THRO vs. GMMA
THRO (iShares U.S. Thematic Rotation Active ETF) and GMMA (GammaRoad Market Navigation ETF) are both Tactical Allocation funds. THRO is actively managed, while GMMA is passively managed. Over the past year, THRO returned 23.17% vs 8.28% for GMMA. Their correlation of 0.80 suggests significant overlap in exposure. THRO charges 0.60%/yr vs 0.75%/yr for GMMA.
Performance
THRO vs. GMMA - Performance Comparison
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Returns By Period
In the year-to-date period, THRO achieves a 10.10% return, which is significantly higher than GMMA's 1.98% return.
THRO
- 1D
- -1.58%
- 1M
- -0.59%
- YTD
- 10.10%
- 6M
- 8.78%
- 1Y
- 23.17%
- 3Y*
- 22.54%
- 5Y*
- —
- 10Y*
- —
GMMA
- 1D
- -0.92%
- 1M
- -0.80%
- YTD
- 1.98%
- 6M
- 1.78%
- 1Y
- 8.28%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
THRO vs. GMMA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
THRO iShares U.S. Thematic Rotation Active ETF | 10.10% | 15.04% | 5.99% |
GMMA GammaRoad Market Navigation ETF | 1.98% | 8.95% | 0.22% |
Correlation
The correlation between THRO and GMMA is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Sep 17, 2024 | 0.80 |
The correlation between THRO and GMMA has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.
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Return for Risk
THRO vs. GMMA — Risk / Return Rank
THRO
GMMA
THRO vs. GMMA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Thematic Rotation Active ETF (THRO) and GammaRoad Market Navigation ETF (GMMA). 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.
| THRO | GMMA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.27 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.14 | 2.45 | -0.31 |
| Martin ratioReturn relative to average drawdown | 9.26 | 8.01 | +1.25 |
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Drawdowns
THRO vs. GMMA - Drawdown Comparison
The maximum THRO drawdown since its inception was -26.54%, which is greater than GMMA's maximum drawdown of -5.21%. Use the drawdown chart below to compare losses from any high point for THRO and GMMA.
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Drawdown Indicators
| THRO | GMMA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.54% | -5.21% | -21.33% |
Max Drawdown (1Y)Largest decline over 1 year | -10.87% | -3.39% | -7.48% |
Max Drawdown (3Y)Largest decline over 3 years | -19.07% | — | — |
Current DrawdownCurrent decline from peak | -2.91% | -1.98% | -0.93% |
Average DrawdownAverage peak-to-trough decline | -6.64% | -1.24% | -5.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.51% | 1.04% | +1.47% |
Volatility
THRO vs. GMMA - Volatility Comparison
iShares U.S. Thematic Rotation Active ETF (THRO) has a higher volatility of 5.67% compared to GammaRoad Market Navigation ETF (GMMA) at 3.12%. This indicates that THRO's price experiences larger fluctuations and is considered to be riskier than GMMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| THRO | GMMA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.67% | 3.12% | +2.55% |
Volatility (6M)Calculated over the trailing 6-month period | 11.21% | 4.92% | +6.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.91% | 6.05% | +7.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.78% | 7.34% | +11.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.78% | 7.34% | +11.44% |
THRO vs. GMMA - Expense Ratio Comparison
THRO has a 0.60% expense ratio, which is lower than GMMA's 0.75% expense ratio.
Dividends
THRO vs. GMMA - Dividend Comparison
THRO's dividend yield for the trailing twelve months is around 0.26%, less than GMMA's 3.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
GMMA GammaRoad Market Navigation ETF | 3.70% | 3.00% | 0.57% | 0.00% | 0.00% |
THRO iShares U.S. Thematic Rotation Active ETF | 0.26% | 0.15% | 0.73% | 0.55% | 0.90% |
Frequently Asked Questions
THRO and GMMA have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
THRO has higher volatility (5.67%) compared to GMMA (3.12%). In terms of maximum drawdown, THRO dropped -26.54% vs GMMA's -5.21%.
On 1-year performance, THRO leads with 23.17% vs 8.28% for GMMA. On fees, THRO is cheaper at 0.60% per year. On volatility, GMMA has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, THRO has performed better with a 23.17% return vs 8.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
THRO is cheaper with a 0.60% expense ratio, compared with 0.75% for GMMA.
GMMA has the higher dividend yield at 3.70%, compared with 0.26% for THRO.
They also come from different issuers: iShares and GammaRoad Capital Partners. Their fees differ too: 0.60% for THRO and 0.75% for GMMA.
THRO currently has the higher Sharpe Ratio (1.68 vs 1.38), 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.
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