TOLL vs. CZAR

Last updated Jun 3, 2026

TOLL (Tema Monopolies and Oligopolies ETF) and CZAR (Themes Natural Monopoly ETF) are both exchange-traded funds - TOLL is a Large Cap Growth Equities fund actively managed by Tema, while CZAR is a Large Cap Blend Equities fund tracking the Solactive Natural Monopoly Index - Benchmark TR Gross. TOLL is actively managed, while CZAR is passively managed. Over the past year, TOLL returned 18.84% vs 4.21% for CZAR. A 0.69 correlation means they provide meaningful diversification when combined. TOLL charges 0.55%/yr vs 0.35%/yr for CZAR.

Performance

TOLL vs. CZAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Monopolies and Oligopolies ETF (TOLL) and Themes Natural Monopoly ETF (CZAR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOLL achieves a 12.61% return, which is significantly higher than CZAR's -0.38% return.

TOLL

• 1D: 0.73%
• 1M: 6.73%
• YTD: 12.61%
• 6M: 14.26%
• 1Y: 18.84%
• 3Y*: 17.24%
• 5Y*: —
• 10Y*: —

CZAR

• 1D: -0.09%
• 1M: 0.09%
• YTD: -0.38%
• 6M: 1.10%
• 1Y: 4.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOLL vs. CZAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TOLL Tema Monopolies and Oligopolies ETF	12.61%	11.36%	12.79%	1.66%
CZAR Themes Natural Monopoly ETF	-0.38%	13.32%	10.92%	2.34%

Correlation

The correlation between TOLL and CZAR is 0.67, 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	0.67
Correlation (All Time) Calculated using the full available price history since Dec 14, 2023	0.69

The correlation between TOLL and CZAR has been stable across timeframes, ranging from 0.67 to 0.69 - a consistent structural relationship.

TOLL vs. CZAR - Sectors Allocation Comparison

Sectors	TOLL	CZAR
Technology	32.0%	20.9%
Financial Services	26.5%	17.0%
Industrials	16.9%	27.3%
Healthcare	12.7%	8.2%
Consumer Defensive	7.0%	5.8%
Basic Materials	3.4%	3.5%
Utilities	1.6%	2.7%
Communication Services	-	2.3%
Consumer Cyclical	-	6.1%
Energy	-	3.9%
Real Estate	-	-

Return for Risk

TOLL vs. CZAR — Risk / Return Rank

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

TOLL

TOLL Risk / Return Rank: 36
TOLL Sharpe Ratio Rank: 37
TOLL Sortino Ratio Rank: 37
TOLL Omega Ratio Rank: 35
TOLL Calmar Ratio Rank: 34
TOLL Martin Ratio Rank: 40

CZAR

CZAR Risk / Return Rank: 15
CZAR Sharpe Ratio Rank: 14
CZAR Sortino Ratio Rank: 13
CZAR Omega Ratio Rank: 13
CZAR Calmar Ratio Rank: 16
CZAR Martin Ratio Rank: 18

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. CZAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Monopolies and Oligopolies ETF (TOLL) and Themes Natural Monopoly ETF (CZAR). 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	CZAR	Difference
Sharpe ratio Return per unit of total volatility	1.33	0.35	+0.98
Sortino ratio Return per unit of downside risk	1.93	0.57	+1.36
Omega ratio Gain probability vs. loss probability	1.24	1.07	+0.17
Calmar ratio Return relative to maximum drawdown	1.69	0.62	+1.07
Martin ratio Return relative to average drawdown	6.46	1.94	+4.52
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. CZAR - Sharpe Ratio Comparison

The current TOLL Sharpe Ratio is 1.33, which is higher than the CZAR Sharpe Ratio of 0.35. The chart below compares the historical Sharpe Ratios of TOLL and CZAR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TOLL	CZAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	0.35	+0.98
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	0.71	+0.40

Drawdowns

TOLL vs. CZAR - Drawdown Comparison

The maximum TOLL drawdown since its inception was -15.54%, which is greater than CZAR's maximum drawdown of -13.38%. Use the drawdown chart below to compare losses from any high point for TOLL and CZAR.

Drawdown Indicators

	TOLL	CZAR	Difference
Max Drawdown Largest peak-to-trough decline	-15.54%	-13.38%	-2.16%
Max Drawdown (1Y) Largest decline over 1 year	-11.26%	-9.54%	-1.72%
Max Drawdown (3Y) Largest decline over 3 years	-15.54%	—	—
Current Drawdown Current decline from peak	0.00%	-3.13%	+3.13%
Average Drawdown Average peak-to-trough decline	-2.39%	-2.18%	-0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	3.04%	-0.09%

Volatility

TOLL vs. CZAR - Volatility Comparison

Tema Monopolies and Oligopolies ETF (TOLL) has a higher volatility of 4.71% compared to Themes Natural Monopoly ETF (CZAR) at 3.09%. This indicates that TOLL's price experiences larger fluctuations and is considered to be riskier than CZAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOLL	CZAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.71%	3.09%	+1.62%
Volatility (6M) Calculated over the trailing 6-month period	11.72%	9.84%	+1.88%
Volatility (1Y) Calculated over the trailing 1-year period	14.24%	12.31%	+1.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.83%	15.04%	+0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.83%	15.04%	+0.79%

TOLL vs. CZAR - Expense Ratio Comparison

TOLL has a 0.55% expense ratio, which is higher than CZAR's 0.35% expense ratio.

Dividends

TOLL vs. CZAR - Dividend Comparison

TOLL's dividend yield for the trailing twelve months is around 0.28%, less than CZAR's 1.48% yield.

Position	TTM	2025	2024	2023
CZAR Themes Natural Monopoly ETF	1.48%	1.47%	0.94%	0.00%
TOLL Tema Monopolies and Oligopolies ETF	0.28%	0.32%	1.99%	0.36%

Frequently Asked Questions

Can I hold both TOLL and CZAR in my portfolio?

TOLL and CZAR have a correlation of 0.67, 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 CZAR?

TOLL has higher volatility (4.71%) compared to CZAR (3.09%). In terms of maximum drawdown, TOLL dropped -15.54% vs CZAR's -13.38%.

Which ETF is better, TOLL or CZAR?

On 1-year performance, TOLL leads with 18.84% vs 4.21% for CZAR. On fees, CZAR is cheaper at 0.35% per year. On volatility, CZAR has been the lower-risk option at 3.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOLL or CZAR?

Over the 1-year period, TOLL has performed better with a 18.84% return vs 4.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOLL or CZAR?

CZAR is cheaper with a 0.35% expense ratio, compared with 0.55% for TOLL.

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

CZAR has the higher dividend yield at 1.48%, compared with 0.28% for TOLL.

What is the main difference between TOLL and CZAR?

TOLL is categorized as Large Cap Growth Equities, while CZAR is Large Cap Blend Equities. They also come from different issuers: Tema and Themes. Their fees differ too: 0.55% for TOLL and 0.35% for CZAR.

Which has better risk-adjusted returns?

TOLL currently has the higher Sharpe Ratio (1.33 vs 0.35), 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.