TOLL vs. SHLD

Last updated Apr 1, 2026

Compare and contrast key facts about Tema Monopolies and Oligopolies ETF (TOLL) and Global X Defense Tech ETF (SHLD).

TOLL and SHLD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TOLL is an actively managed fund by Tema. It was launched on May 10, 2023. SHLD is a passively managed fund by Global X that tracks the performance of the Global X Defense Tech Index - Benchmark TR Net. It was launched on Sep 11, 2023.

Performance

TOLL vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Monopolies and Oligopolies ETF (TOLL) and Global X Defense Tech ETF (SHLD). The values are adjusted to include any dividend payments, if applicable.

TOLL vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TOLL Tema Monopolies and Oligopolies ETF	-4.23%	11.36%	12.79%	11.55%
SHLD Global X Defense Tech ETF	9.34%	74.16%	35.03%	12.89%

Returns By Period

In the year-to-date period, TOLL achieves a -4.23% return, which is significantly lower than SHLD's 9.34% return.

TOLL

• 1D: 1.57%
• 1M: -7.88%
• YTD: -4.23%
• 6M: -1.15%
• 1Y: 5.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SHLD

• 1D: 3.72%
• 1M: -5.37%
• YTD: 9.34%
• 6M: 1.22%
• 1Y: 53.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOLL vs. SHLD - Expense Ratio Comparison

TOLL has a 0.55% expense ratio, which is higher than SHLD's 0.50% expense ratio.

TOLL

Tema Monopolies and Oligopolies ETF

SHLD

Global X Defense Tech ETF

Return for Risk

TOLL vs. SHLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TOLL

TOLL Risk / Return Rank: 22
TOLL Sharpe Ratio Rank: 19
TOLL Sortino Ratio Rank: 20
TOLL Omega Ratio Rank: 20
TOLL Calmar Ratio Rank: 24
TOLL Martin Ratio Rank: 25

SHLD

SHLD Risk / Return Rank: 92
SHLD Sharpe Ratio Rank: 93
SHLD Sortino Ratio Rank: 93
SHLD Omega Ratio Rank: 90
SHLD Calmar Ratio Rank: 94
SHLD Martin Ratio Rank: 88

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TOLL vs. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Monopolies and Oligopolies ETF (TOLL) and Global X Defense Tech ETF (SHLD). 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	SHLD	Difference
Sharpe ratio Return per unit of total volatility	0.28	2.10	-1.82
Sortino ratio Return per unit of downside risk	0.55	2.75	-2.20
Omega ratio Gain probability vs. loss probability	1.07	1.36	-0.29
Calmar ratio Return relative to maximum drawdown	0.52	3.53	-3.01
Martin ratio Return relative to average drawdown	1.92	10.28	-8.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TOLL vs. SHLD - Sharpe Ratio Comparison

The current TOLL Sharpe Ratio is 0.28, which is lower than the SHLD Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of TOLL and SHLD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TOLL	SHLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.28	2.10	-1.82
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	2.53	-1.76

Correlation

The correlation between TOLL and SHLD is 0.48, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

TOLL vs. SHLD - Dividend Comparison

TOLL's dividend yield for the trailing twelve months is around 0.33%, less than SHLD's 0.50% yield.

	TTM	2025	2024	2023
TOLL Tema Monopolies and Oligopolies ETF	0.33%	0.32%	1.99%	0.36%
SHLD Global X Defense Tech ETF	0.50%	0.55%	0.53%	0.26%

Drawdowns

TOLL vs. SHLD - Drawdown Comparison

The maximum TOLL drawdown since its inception was -15.54%, roughly equal to the maximum SHLD drawdown of -15.06%. Use the drawdown chart below to compare losses from any high point for TOLL and SHLD.

Drawdown Indicators

	TOLL	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-15.54%	-15.06%	-0.48%
Max Drawdown (1Y) Largest decline over 1 year	-11.83%	-15.06%	+3.23%
Current Drawdown Current decline from peak	-9.33%	-9.20%	-0.13%
Average Drawdown Average peak-to-trough decline	-2.43%	-2.57%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	5.17%	-1.98%

Volatility

TOLL vs. SHLD - Volatility Comparison

The current volatility for Tema Monopolies and Oligopolies ETF (TOLL) is 5.65%, while Global X Defense Tech ETF (SHLD) has a volatility of 8.85%. This indicates that TOLL experiences smaller price fluctuations and is considered to be less risky than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOLL	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.65%	8.85%	-3.20%
Volatility (6M) Calculated over the trailing 6-month period	10.53%	18.37%	-7.84%
Volatility (1Y) Calculated over the trailing 1-year period	19.18%	25.40%	-6.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.76%	20.70%	-4.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.76%	20.70%	-4.94%