TOLZ vs. XAR

Last updated Jun 4, 2026

TOLZ (ProShares DJ Brookfield Global Infrastructure ETF) and XAR (SPDR S&P Aerospace & Defense ETF) are both exchange-traded funds - TOLZ is a Industrials Equities fund tracking the Dow Jones Brookfield Global Infrastructure Composite Index, while XAR is a Aerospace & Defense fund tracking the S&P Aerospace & Defense Select Industry Index. Both are passively managed. Over the past 10 years, TOLZ returned 7.75%/yr vs 18.01%/yr for XAR. A 0.51 correlation means they provide meaningful diversification when combined. TOLZ charges 0.46%/yr vs 0.35%/yr for XAR.

Performance

TOLZ vs. XAR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares DJ Brookfield Global Infrastructure ETF (TOLZ) and SPDR S&P Aerospace & Defense ETF (XAR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOLZ achieves a 11.31% return, which is significantly lower than XAR's 13.40% return. Over the past 10 years, TOLZ has underperformed XAR with an annualized return of 7.75%, while XAR has yielded a comparatively higher 18.01% annualized return.

TOLZ

• 1D: -0.10%
• 1M: -1.82%
• YTD: 11.31%
• 6M: 11.51%
• 1Y: 13.97%
• 3Y*: 14.17%
• 5Y*: 8.46%
• 10Y*: 7.75%

XAR

• 1D: -2.08%
• 1M: 7.34%
• YTD: 13.40%
• 6M: 20.10%
• 1Y: 41.33%
• 3Y*: 34.11%
• 5Y*: 16.26%
• 10Y*: 18.01%

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

TOLZ vs. XAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TOLZ ProShares DJ Brookfield Global Infrastructure ETF	11.31%	14.76%	11.67%	6.18%	-4.25%	20.47%	-9.46%	26.84%	-7.90%	13.28%
XAR SPDR S&P Aerospace & Defense ETF	13.40%	46.15%	23.32%	23.79%	-5.02%	2.31%	6.18%	39.33%	-4.58%	33.00%

Correlation

The correlation between TOLZ and XAR is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Mar 28, 2014	0.51

Over the past year, the correlation between TOLZ and XAR has dropped to 0.14 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.

TOLZ vs. XAR - Sectors Allocation Comparison

Sectors	TOLZ	XAR
Energy	35.4%	-
Utilities	22.2%	-
Real Estate	8.0%	-
Industrials	5.2%	99.4%
Consumer Defensive	4.5%	-
Financial Services	2.0%	-
Consumer Cyclical	0.8%	-
Technology	0.4%	0.5%
Basic Materials	-	-
Communication Services	-	-
Healthcare	-	-

Return for Risk

TOLZ vs. XAR — Risk / Return Rank

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

TOLZ

TOLZ Risk / Return Rank: 43
TOLZ Sharpe Ratio Rank: 38
TOLZ Sortino Ratio Rank: 38
TOLZ Omega Ratio Rank: 35
TOLZ Calmar Ratio Rank: 55
TOLZ Martin Ratio Rank: 49

XAR

XAR Risk / Return Rank: 43
XAR Sharpe Ratio Rank: 43
XAR Sortino Ratio Rank: 43
XAR Omega Ratio Rank: 38
XAR Calmar Ratio Rank: 48
XAR Martin Ratio Rank: 42

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.

TOLZ vs. XAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares DJ Brookfield Global Infrastructure ETF (TOLZ) and SPDR S&P Aerospace & Defense ETF (XAR). 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.

	TOLZ	XAR	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.55	-0.19
Sortino ratio: Return per unit of downside risk	1.99	2.21	-0.23
Omega ratio: Gain probability vs. loss probability	1.23	1.26	-0.02
Calmar ratio: Return relative to maximum drawdown	2.71	2.41	+0.30
Martin ratio: Return relative to average drawdown	8.20	6.85	+1.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TOLZ vs. XAR - Sharpe Ratio Comparison

The current TOLZ Sharpe Ratio is 1.36, which is comparable to the XAR Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of TOLZ and XAR, 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

	TOLZ	XAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	1.55	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.70	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.73	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.85	-0.43

Drawdowns

TOLZ vs. XAR - Drawdown Comparison

The maximum TOLZ drawdown since its inception was -39.33%, smaller than the maximum XAR drawdown of -46.37%. Use the drawdown chart below to compare losses from any high point for TOLZ and XAR.

