USRD vs. VOTE

Last updated Aug 2, 2026

USRD (Themes US R&D Champions ETF) and VOTE (TCW Transform 500 ETF) are both Large Cap Blend Equities funds - USRD tracks the Solactive US R&D Champions Index while VOTE tracks the Morningstar US Large Cap Index. Both are passively managed. Over the past year, USRD returned 14.85% vs 21.16% for VOTE. Their correlation of 0.88 means they have usually moved in the same direction. USRD charges 0.29%/yr vs 0.05%/yr for VOTE.

Performance

USRD vs. VOTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes US R&D Champions ETF (USRD) and TCW Transform 500 ETF (VOTE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USRD achieves a 11.87% return, which is significantly higher than VOTE's 10.03% return.

USRD

• 1D: 0.00%
• 1M: -2.25%
• 6M: 11.38%
• YTD: 11.87%
• 1Y: 14.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.58%

VOTE

• 1D: 0.53%
• 1M: -0.05%
• 6M: 8.71%
• YTD: 10.03%
• 1Y: 21.16%
• 3Y*: 19.65%
• 5Y*: 12.43%
• 10Y*: —
• ALL TIME*: 12.94%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
USRD Themes US R&D Champions ETF	$1.97K	$8.97K	$6.57K
VOTE TCW Transform 500 ETF	$1.77M	$1.64M	$2.40M

USRD vs. VOTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USRD Themes US R&D Champions ETF	11.87%	12.44%	15.53%	5.32%
VOTE TCW Transform 500 ETF	10.03%	17.95%	25.23%	2.95%

Correlation

The correlation between USRD and VOTE is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.86
Correlation (All Time) Calculated using the full available price history since Dec 13, 2023	0.88

The correlation between USRD and VOTE has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

USRD vs. VOTE - Sectors Allocation Comparison

Sectors	USRD	VOTE
Technology	68.0%	38.5%
Healthcare	13.3%	9.0%
Consumer Cyclical	7.1%	9.5%
Industrials	4.4%	8.8%
Communication Services	3.4%	9.8%
Basic Materials	2.1%	1.7%
Consumer Defensive	1.9%	4.4%
Real Estate	1.5%	1.7%
Energy	-	3.0%
Financial Services	-	11.5%
Utilities	-	2.1%

Return for Risk

USRD vs. VOTE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

USRD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

VOTE

VOTE Risk / Return Rank: 64
VOTE Sharpe Ratio Rank: 63
VOTE Sortino Ratio Rank: 61
VOTE Omega Ratio Rank: 60
VOTE Calmar Ratio Rank: 60
VOTE Martin Ratio Rank: 73

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

USRD vs. VOTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes US R&D Champions ETF (USRD) and TCW Transform 500 ETF (VOTE). 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.

	USRD	VOTE	Difference
Sharpe ratio: Return per unit of total volatility	0.62	1.47	-0.85
Sortino ratio: Return per unit of downside risk	0.98	2.05	-1.08
Omega ratio: Gain probability vs. loss probability	1.12	1.26	-0.14
Calmar ratio: Return relative to maximum drawdown	0.83	2.12	-1.28
Martin ratio: Return relative to average drawdown	2.23	8.96	-6.73

USRD vs. VOTE - Sharpe Ratio Comparison

The current USRD Sharpe Ratio is 0.62, which is lower than the VOTE Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of USRD and VOTE, 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

USRD vs. VOTE - Drawdown Comparison

The maximum USRD drawdown since its inception was -23.79%, smaller than the maximum VOTE drawdown of -25.71%. Use the drawdown chart below to compare losses from any high point for USRD and VOTE.

Drawdown Indicators

	USRD	VOTE	Difference
Max Drawdown Largest peak-to-trough decline	-23.79%	-25.71%	+1.92%
Max Drawdown (1Y) Largest decline over 1 year	-13.49%	-9.10%	-4.39%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.08%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.71%	—
Current Drawdown Current decline from peak	-7.79%	-1.59%	-6.20%
Average Drawdown Average peak-to-trough decline	-3.87%	-6.01%	+2.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.13%	2.15%	+2.98%

Volatility

USRD vs. VOTE - Volatility Comparison

Themes US R&D Champions ETF (USRD) has a higher volatility of 3.96% compared to TCW Transform 500 ETF (VOTE) at 3.59%. This indicates that USRD's price experiences larger fluctuations and is considered to be riskier than VOTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USRD	VOTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	3.59%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	14.94%	10.29%	+4.65%
Volatility (1Y) Calculated over the trailing 1-year period	18.13%	13.11%	+5.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.34%	17.20%	+2.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.34%	17.08%	+2.26%

USRD vs. VOTE - Expense Ratio Comparison

USRD has a 0.29% expense ratio, which is higher than VOTE's 0.05% expense ratio.

Dividends

USRD vs. VOTE - Dividend Comparison

USRD has not paid dividends to shareholders, while VOTE's dividend yield for the trailing twelve months is around 0.94%.

Position	TTM	2025	2024	2023	2022	2021
USRD Themes US R&D Champions ETF	0.38%	0.42%	2.44%	0.00%	0.00%	0.00%
VOTE TCW Transform 500 ETF	0.94%	1.03%	1.18%	1.33%	1.54%	0.54%

Frequently Asked Questions

Can I hold both USRD and VOTE in my portfolio?

USRD and VOTE have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USRD or VOTE?

USRD has higher volatility (3.96%) compared to VOTE (3.59%). In terms of maximum drawdown, USRD dropped -23.79% vs VOTE's -25.71%.

Which ETF is better, USRD or VOTE?

On 1-year performance, VOTE leads with 21.16% vs 14.85% for USRD. On fees, VOTE is cheaper at 0.05% per year. On volatility, VOTE has been the lower-risk option at 3.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USRD or VOTE?

Over the 1-year period, VOTE has performed better with a 21.16% return vs 14.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USRD or VOTE?

VOTE is cheaper with a 0.05% expense ratio, compared with 0.29% for USRD.

Which ETF pays a higher dividend yield, USRD or VOTE?

VOTE has the higher dividend yield at 0.94%, compared with 0.38% for USRD.

What is the main difference between USRD and VOTE?

USRD tracks Solactive US R&D Champions Index, while VOTE tracks Morningstar US Large Cap Index. They also come from different issuers: Themes and TCW. Their fees differ too: 0.29% for USRD and 0.05% for VOTE.

Which has better risk-adjusted returns?

VOTE currently has the higher Sharpe Ratio (1.47 vs 0.62), 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.