TOLL vs. VOO

Last updated Jun 4, 2026

TOLL (Tema Monopolies and Oligopolies ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - TOLL is a Large Cap Growth Equities fund actively managed by Tema, while VOO is a S&P 500 fund tracking the S&P 500 Index. TOLL is actively managed, while VOO is passively managed. Over the past 3 years, TOLL returned 17.47%/yr vs 22.44%/yr for VOO. Their correlation of 0.82 suggests significant overlap in exposure. TOLL charges 0.55%/yr vs 0.03%/yr for VOO.

Performance

TOLL vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Monopolies and Oligopolies ETF (TOLL) and Vanguard S&P 500 ETF (VOO). 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 higher than VOO's 10.91% return.

TOLL

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

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

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

TOLL vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TOLL Tema Monopolies and Oligopolies ETF	13.26%	11.36%	12.79%	15.37%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	24.98%	16.73%

Correlation

The correlation between TOLL and VOO 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	0.82
Correlation (All Time) Calculated using the full available price history since May 12, 2023	0.82

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

TOLL vs. VOO - Sectors Allocation Comparison

Sectors	TOLL	VOO
Technology	32.0%	35.7%
Financial Services	26.5%	11.6%
Industrials	16.9%	8.3%
Healthcare	12.7%	8.5%
Consumer Defensive	7.0%	4.9%
Basic Materials	3.4%	1.8%
Utilities	1.6%	2.4%
Communication Services	-	11.3%
Consumer Cyclical	-	10.2%
Energy	-	3.5%
Real Estate	-	1.9%

Return for Risk

TOLL vs. VOO — 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

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO Martin Ratio Rank: 75

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Monopolies and Oligopolies ETF (TOLL) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio Return per unit of total volatility	1.35	2.39	-1.04
Sortino ratio Return per unit of downside risk	1.96	3.25	-1.30
Omega ratio Gain probability vs. loss probability	1.24	1.43	-0.20
Calmar ratio Return relative to maximum drawdown	1.70	3.16	-1.46
Martin ratio Return relative to average drawdown	6.49	14.73	-8.23
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. VOO - Sharpe Ratio Comparison

The current TOLL Sharpe Ratio is 1.35, which is lower than the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of TOLL and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TOLL	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	2.39	-1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.83	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	0.89	+0.23

Drawdowns

TOLL vs. VOO - Drawdown Comparison

The maximum TOLL drawdown since its inception was -15.54%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for TOLL and VOO.

Drawdown Indicators

	TOLL	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-15.54%	-33.99%	+18.45%
Max Drawdown (1Y) Largest decline over 1 year	-11.26%	-8.90%	-2.36%
Max Drawdown (3Y) Largest decline over 3 years	-15.54%	-18.69%	+3.15%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-2.39%	-3.69%	+1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	1.91%	+1.04%

Volatility

TOLL vs. VOO - Volatility Comparison

Tema Monopolies and Oligopolies ETF (TOLL) has a higher volatility of 4.64% compared to Vanguard S&P 500 ETF (VOO) at 2.84%. This indicates that TOLL's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOLL	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.64%	2.84%	+1.80%
Volatility (6M) Calculated over the trailing 6-month period	11.68%	8.90%	+2.78%
Volatility (1Y) Calculated over the trailing 1-year period	14.25%	11.80%	+2.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.82%	16.81%	-0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.82%	18.01%	-2.19%

TOLL vs. VOO - Expense Ratio Comparison

TOLL has a 0.55% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

TOLL vs. VOO - Dividend Comparison

TOLL's dividend yield for the trailing twelve months is around 0.28%, less than VOO's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TOLL Tema Monopolies and Oligopolies ETF	0.28%	0.32%	1.99%	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both TOLL and VOO in my portfolio?

TOLL and VOO 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 VOO?

TOLL has higher volatility (4.64%) compared to VOO (2.84%). In terms of maximum drawdown, TOLL dropped -15.54% vs VOO's -33.99%.

Which ETF is better, TOLL or VOO?

On 3-year performance, VOO leads with 22.44% vs 17.47% for TOLL. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOLL or VOO?

Over the 3-year period, VOO has performed better with a 22.44% return vs 17.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOLL or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.55% for TOLL.

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

VOO has the higher dividend yield at 1.03%, compared with 0.28% for TOLL.

What is the main difference between TOLL and VOO?

TOLL is categorized as Large Cap Growth Equities, while VOO is S&P 500. They also come from different issuers: Tema and Vanguard. Their fees differ too: 0.55% for TOLL and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.39 vs 1.35), 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.