ZAP vs. VOLT

Last updated Jun 24, 2026

ZAP (Global X U.S. Electrification ETF) and VOLT (Tema Electrification ETF) are both exchange-traded funds - ZAP is a Utilities Equities fund tracking the Global X U.S. Electrification Index, while VOLT is a Global Equities fund actively managed by Tema. ZAP is passively managed, while VOLT is actively managed. Over the past year, ZAP returned 32.09% vs 64.69% for VOLT. A 0.77 correlation means they provide meaningful diversification when combined. ZAP charges 0.50%/yr vs 0.75%/yr for VOLT.

Performance

ZAP vs. VOLT - Performance Comparison

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

Returns By Period

In the year-to-date period, ZAP achieves a 18.94% return, which is significantly lower than VOLT's 40.29% return.

ZAP

• 1D: -0.95%
• 1M: 0.58%
• YTD: 18.94%
• 6M: 18.24%
• 1Y: 32.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VOLT

• 1D: -3.50%
• 1M: 2.50%
• YTD: 40.29%
• 6M: 38.12%
• 1Y: 64.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZAP vs. VOLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZAP Global X U.S. Electrification ETF	18.94%	21.84%	1.26%
VOLT Tema Electrification ETF	40.29%	25.92%	-4.41%

Correlation

The correlation between ZAP and VOLT 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	0.77

The correlation between ZAP and VOLT has been stable across timeframes, ranging from 0.75 to 0.77 - a consistent structural relationship.

Return for Risk

ZAP vs. VOLT — Risk / Return Rank

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

ZAP

ZAP Risk / Return Rank: 68
ZAP Sharpe Ratio Rank: 68
ZAP Sortino Ratio Rank: 65
ZAP Omega Ratio Rank: 61
ZAP Calmar Ratio Rank: 85
ZAP Martin Ratio Rank: 64

VOLT

VOLT Risk / Return Rank: 89
VOLT Sharpe Ratio Rank: 91
VOLT Sortino Ratio Rank: 86
VOLT Omega Ratio Rank: 85
VOLT Calmar Ratio Rank: 94
VOLT Martin Ratio Rank: 89

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.

ZAP vs. VOLT - Risk-Adjusted Trends Comparison

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

	ZAP	VOLT	Difference
Sharpe ratio: Return per unit of total volatility	2.09	2.99	-0.90
Sortino ratio: Return per unit of downside risk	2.82	3.71	-0.89
Omega ratio: Gain probability vs. loss probability	1.35	1.49	-0.14
Calmar ratio: Return relative to maximum drawdown	4.46	6.78	-2.32
Martin ratio: Return relative to average drawdown	10.92	18.99	-8.08

ZAP vs. VOLT - Sharpe Ratio Comparison

The current ZAP Sharpe Ratio is 2.09, which is lower than the VOLT Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of ZAP and VOLT, 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

ZAP vs. VOLT - Drawdown Comparison

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

Drawdown Indicators

	ZAP	VOLT	Difference
Max Drawdown Largest peak-to-trough decline	-12.38%	-23.40%	+11.02%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-9.59%	+2.36%
Current Drawdown Current decline from peak	-0.95%	-3.50%	+2.55%
Average Drawdown Average peak-to-trough decline	-2.59%	-5.14%	+2.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	3.42%	-0.47%

Volatility

ZAP vs. VOLT - Volatility Comparison

The current volatility for Global X U.S. Electrification ETF (ZAP) is 6.00%, while Tema Electrification ETF (VOLT) has a volatility of 9.40%. This indicates that ZAP experiences smaller price fluctuations and is considered to be less risky than VOLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZAP	VOLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.00%	9.40%	-3.40%
Volatility (6M) Calculated over the trailing 6-month period	12.08%	18.29%	-6.21%
Volatility (1Y) Calculated over the trailing 1-year period	15.48%	21.75%	-6.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.92%	24.55%	-7.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.92%	24.55%	-7.63%

ZAP vs. VOLT - Expense Ratio Comparison

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

Dividends

ZAP vs. VOLT - Dividend Comparison

ZAP's dividend yield for the trailing twelve months is around 1.50%, more than VOLT's 0.32% yield.

Position	TTM	2025	2024
VOLT Tema Electrification ETF	0.32%	0.46%	0.01%
ZAP Global X U.S. Electrification ETF	1.50%	1.81%	0.00%

Frequently Asked Questions

Can I hold both ZAP and VOLT in my portfolio?

ZAP and VOLT 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, ZAP or VOLT?

VOLT has higher volatility (9.40%) compared to ZAP (6.00%). In terms of maximum drawdown, ZAP dropped -12.38% vs VOLT's -23.40%.

Which ETF is better, ZAP or VOLT?

On 1-year performance, VOLT leads with 64.69% vs 32.09% for ZAP. On fees, ZAP is cheaper at 0.50% per year. On volatility, ZAP has been the lower-risk option at 6.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZAP or VOLT?

Over the 1-year period, VOLT has performed better with a 64.69% return vs 32.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZAP or VOLT?

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

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

ZAP has the higher dividend yield at 1.50%, compared with 0.32% for VOLT.

What is the main difference between ZAP and VOLT?

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

Which has better risk-adjusted returns?

VOLT currently has the higher Sharpe Ratio (2.99 vs 2.09), 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.