TOLL vs. GSG
TOLL (Tema Monopolies and Oligopolies ETF) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - TOLL is a Large Cap Growth Equities fund actively managed by Tema, while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. TOLL is actively managed, while GSG is passively managed. Over the past 3 years, TOLL returned 17.47%/yr vs 19.31%/yr for GSG. At a correlation of -0.05, they often move in opposite directions. TOLL charges 0.55%/yr vs 0.75%/yr for GSG.
Performance
TOLL vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, TOLL achieves a 13.26% return, which is significantly lower than GSG's 42.58% return.
TOLL
- 1D
- 0.58%
- 1M
- 7.88%
- YTD
- 13.26%
- 6M
- 14.02%
- 1Y
- 19.11%
- 3Y*
- 17.47%
- 5Y*
- —
- 10Y*
- —
GSG
- 1D
- 0.77%
- 1M
- -4.83%
- YTD
- 42.58%
- 6M
- 41.06%
- 1Y
- 51.52%
- 3Y*
- 19.31%
- 5Y*
- 15.74%
- 10Y*
- 7.69%
TOLL vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TOLL Tema Monopolies and Oligopolies ETF | 13.26% | 11.36% | 12.79% | 15.37% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 42.58% | 5.93% | 8.52% | 4.75% |
Correlation
The correlation between TOLL and GSG is -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since May 12, 2023 | -0.05 |
Over the past year, the inverse relationship between TOLL and GSG has strengthened: their correlation has moved from -0.05 to -0.26, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
TOLL vs. GSG — Risk / Return Rank
TOLL
GSG
TOLL vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tema Monopolies and Oligopolies ETF (TOLL) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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 | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.40 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | 5.47 | -3.77 |
| Martin ratioReturn relative to average drawdown | 6.49 | 14.39 | -7.90 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TOLL | GSG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.35 | 2.26 | -0.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.70 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.12 | -0.09 | +1.20 |
Drawdowns
TOLL vs. GSG - Drawdown Comparison
The maximum TOLL drawdown since its inception was -15.54%, smaller than the maximum GSG drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for TOLL and GSG.
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Drawdown Indicators
| TOLL | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.54% | -89.62% | +74.08% |
Max Drawdown (1Y)Largest decline over 1 year | -11.26% | -9.46% | -1.80% |
Max Drawdown (3Y)Largest decline over 3 years | -15.54% | -14.94% | -0.60% |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -57.64% | — |
Current DrawdownCurrent decline from peak | 0.00% | -56.95% | +56.95% |
Average DrawdownAverage peak-to-trough decline | -2.39% | -63.71% | +61.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.95% | 3.59% | -0.64% |
Volatility
TOLL vs. GSG - Volatility Comparison
The current volatility for Tema Monopolies and Oligopolies ETF (TOLL) is 4.64%, while iShares S&P GSCI Commodity-Indexed Trust (GSG) has a volatility of 7.65%. This indicates that TOLL experiences smaller price fluctuations and is considered to be less risky than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TOLL | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.64% | 7.65% | -3.01% |
Volatility (6M)Calculated over the trailing 6-month period | 11.68% | 20.42% | -8.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.25% | 22.95% | -8.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.82% | 22.61% | -6.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.82% | 22.03% | -6.21% |
TOLL vs. GSG - Expense Ratio Comparison
TOLL has a 0.55% expense ratio, which is lower than GSG's 0.75% expense ratio.
Dividends
TOLL vs. GSG - Dividend Comparison
TOLL's dividend yield for the trailing twelve months is around 0.28%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% |
TOLL Tema Monopolies and Oligopolies ETF | 0.28% | 0.32% | 1.99% | 0.36% |
Frequently Asked Questions
TOLL and GSG have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.65%) compared to TOLL (4.64%). In terms of maximum drawdown, TOLL dropped -15.54% vs GSG's -89.62%.
On 3-year performance, GSG leads with 19.31% vs 17.47% for TOLL. On fees, TOLL is cheaper at 0.55% per year. On volatility, TOLL has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GSG has performed better with a 19.31% return vs 17.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TOLL is cheaper with a 0.55% expense ratio, compared with 0.75% for GSG.
TOLL has the higher dividend yield at 0.28%, compared with 0.00% for GSG.
TOLL is categorized as Large Cap Growth Equities, while GSG is Commodities. They also come from different issuers: Tema and iShares. Their fees differ too: 0.55% for TOLL and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (2.26 vs 1.35), 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.
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