TOLL vs. DCMT

Last updated Jul 14, 2026

TOLL (Tema Monopolies and Oligopolies ETF) and DCMT (DoubleLine Commodity Strategy ETF) are both exchange-traded funds - TOLL is a Large Cap Growth Equities fund actively managed by Tema, while DCMT is a Commodities fund actively managed by DoubleLine. Both are actively managed. Over the past year, TOLL returned 17.98% vs 28.33% for DCMT. At a correlation of -0.06, they often move in opposite directions. TOLL charges 0.55%/yr vs 0.66%/yr for DCMT.

Performance

TOLL vs. DCMT - Performance Comparison

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

Returns By Period

In the year-to-date period, TOLL achieves a 14.23% return, which is significantly lower than DCMT's 25.74% return.

TOLL

• 1D: -0.83%
• 1M: 0.16%
• 6M: 8.65%
• YTD: 14.23%
• 1Y: 17.98%
• 3Y*: 15.87%
• 5Y*: —
• 10Y*: —

DCMT

• 1D: 2.59%
• 1M: -0.52%
• 6M: 21.60%
• YTD: 25.74%
• 1Y: 28.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOLL vs. DCMT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TOLL Tema Monopolies and Oligopolies ETF	14.23%	11.36%	10.80%
DCMT DoubleLine Commodity Strategy ETF	25.74%	6.04%	3.65%

Correlation

The correlation between TOLL and DCMT is -0.16, 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	-0.16
Correlation (All Time) Calculated using the full available price history since Feb 1, 2024	-0.06

The correlation between TOLL and DCMT shifts across timeframes, from -0.16 (1 year) to -0.06 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TOLL vs. DCMT — Risk / Return Rank

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

TOLL

TOLL Risk / Return Rank: 40
TOLL Sharpe Ratio Rank: 39
TOLL Sortino Ratio Rank: 39
TOLL Omega Ratio Rank: 37
TOLL Calmar Ratio Rank: 39
TOLL Martin Ratio Rank: 46

DCMT

DCMT Risk / Return Rank: 51
DCMT Sharpe Ratio Rank: 57
DCMT Sortino Ratio Rank: 55
DCMT Omega Ratio Rank: 53
DCMT Calmar Ratio Rank: 44
DCMT Martin Ratio Rank: 49

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. DCMT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Monopolies and Oligopolies ETF (TOLL) and DoubleLine Commodity Strategy ETF (DCMT). 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	DCMT	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.52	-0.39
Sortino ratio: Return per unit of downside risk	1.67	2.11	-0.44
Omega ratio: Gain probability vs. loss probability	1.20	1.27	-0.06
Calmar ratio: Return relative to maximum drawdown	1.60	1.78	-0.18
Martin ratio: Return relative to average drawdown	5.99	6.45	-0.46

TOLL vs. DCMT - Sharpe Ratio Comparison

The current TOLL Sharpe Ratio is 1.13, which is comparable to the DCMT Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of TOLL and DCMT, 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. DCMT - Drawdown Comparison

The maximum TOLL drawdown since its inception was -15.54%, roughly equal to the maximum DCMT drawdown of -15.96%. Use the drawdown chart below to compare losses from any high point for TOLL and DCMT.

Drawdown Indicators

	TOLL	DCMT	Difference
Max Drawdown Largest peak-to-trough decline	-15.54%	-15.96%	+0.42%
Max Drawdown (1Y) Largest decline over 1 year	-11.26%	-15.96%	+4.70%
Max Drawdown (3Y) Largest decline over 3 years	-15.54%	—	—
Current Drawdown Current decline from peak	-3.63%	-9.74%	+6.11%
Average Drawdown Average peak-to-trough decline	-2.37%	-3.51%	+1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	4.40%	-1.39%

Volatility

TOLL vs. DCMT - Volatility Comparison

Tema Monopolies and Oligopolies ETF (TOLL) has a higher volatility of 7.47% compared to DoubleLine Commodity Strategy ETF (DCMT) at 6.10%. This indicates that TOLL's price experiences larger fluctuations and is considered to be riskier than DCMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOLL	DCMT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.47%	6.10%	+1.37%
Volatility (6M) Calculated over the trailing 6-month period	13.66%	16.86%	-3.20%
Volatility (1Y) Calculated over the trailing 1-year period	16.02%	18.80%	-2.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.19%	16.03%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.19%	16.03%	+0.16%

TOLL vs. DCMT - Expense Ratio Comparison

TOLL has a 0.55% expense ratio, which is lower than DCMT's 0.66% expense ratio.

Dividends

TOLL vs. DCMT - Dividend Comparison

TOLL's dividend yield for the trailing twelve months is around 0.28%, less than DCMT's 2.92% yield.

Position	TTM	2025	2024	2023
DCMT DoubleLine Commodity Strategy ETF	2.92%	3.67%	1.59%	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 DCMT in my portfolio?

TOLL and DCMT have a correlation of -0.16, 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 DCMT?

TOLL has higher volatility (7.47%) compared to DCMT (6.10%). In terms of maximum drawdown, TOLL dropped -15.54% vs DCMT's -15.96%.

Which ETF is better, TOLL or DCMT?

On 1-year performance, DCMT leads with 28.33% vs 17.98% for TOLL. On fees, TOLL is cheaper at 0.55% per year. On volatility, DCMT has been the lower-risk option at 6.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOLL or DCMT?

Over the 1-year period, DCMT has performed better with a 28.33% return vs 17.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOLL or DCMT?

TOLL is cheaper with a 0.55% expense ratio, compared with 0.66% for DCMT.

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

DCMT has the higher dividend yield at 2.92%, compared with 0.28% for TOLL.

What is the main difference between TOLL and DCMT?

TOLL is categorized as Large Cap Growth Equities, while DCMT is Commodities. They also come from different issuers: Tema and DoubleLine. Their fees differ too: 0.55% for TOLL and 0.66% for DCMT.

Which has better risk-adjusted returns?

DCMT currently has the higher Sharpe Ratio (1.52 vs 1.13), 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.