SPAM vs. CZAR

Last updated Aug 2, 2026

SPAM (Themes Cybersecurity ETF) and CZAR (Themes Natural Monopoly ETF) are both exchange-traded funds - SPAM is a Technology Equities fund tracking the Solactive Cyber Security Index - Benchmark TR Net, 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, SPAM returned 31.93% vs 7.47% for CZAR. Their 0.50 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.35% expense ratio.

Performance

SPAM vs. CZAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Cybersecurity ETF (SPAM) 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, SPAM achieves a 33.96% return, which is significantly higher than CZAR's 3.33% return.

SPAM

• 1D: 1.63%
• 1M: -2.56%
• 6M: 34.94%
• YTD: 33.96%
• 1Y: 31.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.07%

CZAR

• 1D: 0.00%
• 1M: 3.31%
• 6M: 2.62%
• YTD: 3.33%
• 1Y: 7.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.05%

*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)
CZAR Themes Natural Monopoly ETF	$4.24K	$4.35K	$3.75K
SPAM Themes Cybersecurity ETF	$48.61K	$58.13K	$116.83K

SPAM vs. CZAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPAM Themes Cybersecurity ETF	33.96%	4.86%	10.58%	3.54%
CZAR Themes Natural Monopoly ETF	3.33%	13.32%	10.92%	3.83%

Correlation

The correlation between SPAM and CZAR is 0.45, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.45
Correlation (All Time) Calculated using the full available price history since Dec 13, 2023	0.50

The correlation between SPAM and CZAR has been stable across timeframes, ranging from 0.45 to 0.50 - a consistent structural relationship.

SPAM vs. CZAR - Sectors Allocation Comparison

Sectors	SPAM	CZAR
Technology	89.9%	27.3%
Communication Services	6.4%	4.7%
Industrials	3.4%	21.3%
Real Estate	0.3%	0.2%
Financial Services	0.1%	17.8%
Basic Materials	-	2.8%
Consumer Cyclical	-	5.7%
Consumer Defensive	-	4.9%
Energy	-	3.0%
Healthcare	-	8.8%
Utilities	-	2.5%

Return for Risk

SPAM vs. CZAR — Risk / Return Rank

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

SPAM

SPAM Risk / Return Rank: 38
SPAM Sharpe Ratio Rank: 41
SPAM Sortino Ratio Rank: 42
SPAM Omega Ratio Rank: 39
SPAM Calmar Ratio Rank: 36
SPAM Martin Ratio Rank: 30

CZAR

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

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.

SPAM vs. CZAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Cybersecurity ETF (SPAM) 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.

	SPAM	CZAR	Difference
Sharpe ratio: Return per unit of total volatility	1.03	0.48	+0.55
Sortino ratio: Return per unit of downside risk	1.53	0.76	+0.77
Omega ratio: Gain probability vs. loss probability	1.19	1.09	+0.09
Calmar ratio: Return relative to maximum drawdown	1.23	0.61	+0.61
Martin ratio: Return relative to average drawdown	2.68	1.73	+0.95

SPAM vs. CZAR - Sharpe Ratio Comparison

The current SPAM Sharpe Ratio is 1.03, which is higher than the CZAR Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of SPAM 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

SPAM vs. CZAR - Drawdown Comparison

The maximum SPAM drawdown since its inception was -24.02%, which is greater than CZAR's maximum drawdown of -13.38%. Use the drawdown chart below to compare losses from any high point for SPAM and CZAR.

Drawdown Indicators

	SPAM	CZAR	Difference
Max Drawdown Largest peak-to-trough decline	-24.02%	-13.38%	-10.64%
Max Drawdown (1Y) Largest decline over 1 year	-24.02%	-9.54%	-14.48%
Current Drawdown Current decline from peak	-6.87%	0.00%	-6.87%
Average Drawdown Average peak-to-trough decline	-6.51%	-2.27%	-4.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.97%	3.37%	+7.60%

Volatility

SPAM vs. CZAR - Volatility Comparison

Themes Cybersecurity ETF (SPAM) has a higher volatility of 8.48% compared to Themes Natural Monopoly ETF (CZAR) at 3.48%. This indicates that SPAM'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

	SPAM	CZAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.48%	3.48%	+5.00%
Volatility (6M) Calculated over the trailing 6-month period	24.09%	9.39%	+14.70%
Volatility (1Y) Calculated over the trailing 1-year period	28.57%	12.24%	+16.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.04%	14.85%	+10.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.04%	14.85%	+10.19%

SPAM vs. CZAR - Expense Ratio Comparison

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

Dividends

SPAM vs. CZAR - Dividend Comparison

SPAM's dividend yield for the trailing twelve months is around 0.37%, while CZAR has not paid dividends to shareholders.

Position	TTM	2025	2024
CZAR Themes Natural Monopoly ETF	1.42%	1.47%	0.94%
SPAM Themes Cybersecurity ETF	0.37%	0.49%	0.13%

Frequently Asked Questions

Can I hold both SPAM and CZAR in my portfolio?

SPAM and CZAR have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPAM or CZAR?

SPAM has higher volatility (8.48%) compared to CZAR (3.48%). In terms of maximum drawdown, SPAM dropped -24.02% vs CZAR's -13.38%.

Which ETF is better, SPAM or CZAR?

On 1-year performance, SPAM leads with 31.93% vs 7.47% for CZAR. Both ETFs have the same 0.35% expense ratio. On volatility, CZAR has been the lower-risk option at 3.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPAM or CZAR?

Over the 1-year period, SPAM has performed better with a 31.93% return vs 7.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPAM or CZAR?

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

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

CZAR has the higher dividend yield at 1.42%, compared with 0.37% for SPAM.

What is the main difference between SPAM and CZAR?

SPAM is categorized as Technology Equities, while CZAR is Large Cap Blend Equities. SPAM tracks Solactive Cyber Security Index - Benchmark TR Net, while CZAR tracks Solactive Natural Monopoly Index - Benchmark TR Gross.

Which has better risk-adjusted returns?

SPAM currently has the higher Sharpe Ratio (1.03 vs 0.48), 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.