TOLL vs. SPY

Last updated Jun 23, 2026

TOLL (Tema Monopolies and Oligopolies ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - TOLL is a Large Cap Growth Equities fund actively managed by Tema, while SPY is a S&P 500 fund tracking the S&P 500 Index. TOLL is actively managed, while SPY is passively managed. Over the past 3 years, TOLL returned 18.41%/yr vs 21.27%/yr for SPY. Their correlation of 0.82 suggests significant overlap in exposure. TOLL charges 0.55%/yr vs 0.09%/yr for SPY.

Performance

TOLL vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Monopolies and Oligopolies ETF (TOLL) and State Street SPDR S&P 500 ETF (SPY). 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 SPY's 9.74% return.

TOLL

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

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

TOLL vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TOLL Tema Monopolies and Oligopolies ETF	17.14%	11.36%	12.79%	15.44%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	16.43%

Correlation

The correlation between TOLL and SPY is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (All Time) Calculated using the full available price history since May 11, 2023	0.82

The correlation between TOLL and SPY has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.

TOLL vs. SPY - Sectors Allocation Comparison

Sectors	TOLL	SPY
Technology	39.4%	39.0%
Financial Services	20.8%	11.1%
Industrials	17.4%	7.8%
Healthcare	13.1%	8.3%
Consumer Defensive	6.2%	4.5%
Basic Materials	1.7%	1.7%
Utilities	1.5%	2.1%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Energy	-	3.1%
Real Estate	-	1.8%

Return for Risk

TOLL vs. SPY — 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

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Monopolies and Oligopolies ETF (TOLL) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.16	-0.47
Sortino ratio: Return per unit of downside risk	2.42	2.91	-0.49
Omega ratio: Gain probability vs. loss probability	1.30	1.39	-0.09
Calmar ratio: Return relative to maximum drawdown	2.26	3.01	-0.76
Martin ratio: Return relative to average drawdown	8.58	13.54	-4.95

TOLL vs. SPY - Sharpe Ratio Comparison

The current TOLL Sharpe Ratio is 1.69, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of TOLL and SPY, 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. SPY - Drawdown Comparison

The maximum TOLL drawdown since its inception was -15.54%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TOLL and SPY.

Drawdown Indicators

	TOLL	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-15.54%	-55.19%	+39.65%
Max Drawdown (1Y) Largest decline over 1 year	-11.26%	-8.88%	-2.38%
Max Drawdown (3Y) Largest decline over 3 years	-15.54%	-18.76%	+3.22%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	0.00%	-1.75%	+1.75%
Average Drawdown Average peak-to-trough decline	-2.37%	-9.04%	+6.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	1.97%	+0.99%

Volatility

TOLL vs. SPY - Volatility Comparison

Tema Monopolies and Oligopolies ETF (TOLL) has a higher volatility of 5.92% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that TOLL's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOLL	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.92%	4.64%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	12.69%	9.75%	+2.94%
Volatility (1Y) Calculated over the trailing 1-year period	15.08%	12.43%	+2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.99%	17.14%	-1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.99%	17.99%	-2.00%

TOLL vs. SPY - Expense Ratio Comparison

TOLL has a 0.55% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

TOLL vs. SPY - Dividend Comparison

TOLL's dividend yield for the trailing twelve months is around 0.27%, less than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
TOLL Tema Monopolies and Oligopolies ETF	0.27%	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 SPY in my portfolio?

TOLL and SPY have a correlation of 0.80, 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 SPY?

TOLL has higher volatility (5.92%) compared to SPY (4.64%). In terms of maximum drawdown, TOLL dropped -15.54% vs SPY's -55.19%.

Which ETF is better, TOLL or SPY?

On 3-year performance, SPY leads with 21.27% vs 18.41% for TOLL. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOLL or SPY?

Over the 3-year period, SPY has performed better with a 21.27% return vs 18.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOLL or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.55% for TOLL.

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

SPY has the higher dividend yield at 1.01%, compared with 0.27% for TOLL.

What is the main difference between TOLL and SPY?

TOLL is categorized as Large Cap Growth Equities, while SPY is S&P 500. They also come from different issuers: Tema and State Street. Their fees differ too: 0.55% for TOLL and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 1.69), 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.