TMAT vs. TCAI

Last updated Jun 4, 2026

TMAT (Main Thematic Innovation ETF) and TCAI (Tortoise AI Infrastructure ETF) are both Technology Equities funds. TMAT is passively managed, while TCAI is actively managed. A 0.73 correlation means they provide meaningful diversification when combined. TMAT charges 1.49%/yr vs 0.65%/yr for TCAI.

Performance

TMAT vs. TCAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Main Thematic Innovation ETF (TMAT) and Tortoise AI Infrastructure ETF (TCAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMAT achieves a 23.07% return, which is significantly lower than TCAI's 89.63% return.

TMAT

• 1D: -1.03%
• 1M: 14.89%
• YTD: 23.07%
• 6M: 18.18%
• 1Y: 44.13%
• 3Y*: 28.88%
• 5Y*: 5.97%
• 10Y*: —

TCAI

• 1D: -0.27%
• 1M: 19.58%
• YTD: 89.63%
• 6M: 85.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TMAT vs. TCAI - Yearly Performance Comparison

	2026 (YTD)	2025
TMAT Main Thematic Innovation ETF	23.07%	2.15%
TCAI Tortoise AI Infrastructure ETF	89.63%	17.77%

Correlation

The correlation between TMAT and TCAI is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 6, 2025	0.73

TMAT vs. TCAI - Sectors Allocation Comparison

Sectors	TMAT	TCAI
Technology	50.5%	44.0%
Industrials	26.2%	29.9%
Basic Materials	9.1%	-
Healthcare	8.9%	-
Utilities	2.5%	11.1%
Communication Services	2.4%	1.1%
Financial Services	2.1%	6.4%
Consumer Cyclical	1.9%	1.4%
Energy	0.8%	6.1%
Consumer Defensive	-	-
Real Estate	-	0.6%

Return for Risk

TMAT vs. TCAI — Risk / Return Rank

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

TMAT

TMAT Risk / Return Rank: 44
TMAT Sharpe Ratio Rank: 53
TMAT Sortino Ratio Rank: 48
TMAT Omega Ratio Rank: 46
TMAT Calmar Ratio Rank: 41
TMAT Martin Ratio Rank: 32

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. TCAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Main Thematic Innovation ETF (TMAT) and Tortoise AI Infrastructure ETF (TCAI). 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	TCAI	Difference
Sharpe ratio: Return per unit of total volatility	1.83	—	—
Sortino ratio: Return per unit of downside risk	2.41	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	2.05	—	—
Martin ratio: Return relative to average drawdown	4.80	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TMAT	TCAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	4.61	-4.47

Drawdowns

TMAT vs. TCAI - Drawdown Comparison

The maximum TMAT drawdown since its inception was -58.55%, which is greater than TCAI's maximum drawdown of -15.80%. Use the drawdown chart below to compare losses from any high point for TMAT and TCAI.

Drawdown Indicators

	TMAT	TCAI	Difference
Max Drawdown Largest peak-to-trough decline	-58.55%	-15.80%	-42.75%
Max Drawdown (1Y) Largest decline over 1 year	-21.63%	—	—
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	-1.03%	-0.27%	-0.76%
Average Drawdown Average peak-to-trough decline	-32.21%	-3.43%	-28.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.21%	—	—

Volatility

Volatility by Period

	TMAT	TCAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.33%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.97%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	24.27%	35.82%	-11.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.53%	35.82%	-5.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.62%	35.82%	-5.20%

TMAT vs. TCAI - Expense Ratio Comparison

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

Dividends

TMAT vs. TCAI - Dividend Comparison

TMAT's dividend yield for the trailing twelve months is around 0.02%, less than TCAI's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021
TCAI Tortoise AI Infrastructure ETF	0.03%	0.05%	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 TCAI in my portfolio?

TMAT and TCAI have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TMAT or TCAI?

On fees, TCAI is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TMAT or TCAI?

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

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

TMAT and TCAI have nearly identical dividend yields, around 0.02%.

What is the main difference between TMAT and TCAI?

They also come from different issuers: Main Management and Tortoise. Their fees differ too: 1.49% for TMAT and 0.65% for TCAI.