TOLL vs. SPIT

Last updated Jun 4, 2026

TOLL (Tema Monopolies and Oligopolies ETF) and SPIT (F/m Emerald Special Situations ETF) are both Large Cap Growth Equities funds. Both are actively managed. A 0.68 correlation means they provide meaningful diversification when combined. TOLL charges 0.55%/yr vs 0.89%/yr for SPIT.

Performance

TOLL vs. SPIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Monopolies and Oligopolies ETF (TOLL) and F/m Emerald Special Situations ETF (SPIT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOLL achieves a 13.26% return, which is significantly lower than SPIT's 25.30% return.

TOLL

• 1D: 0.58%
• 1M: 7.88%
• YTD: 13.26%
• 6M: 14.02%
• 1Y: 19.11%
• 3Y*: 17.47%
• 5Y*: —
• 10Y*: —

SPIT

• 1D: -1.85%
• 1M: 3.31%
• YTD: 25.30%
• 6M: 23.29%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOLL vs. SPIT - Yearly Performance Comparison

	2026 (YTD)	2025
TOLL Tema Monopolies and Oligopolies ETF	13.26%	1.58%
SPIT F/m Emerald Special Situations ETF	25.30%	5.20%

Correlation

The correlation between TOLL and SPIT is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025	0.68

Return for Risk

TOLL vs. SPIT — Risk / Return Rank

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

TOLL

TOLL Risk / Return Rank: 38
TOLL Sharpe Ratio Rank: 38
TOLL Sortino Ratio Rank: 38
TOLL Omega Ratio Rank: 36
TOLL Calmar Ratio Rank: 35
TOLL Martin Ratio Rank: 41

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. SPIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Monopolies and Oligopolies ETF (TOLL) and F/m Emerald Special Situations ETF (SPIT). 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	SPIT	Difference
Sharpe ratio: Return per unit of total volatility	1.35	—	—
Sortino ratio: Return per unit of downside risk	1.96	—	—
Omega ratio: Gain probability vs. loss probability	1.24	—	—
Calmar ratio: Return relative to maximum drawdown	1.70	—	—
Martin ratio: Return relative to average drawdown	6.49	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TOLL	SPIT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	2.00	-0.88

Drawdowns

TOLL vs. SPIT - Drawdown Comparison

The maximum TOLL drawdown since its inception was -15.54%, which is greater than SPIT's maximum drawdown of -12.49%. Use the drawdown chart below to compare losses from any high point for TOLL and SPIT.

Drawdown Indicators

	TOLL	SPIT	Difference
Max Drawdown Largest peak-to-trough decline	-15.54%	-12.49%	-3.05%
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	0.00%	-1.85%	+1.85%
Average Drawdown Average peak-to-trough decline	-2.39%	-2.62%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	—	—

Volatility

Volatility by Period

	TOLL	SPIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.64%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.68%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.25%	26.35%	-12.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.82%	26.35%	-10.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.82%	26.35%	-10.53%

TOLL vs. SPIT - Expense Ratio Comparison

TOLL has a 0.55% expense ratio, which is lower than SPIT's 0.89% expense ratio.

Dividends

TOLL vs. SPIT - Dividend Comparison

TOLL's dividend yield for the trailing twelve months is around 0.28%, less than SPIT's 5.73% yield.

Position	TTM	2025	2024	2023
SPIT F/m Emerald Special Situations ETF	5.73%	7.18%	0.00%	0.00%
TOLL Tema Monopolies and Oligopolies ETF	0.28%	0.32%	1.99%	0.36%

Frequently Asked Questions

Can I hold both TOLL and SPIT in my portfolio?

TOLL and SPIT have a correlation of 0.68, 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 SPIT?

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 SPIT?

TOLL is cheaper with a 0.55% expense ratio, compared with 0.89% for SPIT.

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

SPIT has the higher dividend yield at 5.73%, compared with 0.28% for TOLL.

What is the main difference between TOLL and SPIT?

They also come from different issuers: Tema and F/m Investments. Their fees differ too: 0.55% for TOLL and 0.89% for SPIT.