TMAT vs. SHOC

Last updated Aug 4, 2026

TMAT (Main Thematic Innovation ETF) and SHOC (Strive U.S. Semiconductor ETF) are both exchange-traded funds - TMAT is a Technology Equities fund tracking the MSCI ACWI Index, while SHOC is a Semiconductors fund tracking the Bloomberg US Listed Semiconductors Select Index. Both are passively managed. Over the past 3 years, TMAT returned 23.09%/yr vs 42.90%/yr for SHOC. Their 0.76 correlation means they have sometimes moved together and sometimes differently. TMAT charges 1.49%/yr vs 0.40%/yr for SHOC.

Performance

TMAT vs. SHOC - Performance Comparison

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

Returns By Period

In the year-to-date period, TMAT achieves a 13.29% return, which is significantly lower than SHOC's 47.76% 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%

SHOC

• 1D: 0.59%
• 1M: -7.15%
• 6M: 31.91%
• YTD: 47.76%
• 1Y: 86.31%
• 3Y*: 42.90%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 44.74%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SHOC Strive U.S. Semiconductor ETF	$1.23M	$1.79M	$2.57M
TMAT Main Thematic Innovation ETF	$1.51M	$950.56K	$631.95K

TMAT vs. SHOC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TMAT Main Thematic Innovation ETF	13.29%	20.06%	27.20%	32.32%	-6.70%
SHOC Strive U.S. Semiconductor ETF	47.76%	49.91%	16.74%	61.97%	-1.79%

Correlation

The correlation between TMAT and SHOC is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (All Time) Calculated using the full available price history since Oct 6, 2022	0.76

The correlation between TMAT and SHOC has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.

TMAT vs. SHOC - Sectors Allocation Comparison

Sectors	TMAT	SHOC
Technology	54.9%	100.0%
Industrials	22.7%	-
Healthcare	9.6%	-
Basic Materials	9.1%	-
Communication Services	2.4%	-
Financial Services	2.1%	-
Utilities	2.0%	-
Consumer Cyclical	1.4%	-
Energy	0.3%	-
Consumer Defensive	-	-
Real Estate	-	-

Return for Risk

TMAT vs. SHOC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TMAT

TMAT Risk / Return Rank: 27
TMAT Sharpe Ratio Rank: 28
TMAT Sortino Ratio Rank: 27
TMAT Omega Ratio Rank: 26
TMAT Calmar Ratio Rank: 27
TMAT Martin Ratio Rank: 24

SHOC

SHOC Risk / Return Rank: 84
SHOC Sharpe Ratio Rank: 88
SHOC Sortino Ratio Rank: 78
SHOC Omega Ratio Rank: 79
SHOC Calmar Ratio Rank: 86
SHOC Martin Ratio Rank: 89

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TMAT vs. SHOC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Main Thematic Innovation ETF (TMAT) and Strive U.S. Semiconductor ETF (SHOC). 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	SHOC	Difference
Sharpe ratio: Return per unit of total volatility	0.67	2.17	-1.50
Sortino ratio: Return per unit of downside risk	1.06	2.58	-1.52
Omega ratio: Gain probability vs. loss probability	1.13	1.34	-0.21
Calmar ratio: Return relative to maximum drawdown	0.85	3.44	-2.59
Martin ratio: Return relative to average drawdown	1.90	13.91	-12.02

TMAT vs. SHOC - Sharpe Ratio Comparison

The current TMAT Sharpe Ratio is 0.67, which is lower than the SHOC Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of TMAT and SHOC, 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. SHOC - Drawdown Comparison

The maximum TMAT drawdown since its inception was -58.55%, which is greater than SHOC's maximum drawdown of -37.54%. Use the drawdown chart below to compare losses from any high point for TMAT and SHOC.

Drawdown Indicators

	TMAT	SHOC	Difference
Max Drawdown Largest peak-to-trough decline	-58.55%	-37.54%	-21.01%
Max Drawdown (1Y) Largest decline over 1 year	-21.63%	-25.20%	+3.57%
Max Drawdown (3Y) Largest decline over 3 years	-33.42%	-37.54%	+4.12%
Max Drawdown (5Y) Largest decline over 5 years	-51.86%	—	—
Current Drawdown Current decline from peak	-9.85%	-18.68%	+8.83%
Average Drawdown Average peak-to-trough decline	-31.43%	-7.60%	-23.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.71%	6.23%	+3.48%

Volatility

TMAT vs. SHOC - Volatility Comparison

The current volatility for Main Thematic Innovation ETF (TMAT) is 9.63%, while Strive U.S. Semiconductor ETF (SHOC) has a volatility of 15.77%. This indicates that TMAT experiences smaller price fluctuations and is considered to be less risky than SHOC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMAT	SHOC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.63%	15.77%	-6.14%
Volatility (6M) Calculated over the trailing 6-month period	21.26%	33.92%	-12.66%
Volatility (1Y) Calculated over the trailing 1-year period	27.48%	40.04%	-12.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.13%	36.85%	-5.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.83%	36.85%	-6.02%

TMAT vs. SHOC - Expense Ratio Comparison

TMAT has a 1.49% expense ratio, which is higher than SHOC's 0.40% expense ratio.

Dividends

TMAT vs. SHOC - Dividend Comparison

TMAT's dividend yield for the trailing twelve months is around 0.02%, less than SHOC's 0.14% yield.

Position	TTM	2025	2024	2023	2022	2021
SHOC Strive U.S. Semiconductor ETF	0.14%	0.23%	0.35%	0.65%	0.24%	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 SHOC in my portfolio?

TMAT and SHOC have a correlation of 0.79, 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 SHOC?

SHOC has higher volatility (15.77%) compared to TMAT (9.63%). In terms of maximum drawdown, TMAT dropped -58.55% vs SHOC's -37.54%.

Which ETF is better, TMAT or SHOC?

On 3-year performance, SHOC leads with 42.90% vs 23.09% for TMAT. On fees, SHOC 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.

Which ETF has performed better, TMAT or SHOC?

Over the 3-year period, SHOC has performed better with a 42.90% return vs 23.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TMAT or SHOC?

SHOC is cheaper with a 0.40% expense ratio, compared with 1.49% for TMAT.

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

SHOC has the higher dividend yield at 0.14%, compared with 0.02% for TMAT.

What is the main difference between TMAT and SHOC?

TMAT is categorized as Technology Equities, while SHOC is Semiconductors. TMAT tracks MSCI ACWI Index, while SHOC tracks Bloomberg US Listed Semiconductors Select Index. They also come from different issuers: Main and Strive. Their fees differ too: 1.49% for TMAT and 0.40% for SHOC.

Which has better risk-adjusted returns?

SHOC currently has the higher Sharpe Ratio (2.17 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.