TOLL vs. CMDT

Last updated Jun 24, 2026

TOLL (Tema Monopolies and Oligopolies ETF) and CMDT (PIMCO Commodity Strategy Active Exchange-Traded Fund) are both exchange-traded funds - TOLL is a Large Cap Growth Equities fund actively managed by Tema, while CMDT is a Commodities fund tracking the Bloomberg Roll Select Commodity Total Return Index. TOLL is actively managed, while CMDT is passively managed. Over the past 3 years, TOLL returned 17.45%/yr vs 12.77%/yr for CMDT. At a 0.00 correlation, their price movements are largely independent. TOLL charges 0.55%/yr vs 0.65%/yr for CMDT.

Performance

TOLL vs. CMDT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Monopolies and Oligopolies ETF (TOLL) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOLL achieves a 14.33% return, which is significantly higher than CMDT's 13.43% return.

TOLL

• 1D: -2.41%
• 1M: 4.20%
• YTD: 14.33%
• 6M: 13.56%
• 1Y: 20.94%
• 3Y*: 17.45%
• 5Y*: —
• 10Y*: —

CMDT

• 1D: -1.14%
• 1M: -8.86%
• YTD: 13.43%
• 6M: 13.42%
• 1Y: 21.34%
• 3Y*: 12.77%
• 5Y*: —
• 10Y*: —

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

TOLL vs. CMDT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TOLL Tema Monopolies and Oligopolies ETF	14.33%	11.36%	12.79%	15.44%
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	13.43%	12.78%	6.93%	5.50%

Correlation

The correlation between TOLL and CMDT is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since May 11, 2023	0.00

The correlation between TOLL and CMDT shifts across timeframes, from -0.10 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TOLL vs. CMDT — Risk / Return Rank

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

TOLL

TOLL Risk / Return Rank: 42
TOLL Sharpe Ratio Rank: 42
TOLL Sortino Ratio Rank: 42
TOLL Omega Ratio Rank: 40
TOLL Calmar Ratio Rank: 40
TOLL Martin Ratio Rank: 46

CMDT

CMDT Risk / Return Rank: 50
CMDT Sharpe Ratio Rank: 53
CMDT Sortino Ratio Rank: 52
CMDT Omega Ratio Rank: 48
CMDT Calmar Ratio Rank: 41
CMDT Martin Ratio Rank: 58

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. CMDT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Monopolies and Oligopolies ETF (TOLL) and PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT). 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	CMDT	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.71	-0.33
Sortino ratio: Return per unit of downside risk	2.00	2.39	-0.39
Omega ratio: Gain probability vs. loss probability	1.25	1.29	-0.05
Calmar ratio: Return relative to maximum drawdown	1.87	1.93	-0.06
Martin ratio: Return relative to average drawdown	7.09	9.62	-2.53

TOLL vs. CMDT - Sharpe Ratio Comparison

The current TOLL Sharpe Ratio is 1.38, which is comparable to the CMDT Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of TOLL and CMDT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TOLL vs. CMDT - Drawdown Comparison

The maximum TOLL drawdown since its inception was -15.54%, which is greater than CMDT's maximum drawdown of -11.11%. Use the drawdown chart below to compare losses from any high point for TOLL and CMDT.

Drawdown Indicators

	TOLL	CMDT	Difference
Max Drawdown Largest peak-to-trough decline	-15.54%	-11.11%	-4.43%
Max Drawdown (1Y) Largest decline over 1 year	-11.26%	-11.11%	-0.15%
Max Drawdown (3Y) Largest decline over 3 years	-15.54%	-11.11%	-4.43%
Current Drawdown Current decline from peak	-2.41%	-11.11%	+8.70%
Average Drawdown Average peak-to-trough decline	-2.37%	-2.77%	+0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	2.25%	+0.71%

Volatility

TOLL vs. CMDT - Volatility Comparison

Tema Monopolies and Oligopolies ETF (TOLL) has a higher volatility of 6.54% compared to PIMCO Commodity Strategy Active Exchange-Traded Fund (CMDT) at 3.26%. This indicates that TOLL's price experiences larger fluctuations and is considered to be riskier than CMDT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOLL	CMDT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.54%	3.26%	+3.28%
Volatility (6M) Calculated over the trailing 6-month period	12.94%	10.60%	+2.34%
Volatility (1Y) Calculated over the trailing 1-year period	15.25%	12.65%	+2.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.05%	12.24%	+3.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.05%	12.24%	+3.81%

TOLL vs. CMDT - Expense Ratio Comparison

TOLL has a 0.55% expense ratio, which is lower than CMDT's 0.65% expense ratio.

Dividends

TOLL vs. CMDT - Dividend Comparison

TOLL's dividend yield for the trailing twelve months is around 0.28%, less than CMDT's 2.67% yield.

Position	TTM	2025	2024	2023
CMDT PIMCO Commodity Strategy Active Exchange-Traded Fund	2.67%	3.04%	8.80%	2.71%
TOLL Tema Monopolies and Oligopolies ETF	0.28%	0.32%	1.99%	0.36%

Frequently Asked Questions

Can I hold both TOLL and CMDT in my portfolio?

TOLL and CMDT have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOLL or CMDT?

TOLL has higher volatility (6.54%) compared to CMDT (3.26%). In terms of maximum drawdown, TOLL dropped -15.54% vs CMDT's -11.11%.

Which ETF is better, TOLL or CMDT?

On 3-year performance, TOLL leads with 17.45% vs 12.77% for CMDT. On fees, TOLL is cheaper at 0.55% per year. On volatility, CMDT has been the lower-risk option at 3.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOLL or CMDT?

Over the 3-year period, TOLL has performed better with a 17.45% return vs 12.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOLL or CMDT?

TOLL is cheaper with a 0.55% expense ratio, compared with 0.65% for CMDT.

Which ETF pays a higher dividend yield, TOLL or CMDT?

CMDT has the higher dividend yield at 2.67%, compared with 0.28% for TOLL.

What is the main difference between TOLL and CMDT?

TOLL is categorized as Large Cap Growth Equities, while CMDT is Commodities. They also come from different issuers: Tema and PIMCO. Their fees differ too: 0.55% for TOLL and 0.65% for CMDT.

Which has better risk-adjusted returns?

CMDT currently has the higher Sharpe Ratio (1.71 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.