF (ITOT) have volatilities of 2.98% and 2.94%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CZAR	ITOT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	2.94%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	9.85%	9.14%	+0.71%
Volatility (1Y) Calculated over the trailing 1-year period	12.22%	12.19%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.03%	17.35%	-2.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.03%	18.26%	-3.23%

CZAR vs. ITOT - Expense Ratio Comparison

CZAR has a 0.35% expense ratio, which is higher than ITOT's 0.03% expense ratio.

Dividends

CZAR vs. ITOT - Dividend Comparison

CZAR's dividend yield for the trailing twelve months is around 1.48%, more than ITOT's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CZAR Themes Natural Monopoly ETF	1.48%	1.47%	0.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ITOT iShares Core S&P Total U.S. Stock Market ETF	0.97%	1.11%	1.23%	1.47%	1.66%	1.18%	1.41%	1.88%	2.14%	1.69%	1.83%	2.01%

Frequently Asked Questions

Can I hold both CZAR and ITOT in my portfolio?

CZAR and ITOT have a correlation of 0.69, 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 ITOT?

CZAR has higher volatility (2.98%) compared to ITOT (2.94%). In terms of maximum drawdown, CZAR dropped -13.38% vs ITOT's -55.20%.

Which ETF is better, CZAR or ITOT?

On 1-year performance, ITOT leads with 28.81% vs 2.80% for CZAR. On fees, ITOT is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CZAR or ITOT?

Over the 1-year period, ITOT has performed better with a 28.81% return vs 2.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CZAR or ITOT?

ITOT is cheaper with a 0.03% expense ratio, compared with 0.35% for CZAR.

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

CZAR has the higher dividend yield at 1.48%, compared with 0.97% for ITOT.

What is the main difference between CZAR and ITOT?

CZAR tracks Solactive Natural Monopoly Index - Benchmark TR Gross, while ITOT tracks S&P Total Market Index. They also come from different issuers: Themes and iShares. Their fees differ too: 0.35% for CZAR and 0.03% for ITOT.

Which has better risk-adjusted returns?

ITOT currently has the higher Sharpe Ratio (2.37 vs 0.23), 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.