QPX vs. TOLL

Last updated Jun 17, 2026

QPX (AdvisorShares Q Dynamic Growth ETF) and TOLL (Tema Monopolies and Oligopolies ETF) are both Large Cap Growth Equities funds. Both are actively managed. Over the past 3 years, QPX returned 19.86%/yr vs 17.13%/yr for TOLL. A 0.76 correlation means they provide meaningful diversification when combined. QPX charges 1.46%/yr vs 0.55%/yr for TOLL.

Performance

QPX vs. TOLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Q Dynamic Growth ETF (QPX) and Tema Monopolies and Oligopolies ETF (TOLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QPX achieves a 9.73% return, which is significantly lower than TOLL's 14.69% return.

QPX

• 1D: -0.62%
• 1M: 2.78%
• YTD: 9.73%
• 6M: 9.77%
• 1Y: 29.64%
• 3Y*: 19.86%
• 5Y*: 12.24%
• 10Y*: —

TOLL

• 1D: -1.16%
• 1M: 6.45%
• YTD: 14.69%
• 6M: 15.19%
• 1Y: 21.16%
• 3Y*: 17.13%
• 5Y*: —
• 10Y*: —

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

QPX vs. TOLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QPX AdvisorShares Q Dynamic Growth ETF	9.73%	24.12%	17.28%	20.80%
TOLL Tema Monopolies and Oligopolies ETF	14.69%	11.36%	12.79%	15.44%

Correlation

The correlation between QPX and TOLL is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (All Time) Calculated using the full available price history since May 11, 2023	0.76

The correlation between QPX and TOLL has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.

Return for Risk

QPX vs. TOLL — Risk / Return Rank

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

QPX

QPX Risk / Return Rank: 60
QPX Sharpe Ratio Rank: 64
QPX Sortino Ratio Rank: 60
QPX Omega Ratio Rank: 62
QPX Calmar Ratio Rank: 54
QPX Martin Ratio Rank: 59

TOLL

TOLL Risk / Return Rank: 41
TOLL Sharpe Ratio Rank: 41
TOLL Sortino Ratio Rank: 42
TOLL Omega Ratio Rank: 39
TOLL Calmar Ratio Rank: 38
TOLL Martin Ratio Rank: 45

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.

QPX vs. TOLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Q Dynamic Growth ETF (QPX) and Tema Monopolies and Oligopolies ETF (TOLL). 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.

	QPX	TOLL	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.42	+0.58
Sortino ratio: Return per unit of downside risk	2.67	2.07	+0.60
Omega ratio: Gain probability vs. loss probability	1.35	1.25	+0.10
Calmar ratio: Return relative to maximum drawdown	2.58	1.89	+0.69
Martin ratio: Return relative to average drawdown	10.01	7.18	+2.83

QPX vs. TOLL - Sharpe Ratio Comparison

The current QPX Sharpe Ratio is 2.00, which is higher than the TOLL Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of QPX and TOLL, 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

QPX vs. TOLL - Drawdown Comparison

The maximum QPX drawdown since its inception was -34.74%, which is greater than TOLL's maximum drawdown of -15.54%. Use the drawdown chart below to compare losses from any high point for QPX and TOLL.

Drawdown Indicators

	QPX	TOLL	Difference
Max Drawdown Largest peak-to-trough decline	-34.74%	-15.54%	-19.20%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-11.26%	-0.30%
Max Drawdown (3Y) Largest decline over 3 years	-17.89%	-15.54%	-2.35%
Max Drawdown (5Y) Largest decline over 5 years	-34.74%	—	—
Current Drawdown Current decline from peak	-1.69%	-1.16%	-0.53%
Average Drawdown Average peak-to-trough decline	-8.04%	-2.38%	-5.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	2.96%	+0.01%

Volatility

QPX vs. TOLL - Volatility Comparison

AdvisorShares Q Dynamic Growth ETF (QPX) and Tema Monopolies and Oligopolies ETF (TOLL) have volatilities of 6.17% and 6.04%, 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

	QPX	TOLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.17%	6.04%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	12.22%	12.58%	-0.36%
Volatility (1Y) Calculated over the trailing 1-year period	14.91%	14.96%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.05%	15.98%	+4.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.06%	15.98%	+4.08%

QPX vs. TOLL - Expense Ratio Comparison

QPX has a 1.46% expense ratio, which is higher than TOLL's 0.55% expense ratio.

Dividends

QPX vs. TOLL - Dividend Comparison

QPX has not paid dividends to shareholders, while TOLL's dividend yield for the trailing twelve months is around 0.28%.

Position	TTM	2025	2024	2023
QPX AdvisorShares Q Dynamic Growth ETF	0.00%	0.00%	0.00%	0.00%
TOLL Tema Monopolies and Oligopolies ETF	0.28%	0.32%	1.99%	0.36%

Frequently Asked Questions

Can I hold both QPX and TOLL in my portfolio?

QPX and TOLL have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QPX or TOLL?

QPX has higher volatility (6.17%) compared to TOLL (6.04%). In terms of maximum drawdown, QPX dropped -34.74% vs TOLL's -15.54%.

Which ETF is better, QPX or TOLL?

On 3-year performance, QPX leads with 19.86% vs 17.13% for TOLL. On fees, TOLL is cheaper at 0.55% per year. On volatility, TOLL has been the lower-risk option at 6.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QPX or TOLL?

Over the 3-year period, QPX has performed better with a 19.86% return vs 17.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QPX or TOLL?

TOLL is cheaper with a 0.55% expense ratio, compared with 1.46% for QPX.

Which ETF pays a higher dividend yield, QPX or TOLL?

TOLL has the higher dividend yield at 0.28%, compared with 0.00% for QPX.

What is the main difference between QPX and TOLL?

They also come from different issuers: AdvisorShares and Tema. Their fees differ too: 1.46% for QPX and 0.55% for TOLL.

Which has better risk-adjusted returns?

QPX currently has the higher Sharpe Ratio (2.00 vs 1.42), 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.