Drawdown Indicators

	TOLZ	XAR	Difference
Max Drawdown Largest peak-to-trough decline	-39.33%	-46.37%	+7.04%
Max Drawdown (1Y) Largest decline over 1 year	-5.18%	-17.22%	+12.04%
Max Drawdown (3Y) Largest decline over 3 years	-11.94%	-19.73%	+7.79%
Max Drawdown (5Y) Largest decline over 5 years	-21.85%	-32.40%	+10.55%
Max Drawdown (10Y) Largest decline over 10 years	-39.33%	-46.37%	+7.04%
Current Drawdown Current decline from peak	-3.13%	-6.55%	+3.42%
Average Drawdown Average peak-to-trough decline	-6.63%	-6.79%	+0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	6.05%	-4.34%

Volatility

TOLZ vs. XAR - Volatility Comparison

The current volatility for ProShares DJ Brookfield Global Infrastructure ETF (TOLZ) is 3.37%, while SPDR S&P Aerospace & Defense ETF (XAR) has a volatility of 9.52%. This indicates that TOLZ experiences smaller price fluctuations and is considered to be less risky than XAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOLZ	XAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	9.52%	-6.15%
Volatility (6M) Calculated over the trailing 6-month period	8.20%	22.39%	-14.19%
Volatility (1Y) Calculated over the trailing 1-year period	10.29%	26.81%	-16.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.99%	23.41%	-9.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.29%	24.62%	-8.33%

TOLZ vs. XAR - Expense Ratio Comparison

TOLZ has a 0.46% expense ratio, which is higher than XAR's 0.35% expense ratio.

Dividends

TOLZ vs. XAR - Dividend Comparison

TOLZ's dividend yield for the trailing twelve months is around 3.66%, more than XAR's 0.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TOLZ ProShares DJ Brookfield Global Infrastructure ETF	3.66%	3.99%	3.53%	3.34%	3.01%	3.28%	3.16%	2.96%	3.63%	3.30%	2.62%	3.67%
XAR SPDR S&P Aerospace & Defense ETF	0.32%	0.40%	0.66%	0.54%	0.50%	0.83%	0.63%	0.75%	1.19%	0.76%	1.09%	2.31%

Frequently Asked Questions

Can I hold both TOLZ and XAR in my portfolio?

TOLZ and XAR have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TOLZ or XAR?

XAR has higher volatility (9.52%) compared to TOLZ (3.37%). In terms of maximum drawdown, TOLZ dropped -39.33% vs XAR's -46.37%.

Which ETF is better, TOLZ or XAR?

On 10-year performance, XAR leads with 18.01% vs 7.75% for TOLZ. On fees, XAR is cheaper at 0.35% per year. On volatility, TOLZ has been the lower-risk option at 3.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOLZ or XAR?

Over the 10-year period, XAR has performed better with a 18.01% return vs 7.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOLZ or XAR?

XAR is cheaper with a 0.35% expense ratio, compared with 0.46% for TOLZ.

Which ETF pays a higher dividend yield, TOLZ or XAR?

TOLZ has the higher dividend yield at 3.66%, compared with 0.32% for XAR.

What is the main difference between TOLZ and XAR?

TOLZ is categorized as Industrials Equities, while XAR is Aerospace & Defense. TOLZ tracks Dow Jones Brookfield Global Infrastructure Composite Index, while XAR tracks S&P Aerospace & Defense Select Industry Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.46% for TOLZ and 0.35% for XAR.

Which has better risk-adjusted returns?

XAR currently has the higher Sharpe Ratio (1.55 vs 1.36), 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.