TOLL vs. OUSA

Last updated Aug 2, 2026

TOLL (Tema Monopolies and Oligopolies ETF) and OUSA (OShares U.S. Quality Dividend ETF) are both exchange-traded funds - TOLL is a Large Cap Growth Equities fund actively managed by Tema, while OUSA is a Quality Factor fund tracking the O'Shares US Quality Dividend Index. TOLL is actively managed, while OUSA is passively managed. Over the past 3 years, TOLL returned 14.88%/yr vs 12.64%/yr for OUSA. Their 0.73 correlation means they have sometimes moved together and sometimes differently. TOLL charges 0.55%/yr vs 0.48%/yr for OUSA.

Performance

TOLL vs. OUSA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Monopolies and Oligopolies ETF (TOLL) and OShares U.S. Quality Dividend ETF (OUSA). 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 OUSA's 6.53% 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%

OUSA

• 1D: 0.11%
• 1M: 1.87%
• 6M: 4.63%
• YTD: 6.53%
• 1Y: 15.60%
• 3Y*: 12.64%
• 5Y*: 8.87%
• 10Y*: 10.36%
• ALL TIME*: 10.68%

*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)
OUSA OShares U.S. Quality Dividend ETF	$914.72K	$1.31M	$1.45M
TOLL Tema Monopolies and Oligopolies ETF	$213.51K	$340.80K	$548.66K

TOLL vs. OUSA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TOLL Tema Monopolies and Oligopolies ETF	11.07%	11.36%	12.79%	15.44%
OUSA OShares U.S. Quality Dividend ETF	6.53%	10.23%	17.09%	10.04%

Correlation

The correlation between TOLL and OUSA is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (3Y) Balances recent behavior with more history.	0.72
Correlation (All Time) Calculated using the full available price history since May 11, 2023	0.73

Over the past year, the correlation between TOLL and OUSA has dropped to 0.48 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

TOLL vs. OUSA - Sectors Allocation Comparison

Sectors	TOLL	OUSA
Technology	43.2%	23.7%
Financial Services	18.3%	18.6%
Industrials	16.0%	11.9%
Healthcare	12.4%	15.1%
Consumer Defensive	6.9%	7.4%
Basic Materials	1.7%	-
Utilities	1.5%	-
Communication Services	-	10.3%
Consumer Cyclical	-	13.1%
Energy	-	-
Real Estate	-	-

Return for Risk

TOLL vs. OUSA — 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

OUSA

OUSA Risk / Return Rank: 59
OUSA Sharpe Ratio Rank: 63
OUSA Sortino Ratio Rank: 68
OUSA Omega Ratio Rank: 60
OUSA Calmar Ratio Rank: 50
OUSA Martin Ratio Rank: 53

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. OUSA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Monopolies and Oligopolies ETF (TOLL) and OShares U.S. Quality Dividend ETF (OUSA). 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	OUSA	Difference
Sharpe ratio: Return per unit of total volatility	0.99	1.46	-0.46
Sortino ratio: Return per unit of downside risk	1.50	2.22	-0.72
Omega ratio: Gain probability vs. loss probability	1.18	1.26	-0.08
Calmar ratio: Return relative to maximum drawdown	1.42	1.78	-0.36
Martin ratio: Return relative to average drawdown	4.92	6.23	-1.31

TOLL vs. OUSA - Sharpe Ratio Comparison

The current TOLL Sharpe Ratio is 0.99, which is lower than the OUSA Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of TOLL and OUSA, 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. OUSA - Drawdown Comparison

The maximum TOLL drawdown since its inception was -15.54%, smaller than the maximum OUSA drawdown of -33.12%. Use the drawdown chart below to compare losses from any high point for TOLL and OUSA.

Drawdown Indicators

	TOLL	OUSA	Difference
Max Drawdown Largest peak-to-trough decline	-15.54%	-33.12%	+17.58%
Max Drawdown (1Y) Largest decline over 1 year	-11.26%	-8.36%	-2.90%
Max Drawdown (3Y) Largest decline over 3 years	-15.54%	-13.14%	-2.40%
Max Drawdown (5Y) Largest decline over 5 years	—	-19.54%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.12%	—
Current Drawdown Current decline from peak	-6.29%	-0.75%	-5.54%
Average Drawdown Average peak-to-trough decline	-2.43%	-3.50%	+1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	2.39%	+0.85%

Volatility

TOLL vs. OUSA - Volatility Comparison

Tema Monopolies and Oligopolies ETF (TOLL) has a higher volatility of 4.90% compared to OShares U.S. Quality Dividend ETF (OUSA) at 4.00%. This indicates that TOLL's price experiences larger fluctuations and is considered to be riskier than OUSA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOLL	OUSA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	4.00%	+0.90%
Volatility (6M) Calculated over the trailing 6-month period	13.70%	8.11%	+5.59%
Volatility (1Y) Calculated over the trailing 1-year period	16.30%	10.27%	+6.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.18%	13.38%	+2.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.18%	15.19%	+0.99%

TOLL vs. OUSA - Expense Ratio Comparison

TOLL has a 0.55% expense ratio, which is higher than OUSA's 0.48% expense ratio.

Dividends

TOLL vs. OUSA - Dividend Comparison

TOLL's dividend yield for the trailing twelve months is around 0.29%, less than OUSA's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OUSA OShares U.S. Quality Dividend ETF	1.36%	1.39%	1.50%	1.81%	1.92%	1.56%	2.03%	2.31%	3.06%	2.15%	2.32%	1.17%
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 OUSA in my portfolio?

TOLL and OUSA have a correlation of 0.48, 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 OUSA?

TOLL has higher volatility (4.90%) compared to OUSA (4.00%). In terms of maximum drawdown, TOLL dropped -15.54% vs OUSA's -33.12%.

Which ETF is better, TOLL or OUSA?

On 3-year performance, TOLL leads with 14.88% vs 12.64% for OUSA. On fees, OUSA is cheaper at 0.48% per year. On volatility, OUSA has been the lower-risk option at 4.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOLL or OUSA?

Over the 3-year period, TOLL has performed better with a 14.88% return vs 12.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOLL or OUSA?

OUSA is cheaper with a 0.48% expense ratio, compared with 0.55% for TOLL.

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

OUSA has the higher dividend yield at 1.36%, compared with 0.29% for TOLL.

What is the main difference between TOLL and OUSA?

TOLL is categorized as Large Cap Growth Equities, while OUSA is Quality Factor. They also come from different issuers: Tema and O'Shares Investments. Their fees differ too: 0.55% for TOLL and 0.48% for OUSA.

Which has better risk-adjusted returns?

OUSA currently has the higher Sharpe Ratio (1.46 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.