TMAT vs. PXQ
TMAT (Main Thematic Innovation ETF) and PXQ (Invesco Next Gen Connectivity ETF) are both Technology Equities funds - TMAT tracks the MSCI ACWI Index while PXQ tracks the STOXX World AC NexGen Connectivity Index. Both are passively managed. Over the past 5 years, TMAT returned 4.21%/yr vs 16.09%/yr for PXQ. Their 0.79 correlation means they have sometimes moved together and sometimes differently. TMAT charges 1.49%/yr vs 0.40%/yr for PXQ.
Performance
TMAT vs. PXQ - Performance Comparison
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Returns By Period
In the year-to-date period, TMAT achieves a 13.29% return, which is significantly lower than PXQ's 41.41% return.
TMAT
- 1D
- 2.29%
- 1M
- -4.05%
- 6M
- 15.14%
- YTD
- 13.29%
- 1Y
- 18.36%
- 3Y*
- 23.09%
- 5Y*
- 4.21%
- 10Y*
- —
- ALL TIME*
- 2.40%
PXQ
- 1D
- 0.92%
- 1M
- -4.09%
- 6M
- 31.51%
- YTD
- 41.41%
- 1Y
- 65.43%
- 3Y*
- 36.00%
- 5Y*
- 16.09%
- 10Y*
- 18.65%
- ALL TIME*
- 13.26%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $796.19K | $668.77K | $843.31K | |
| $1.51M | $950.56K | $631.95K |
TMAT vs. PXQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TMAT Main Thematic Innovation ETF | 13.29% | 20.06% | 27.20% | 32.32% | -39.29% | -18.01% |
PXQ Invesco Next Gen Connectivity ETF | 41.41% | 28.65% | 19.41% | 27.39% | -29.54% | 18.14% |
Correlation
The correlation between TMAT and PXQ is 0.83, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.83 |
Correlation (3Y) Balances recent behavior with more history. | 0.78 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2021 | 0.79 |
The correlation between TMAT and PXQ has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.
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Return for Risk
TMAT vs. PXQ — Risk / Return Rank
TMAT
PXQ
TMAT vs. PXQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Main Thematic Innovation ETF (TMAT) and Invesco Next Gen Connectivity ETF (PXQ). 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 | PXQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.71 | ||
| Sortino ratioReturn per unit of downside risk | -1.86 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.40 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | 3.48 | -2.63 |
| Martin ratioReturn relative to average drawdown | 1.90 | 13.77 | -11.88 |
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Drawdowns
TMAT vs. PXQ - Drawdown Comparison
The maximum TMAT drawdown since its inception was -58.55%, roughly equal to the maximum PXQ drawdown of -57.18%. Use the drawdown chart below to compare losses from any high point for TMAT and PXQ.
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Drawdown Indicators
| TMAT | PXQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.55% | -57.18% | -1.37% |
Max Drawdown (1Y)Largest decline over 1 year | -21.63% | -18.91% | -2.72% |
Max Drawdown (3Y)Largest decline over 3 years | -33.42% | -21.40% | -12.02% |
Max Drawdown (5Y)Largest decline over 5 years | -51.86% | -34.55% | -17.31% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.55% | — |
Current DrawdownCurrent decline from peak | -9.85% | -14.01% | +4.16% |
Average DrawdownAverage peak-to-trough decline | -31.43% | -10.73% | -20.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.71% | 4.77% | +4.94% |
Volatility
TMAT vs. PXQ - Volatility Comparison
The current volatility for Main Thematic Innovation ETF (TMAT) is 9.63%, while Invesco Next Gen Connectivity ETF (PXQ) has a volatility of 11.01%. This indicates that TMAT experiences smaller price fluctuations and is considered to be less risky than PXQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMAT | PXQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.63% | 11.01% | -1.38% |
Volatility (6M)Calculated over the trailing 6-month period | 21.26% | 24.68% | -3.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.48% | 27.66% | -0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.13% | 24.49% | +6.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.83% | 23.55% | +7.28% |
TMAT vs. PXQ - Expense Ratio Comparison
TMAT has a 1.49% expense ratio, which is higher than PXQ's 0.40% expense ratio.
Dividends
TMAT vs. PXQ - Dividend Comparison
TMAT's dividend yield for the trailing twelve months is around 0.02%, less than PXQ's 0.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
PXQ Invesco Next Gen Connectivity ETF | 0.68% | 0.86% | 1.38% | 0.60% | 2.24% | 0.55% | 0.18% | 0.44% | 1.22% | 0.66% | 0.44% |
TMAT Main Thematic Innovation ETF | 0.02% | 0.02% | 0.00% | 0.00% | 0.34% | 0.20% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TMAT and PXQ have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PXQ has higher volatility (11.01%) compared to TMAT (9.63%). In terms of maximum drawdown, TMAT dropped -58.55% vs PXQ's -57.18%.
On 5-year performance, PXQ leads with 16.09% vs 4.21% for TMAT. On fees, PXQ is cheaper at 0.40% per year. On volatility, TMAT has been the lower-risk option at 9.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PXQ has performed better with a 16.09% return vs 4.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PXQ is cheaper with a 0.40% expense ratio, compared with 1.49% for TMAT.
PXQ has the higher dividend yield at 0.68%, compared with 0.02% for TMAT.
TMAT tracks MSCI ACWI Index, while PXQ tracks STOXX World AC NexGen Connectivity Index. They also come from different issuers: Main and Invesco. Their fees differ too: 1.49% for TMAT and 0.40% for PXQ.
PXQ currently has the higher Sharpe Ratio (2.38 vs 0.67), 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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