TMAT vs. SHOC

Last updated Apr 2, 2026

Compare and contrast key facts about Main Thematic Innovation ETF (TMAT) and Strive U.S. Semiconductor ETF (SHOC).

TMAT and SHOC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TMAT is a passively managed fund by Main Management that tracks the performance of the MSCI ACWI Index. It was launched on Jan 29, 2021. SHOC is a passively managed fund by Strive that tracks the performance of the Bloomberg US Listed Semiconductors Select Index - Benchmark TR Gross. It was launched on Oct 5, 2022. Both TMAT and SHOC are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

TMAT vs. SHOC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TMAT Main Thematic Innovation ETF	-5.56%	20.06%	27.20%	32.32%	-5.79%
SHOC Strive U.S. Semiconductor ETF	7.67%	49.91%	16.74%	61.97%	-1.17%

Returns By Period

In the year-to-date period, TMAT achieves a -5.56% return, which is significantly lower than SHOC's 7.67% return.

TMAT

• 1D: 1.85%
• 1M: -5.75%
• YTD: -5.56%
• 6M: -13.53%
• 1Y: 32.46%
• 3Y*: 18.67%
• 5Y*: -0.10%
• 10Y*: —

SHOC

• 1D: 2.54%
• 1M: -3.16%
• YTD: 7.67%
• 6M: 15.88%
• 1Y: 85.73%
• 3Y*: 34.53%
• 5Y*: —
• 10Y*: —

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

TMAT vs. SHOC - Expense Ratio Comparison

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

TMAT

Main Thematic Innovation ETF

SHOC

Strive U.S. Semiconductor ETF

Return for Risk

TMAT vs. SHOC — Risk / Return Rank

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

TMAT

TMAT Risk / Return Rank: 54
TMAT Sharpe Ratio Rank: 59
TMAT Sortino Ratio Rank: 62
TMAT Omega Ratio Rank: 55
TMAT Calmar Ratio Rank: 57
TMAT Martin Ratio Rank: 39

SHOC

SHOC Risk / Return Rank: 94
SHOC Sharpe Ratio Rank: 93
SHOC Sortino Ratio Rank: 93
SHOC Omega Ratio Rank: 91
SHOC Calmar Ratio Rank: 98
SHOC Martin Ratio Rank: 97

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. 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.

	TMAT	SHOC	Difference
Sharpe ratio Return per unit of total volatility	1.09	2.27	-1.17
Sortino ratio Return per unit of downside risk	1.63	2.87	-1.24
Omega ratio Gain probability vs. loss probability	1.21	1.40	-0.19
Calmar ratio Return relative to maximum drawdown	1.55	5.59	-4.03
Martin ratio Return relative to average drawdown	3.83	19.55	-15.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TMAT vs. SHOC - Sharpe Ratio Comparison

The current TMAT Sharpe Ratio is 1.09, which is lower than the SHOC Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of TMAT and SHOC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TMAT	SHOC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.09	2.27	-1.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.00	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	1.07	-1.10

Correlation

The correlation between TMAT and SHOC is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TMAT vs. SHOC - Dividend Comparison

TMAT's dividend yield for the trailing twelve months is around 0.02%, less than SHOC's 0.22% yield.

	TTM	2025	2024	2023	2022	2021
TMAT Main Thematic Innovation ETF	0.02%	0.02%	0.00%	0.00%	0.34%	0.20%
SHOC Strive U.S. Semiconductor ETF	0.22%	0.23%	0.35%	0.65%	0.24%	0.00%

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%	-15.48%	-6.15%
Max Drawdown (5Y) Largest decline over 5 years	-52.61%	—	—
Current Drawdown Current decline from peak	-17.51%	-7.58%	-9.93%
Average Drawdown Average peak-to-trough decline	-33.06%	-7.77%	-25.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.77%	4.42%	+4.35%

Volatility

TMAT vs. SHOC - Volatility Comparison

The current volatility for Main Thematic Innovation ETF (TMAT) is 8.02%, while Strive U.S. Semiconductor ETF (SHOC) has a volatility of 11.63%. 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	8.02%	11.63%	-3.61%
Volatility (6M) Calculated over the trailing 6-month period	18.77%	25.06%	-6.29%
Volatility (1Y) Calculated over the trailing 1-year period	29.80%	38.01%	-8.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.49%	35.07%	-4.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.78%	35.07%	-4.29%