TOLL vs. PRVT

Last updated Aug 2, 2026

TOLL (Tema Monopolies and Oligopolies ETF) and PRVT (Tema Listed Private Managers ETF) are both exchange-traded funds - TOLL is a Large Cap Growth Equities fund actively managed by Tema, while PRVT is a Financials Equities fund actively managed by Tema. Both are actively managed. Their 0.12 correlation means their historical movements had little consistent relationship. TOLL charges 0.55%/yr vs 0.75%/yr for PRVT.

Performance

TOLL vs. PRVT - Performance Comparison

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

Returns By Period

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%

PRVT

• 1D: 0.61%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
PRVT Tema Listed Private Managers ETF	$7.78K	$6.90K	$6.90K
TOLL Tema Monopolies and Oligopolies ETF	$213.51K	$340.80K	$548.66K

TOLL vs. PRVT - Yearly Performance Comparison

	2026 (YTD)
TOLL Tema Monopolies and Oligopolies ETF	-3.52%
PRVT Tema Listed Private Managers ETF	7.22%

Correlation

The correlation between TOLL and PRVT is 0.12, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 6, 2026	0.12

TOLL vs. PRVT - Sectors Allocation Comparison

Sectors	TOLL	PRVT
Technology	43.2%	-
Financial Services	18.3%	98.6%
Industrials	16.0%	-
Healthcare	12.4%	-
Consumer Defensive	6.9%	-
Basic Materials	1.7%	2.1%
Utilities	1.5%	1.1%
Communication Services	-	-
Consumer Cyclical	-	-
Energy	-	-
Real Estate	-	100.0%

Return for Risk

TOLL vs. PRVT — 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

PRVT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. PRVT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Monopolies and Oligopolies ETF (TOLL) and Tema Listed Private Managers ETF (PRVT). 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	PRVT	Difference
Sharpe ratio: Return per unit of total volatility	0.99	—	—
Sortino ratio: Return per unit of downside risk	1.50	—	—
Omega ratio: Gain probability vs. loss probability	1.18	—	—
Calmar ratio: Return relative to maximum drawdown	1.42	—	—
Martin ratio: Return relative to average drawdown	4.92	—	—

Drawdowns

TOLL vs. PRVT - Drawdown Comparison

The maximum TOLL drawdown since its inception was -15.54%, which is greater than PRVT's maximum drawdown of -4.07%. Use the drawdown chart below to compare losses from any high point for TOLL and PRVT.

Drawdown Indicators

	TOLL	PRVT	Difference
Max Drawdown Largest peak-to-trough decline	-15.54%	-4.07%	-11.47%
Max Drawdown (1Y) Largest decline over 1 year	-11.26%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.54%	—	—
Current Drawdown Current decline from peak	-6.29%	-0.28%	-6.01%
Average Drawdown Average peak-to-trough decline	-2.43%	-1.03%	-1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	—	—

Volatility

Volatility by Period

	TOLL	PRVT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.70%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.30%	24.98%	-8.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.18%	24.98%	-8.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.18%	24.98%	-8.80%

TOLL vs. PRVT - Expense Ratio Comparison

TOLL has a 0.55% expense ratio, which is lower than PRVT's 0.75% expense ratio.

Dividends

TOLL vs. PRVT - Dividend Comparison

TOLL's dividend yield for the trailing twelve months is around 0.29%, while PRVT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
PRVT Tema Listed Private Managers ETF	0.00%	0.00%	0.00%	0.00%
TOLL Tema Monopolies and Oligopolies ETF	0.29%	0.32%	1.99%	0.36%

Frequently Asked Questions

Can I hold both TOLL and PRVT in my portfolio?

TOLL and PRVT have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TOLL or PRVT?

On fees, TOLL is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TOLL or PRVT?

TOLL is cheaper with a 0.55% expense ratio, compared with 0.75% for PRVT.

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

TOLL has the higher dividend yield at 0.29%, compared with 0.00% for PRVT.

What is the main difference between TOLL and PRVT?

TOLL is categorized as Large Cap Growth Equities, while PRVT is Financials Equities. Their fees differ too: 0.55% for TOLL and 0.75% for PRVT.