TOLL vs. SHLD

Last updated Jun 23, 2026

TOLL (Tema Monopolies and Oligopolies ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - TOLL is a Large Cap Growth Equities fund actively managed by Tema, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. TOLL is actively managed, while SHLD is passively managed. Over the past year, TOLL returned 25.31% vs 4.31% for SHLD. At a 0.44 correlation, their price movements are largely independent. TOLL charges 0.55%/yr vs 0.50%/yr for SHLD.

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.

Returns By Period

In the year-to-date period, TOLL achieves a 17.14% return, which is significantly higher than SHLD's -6.48% return.

TOLL

• 1D: 0.98%
• 1M: 6.76%
• YTD: 17.14%
• 6M: 16.23%
• 1Y: 25.31%
• 3Y*: 18.41%
• 5Y*: —
• 10Y*: —

SHLD

• 1D: -2.74%
• 1M: -7.00%
• YTD: -6.48%
• 6M: -8.11%
• 1Y: 4.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOLL vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TOLL Tema Monopolies and Oligopolies ETF	17.14%	11.36%	12.79%	11.34%
SHLD Global X Defense Tech ETF	-6.48%	74.16%	35.03%	12.89%

Correlation

The correlation between TOLL and SHLD is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.44

The correlation between TOLL and SHLD shifts across timeframes, from 0.32 (1 year) to 0.44 (all time), reflecting how their relationship changes across market environments.

TOLL vs. SHLD - Sectors Allocation Comparison

Sectors	TOLL	SHLD
Technology	39.4%	12.2%
Financial Services	20.8%	-
Industrials	17.4%	87.8%
Healthcare	13.1%	-
Consumer Defensive	6.2%	-
Basic Materials	1.7%	-
Utilities	1.5%	-
Communication Services	-	-
Consumer Cyclical	-	-
Energy	-	-
Real Estate	-	-

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: 50
TOLL Sharpe Ratio Rank: 51
TOLL Sortino Ratio Rank: 51
TOLL Omega Ratio Rank: 48
TOLL Calmar Ratio Rank: 47
TOLL Martin Ratio Rank: 51

SHLD

SHLD Risk / Return Rank: 10
SHLD Sharpe Ratio Rank: 11
SHLD Sortino Ratio Rank: 11
SHLD Omega Ratio Rank: 10
SHLD Calmar Ratio Rank: 10
SHLD Martin Ratio Rank: 10

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.

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	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	1.69	0.18	+1.51
Sortino ratio: Return per unit of downside risk	2.42	0.43	+1.99
Omega ratio: Gain probability vs. loss probability	1.30	1.05	+0.25
Calmar ratio: Return relative to maximum drawdown	2.26	0.19	+2.06
Martin ratio: Return relative to average drawdown	8.58	0.50	+8.08

TOLL vs. SHLD - Sharpe Ratio Comparison

The current TOLL Sharpe Ratio is 1.69, which is higher than the SHLD Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of TOLL and SHLD, 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. SHLD - Drawdown Comparison

The maximum TOLL drawdown since its inception was -15.54%, smaller than the maximum SHLD drawdown of -22.34%. 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%	-22.34%	+6.80%
Max Drawdown (1Y) Largest decline over 1 year	-11.26%	-22.34%	+11.08%
Max Drawdown (3Y) Largest decline over 3 years	-15.54%	—	—
Current Drawdown Current decline from peak	0.00%	-22.34%	+22.34%
Average Drawdown Average peak-to-trough decline	-2.37%	-3.46%	+1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	8.58%	-5.62%

Volatility

TOLL vs. SHLD - Volatility Comparison

The current volatility for Tema Monopolies and Oligopolies ETF (TOLL) is 5.92%, while Global X Defense Tech ETF (SHLD) has a volatility of 9.03%. 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	5.92%	9.03%	-3.11%
Volatility (6M) Calculated over the trailing 6-month period	12.69%	20.23%	-7.54%
Volatility (1Y) Calculated over the trailing 1-year period	15.08%	24.76%	-9.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.99%	21.35%	-5.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.99%	21.35%	-5.36%

TOLL vs. SHLD - Expense Ratio Comparison

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

Dividends

TOLL vs. SHLD - Dividend Comparison

TOLL's dividend yield for the trailing twelve months is around 0.27%, less than SHLD's 0.59% yield.

Position	TTM	2025	2024	2023
SHLD Global X Defense Tech ETF	0.59%	0.55%	0.53%	0.26%
TOLL Tema Monopolies and Oligopolies ETF	0.27%	0.32%	1.99%	0.36%

Frequently Asked Questions

Can I hold both TOLL and SHLD in my portfolio?

TOLL and SHLD have a correlation of 0.32, 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 SHLD?

SHLD has higher volatility (9.03%) compared to TOLL (5.92%). In terms of maximum drawdown, TOLL dropped -15.54% vs SHLD's -22.34%.

Which ETF is better, TOLL or SHLD?

On 1-year performance, TOLL leads with 25.31% vs 4.31% for SHLD. On fees, SHLD is cheaper at 0.50% per year. On volatility, TOLL has been the lower-risk option at 5.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOLL or SHLD?

Over the 1-year period, TOLL has performed better with a 25.31% return vs 4.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOLL or SHLD?

SHLD is cheaper with a 0.50% expense ratio, compared with 0.55% for TOLL.

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

SHLD has the higher dividend yield at 0.59%, compared with 0.27% for TOLL.

What is the main difference between TOLL and SHLD?

TOLL is categorized as Large Cap Growth Equities, while SHLD is Aerospace & Defense. They also come from different issuers: Tema and Global X. Their fees differ too: 0.55% for TOLL and 0.50% for SHLD.

Which has better risk-adjusted returns?

TOLL currently has the higher Sharpe Ratio (1.69 vs 0.18), 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.