UAE vs. TMAT

Last updated Jun 23, 2026

UAE (iShares MSCI UAE ETF) and TMAT (Main Thematic Innovation ETF) are both exchange-traded funds - UAE is a Emerging Markets Equities fund tracking the MSCI All UAE Capped Index, while TMAT is a Technology Equities fund tracking the MSCI ACWI Index. Both are passively managed. Over the past 5 years, UAE returned 11.21%/yr vs 5.58%/yr for TMAT. At a 0.30 correlation, their price movements are largely independent. UAE charges 0.59%/yr vs 1.49%/yr for TMAT.

Performance

UAE vs. TMAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI UAE ETF (UAE) and Main Thematic Innovation ETF (TMAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UAE achieves a 8.15% return, which is significantly lower than TMAT's 23.27% return.

UAE

• 1D: -1.82%
• 1M: 9.33%
• YTD: 8.15%
• 6M: 6.32%
• 1Y: 20.98%
• 3Y*: 15.67%
• 5Y*: 11.21%
• 10Y*: 6.42%

TMAT

• 1D: 1.49%
• 1M: 7.76%
• YTD: 23.27%
• 6M: 19.34%
• 1Y: 40.55%
• 3Y*: 29.10%
• 5Y*: 5.58%
• 10Y*: —

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

UAE vs. TMAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UAE iShares MSCI UAE ETF	8.15%	21.35%	15.25%	2.91%	-5.36%	29.56%
TMAT Main Thematic Innovation ETF	23.27%	20.06%	27.20%	32.32%	-39.29%	-18.01%

Correlation

The correlation between UAE and TMAT is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jan 29, 2021	0.30

UAE vs. TMAT - Sectors Allocation Comparison

Sectors	UAE	TMAT
Financial Services	38.2%	2.1%
Real Estate	21.4%	-
Industrials	10.8%	23.0%
Communication Services	10.2%	2.4%
Energy	7.9%	0.3%
Consumer Cyclical	4.9%	1.6%
Utilities	4.1%	2.2%
Consumer Defensive	1.6%	-
Technology	0.9%	53.0%
Basic Materials	0.1%	11.2%
Healthcare	-	8.7%

Return for Risk

UAE vs. TMAT — Risk / Return Rank

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

UAE

UAE Risk / Return Rank: 25
UAE Sharpe Ratio Rank: 26
UAE Sortino Ratio Rank: 27
UAE Omega Ratio Rank: 27
UAE Calmar Ratio Rank: 22
UAE Martin Ratio Rank: 21

TMAT

TMAT Risk / Return Rank: 41
TMAT Sharpe Ratio Rank: 48
TMAT Sortino Ratio Rank: 43
TMAT Omega Ratio Rank: 42
TMAT Calmar Ratio Rank: 39
TMAT Martin Ratio Rank: 32

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.

UAE vs. TMAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI UAE ETF (UAE) and Main Thematic Innovation ETF (TMAT). 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.

	UAE	TMAT	Difference
Sharpe ratio: Return per unit of total volatility	0.92	1.60	-0.68
Sortino ratio: Return per unit of downside risk	1.45	2.12	-0.67
Omega ratio: Gain probability vs. loss probability	1.18	1.27	-0.08
Calmar ratio: Return relative to maximum drawdown	0.98	1.88	-0.90
Martin ratio: Return relative to average drawdown	2.39	4.37	-1.98

UAE vs. TMAT - Sharpe Ratio Comparison

The current UAE Sharpe Ratio is 0.92, which is lower than the TMAT Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of UAE and TMAT, 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

UAE vs. TMAT - Drawdown Comparison

The maximum UAE drawdown since its inception was -60.49%, roughly equal to the maximum TMAT drawdown of -58.55%. Use the drawdown chart below to compare losses from any high point for UAE and TMAT.

Drawdown Indicators

	UAE	TMAT	Difference
Max Drawdown Largest peak-to-trough decline	-60.49%	-58.55%	-1.94%
Max Drawdown (1Y) Largest decline over 1 year	-21.50%	-21.63%	+0.13%
Max Drawdown (3Y) Largest decline over 3 years	-21.50%	-33.42%	+11.92%
Max Drawdown (5Y) Largest decline over 5 years	-27.47%	-52.10%	+24.63%
Max Drawdown (10Y) Largest decline over 10 years	-49.71%	—	—
Current Drawdown Current decline from peak	-6.98%	-0.87%	-6.11%
Average Drawdown Average peak-to-trough decline	-23.86%	-31.95%	+8.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.79%	9.30%	-0.51%

Volatility

UAE vs. TMAT - Volatility Comparison

The current volatility for iShares MSCI UAE ETF (UAE) is 8.97%, while Main Thematic Innovation ETF (TMAT) has a volatility of 10.75%. This indicates that UAE experiences smaller price fluctuations and is considered to be less risky than TMAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UAE	TMAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.97%	10.75%	-1.78%
Volatility (6M) Calculated over the trailing 6-month period	20.39%	18.53%	+1.86%
Volatility (1Y) Calculated over the trailing 1-year period	22.93%	25.54%	-2.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.07%	30.79%	-11.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.64%	30.73%	-11.09%

UAE vs. TMAT - Expense Ratio Comparison

UAE has a 0.59% expense ratio, which is lower than TMAT's 1.49% expense ratio.

Dividends

UAE vs. TMAT - Dividend Comparison

UAE's dividend yield for the trailing twelve months is around 4.26%, more than TMAT's 0.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TMAT Main Thematic Innovation ETF	0.02%	0.02%	0.00%	0.00%	0.34%	0.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UAE iShares MSCI UAE ETF	4.26%	4.10%	3.32%	3.25%	2.67%	4.88%	4.75%	3.54%	5.56%	3.38%	4.74%	3.77%

Frequently Asked Questions

Can I hold both UAE and TMAT in my portfolio?

UAE and TMAT have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UAE or TMAT?

TMAT has higher volatility (10.75%) compared to UAE (8.97%). In terms of maximum drawdown, UAE dropped -60.49% vs TMAT's -58.55%.

Which ETF is better, UAE or TMAT?

On 5-year performance, UAE leads with 11.21% vs 5.58% for TMAT. On fees, UAE is cheaper at 0.59% per year. On volatility, UAE has been the lower-risk option at 8.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UAE or TMAT?

Over the 5-year period, UAE has performed better with a 11.21% return vs 5.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UAE or TMAT?

UAE is cheaper with a 0.59% expense ratio, compared with 1.49% for TMAT.

Which ETF pays a higher dividend yield, UAE or TMAT?

UAE has the higher dividend yield at 4.26%, compared with 0.02% for TMAT.

What is the main difference between UAE and TMAT?

UAE is categorized as Emerging Markets Equities, while TMAT is Technology Equities. UAE tracks MSCI All UAE Capped Index, while TMAT tracks MSCI ACWI Index. They also come from different issuers: iShares and Main Management. Their fees differ too: 0.59% for UAE and 1.49% for TMAT.

Which has better risk-adjusted returns?

TMAT currently has the higher Sharpe Ratio (1.60 vs 0.92), 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.