TOLL vs. QQQ

Last updated Aug 2, 2026

TOLL (Tema Monopolies and Oligopolies ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - TOLL is a Large Cap Growth Equities fund actively managed by Tema, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. TOLL is actively managed, while QQQ is passively managed. Over the past 3 years, TOLL returned 14.88%/yr vs 22.29%/yr for QQQ. Their 0.73 correlation means they have sometimes moved together and sometimes differently. TOLL charges 0.55%/yr vs 0.18%/yr for QQQ.

Performance

TOLL vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Monopolies and Oligopolies ETF (TOLL) and Invesco QQQ ETF (QQQ). 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 lower than QQQ's 12.26% 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%

QQQ

• 1D: 0.65%
• 1M: -3.45%
• 6M: 10.89%
• YTD: 12.26%
• 1Y: 24.81%
• 3Y*: 22.29%
• 5Y*: 14.23%
• 10Y*: 20.44%
• ALL TIME*: 10.64%

*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)
QQQ Invesco QQQ ETF	$30.32B	$28.40B	$31.45B
TOLL Tema Monopolies and Oligopolies ETF	$213.51K	$340.80K	$548.66K

TOLL vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TOLL Tema Monopolies and Oligopolies ETF	11.07%	11.36%	12.79%	15.44%
QQQ Invesco QQQ ETF	12.26%	20.77%	25.58%	26.63%

Correlation

The correlation between TOLL and QQQ is 0.77, 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.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.73
Correlation (All Time) Calculated using the full available price history since May 11, 2023	0.73

The correlation between TOLL and QQQ has been stable across timeframes, ranging from 0.73 to 0.77 - a consistent structural relationship.

TOLL vs. QQQ - Sectors Allocation Comparison

Sectors	TOLL	QQQ
Technology	43.2%	60.9%
Financial Services	18.3%	0.2%
Industrials	16.0%	2.7%
Healthcare	12.4%	3.6%
Consumer Defensive	6.9%	6.3%
Basic Materials	1.7%	1.0%
Utilities	1.5%	1.1%
Communication Services	-	13.1%
Consumer Cyclical	-	10.7%
Energy	-	0.5%
Real Estate	-	0.1%

Return for Risk

TOLL vs. QQQ — 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

QQQ

QQQ Risk / Return Rank: 49
QQQ Sharpe Ratio Rank: 47
QQQ Sortino Ratio Rank: 46
QQQ Omega Ratio Rank: 45
QQQ Calmar Ratio Rank: 53
QQQ Martin Ratio Rank: 52

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. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Monopolies and Oligopolies ETF (TOLL) and Invesco QQQ ETF (QQQ). 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	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.99	1.16	-0.17
Sortino ratio: Return per unit of downside risk	1.50	1.65	-0.15
Omega ratio: Gain probability vs. loss probability	1.18	1.21	-0.03
Calmar ratio: Return relative to maximum drawdown	1.42	1.88	-0.46
Martin ratio: Return relative to average drawdown	4.92	6.00	-1.08

TOLL vs. QQQ - Sharpe Ratio Comparison

The current TOLL Sharpe Ratio is 0.99, which is comparable to the QQQ Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of TOLL and QQQ, 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. QQQ - Drawdown Comparison

The maximum TOLL drawdown since its inception was -15.54%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for TOLL and QQQ.

Drawdown Indicators

	TOLL	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-15.54%	-82.97%	+67.43%
Max Drawdown (1Y) Largest decline over 1 year	-11.26%	-11.96%	+0.70%
Max Drawdown (3Y) Largest decline over 3 years	-15.54%	-22.77%	+7.23%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.12%	—
Current Drawdown Current decline from peak	-6.29%	-7.69%	+1.40%
Average Drawdown Average peak-to-trough decline	-2.43%	-32.62%	+30.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.24%	3.74%	-0.50%

Volatility

TOLL vs. QQQ - Volatility Comparison

The current volatility for Tema Monopolies and Oligopolies ETF (TOLL) is 4.90%, while Invesco QQQ ETF (QQQ) has a volatility of 6.87%. This indicates that TOLL experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOLL	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	6.87%	-1.97%
Volatility (6M) Calculated over the trailing 6-month period	13.70%	16.08%	-2.38%
Volatility (1Y) Calculated over the trailing 1-year period	16.30%	19.38%	-3.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.18%	22.90%	-6.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.18%	22.50%	-6.32%

TOLL vs. QQQ - Expense Ratio Comparison

TOLL has a 0.55% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

TOLL vs. QQQ - Dividend Comparison

TOLL's dividend yield for the trailing twelve months is around 0.29%, less than QQQ's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQ Invesco QQQ ETF	0.44%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%
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 QQQ in my portfolio?

TOLL and QQQ have a correlation of 0.77, 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 QQQ?

QQQ has higher volatility (6.87%) compared to TOLL (4.90%). In terms of maximum drawdown, TOLL dropped -15.54% vs QQQ's -82.97%.

Which ETF is better, TOLL or QQQ?

On 3-year performance, QQQ leads with 22.29% vs 14.88% for TOLL. On fees, QQQ is cheaper at 0.18% per year. On volatility, TOLL has been the lower-risk option at 4.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOLL or QQQ?

Over the 3-year period, QQQ has performed better with a 22.29% 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 QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.55% for TOLL.

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

QQQ has the higher dividend yield at 0.44%, compared with 0.29% for TOLL.

What is the main difference between TOLL and QQQ?

TOLL is categorized as Large Cap Growth Equities, while QQQ is Nasdaq-100. They also come from different issuers: Tema and Invesco. Their fees differ too: 0.55% for TOLL and 0.18% for QQQ.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (1.16 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.