LIMI vs. CZAR

Last updated Jul 11, 2026

LIMI (Themes Lithium & Battery Metal Miners ETF) and CZAR (Themes Natural Monopoly ETF) are both exchange-traded funds - LIMI is a Lithium & Battery Metals fund tracking the BITA Global Lithium and Battery Metals Select Index, while CZAR is a Large Cap Blend Equities fund tracking the Solactive Natural Monopoly Index - Benchmark TR Gross. Both are passively managed. Over the past year, LIMI returned 67.12% vs 2.48% for CZAR. At a 0.33 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.

Performance

LIMI vs. CZAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Lithium & Battery Metal Miners ETF (LIMI) and Themes Natural Monopoly ETF (CZAR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LIMI achieves a -7.47% return, which is significantly lower than CZAR's 0.13% return.

LIMI

• 1D: -1.07%
• 1M: -20.27%
• 6M: -17.03%
• YTD: -7.47%
• 1Y: 67.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CZAR

• 1D: 0.57%
• 1M: 1.97%
• 6M: -1.16%
• YTD: 0.13%
• 1Y: 2.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LIMI vs. CZAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LIMI Themes Lithium & Battery Metal Miners ETF	-7.47%	91.22%	-0.82%
CZAR Themes Natural Monopoly ETF	0.13%	13.32%	-1.92%

Correlation

The correlation between LIMI and CZAR is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Sep 24, 2024	0.33

Return for Risk

LIMI vs. CZAR — Risk / Return Rank

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

LIMI

LIMI Risk / Return Rank: 50
LIMI Sharpe Ratio Rank: 53
LIMI Sortino Ratio Rank: 51
LIMI Omega Ratio Rank: 47
LIMI Calmar Ratio Rank: 52
LIMI Martin Ratio Rank: 49

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

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.

LIMI vs. CZAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Lithium & Battery Metal Miners ETF (LIMI) and Themes Natural Monopoly ETF (CZAR). 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.

	LIMI	CZAR	Difference
Sharpe ratio: Return per unit of total volatility	1.45	0.12	+1.33
Sortino ratio: Return per unit of downside risk	2.01	0.26	+1.75
Omega ratio: Gain probability vs. loss probability	1.24	1.03	+0.21
Calmar ratio: Return relative to maximum drawdown	2.08	0.16	+1.92
Martin ratio: Return relative to average drawdown	6.50	0.45	+6.05

LIMI vs. CZAR - Sharpe Ratio Comparison

The current LIMI Sharpe Ratio is 1.45, which is higher than the CZAR Sharpe Ratio of 0.12. The chart below compares the historical Sharpe Ratios of LIMI and CZAR, 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

LIMI vs. CZAR - Drawdown Comparison

The maximum LIMI drawdown since its inception was -43.77%, which is greater than CZAR's maximum drawdown of -13.38%. Use the drawdown chart below to compare losses from any high point for LIMI and CZAR.

Drawdown Indicators

	LIMI	CZAR	Difference
Max Drawdown Largest peak-to-trough decline	-43.77%	-13.38%	-30.39%
Max Drawdown (1Y) Largest decline over 1 year	-31.47%	-9.54%	-21.93%
Current Drawdown Current decline from peak	-31.47%	-2.63%	-28.84%
Average Drawdown Average peak-to-trough decline	-13.42%	-2.27%	-11.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.03%	3.36%	+6.67%

Volatility

LIMI vs. CZAR - Volatility Comparison

Themes Lithium & Battery Metal Miners ETF (LIMI) has a higher volatility of 12.96% compared to Themes Natural Monopoly ETF (CZAR) at 3.44%. This indicates that LIMI's price experiences larger fluctuations and is considered to be riskier than CZAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LIMI	CZAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.96%	3.44%	+9.52%
Volatility (6M) Calculated over the trailing 6-month period	30.72%	10.18%	+20.54%
Volatility (1Y) Calculated over the trailing 1-year period	45.09%	12.25%	+32.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.82%	14.93%	+26.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.82%	14.93%	+26.89%

LIMI vs. CZAR - Expense Ratio Comparison

Both LIMI and CZAR have an expense ratio of 0.35%.

Dividends

LIMI vs. CZAR - Dividend Comparison

LIMI's dividend yield for the trailing twelve months is around 0.59%, less than CZAR's 1.47% yield.

Position	TTM	2025	2024
CZAR Themes Natural Monopoly ETF	1.47%	1.47%	0.94%
LIMI Themes Lithium & Battery Metal Miners ETF	0.59%	0.54%	8.14%

Frequently Asked Questions

Can I hold both LIMI and CZAR in my portfolio?

LIMI and CZAR have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LIMI or CZAR?

LIMI has higher volatility (12.96%) compared to CZAR (3.44%). In terms of maximum drawdown, LIMI dropped -43.77% vs CZAR's -13.38%.

Which ETF is better, LIMI or CZAR?

On 1-year performance, LIMI leads with 67.12% vs 2.48% for CZAR. Both ETFs have the same 0.35% expense ratio. On volatility, CZAR has been the lower-risk option at 3.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LIMI or CZAR?

Over the 1-year period, LIMI has performed better with a 67.12% return vs 2.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LIMI or CZAR?

LIMI and CZAR have the same expense ratio: 0.35% per year.

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

CZAR has the higher dividend yield at 1.47%, compared with 0.59% for LIMI.

What is the main difference between LIMI and CZAR?

LIMI is categorized as Lithium & Battery Metals, while CZAR is Large Cap Blend Equities. LIMI tracks BITA Global Lithium and Battery Metals Select Index, while CZAR tracks Solactive Natural Monopoly Index - Benchmark TR Gross.

Which has better risk-adjusted returns?

LIMI currently has the higher Sharpe Ratio (1.45 vs 0.12), 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.