INTL vs. TMAT

Last updated Aug 2, 2026

INTL (Main International ETF) and TMAT (Main Thematic Innovation ETF) are both exchange-traded funds - INTL is a Foreign Large Cap Equities fund actively managed by Main, while TMAT is a Technology Equities fund tracking the MSCI ACWI Index. INTL is actively managed, while TMAT is passively managed. Over the past 3 years, INTL returned 14.56%/yr vs 20.08%/yr for TMAT. Their 0.69 correlation means they have sometimes moved together and sometimes differently. INTL charges 1.04%/yr vs 1.49%/yr for TMAT.

Performance

INTL vs. TMAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Main International ETF (INTL) and Main Thematic Innovation ETF (TMAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INTL achieves a 9.45% return, which is significantly lower than TMAT's 10.76% return.

INTL

• 1D: -0.36%
• 1M: -0.36%
• 6M: 4.01%
• YTD: 9.45%
• 1Y: 23.01%
• 3Y*: 14.56%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.24%

TMAT

• 1D: 0.37%
• 1M: -6.20%
• 6M: 13.39%
• YTD: 10.76%
• 1Y: 15.71%
• 3Y*: 20.08%
• 5Y*: 3.99%
• 10Y*: —
• ALL TIME*: 1.98%

*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)
INTL Main International ETF	$1.43M	$1.29M	$972.08K
TMAT Main Thematic Innovation ETF	$1.50M	$963.02K	$629.65K

INTL vs. TMAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
INTL Main International ETF	9.45%	29.55%	2.00%	18.20%	-1.69%
TMAT Main Thematic Innovation ETF	10.76%	20.06%	27.20%	32.32%	-7.95%

Correlation

The correlation between INTL and TMAT is 0.70, 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.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.68
Correlation (All Time) Calculated using the full available price history since Dec 2, 2022	0.69

The correlation between INTL and TMAT has been stable across timeframes, ranging from 0.68 to 0.70 - a consistent structural relationship.

INTL vs. TMAT - Sectors Allocation Comparison

Sectors	INTL	TMAT
Financial Services	23.9%	2.1%
Technology	19.3%	54.9%
Industrials	14.2%	22.7%
Basic Materials	9.1%	9.1%
Consumer Cyclical	7.2%	1.4%
Healthcare	6.2%	9.6%
Consumer Defensive	5.5%	-
Energy	5.0%	0.3%
Communication Services	4.6%	2.4%
Utilities	3.1%	2.0%
Real Estate	2.0%	-

Return for Risk

INTL vs. TMAT — Risk / Return Rank

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

INTL

INTL Risk / Return Rank: 56
INTL Sharpe Ratio Rank: 55
INTL Sortino Ratio Rank: 54
INTL Omega Ratio Rank: 55
INTL Calmar Ratio Rank: 55
INTL Martin Ratio Rank: 60

TMAT

TMAT Risk / Return Rank: 21
TMAT Sharpe Ratio Rank: 21
TMAT Sortino Ratio Rank: 22
TMAT Omega Ratio Rank: 21
TMAT Calmar Ratio Rank: 21
TMAT Martin Ratio Rank: 20

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.

INTL vs. TMAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Main International ETF (INTL) and Main Thematic Innovation ETF (TMAT). 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.

	INTL	TMAT	Difference
Sharpe ratio: Return per unit of total volatility	1.32	0.45	+0.86
Sortino ratio: Return per unit of downside risk	1.88	0.79	+1.10
Omega ratio: Gain probability vs. loss probability	1.24	1.09	+0.15
Calmar ratio: Return relative to maximum drawdown	1.94	0.57	+1.37
Martin ratio: Return relative to average drawdown	7.25	1.28	+5.97

INTL vs. TMAT - Sharpe Ratio Comparison

The current INTL Sharpe Ratio is 1.32, which is higher than the TMAT Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of INTL and TMAT, 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

INTL vs. TMAT - Drawdown Comparison

The maximum INTL drawdown since its inception was -14.48%, smaller than the maximum TMAT drawdown of -58.55%. Use the drawdown chart below to compare losses from any high point for INTL and TMAT.

Drawdown Indicators

	INTL	TMAT	Difference
Max Drawdown Largest peak-to-trough decline	-14.48%	-58.55%	+44.07%
Max Drawdown (1Y) Largest decline over 1 year	-11.51%	-21.63%	+10.12%
Max Drawdown (3Y) Largest decline over 3 years	-14.48%	-33.42%	+18.94%
Max Drawdown (5Y) Largest decline over 5 years	—	-51.86%	—
Current Drawdown Current decline from peak	-2.84%	-11.87%	+9.03%
Average Drawdown Average peak-to-trough decline	-2.87%	-31.45%	+28.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	9.69%	-6.61%

Volatility

INTL vs. TMAT - Volatility Comparison

The current volatility for Main International ETF (INTL) is 5.44%, while Main Thematic Innovation ETF (TMAT) has a volatility of 9.84%. This indicates that INTL experiences smaller price fluctuations and is considered to be less risky than TMAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INTL	TMAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.44%	9.84%	-4.40%
Volatility (6M) Calculated over the trailing 6-month period	15.08%	21.23%	-6.15%
Volatility (1Y) Calculated over the trailing 1-year period	16.99%	27.49%	-10.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.79%	31.10%	-15.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.79%	30.83%	-15.04%

INTL vs. TMAT - Expense Ratio Comparison

INTL has a 1.04% expense ratio, which is lower than TMAT's 1.49% expense ratio.

Dividends

INTL vs. TMAT - Dividend Comparison

INTL's dividend yield for the trailing twelve months is around 3.42%, more than TMAT's 0.02% yield.

Position	TTM	2025	2024	2023	2022	2021
INTL Main International ETF	3.42%	2.57%	2.71%	2.86%	1.41%	0.00%
TMAT Main Thematic Innovation ETF	0.02%	0.02%	0.00%	0.00%	0.34%	0.20%

Frequently Asked Questions

Can I hold both INTL and TMAT in my portfolio?

INTL and TMAT have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INTL or TMAT?

TMAT has higher volatility (9.84%) compared to INTL (5.44%). In terms of maximum drawdown, INTL dropped -14.48% vs TMAT's -58.55%.

Which ETF is better, INTL or TMAT?

On 3-year performance, TMAT leads with 20.08% vs 14.56% for INTL. On fees, INTL is cheaper at 1.04% per year. On volatility, INTL has been the lower-risk option at 5.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INTL or TMAT?

Over the 3-year period, TMAT has performed better with a 20.08% return vs 14.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INTL or TMAT?

INTL is cheaper with a 1.04% expense ratio, compared with 1.49% for TMAT.

Which ETF pays a higher dividend yield, INTL or TMAT?

INTL has the higher dividend yield at 3.42%, compared with 0.02% for TMAT.

What is the main difference between INTL and TMAT?

INTL is categorized as Foreign Large Cap Equities, while TMAT is Technology Equities. Their fees differ too: 1.04% for INTL and 1.49% for TMAT.

Which has better risk-adjusted returns?

INTL currently has the higher Sharpe Ratio (1.32 vs 0.45), 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.