TMAT vs. FEPI

Last updated Jun 24, 2026

TMAT (Main Thematic Innovation ETF) and FEPI (REX FANG & Innovation Equity Premium Income ETF) are both exchange-traded funds - TMAT is a Technology Equities fund tracking the MSCI ACWI Index, while FEPI is a Derivative Income fund actively managed by REX. TMAT is passively managed, while FEPI is actively managed. Over the past year, TMAT returned 34.95% vs 20.65% for FEPI. A 0.75 correlation means they provide meaningful diversification when combined. TMAT charges 1.49%/yr vs 0.65%/yr for FEPI.

Performance

TMAT vs. FEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Main Thematic Innovation ETF (TMAT) and REX FANG & Innovation Equity Premium Income ETF (FEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMAT achieves a 18.93% return, which is significantly higher than FEPI's 3.07% return.

TMAT

• 1D: -3.52%
• 1M: 3.97%
• YTD: 18.93%
• 6M: 16.10%
• 1Y: 34.95%
• 3Y*: 27.57%
• 5Y*: 4.62%
• 10Y*: —

FEPI

• 1D: -2.98%
• 1M: -4.62%
• YTD: 3.07%
• 6M: 2.27%
• 1Y: 20.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TMAT vs. FEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TMAT Main Thematic Innovation ETF	18.93%	20.06%	27.20%	19.74%
FEPI REX FANG & Innovation Equity Premium Income ETF	3.07%	18.33%	15.69%	11.75%

Correlation

The correlation between TMAT and FEPI is 0.74, 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	0.74
Correlation (All Time) Calculated using the full available price history since Oct 11, 2023	0.75

The correlation between TMAT and FEPI has been stable across timeframes, ranging from 0.74 to 0.75 - a consistent structural relationship.

TMAT vs. FEPI - Sectors Allocation Comparison

Sectors	TMAT	FEPI
Technology	53.0%	65.5%
Industrials	23.0%	-
Basic Materials	11.2%	-
Healthcare	8.7%	-
Communication Services	2.4%	19.6%
Utilities	2.2%	-
Financial Services	2.1%	-
Consumer Cyclical	1.6%	12.4%
Energy	0.3%	-
Consumer Defensive	-	-
Real Estate	-	-

Return for Risk

TMAT vs. FEPI — Risk / Return Rank

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

TMAT

TMAT Risk / Return Rank: 36
TMAT Sharpe Ratio Rank: 41
TMAT Sortino Ratio Rank: 38
TMAT Omega Ratio Rank: 37
TMAT Calmar Ratio Rank: 35
TMAT Martin Ratio Rank: 29

FEPI

FEPI Risk / Return Rank: 33
FEPI Sharpe Ratio Rank: 33
FEPI Sortino Ratio Rank: 31
FEPI Omega Ratio Rank: 33
FEPI Calmar Ratio Rank: 33
FEPI Martin Ratio Rank: 35

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.

TMAT vs. FEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Main Thematic Innovation ETF (TMAT) and REX FANG & Innovation Equity Premium Income ETF (FEPI). 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.

	TMAT	FEPI	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.16	+0.20
Sortino ratio: Return per unit of downside risk	1.85	1.62	+0.23
Omega ratio: Gain probability vs. loss probability	1.23	1.22	+0.01
Calmar ratio: Return relative to maximum drawdown	1.62	1.61	+0.02
Martin ratio: Return relative to average drawdown	3.77	5.15	-1.38

TMAT vs. FEPI - Sharpe Ratio Comparison

The current TMAT Sharpe Ratio is 1.36, which is comparable to the FEPI Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of TMAT and FEPI, 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

TMAT vs. FEPI - Drawdown Comparison

The maximum TMAT drawdown since its inception was -58.55%, which is greater than FEPI's maximum drawdown of -23.56%. Use the drawdown chart below to compare losses from any high point for TMAT and FEPI.

Drawdown Indicators

	TMAT	FEPI	Difference
Max Drawdown Largest peak-to-trough decline	-58.55%	-23.56%	-34.99%
Max Drawdown (1Y) Largest decline over 1 year	-21.63%	-12.91%	-8.72%
Max Drawdown (3Y) Largest decline over 3 years	-33.42%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-52.10%	—	—
Current Drawdown Current decline from peak	-4.36%	-8.01%	+3.65%
Average Drawdown Average peak-to-trough decline	-31.93%	-3.53%	-28.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.30%	4.02%	+5.28%

Volatility

TMAT vs. FEPI - Volatility Comparison

Main Thematic Innovation ETF (TMAT) has a higher volatility of 11.45% compared to REX FANG & Innovation Equity Premium Income ETF (FEPI) at 7.58%. This indicates that TMAT's price experiences larger fluctuations and is considered to be riskier than FEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMAT	FEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.45%	7.58%	+3.87%
Volatility (6M) Calculated over the trailing 6-month period	18.86%	14.01%	+4.85%
Volatility (1Y) Calculated over the trailing 1-year period	25.75%	17.84%	+7.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.83%	19.33%	+11.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.75%	19.33%	+11.42%

TMAT vs. FEPI - Expense Ratio Comparison

TMAT has a 1.49% expense ratio, which is higher than FEPI's 0.65% expense ratio.

Dividends

TMAT vs. FEPI - Dividend Comparison

TMAT's dividend yield for the trailing twelve months is around 0.02%, less than FEPI's 26.88% yield.

Position	TTM	2025	2024	2023	2022	2021
FEPI REX FANG & Innovation Equity Premium Income ETF	26.88%	25.48%	27.18%	4.21%	0.00%	0.00%
TMAT Main Thematic Innovation ETF	0.02%	0.02%	0.00%	0.00%	0.34%	0.20%

Frequently Asked Questions

Can I hold both TMAT and FEPI in my portfolio?

TMAT and FEPI have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMAT or FEPI?

TMAT has higher volatility (11.45%) compared to FEPI (7.58%). In terms of maximum drawdown, TMAT dropped -58.55% vs FEPI's -23.56%.

Which ETF is better, TMAT or FEPI?

On 1-year performance, TMAT leads with 34.95% vs 20.65% for FEPI. On fees, FEPI is cheaper at 0.65% per year. On volatility, FEPI has been the lower-risk option at 7.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMAT or FEPI?

Over the 1-year period, TMAT has performed better with a 34.95% return vs 20.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMAT or FEPI?

FEPI is cheaper with a 0.65% expense ratio, compared with 1.49% for TMAT.

Which ETF pays a higher dividend yield, TMAT or FEPI?

FEPI has the higher dividend yield at 26.88%, compared with 0.02% for TMAT.

What is the main difference between TMAT and FEPI?

TMAT is categorized as Technology Equities, while FEPI is Derivative Income. They also come from different issuers: Main Management and REX. Their fees differ too: 1.49% for TMAT and 0.65% for FEPI.

Which has better risk-adjusted returns?

TMAT currently has the higher Sharpe Ratio (1.36 vs 1.16), 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.