CZAR vs. SPY

Last updated Jun 23, 2026

CZAR (Themes Natural Monopoly ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - CZAR is a Large Cap Blend Equities fund tracking the Solactive Natural Monopoly Index - Benchmark TR Gross, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, CZAR returned 2.33% vs 26.65% for SPY. A 0.68 correlation means they provide meaningful diversification when combined. CZAR charges 0.35%/yr vs 0.09%/yr for SPY.

Performance

CZAR vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Natural Monopoly ETF (CZAR) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CZAR achieves a -3.31% return, which is significantly lower than SPY's 9.74% return.

CZAR

• 1D: -0.34%
• 1M: -3.51%
• YTD: -3.31%
• 6M: -3.54%
• 1Y: 2.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

CZAR vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CZAR Themes Natural Monopoly ETF	-3.31%	13.32%	10.92%	3.83%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	2.83%

Correlation

The correlation between CZAR and SPY is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Dec 13, 2023	0.68

The correlation between CZAR and SPY has been stable across timeframes, ranging from 0.66 to 0.68 - a consistent structural relationship.

CZAR vs. SPY - Sectors Allocation Comparison

Sectors	CZAR	SPY
Industrials	27.5%	7.8%
Technology	19.6%	39.0%
Financial Services	18.0%	11.1%
Healthcare	8.3%	8.3%
Consumer Cyclical	6.2%	9.9%
Consumer Defensive	5.9%	4.5%
Basic Materials	3.6%	1.7%
Energy	3.5%	3.1%
Utilities	2.7%	2.1%
Communication Services	2.2%	10.6%
Real Estate	-	1.8%

Return for Risk

CZAR vs. SPY — Risk / Return Rank

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

CZAR

CZAR Risk / Return Rank: 11
CZAR Sharpe Ratio Rank: 11
CZAR Sortino Ratio Rank: 10
CZAR Omega Ratio Rank: 10
CZAR Calmar Ratio Rank: 11
CZAR Martin Ratio Rank: 12

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Natural Monopoly ETF (CZAR) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.19	2.16	-1.96
Sortino ratio: Return per unit of downside risk	0.36	2.91	-2.55
Omega ratio: Gain probability vs. loss probability	1.04	1.39	-0.35
Calmar ratio: Return relative to maximum drawdown	0.25	3.01	-2.77
Martin ratio: Return relative to average drawdown	0.73	13.54	-12.81

CZAR vs. SPY - Sharpe Ratio Comparison

The current CZAR Sharpe Ratio is 0.19, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of CZAR and SPY, 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. SPY - Drawdown Comparison

The maximum CZAR drawdown since its inception was -13.38%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CZAR and SPY.

Drawdown Indicators

	CZAR	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-13.38%	-55.19%	+41.81%
Max Drawdown (1Y) Largest decline over 1 year	-9.54%	-8.88%	-0.66%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-5.98%	-1.75%	-4.23%
Average Drawdown Average peak-to-trough decline	-2.23%	-9.04%	+6.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	1.97%	+1.23%

Volatility

CZAR vs. SPY - Volatility Comparison

The current volatility for Themes Natural Monopoly ETF (CZAR) is 2.88%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that CZAR experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CZAR	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.88%	4.64%	-1.76%
Volatility (6M) Calculated over the trailing 6-month period	9.98%	9.75%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	12.15%	12.43%	-0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.99%	17.14%	-2.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.99%	17.99%	-3.00%

CZAR vs. SPY - Expense Ratio Comparison

CZAR has a 0.35% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

CZAR vs. SPY - Dividend Comparison

CZAR's dividend yield for the trailing twelve months is around 1.52%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CZAR Themes Natural Monopoly ETF	1.52%	1.47%	0.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both CZAR and SPY in my portfolio?

CZAR and SPY have a correlation of 0.66, 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 SPY?

SPY has higher volatility (4.64%) compared to CZAR (2.88%). In terms of maximum drawdown, CZAR dropped -13.38% vs SPY's -55.19%.

Which ETF is better, CZAR or SPY?

On 1-year performance, SPY leads with 26.65% vs 2.33% for CZAR. On fees, SPY is cheaper at 0.09% per year. On volatility, CZAR has been the lower-risk option at 2.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CZAR or SPY?

Over the 1-year period, SPY has performed better with a 26.65% return vs 2.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CZAR or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.35% for CZAR.

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

CZAR has the higher dividend yield at 1.52%, compared with 1.01% for SPY.

What is the main difference between CZAR and SPY?

CZAR is categorized as Large Cap Blend Equities, while SPY is S&P 500. CZAR tracks Solactive Natural Monopoly Index - Benchmark TR Gross, while SPY tracks S&P 500 Index. They also come from different issuers: Themes and State Street. Their fees differ too: 0.35% for CZAR and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 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.