TOLL vs. ILCB

Last updated Aug 2, 2026

TOLL (Tema Monopolies and Oligopolies ETF) and ILCB (iShares Morningstar U.S. Equity ETF) are both Large Cap Growth Equities funds. TOLL is actively managed, while ILCB is passively managed. Over the past 3 years, TOLL returned 14.88%/yr vs 19.48%/yr for ILCB. Their correlation of 0.82 means they have usually moved in the same direction. TOLL charges 0.55%/yr vs 0.03%/yr for ILCB.

Performance

TOLL vs. ILCB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Monopolies and Oligopolies ETF (TOLL) and iShares Morningstar U.S. Equity ETF (ILCB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOLL achieves a 11.07% return, which is significantly higher than ILCB's 10.04% return.

TOLL

• 1D: 0.73%
• 1M: -3.52%
• 6M: 7.48%
• YTD: 11.07%
• 1Y: 16.44%
• 3Y*: 14.88%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.94%

ILCB

• 1D: 0.68%
• 1M: 0.02%
• 6M: 8.59%
• YTD: 10.04%
• 1Y: 21.14%
• 3Y*: 19.48%
• 5Y*: 12.26%
• 10Y*: 14.38%
• ALL TIME*: 11.16%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ILCB iShares Morningstar U.S. Equity ETF	$856.67K	$1.50M	$1.33M
TOLL Tema Monopolies and Oligopolies ETF	$213.51K	$340.80K	$548.66K

TOLL vs. ILCB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TOLL Tema Monopolies and Oligopolies ETF	11.07%	11.36%	12.79%	15.44%
ILCB iShares Morningstar U.S. Equity ETF	10.04%	17.70%	24.96%	17.31%

Correlation

The correlation between TOLL and ILCB is 0.80, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (All Time) Calculated using the full available price history since May 11, 2023	0.82

The correlation between TOLL and ILCB has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.

TOLL vs. ILCB - Sectors Allocation Comparison

Sectors	TOLL	ILCB
Technology	43.2%	38.4%
Financial Services	18.3%	11.4%
Industrials	16.0%	8.9%
Healthcare	12.4%	9.0%
Consumer Defensive	6.9%	4.4%
Basic Materials	1.7%	1.8%
Utilities	1.5%	2.2%
Communication Services	-	9.8%
Consumer Cyclical	-	9.4%
Energy	-	3.1%
Real Estate	-	1.7%

Return for Risk

TOLL vs. ILCB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TOLL

TOLL Risk / Return Rank: 40
TOLL Sharpe Ratio Rank: 40
TOLL Sortino Ratio Rank: 40
TOLL Omega Ratio Rank: 37
TOLL Calmar Ratio Rank: 40
TOLL Martin Ratio Rank: 44

ILCB

ILCB Risk / Return Rank: 64
ILCB Sharpe Ratio Rank: 64
ILCB Sortino Ratio Rank: 61
ILCB Omega Ratio Rank: 62
ILCB Calmar Ratio Rank: 60
ILCB Martin Ratio Rank: 73

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TOLL vs. ILCB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Monopolies and Oligopolies ETF (TOLL) and iShares Morningstar U.S. Equity ETF (ILCB). 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	ILCB	Difference
Sharpe ratio: Return per unit of total volatility	0.99	1.48	-0.49
Sortino ratio: Return per unit of downside risk	1.50	2.07	-0.57
Omega ratio: Gain probability vs. loss probability	1.18	1.26	-0.09
Calmar ratio: Return relative to maximum drawdown	1.42	2.12	-0.70
Martin ratio: Return relative to average drawdown	4.92	8.94	-4.02

TOLL vs. ILCB - Sharpe Ratio Comparison

The current TOLL Sharpe Ratio is 0.99, which is lower than the ILCB Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of TOLL and ILCB, 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. ILCB - Drawdown Comparison

The maximum TOLL drawdown since its inception was -15.54%, smaller than the maximum ILCB drawdown of -51.53%. Use the drawdown chart below to compare losses from any high point for TOLL and ILCB.

Drawdown Indicators

	TOLL	ILCB	Difference
Max Drawdown Largest peak-to-trough decline	-15.54%	-51.53%	+35.99%
Max Drawdown (1Y) Largest decline over 1 year	-11.26%	-9.09%	-2.17%
Max Drawdown (3Y) Largest decline over 3 years	-15.54%	-19.05%	+3.51%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.47%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.30%	—
Current Drawdown Current decline from peak	-6.29%	-1.64%	-4.65%
Average Drawdown Average peak-to-trough decline	-2.43%	-6.21%	+3.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	2.15%	+1.09%

Volatility

TOLL vs. ILCB - Volatility Comparison

Tema Monopolies and Oligopolies ETF (TOLL) has a higher volatility of 4.90% compared to iShares Morningstar U.S. Equity ETF (ILCB) at 3.59%. This indicates that TOLL's price experiences larger fluctuations and is considered to be riskier than ILCB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOLL	ILCB	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	3.59%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	13.70%	10.22%	+3.48%
Volatility (1Y) Calculated over the trailing 1-year period	16.30%	13.01%	+3.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.18%	17.24%	-1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.18%	18.18%	-2.00%

TOLL vs. ILCB - Expense Ratio Comparison

TOLL has a 0.55% expense ratio, which is higher than ILCB's 0.03% expense ratio.

Dividends

TOLL vs. ILCB - Dividend Comparison

TOLL's dividend yield for the trailing twelve months is around 0.29%, less than ILCB's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ILCB iShares Morningstar U.S. Equity ETF	0.98%	1.11%	1.19%	1.43%	1.65%	1.16%	1.26%	2.25%	2.17%	1.81%	1.97%	2.44%
TOLL Tema Monopolies and Oligopolies ETF	0.29%	0.32%	1.99%	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TOLL and ILCB in my portfolio?

TOLL and ILCB have a correlation of 0.80, 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 ILCB?

TOLL has higher volatility (4.90%) compared to ILCB (3.59%). In terms of maximum drawdown, TOLL dropped -15.54% vs ILCB's -51.53%.

Which ETF is better, TOLL or ILCB?

On 3-year performance, ILCB leads with 19.48% vs 14.88% for TOLL. On fees, ILCB is cheaper at 0.03% per year. On volatility, ILCB has been the lower-risk option at 3.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOLL or ILCB?

Over the 3-year period, ILCB has performed better with a 19.48% return vs 14.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOLL or ILCB?

ILCB is cheaper with a 0.03% expense ratio, compared with 0.55% for TOLL.

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

ILCB has the higher dividend yield at 0.98%, compared with 0.29% for TOLL.

What is the main difference between TOLL and ILCB?

They also come from different issuers: Tema and iShares. Their fees differ too: 0.55% for TOLL and 0.03% for ILCB.

Which has better risk-adjusted returns?

ILCB currently has the higher Sharpe Ratio (1.48 vs 0.99), 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.