TOLL vs. ^GSPC
TOLL (Tema Monopolies and Oligopolies ETF) is Large Cap Growth Equities fund actively managed by Tema, while ^GSPC (S&P 500 Index) is an index. Over the past 3 years, TOLL returned 17.45%/yr vs 19.20%/yr for ^GSPC. Their correlation of 0.82 suggests significant overlap in exposure.
Performance
TOLL vs. ^GSPC - Performance Comparison
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Returns By Period
In the year-to-date period, TOLL achieves a 14.33% return, which is significantly higher than ^GSPC's 7.60% return.
TOLL
- 1D
- -2.41%
- 1M
- 4.20%
- YTD
- 14.33%
- 6M
- 13.56%
- 1Y
- 20.94%
- 3Y*
- 17.45%
- 5Y*
- —
- 10Y*
- —
^GSPC
- 1D
- -1.44%
- 1M
- -1.45%
- YTD
- 7.60%
- 6M
- 6.59%
- 1Y
- 22.24%
- 3Y*
- 19.20%
- 5Y*
- 11.54%
- 10Y*
- 13.71%
TOLL vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TOLL Tema Monopolies and Oligopolies ETF | 14.33% | 11.36% | 12.79% | 15.44% |
^GSPC S&P 500 Index | 7.60% | 16.39% | 23.31% | 15.28% |
Correlation
The correlation between TOLL and ^GSPC is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since May 11, 2023 | 0.82 |
The correlation between TOLL and ^GSPC has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.
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Return for Risk
TOLL vs. ^GSPC — Risk / Return Rank
TOLL
^GSPC
TOLL vs. ^GSPC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tema Monopolies and Oligopolies ETF (TOLL) and S&P 500 Index (^GSPC). 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.
| TOLL | ^GSPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.32 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.87 | 2.46 | -0.59 |
| Martin ratioReturn relative to average drawdown | 7.09 | 10.92 | -3.82 |
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Drawdowns
TOLL vs. ^GSPC - Drawdown Comparison
The maximum TOLL drawdown since its inception was -15.54%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for TOLL and ^GSPC.
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Drawdown Indicators
| TOLL | ^GSPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.54% | -56.78% | +41.24% |
Max Drawdown (1Y)Largest decline over 1 year | -11.26% | -9.10% | -2.16% |
Max Drawdown (3Y)Largest decline over 3 years | -15.54% | -18.90% | +3.36% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -2.41% | -3.21% | +0.80% |
Average DrawdownAverage peak-to-trough decline | -2.37% | -10.71% | +8.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.96% | 2.04% | +0.92% |
Volatility
TOLL vs. ^GSPC - Volatility Comparison
Tema Monopolies and Oligopolies ETF (TOLL) has a higher volatility of 6.54% compared to S&P 500 Index (^GSPC) at 4.89%. This indicates that TOLL's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TOLL | ^GSPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.54% | 4.89% | +1.65% |
Volatility (6M)Calculated over the trailing 6-month period | 12.94% | 9.93% | +3.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.25% | 12.57% | +2.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.05% | 17.00% | -0.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.05% | 18.08% | -2.03% |
Frequently Asked Questions
TOLL and ^GSPC have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TOLL has higher volatility (6.54%) compared to ^GSPC (4.89%). In terms of maximum drawdown, TOLL dropped -15.54% vs ^GSPC's -56.78%.
^GSPC currently has the higher Sharpe Ratio (1.78 vs 1.38), 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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