TOLL vs. ^GSPC

Last updated Apr 1, 2026

Compare and contrast key facts about Tema Monopolies and Oligopolies ETF (TOLL) and S&P 500 Index (^GSPC).

TOLL is an actively managed fund by Tema. It was launched on May 10, 2023.

Performance

TOLL vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Monopolies and Oligopolies ETF (TOLL) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

TOLL vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TOLL Tema Monopolies and Oligopolies ETF	-4.23%	11.36%	12.79%	15.37%
^GSPC S&P 500 Index	-4.63%	16.39%	23.31%	15.47%

Returns By Period

In the year-to-date period, TOLL achieves a -4.23% return, which is significantly higher than ^GSPC's -4.63% return.

TOLL

• 1D: 1.57%
• 1M: -7.88%
• YTD: -4.23%
• 6M: -1.15%
• 1Y: 5.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

^GSPC

• 1D: 2.91%
• 1M: -5.09%
• YTD: -4.63%
• 6M: -2.39%
• 1Y: 16.33%
• 3Y*: 16.69%
• 5Y*: 10.18%
• 10Y*: 12.16%

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

Return for Risk

TOLL vs. ^GSPC — Risk / Return Rank

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

TOLL

TOLL Risk / Return Rank: 22
TOLL Sharpe Ratio Rank: 19
TOLL Sortino Ratio Rank: 20
TOLL Omega Ratio Rank: 20
TOLL Calmar Ratio Rank: 24
TOLL Martin Ratio Rank: 25

^GSPC

^GSPC Risk / Return Rank: 74
^GSPC Sharpe Ratio Rank: 69
^GSPC Sortino Ratio Rank: 68
^GSPC Omega Ratio Rank: 76
^GSPC Calmar Ratio Rank: 73
^GSPC Martin Ratio Rank: 85

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.

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.

	TOLL	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	0.28	0.90	-0.61
Sortino ratio Return per unit of downside risk	0.55	1.39	-0.84
Omega ratio Gain probability vs. loss probability	1.07	1.21	-0.14
Calmar ratio Return relative to maximum drawdown	0.52	1.40	-0.88
Martin ratio Return relative to average drawdown	1.92	6.61	-4.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TOLL vs. ^GSPC - Sharpe Ratio Comparison

The current TOLL Sharpe Ratio is 0.28, which is lower than the ^GSPC Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of TOLL and ^GSPC, 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

	TOLL	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.28	0.90	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.46	+0.31

Correlation

The correlation between TOLL and ^GSPC is 0.82, 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.

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.

Drawdown Indicators

	TOLL	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-15.54%	-56.78%	+41.24%
Max Drawdown (1Y) Largest decline over 1 year	-11.83%	-12.14%	+0.31%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.43%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.92%	—
Current Drawdown Current decline from peak	-9.33%	-6.45%	-2.88%
Average Drawdown Average peak-to-trough decline	-2.43%	-10.75%	+8.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	2.57%	+0.62%

Volatility

TOLL vs. ^GSPC - Volatility Comparison

Tema Monopolies and Oligopolies ETF (TOLL) has a higher volatility of 5.65% compared to S&P 500 Index (^GSPC) at 5.34%. 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.

Volatility by Period

	TOLL	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.65%	5.34%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	10.53%	9.54%	+0.99%
Volatility (1Y) Calculated over the trailing 1-year period	19.18%	18.33%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.76%	16.91%	-1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.76%	18.05%	-2.29%