TOLL vs. VUG

Last updated Jun 24, 2026

TOLL (Tema Monopolies and Oligopolies ETF) and VUG (Vanguard Growth ETF) are both Large Cap Growth Equities funds. TOLL is actively managed, while VUG is passively managed. Over the past 3 years, TOLL returned 17.45%/yr vs 22.74%/yr for VUG. A 0.69 correlation means they provide meaningful diversification when combined. TOLL charges 0.55%/yr vs 0.03%/yr for VUG.

Performance

TOLL vs. VUG - Performance Comparison

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

Returns By Period

In the year-to-date period, TOLL achieves a 14.33% return, which is significantly higher than VUG's 3.52% return.

TOLL

• 1D: -2.41%
• 1M: 4.20%
• YTD: 14.33%
• 6M: 13.56%
• 1Y: 20.94%
• 3Y*: 17.45%
• 5Y*: —
• 10Y*: —

VUG

• 1D: -2.12%
• 1M: -3.95%
• YTD: 3.52%
• 6M: 2.23%
• 1Y: 20.05%
• 3Y*: 22.74%
• 5Y*: 12.80%
• 10Y*: 18.02%

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

TOLL vs. VUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TOLL Tema Monopolies and Oligopolies ETF	14.33%	11.36%	12.79%	15.44%
VUG Vanguard Growth ETF	3.52%	19.40%	32.69%	22.83%

Correlation

The correlation between TOLL and VUG is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (All Time) Calculated using the full available price history since May 11, 2023	0.69

The correlation between TOLL and VUG has been stable across timeframes, ranging from 0.65 to 0.69 - a consistent structural relationship.

TOLL vs. VUG - Sectors Allocation Comparison

Sectors	TOLL	VUG
Technology	39.4%	53.5%
Financial Services	20.8%	4.3%
Industrials	17.4%	3.6%
Healthcare	13.1%	4.6%
Consumer Defensive	6.2%	1.5%
Basic Materials	1.7%	0.6%
Utilities	1.5%	0.9%
Communication Services	-	17.3%
Consumer Cyclical	-	12.2%
Energy	-	0.4%
Real Estate	-	1.0%

Return for Risk

TOLL vs. VUG — Risk / Return Rank

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

TOLL

TOLL Risk / Return Rank: 42
TOLL Sharpe Ratio Rank: 42
TOLL Sortino Ratio Rank: 42
TOLL Omega Ratio Rank: 40
TOLL Calmar Ratio Rank: 40
TOLL Martin Ratio Rank: 46

VUG

VUG Risk / Return Rank: 31
VUG Sharpe Ratio Rank: 34
VUG Sortino Ratio Rank: 32
VUG Omega Ratio Rank: 33
VUG Calmar Ratio Rank: 26
VUG Martin Ratio Rank: 30

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. VUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Monopolies and Oligopolies ETF (TOLL) and Vanguard Growth ETF (VUG). 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	VUG	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.19	+0.19
Sortino ratio: Return per unit of downside risk	2.00	1.67	+0.33
Omega ratio: Gain probability vs. loss probability	1.25	1.21	+0.03
Calmar ratio: Return relative to maximum drawdown	1.87	1.22	+0.65
Martin ratio: Return relative to average drawdown	7.09	4.15	+2.94

TOLL vs. VUG - Sharpe Ratio Comparison

The current TOLL Sharpe Ratio is 1.38, which is comparable to the VUG Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of TOLL and VUG, 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. VUG - Drawdown Comparison

The maximum TOLL drawdown since its inception was -15.54%, smaller than the maximum VUG drawdown of -50.68%. Use the drawdown chart below to compare losses from any high point for TOLL and VUG.

Drawdown Indicators

	TOLL	VUG	Difference
Max Drawdown Largest peak-to-trough decline	-15.54%	-50.68%	+35.14%
Max Drawdown (1Y) Largest decline over 1 year	-11.26%	-16.53%	+5.27%
Max Drawdown (3Y) Largest decline over 3 years	-15.54%	-22.85%	+7.31%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.61%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.61%	—
Current Drawdown Current decline from peak	-2.41%	-6.88%	+4.47%
Average Drawdown Average peak-to-trough decline	-2.37%	-7.09%	+4.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	4.84%	-1.88%

Volatility

TOLL vs. VUG - Volatility Comparison

Tema Monopolies and Oligopolies ETF (TOLL) and Vanguard Growth ETF (VUG) have volatilities of 6.54% and 6.86%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOLL	VUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.54%	6.86%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	12.94%	13.44%	-0.50%
Volatility (1Y) Calculated over the trailing 1-year period	15.25%	16.91%	-1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.05%	22.39%	-6.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.05%	21.51%	-5.46%

TOLL vs. VUG - Expense Ratio Comparison

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

Dividends

TOLL vs. VUG - Dividend Comparison

TOLL's dividend yield for the trailing twelve months is around 0.28%, less than VUG's 0.39% 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%
VUG Vanguard Growth ETF	0.39%	0.41%	0.47%	0.58%	0.70%	0.48%	0.66%	0.95%	1.32%	1.14%	1.39%	1.30%

Frequently Asked Questions

Can I hold both TOLL and VUG in my portfolio?

TOLL and VUG have a correlation of 0.65, 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 VUG?

VUG has higher volatility (6.86%) compared to TOLL (6.54%). In terms of maximum drawdown, TOLL dropped -15.54% vs VUG's -50.68%.

Which ETF is better, TOLL or VUG?

On 3-year performance, VUG leads with 22.74% vs 17.45% for TOLL. On fees, VUG is cheaper at 0.03% per year. On volatility, TOLL has been the lower-risk option at 6.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOLL or VUG?

Over the 3-year period, VUG has performed better with a 22.74% return vs 17.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOLL or VUG?

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

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

VUG has the higher dividend yield at 0.39%, compared with 0.28% for TOLL.

What is the main difference between TOLL and VUG?

They also come from different issuers: Tema and Vanguard. Their fees differ too: 0.55% for TOLL and 0.03% for VUG.

Which has better risk-adjusted returns?

TOLL currently has the higher Sharpe Ratio (1.38 vs 1.19), 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.