RSHO vs. TOLL

Last updated Jun 4, 2026

RSHO (Tema American Reshoring ETF) and TOLL (Tema Monopolies and Oligopolies ETF) are both exchange-traded funds - RSHO is a Mid Cap Blend Equities fund actively managed by Tema, while TOLL is a Large Cap Growth Equities fund actively managed by Tema. Both are actively managed. Over the past 3 years, RSHO returned 31.02%/yr vs 17.47%/yr for TOLL. A 0.75 correlation means they provide meaningful diversification when combined. RSHO charges 0.75%/yr vs 0.55%/yr for TOLL.

Performance

RSHO vs. TOLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema American Reshoring ETF (RSHO) 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, RSHO achieves a 33.69% return, which is significantly higher than TOLL's 13.26% return.

RSHO

• 1D: 0.12%
• 1M: 7.69%
• YTD: 33.69%
• 6M: 33.85%
• 1Y: 57.71%
• 3Y*: 31.02%
• 5Y*: —
• 10Y*: —

TOLL

• 1D: 0.58%
• 1M: 7.88%
• YTD: 13.26%
• 6M: 14.02%
• 1Y: 19.11%
• 3Y*: 17.47%
• 5Y*: —
• 10Y*: —

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

RSHO vs. TOLL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
RSHO Tema American Reshoring ETF	33.69%	19.23%	17.28%	28.26%
TOLL Tema Monopolies and Oligopolies ETF	13.26%	11.36%	12.79%	15.37%

Correlation

The correlation between RSHO and TOLL 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 (3Y) Calculated over the trailing 3-year period	0.74
Correlation (All Time) Calculated using the full available price history since May 12, 2023	0.75

The correlation between RSHO and TOLL has been stable across timeframes, ranging from 0.66 to 0.75 - a consistent structural relationship.

RSHO vs. TOLL - Sectors Allocation Comparison

Sectors	RSHO	TOLL
Industrials	73.1%	16.9%
Technology	11.4%	32.0%
Basic Materials	8.5%	3.4%
Consumer Cyclical	3.7%	-
Energy	1.0%	-
Financial Services	0.9%	26.5%
Communication Services	-	-
Consumer Defensive	-	7.0%
Healthcare	-	12.7%
Real Estate	-	-
Utilities	-	1.6%

Return for Risk

RSHO vs. TOLL — Risk / Return Rank

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

RSHO

RSHO Risk / Return Rank: 73
RSHO Sharpe Ratio Rank: 74
RSHO Sortino Ratio Rank: 72
RSHO Omega Ratio Rank: 66
RSHO Calmar Ratio Rank: 77
RSHO Martin Ratio Rank: 78

TOLL

TOLL Risk / Return Rank: 38
TOLL Sharpe Ratio Rank: 38
TOLL Sortino Ratio Rank: 38
TOLL Omega Ratio Rank: 36
TOLL Calmar Ratio Rank: 35
TOLL Martin Ratio Rank: 41

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.

RSHO vs. TOLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema American Reshoring ETF (RSHO) 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.

	RSHO	TOLL	Difference
Sharpe ratio: Return per unit of total volatility	2.44	1.35	+1.10
Sortino ratio: Return per unit of downside risk	3.28	1.96	+1.32
Omega ratio: Gain probability vs. loss probability	1.40	1.24	+0.16
Calmar ratio: Return relative to maximum drawdown	3.96	1.70	+2.26
Martin ratio: Return relative to average drawdown	15.16	6.49	+8.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RSHO vs. TOLL - Sharpe Ratio Comparison

The current RSHO Sharpe Ratio is 2.44, which is higher than the TOLL Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of RSHO 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.

Sharpe Ratios by Period

	RSHO	TOLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.44	1.35	+1.10
Sharpe Ratio (All Time) Calculated using the full available price history	1.48	1.12	+0.36

Drawdowns

RSHO vs. TOLL - Drawdown Comparison

The maximum RSHO drawdown since its inception was -27.31%, which is greater than TOLL's maximum drawdown of -15.54%. Use the drawdown chart below to compare losses from any high point for RSHO and TOLL.

Drawdown Indicators

	RSHO	TOLL	Difference
Max Drawdown Largest peak-to-trough decline	-27.31%	-15.54%	-11.77%
Max Drawdown (1Y) Largest decline over 1 year	-14.64%	-11.26%	-3.38%
Max Drawdown (3Y) Largest decline over 3 years	-27.31%	-15.54%	-11.77%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.32%	-2.39%	-1.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	2.95%	+0.87%

Volatility

RSHO vs. TOLL - Volatility Comparison

Tema American Reshoring ETF (RSHO) has a higher volatility of 9.22% compared to Tema Monopolies and Oligopolies ETF (TOLL) at 4.64%. This indicates that RSHO's price experiences larger fluctuations and is considered to be riskier than TOLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RSHO	TOLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.22%	4.64%	+4.58%
Volatility (6M) Calculated over the trailing 6-month period	20.09%	11.68%	+8.41%
Volatility (1Y) Calculated over the trailing 1-year period	23.74%	14.25%	+9.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.55%	15.82%	+6.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.55%	15.82%	+6.73%

RSHO vs. TOLL - Expense Ratio Comparison

RSHO has a 0.75% expense ratio, which is higher than TOLL's 0.55% expense ratio.

Dividends

RSHO vs. TOLL - Dividend Comparison

RSHO's dividend yield for the trailing twelve months is around 0.22%, less than TOLL's 0.28% yield.

Position	TTM	2025	2024	2023
RSHO Tema American Reshoring ETF	0.22%	0.30%	0.26%	0.25%
TOLL Tema Monopolies and Oligopolies ETF	0.28%	0.32%	1.99%	0.36%

Frequently Asked Questions

Can I hold both RSHO and TOLL in my portfolio?

RSHO and TOLL 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, RSHO or TOLL?

RSHO has higher volatility (9.22%) compared to TOLL (4.64%). In terms of maximum drawdown, RSHO dropped -27.31% vs TOLL's -15.54%.

Which ETF is better, RSHO or TOLL?

On 3-year performance, RSHO leads with 31.02% vs 17.47% for TOLL. On fees, TOLL is cheaper at 0.55% per year. On volatility, TOLL has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RSHO or TOLL?

Over the 3-year period, RSHO has performed better with a 31.02% return vs 17.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RSHO or TOLL?

TOLL is cheaper with a 0.55% expense ratio, compared with 0.75% for RSHO.

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

TOLL has the higher dividend yield at 0.28%, compared with 0.22% for RSHO.

What is the main difference between RSHO and TOLL?

RSHO is categorized as Mid Cap Blend Equities, while TOLL is Large Cap Growth Equities. Their fees differ too: 0.75% for RSHO and 0.55% for TOLL.

Which has better risk-adjusted returns?

RSHO currently has the higher Sharpe Ratio (2.44 vs 1.35), 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.