VOLT vs. ZAP

Last updated Jun 23, 2026

VOLT (Tema Electrification ETF) and ZAP (Global X U.S. Electrification ETF) are both exchange-traded funds - VOLT is a Global Equities fund actively managed by Tema, while ZAP is a Utilities Equities fund tracking the Global X U.S. Electrification Index. VOLT is actively managed, while ZAP is passively managed. Over the past year, VOLT returned 72.68% vs 35.04% for ZAP. A 0.76 correlation means they provide meaningful diversification when combined. VOLT charges 0.75%/yr vs 0.50%/yr for ZAP.

Performance

VOLT vs. ZAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema Electrification ETF (VOLT) and Global X U.S. Electrification ETF (ZAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VOLT achieves a 45.38% return, which is significantly higher than ZAP's 20.08% return.

VOLT

• 1D: 2.21%
• 1M: 6.21%
• YTD: 45.38%
• 6M: 43.81%
• 1Y: 72.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZAP

• 1D: 1.43%
• 1M: 1.55%
• YTD: 20.08%
• 6M: 19.91%
• 1Y: 35.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VOLT vs. ZAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VOLT Tema Electrification ETF	45.38%	25.92%	-4.41%
ZAP Global X U.S. Electrification ETF	20.08%	21.84%	1.26%

Correlation

The correlation between VOLT and ZAP is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	0.76

The correlation between VOLT and ZAP has been stable across timeframes, ranging from 0.75 to 0.76 - a consistent structural relationship.

Return for Risk

VOLT vs. ZAP — Risk / Return Rank

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

VOLT

VOLT Risk / Return Rank: 93
VOLT Sharpe Ratio Rank: 94
VOLT Sortino Ratio Rank: 91
VOLT Omega Ratio Rank: 90
VOLT Calmar Ratio Rank: 95
VOLT Martin Ratio Rank: 92

ZAP

ZAP Risk / Return Rank: 73
ZAP Sharpe Ratio Rank: 74
ZAP Sortino Ratio Rank: 70
ZAP Omega Ratio Rank: 66
ZAP Calmar Ratio Rank: 88
ZAP Martin Ratio Rank: 67

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.

VOLT vs. ZAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema Electrification ETF (VOLT) and Global X U.S. Electrification ETF (ZAP). 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.

	VOLT	ZAP	Difference
Sharpe ratio: Return per unit of total volatility	3.41	2.28	+1.13
Sortino ratio: Return per unit of downside risk	4.17	3.05	+1.12
Omega ratio: Gain probability vs. loss probability	1.55	1.38	+0.17
Calmar ratio: Return relative to maximum drawdown	7.62	4.87	+2.75
Martin ratio: Return relative to average drawdown	21.38	11.92	+9.46

VOLT vs. ZAP - Sharpe Ratio Comparison

The current VOLT Sharpe Ratio is 3.41, which is higher than the ZAP Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of VOLT and ZAP, 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

VOLT vs. ZAP - Drawdown Comparison

The maximum VOLT drawdown since its inception was -23.40%, which is greater than ZAP's maximum drawdown of -12.38%. Use the drawdown chart below to compare losses from any high point for VOLT and ZAP.

Drawdown Indicators

	VOLT	ZAP	Difference
Max Drawdown Largest peak-to-trough decline	-23.40%	-12.38%	-11.02%
Max Drawdown (1Y) Largest decline over 1 year	-9.59%	-7.23%	-2.36%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.15%	-2.60%	-2.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	2.95%	+0.46%

Volatility

VOLT vs. ZAP - Volatility Comparison

Tema Electrification ETF (VOLT) has a higher volatility of 8.56% compared to Global X U.S. Electrification ETF (ZAP) at 6.08%. This indicates that VOLT's price experiences larger fluctuations and is considered to be riskier than ZAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOLT	ZAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.56%	6.08%	+2.48%
Volatility (6M) Calculated over the trailing 6-month period	17.92%	12.06%	+5.86%
Volatility (1Y) Calculated over the trailing 1-year period	21.48%	15.47%	+6.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.41%	16.92%	+7.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.41%	16.92%	+7.49%

VOLT vs. ZAP - Expense Ratio Comparison

VOLT has a 0.75% expense ratio, which is higher than ZAP's 0.50% expense ratio.

Dividends

VOLT vs. ZAP - Dividend Comparison

VOLT's dividend yield for the trailing twelve months is around 0.31%, less than ZAP's 1.49% yield.

Position	TTM	2025	2024
VOLT Tema Electrification ETF	0.31%	0.46%	0.01%
ZAP Global X U.S. Electrification ETF	1.49%	1.81%	0.00%

Frequently Asked Questions

Can I hold both VOLT and ZAP in my portfolio?

VOLT and ZAP have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOLT or ZAP?

VOLT has higher volatility (8.56%) compared to ZAP (6.08%). In terms of maximum drawdown, VOLT dropped -23.40% vs ZAP's -12.38%.

Which ETF is better, VOLT or ZAP?

On 1-year performance, VOLT leads with 72.68% vs 35.04% for ZAP. On fees, ZAP is cheaper at 0.50% per year. On volatility, ZAP has been the lower-risk option at 6.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOLT or ZAP?

Over the 1-year period, VOLT has performed better with a 72.68% return vs 35.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOLT or ZAP?

ZAP is cheaper with a 0.50% expense ratio, compared with 0.75% for VOLT.

Which ETF pays a higher dividend yield, VOLT or ZAP?

ZAP has the higher dividend yield at 1.49%, compared with 0.31% for VOLT.

What is the main difference between VOLT and ZAP?

VOLT is categorized as Global Equities, while ZAP is Utilities Equities. They also come from different issuers: Tema and Global X. Their fees differ too: 0.75% for VOLT and 0.50% for ZAP.

Which has better risk-adjusted returns?

VOLT currently has the higher Sharpe Ratio (3.41 vs 2.28), 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.