THRO vs. GMMA

Last updated Jun 4, 2026

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 26.45% vs 10.84% for GMMA. A 0.79 correlation means they provide meaningful diversification when combined. THRO charges 0.60%/yr vs 0.75%/yr for GMMA.

Performance

THRO vs. GMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Thematic Rotation Active ETF (THRO) and GammaRoad Market Navigation ETF (GMMA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, THRO achieves a 12.78% return, which is significantly higher than GMMA's 3.61% return.

THRO

• 1D: -0.55%
• 1M: 6.78%
• YTD: 12.78%
• 6M: 12.56%
• 1Y: 26.45%
• 3Y*: 24.41%
• 5Y*: —
• 10Y*: —

GMMA

• 1D: -0.41%
• 1M: 3.45%
• YTD: 3.61%
• 6M: 3.75%
• 1Y: 10.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

THRO vs. GMMA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
THRO iShares U.S. Thematic Rotation Active ETF	12.78%	15.04%	6.15%
GMMA GammaRoad Market Navigation ETF	3.61%	8.95%	0.49%

Correlation

The correlation between THRO and GMMA is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Sep 18, 2024	0.79

The correlation between THRO and GMMA has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

THRO vs. GMMA - Sectors Allocation Comparison

Sectors	THRO	GMMA
Technology	40.7%	35.6%
Financial Services	12.1%	11.8%
Communication Services	11.6%	11.2%
Industrials	10.4%	8.3%
Consumer Cyclical	8.6%	10.1%
Consumer Defensive	7.1%	4.9%
Healthcare	6.6%	8.5%
Energy	1.7%	3.5%
Basic Materials	0.9%	1.8%
Utilities	0.1%	2.4%
Real Estate	-	1.9%

Return for Risk

THRO vs. GMMA — Risk / Return Rank

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

THRO

THRO Risk / Return Rank: 57
THRO Sharpe Ratio Rank: 60
THRO Sortino Ratio Rank: 60
THRO Omega Ratio Rank: 57
THRO Calmar Ratio Rank: 49
THRO Martin Ratio Rank: 60

GMMA

GMMA Risk / Return Rank: 65
GMMA Sharpe Ratio Rank: 62
GMMA Sortino Ratio Rank: 64
GMMA Omega Ratio Rank: 68
GMMA Calmar Ratio Rank: 66
GMMA Martin Ratio Rank: 63

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.

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.

	THRO	GMMA	Difference
Sharpe ratio: Return per unit of total volatility	2.05	2.05	0.00
Sortino ratio: Return per unit of downside risk	2.86	2.92	-0.06
Omega ratio: Gain probability vs. loss probability	1.36	1.40	-0.05
Calmar ratio: Return relative to maximum drawdown	2.44	3.21	-0.77
Martin ratio: Return relative to average drawdown	10.84	11.19	-0.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

THRO vs. GMMA - Sharpe Ratio Comparison

The current THRO Sharpe Ratio is 2.05, which is comparable to the GMMA Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of THRO and GMMA, 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

	THRO	GMMA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	2.05	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	1.09	-0.34

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.

Drawdown Indicators

	THRO	GMMA	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-0.55%	-0.41%	-0.14%
Average Drawdown Average peak-to-trough decline	-6.69%	-1.23%	-5.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	0.97%	+1.48%

Volatility

THRO vs. GMMA - Volatility Comparison

iShares U.S. Thematic Rotation Active ETF (THRO) has a higher volatility of 3.47% compared to GammaRoad Market Navigation ETF (GMMA) at 1.88%. 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.

Volatility by Period

	THRO	GMMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	1.88%	+1.59%
Volatility (6M) Calculated over the trailing 6-month period	10.09%	4.09%	+6.00%
Volatility (1Y) Calculated over the trailing 1-year period	13.00%	5.32%	+7.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.72%	7.10%	+11.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.72%	7.10%	+11.62%

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 0.16%, less than GMMA's 3.65% yield.

Position	TTM	2025	2024	2023	2022
GMMA GammaRoad Market Navigation ETF	3.65%	3.00%	0.57%	0.00%	0.00%
THRO iShares U.S. Thematic Rotation Active ETF	0.16%	0.15%	0.73%	0.55%	0.90%

Frequently Asked Questions

Can I hold both THRO and GMMA in my portfolio?

THRO and GMMA have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THRO or GMMA?

THRO has higher volatility (3.47%) compared to GMMA (1.88%). In terms of maximum drawdown, THRO dropped -26.54% vs GMMA's -5.21%.

Which ETF is better, THRO or GMMA?

On 1-year performance, THRO leads with 26.45% vs 10.84% for GMMA. On fees, THRO is cheaper at 0.60% per year. On volatility, GMMA has been the lower-risk option at 1.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, THRO or GMMA?

Over the 1-year period, THRO has performed better with a 26.45% return vs 10.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THRO or GMMA?

THRO is cheaper with a 0.60% expense ratio, compared with 0.75% for GMMA.

Which ETF pays a higher dividend yield, THRO or GMMA?

GMMA has the higher dividend yield at 3.65%, compared with 0.16% for THRO.

What is the main difference between THRO and GMMA?

They also come from different issuers: iShares and GammaRoad Capital Partners. Their fees differ too: 0.60% for THRO and 0.75% for GMMA.

Which has better risk-adjusted returns?

GMMA currently has the higher Sharpe Ratio (2.05 vs 2.05), 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.