TMAT vs. GRNY

Last updated Jul 15, 2026

TMAT (Main Thematic Innovation ETF) and GRNY (Fundstrat Granny Shots U.S. Large Cap ETF) are both exchange-traded funds - TMAT is a Technology Equities fund tracking the MSCI ACWI Index, while GRNY is a Large Cap Blend Equities fund actively managed by Tidal ETFs. TMAT is passively managed, while GRNY is actively managed. Over the past year, TMAT returned 24.86% vs 21.68% for GRNY. Their correlation of 0.85 suggests significant overlap in exposure. TMAT charges 1.49%/yr vs 0.75%/yr for GRNY.

Performance

TMAT vs. GRNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Main Thematic Innovation ETF (TMAT) and Fundstrat Granny Shots U.S. Large Cap ETF (GRNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMAT achieves a 18.79% return, which is significantly higher than GRNY's 12.44% return.

TMAT

• 1D: 2.34%
• 1M: 0.92%
• 6M: 14.14%
• YTD: 18.79%
• 1Y: 24.86%
• 3Y*: 23.35%
• 5Y*: 5.71%
• 10Y*: —

GRNY

• 1D: 0.72%
• 1M: 2.36%
• 6M: 7.79%
• YTD: 12.44%
• 1Y: 21.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TMAT vs. GRNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TMAT Main Thematic Innovation ETF	18.79%	20.06%	8.58%
GRNY Fundstrat Granny Shots U.S. Large Cap ETF	12.44%	24.05%	-0.45%

Correlation

The correlation between TMAT and GRNY is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Nov 7, 2024	0.85

The correlation between TMAT and GRNY has been stable across timeframes, ranging from 0.84 to 0.85 - a consistent structural relationship.

Return for Risk

TMAT vs. GRNY — Risk / Return Rank

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

TMAT

TMAT Risk / Return Rank: 29
TMAT Sharpe Ratio Rank: 32
TMAT Sortino Ratio Rank: 30
TMAT Omega Ratio Rank: 29
TMAT Calmar Ratio Rank: 29
TMAT Martin Ratio Rank: 25

GRNY

GRNY Risk / Return Rank: 42
GRNY Sharpe Ratio Rank: 43
GRNY Sortino Ratio Rank: 40
GRNY Omega Ratio Rank: 38
GRNY Calmar Ratio Rank: 47
GRNY Martin Ratio Rank: 44

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. GRNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Main Thematic Innovation ETF (TMAT) and Fundstrat Granny Shots U.S. Large Cap ETF (GRNY). 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	GRNY	Difference
Sharpe ratio: Return per unit of total volatility	0.94	1.21	-0.27
Sortino ratio: Return per unit of downside risk	1.37	1.69	-0.32
Omega ratio: Gain probability vs. loss probability	1.17	1.21	-0.04
Calmar ratio: Return relative to maximum drawdown	1.15	1.87	-0.72
Martin ratio: Return relative to average drawdown	2.66	5.64	-2.98

TMAT vs. GRNY - Sharpe Ratio Comparison

The current TMAT Sharpe Ratio is 0.94, which is comparable to the GRNY Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of TMAT and GRNY, 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. GRNY - Drawdown Comparison

The maximum TMAT drawdown since its inception was -58.55%, which is greater than GRNY's maximum drawdown of -24.18%. Use the drawdown chart below to compare losses from any high point for TMAT and GRNY.

Drawdown Indicators

	TMAT	GRNY	Difference
Max Drawdown Largest peak-to-trough decline	-58.55%	-24.18%	-34.37%
Max Drawdown (1Y) Largest decline over 1 year	-21.63%	-11.63%	-10.00%
Max Drawdown (3Y) Largest decline over 3 years	-33.42%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-51.86%	—	—
Current Drawdown Current decline from peak	-5.47%	-0.50%	-4.97%
Average Drawdown Average peak-to-trough decline	-31.65%	-3.86%	-27.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.38%	3.85%	+5.53%

Volatility

TMAT vs. GRNY - Volatility Comparison

Main Thematic Innovation ETF (TMAT) has a higher volatility of 10.39% compared to Fundstrat Granny Shots U.S. Large Cap ETF (GRNY) at 4.31%. This indicates that TMAT's price experiences larger fluctuations and is considered to be riskier than GRNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMAT	GRNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.39%	4.31%	+6.08%
Volatility (6M) Calculated over the trailing 6-month period	20.25%	12.99%	+7.26%
Volatility (1Y) Calculated over the trailing 1-year period	26.65%	18.01%	+8.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.01%	22.87%	+8.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.81%	22.87%	+7.94%

TMAT vs. GRNY - Expense Ratio Comparison

TMAT has a 1.49% expense ratio, which is higher than GRNY's 0.75% expense ratio.

Dividends

TMAT vs. GRNY - Dividend Comparison

TMAT's dividend yield for the trailing twelve months is around 0.02%, less than GRNY's 0.07% yield.

Position	TTM	2025	2024	2023	2022	2021
GRNY Fundstrat Granny Shots U.S. Large Cap ETF	0.07%	0.00%	0.00%	0.00%	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 GRNY in my portfolio?

TMAT and GRNY have a correlation of 0.84, 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 GRNY?

TMAT has higher volatility (10.39%) compared to GRNY (4.31%). In terms of maximum drawdown, TMAT dropped -58.55% vs GRNY's -24.18%.

Which ETF is better, TMAT or GRNY?

On 1-year performance, TMAT leads with 24.86% vs 21.68% for GRNY. On fees, GRNY is cheaper at 0.75% per year. On volatility, GRNY has been the lower-risk option at 4.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TMAT or GRNY?

Over the 1-year period, TMAT has performed better with a 24.86% return vs 21.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMAT or GRNY?

GRNY is cheaper with a 0.75% expense ratio, compared with 1.49% for TMAT.

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

GRNY has the higher dividend yield at 0.07%, compared with 0.02% for TMAT.

What is the main difference between TMAT and GRNY?

TMAT is categorized as Technology Equities, while GRNY is Large Cap Blend Equities. They also come from different issuers: Main Management and Tidal ETFs. Their fees differ too: 1.49% for TMAT and 0.75% for GRNY.

Which has better risk-adjusted returns?

GRNY currently has the higher Sharpe Ratio (1.21 vs 0.94), 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.