TMAT vs. VOX
TMAT (Main Thematic Innovation ETF) and VOX (Vanguard Communication Services ETF) are both exchange-traded funds - TMAT is a Technology Equities fund tracking the MSCI ACWI Index, while VOX is a Communications Equities fund tracking the MSCI US Investable Market Communication Services 25/50 Index. Both are passively managed. Over the past 5 years, TMAT returned 4.62%/yr vs 6.02%/yr for VOX. A 0.73 correlation means they provide meaningful diversification when combined. TMAT charges 1.49%/yr vs 0.09%/yr for VOX.
Performance
TMAT vs. VOX - Performance Comparison
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Returns By Period
In the year-to-date period, TMAT achieves a 18.93% return, which is significantly higher than VOX's -5.35% return.
TMAT
- 1D
- -3.52%
- 1M
- 3.97%
- YTD
- 18.93%
- 6M
- 16.10%
- 1Y
- 34.95%
- 3Y*
- 27.57%
- 5Y*
- 4.62%
- 10Y*
- —
VOX
- 1D
- 0.26%
- 1M
- -6.50%
- YTD
- -5.35%
- 6M
- -5.46%
- 1Y
- 12.86%
- 3Y*
- 21.81%
- 5Y*
- 6.02%
- 10Y*
- 8.42%
TMAT vs. VOX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TMAT Main Thematic Innovation ETF | 18.93% | 20.06% | 27.20% | 32.32% | -39.29% | -18.01% |
VOX Vanguard Communication Services ETF | -5.35% | 26.27% | 33.12% | 44.81% | -38.85% | 12.04% |
Correlation
The correlation between TMAT and VOX is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2021 | 0.73 |
The correlation between TMAT and VOX shifts across timeframes, from 0.53 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TMAT vs. VOX — Risk / Return Rank
TMAT
VOX
TMAT vs. VOX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Main Thematic Innovation ETF (TMAT) and Vanguard Communication Services ETF (VOX). 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 | VOX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.15 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.62 | 0.95 | +0.67 |
| Martin ratioReturn relative to average drawdown | 3.77 | 3.37 | +0.39 |
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Drawdowns
TMAT vs. VOX - Drawdown Comparison
The maximum TMAT drawdown since its inception was -58.55%, roughly equal to the maximum VOX drawdown of -57.18%. Use the drawdown chart below to compare losses from any high point for TMAT and VOX.
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Drawdown Indicators
| TMAT | VOX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.55% | -57.18% | -1.37% |
Max Drawdown (1Y)Largest decline over 1 year | -21.63% | -13.56% | -8.07% |
Max Drawdown (3Y)Largest decline over 3 years | -33.42% | -21.15% | -12.27% |
Max Drawdown (5Y)Largest decline over 5 years | -52.10% | -46.76% | -5.34% |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.76% | — |
Current DrawdownCurrent decline from peak | -4.36% | -8.53% | +4.17% |
Average DrawdownAverage peak-to-trough decline | -31.93% | -11.90% | -20.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.30% | 3.82% | +5.48% |
Volatility
TMAT vs. VOX - Volatility Comparison
Main Thematic Innovation ETF (TMAT) has a higher volatility of 11.45% compared to Vanguard Communication Services ETF (VOX) at 5.44%. This indicates that TMAT's price experiences larger fluctuations and is considered to be riskier than VOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMAT | VOX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.45% | 5.44% | +6.01% |
Volatility (6M)Calculated over the trailing 6-month period | 18.86% | 11.89% | +6.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.75% | 15.80% | +9.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.83% | 21.24% | +9.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.75% | 20.93% | +9.82% |
TMAT vs. VOX - Expense Ratio Comparison
TMAT has a 1.49% expense ratio, which is higher than VOX's 0.09% expense ratio.
Dividends
TMAT vs. VOX - Dividend Comparison
TMAT's dividend yield for the trailing twelve months is around 0.02%, less than VOX's 1.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
VOX Vanguard Communication Services ETF | 1.04% | 0.95% | 1.05% | 1.03% | 0.88% | 0.93% | 0.73% | 0.90% | 2.77% | 3.83% | 2.67% | 3.55% |
Frequently Asked Questions
TMAT and VOX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMAT has higher volatility (11.45%) compared to VOX (5.44%). In terms of maximum drawdown, TMAT dropped -58.55% vs VOX's -57.18%.
On 5-year performance, VOX leads with 6.02% vs 4.62% for TMAT. On fees, VOX is cheaper at 0.09% per year. On volatility, VOX has been the lower-risk option at 5.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VOX has performed better with a 6.02% return vs 4.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOX is cheaper with a 0.09% expense ratio, compared with 1.49% for TMAT.
VOX has the higher dividend yield at 1.04%, compared with 0.02% for TMAT.
TMAT is categorized as Technology Equities, while VOX is Communications Equities. TMAT tracks MSCI ACWI Index, while VOX tracks MSCI US Investable Market Communication Services 25/50 Index. They also come from different issuers: Main Management and Vanguard. Their fees differ too: 1.49% for TMAT and 0.09% for VOX.
TMAT currently has the higher Sharpe Ratio (1.36 vs 0.82), 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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