MAKX vs. RSHO

Last updated Jun 24, 2026

MAKX (ProShares S&P Kensho Smart Factories ETF) and RSHO (Tema American Reshoring ETF) are both exchange-traded funds - MAKX is a Technology Equities fund tracking the S&P Kensho Smart Factories Index, while RSHO is a Mid Cap Blend Equities fund actively managed by Tema. MAKX is passively managed, while RSHO is actively managed. Over the past 3 years, MAKX returned 26.34%/yr vs 30.96%/yr for RSHO. A 0.79 correlation means they provide meaningful diversification when combined. MAKX charges 0.58%/yr vs 0.75%/yr for RSHO.

Performance

MAKX vs. RSHO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P Kensho Smart Factories ETF (MAKX) and Tema American Reshoring ETF (RSHO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with MAKX having a 39.76% return and RSHO slightly lower at 39.40%.

MAKX

• 1D: -4.47%
• 1M: 1.15%
• YTD: 39.76%
• 6M: 37.20%
• 1Y: 60.76%
• 3Y*: 26.34%
• 5Y*: —
• 10Y*: —

RSHO

• 1D: 0.00%
• 1M: 9.15%
• YTD: 39.40%
• 6M: 36.53%
• 1Y: 62.97%
• 3Y*: 30.96%
• 5Y*: —
• 10Y*: —

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

MAKX vs. RSHO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MAKX ProShares S&P Kensho Smart Factories ETF	39.76%	21.63%	8.27%	19.91%
RSHO Tema American Reshoring ETF	39.40%	19.23%	17.28%	28.90%

Correlation

The correlation between MAKX and RSHO is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since May 11, 2023	0.79

The correlation between MAKX and RSHO has been stable across timeframes, ranging from 0.78 to 0.79 - a consistent structural relationship.

MAKX vs. RSHO - Sectors Allocation Comparison

Sectors	MAKX	RSHO
Technology	69.2%	11.8%
Industrials	20.0%	74.2%
Communication Services	8.4%	-
Basic Materials	2.4%	8.1%
Consumer Cyclical	-	3.7%
Consumer Defensive	-	-
Energy	-	0.9%
Financial Services	-	0.8%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

MAKX vs. RSHO — Risk / Return Rank

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

MAKX

MAKX Risk / Return Rank: 66
MAKX Sharpe Ratio Rank: 67
MAKX Sortino Ratio Rank: 59
MAKX Omega Ratio Rank: 57
MAKX Calmar Ratio Rank: 80
MAKX Martin Ratio Rank: 66

RSHO

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

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.

MAKX vs. RSHO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P Kensho Smart Factories ETF (MAKX) and Tema American Reshoring ETF (RSHO). 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.

	MAKX	RSHO	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.62	-0.62
Sortino ratio: Return per unit of downside risk	2.59	3.41	-0.82
Omega ratio: Gain probability vs. loss probability	1.32	1.43	-0.10
Calmar ratio: Return relative to maximum drawdown	3.80	4.45	-0.65
Martin ratio: Return relative to average drawdown	11.13	16.97	-5.84

MAKX vs. RSHO - Sharpe Ratio Comparison

The current MAKX Sharpe Ratio is 2.00, which is comparable to the RSHO Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of MAKX and RSHO, 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

MAKX vs. RSHO - Drawdown Comparison

The maximum MAKX drawdown since its inception was -40.27%, which is greater than RSHO's maximum drawdown of -27.31%. Use the drawdown chart below to compare losses from any high point for MAKX and RSHO.

Drawdown Indicators

	MAKX	RSHO	Difference
Max Drawdown Largest peak-to-trough decline	-40.27%	-27.31%	-12.96%
Max Drawdown (1Y) Largest decline over 1 year	-16.05%	-14.64%	-1.41%
Max Drawdown (3Y) Largest decline over 3 years	-29.76%	-27.31%	-2.45%
Current Drawdown Current decline from peak	-6.63%	0.00%	-6.63%
Average Drawdown Average peak-to-trough decline	-16.47%	-4.27%	-12.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.47%	3.83%	+1.64%

Volatility

MAKX vs. RSHO - Volatility Comparison

ProShares S&P Kensho Smart Factories ETF (MAKX) has a higher volatility of 13.89% compared to Tema American Reshoring ETF (RSHO) at 9.26%. This indicates that MAKX's price experiences larger fluctuations and is considered to be riskier than RSHO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAKX	RSHO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.89%	9.26%	+4.63%
Volatility (6M) Calculated over the trailing 6-month period	22.65%	20.99%	+1.66%
Volatility (1Y) Calculated over the trailing 1-year period	30.62%	24.93%	+5.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.52%	22.82%	+5.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.52%	22.82%	+5.70%

MAKX vs. RSHO - Expense Ratio Comparison

MAKX has a 0.58% expense ratio, which is lower than RSHO's 0.75% expense ratio.

Dividends

MAKX vs. RSHO - Dividend Comparison

MAKX's dividend yield for the trailing twelve months is around 0.11%, while RSHO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
MAKX ProShares S&P Kensho Smart Factories ETF	0.11%	0.15%	0.24%	0.52%	0.31%
RSHO Tema American Reshoring ETF	0.21%	0.30%	0.26%	0.25%	0.00%

Frequently Asked Questions

Can I hold both MAKX and RSHO in my portfolio?

MAKX and RSHO have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MAKX or RSHO?

MAKX has higher volatility (13.89%) compared to RSHO (9.26%). In terms of maximum drawdown, MAKX dropped -40.27% vs RSHO's -27.31%.

Which ETF is better, MAKX or RSHO?

On 3-year performance, RSHO leads with 30.96% vs 26.34% for MAKX. On fees, MAKX is cheaper at 0.58% per year. On volatility, RSHO has been the lower-risk option at 9.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAKX or RSHO?

Over the 3-year period, RSHO has performed better with a 30.96% return vs 26.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAKX or RSHO?

MAKX is cheaper with a 0.58% expense ratio, compared with 0.75% for RSHO.

Which ETF pays a higher dividend yield, MAKX or RSHO?

RSHO has the higher dividend yield at 0.21%, compared with 0.11% for MAKX.

What is the main difference between MAKX and RSHO?

MAKX is categorized as Technology Equities, while RSHO is Mid Cap Blend Equities. They also come from different issuers: ProShares and Tema. Their fees differ too: 0.58% for MAKX and 0.75% for RSHO.

Which has better risk-adjusted returns?

RSHO currently has the higher Sharpe Ratio (2.62 vs 2.00), 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.