Tema Monopolies and Oligopolies ETF (TOLL) Performance
TOLL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +11.2% since Dec 31, 2025
- 1 year
- +13.4% total return
- 3 years
- +18.4% a year
- Since first price
- +14.8% a year since 2023
TOLL trailing returns vs SPY, QQQ, AGG
| Period | TOLL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −3.8% | −3.8% | −1.0% | −5.0% | +0.9% |
| 3 months | −0.5% | −0.5% | +3.2% | +1.9% | −0.4% |
| 6 months | +6.9% | +6.9% | +7.8% | +8.4% | −1.5% |
| YTD | +11.2% | +11.2% | +12.3% | +15.1% | −1.0% |
| 1 year | +13.4% | +13.1% | +14.4% | +15.9% | −1.1% |
| 3 years | +66.0%+18.4%/yr | +61.8% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionMay 11, 2023 | +61.1%+14.8%/yr | +57.0% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: TOLL vs SPY
From May 11, 2023: TOLL grew to $16,110, SPY to $19,259.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
TOLL returns by calendar year
2 of 2 full years positive. Best 2024 (+12.8%), worst 2025 (+11.4%). 2026 is year to date.
TOLL annual returns table
| Year | TOLL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +11.2% | −11.3% | +12.3% | +15.1% | −1.0% |
| 2025 | +11.4% | −15.5% | +17.7% | +20.8% | +7.2% |
| 2024 | +12.8% | −7.4% | +24.9% | +25.6% | +1.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
TOLL largest drawdowns
Now 6.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 19, 2025 | −15.5% | Apr 8, 2025 | May 16, 2025 | 48 days | 3 months |
| Jul 26, 2023 | −11.4% | Oct 27, 2023 | Nov 20, 2023 | 3 months | 4 months |
| Jan 16, 2026 | −11.3% | Mar 27, 2026 | May 5, 2026 | 2 months | 4 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
TOLL risk statistics
| Statistic | 3 years | Since 2023 |
|---|---|---|
| Annualized return | +19.2% | +17.2% |
| Volatility (annualized) | 15.3% | 15.4% |
| Sharpe ratio | 0.95 | 0.83 |
| Sortino ratio | 1.65 | 1.40 |
| Best month | +12.6% | +12.6% |
| Worst month | −7.9% | −7.9% |
| Best 12 months | +37.2% | +37.2% |
| Worst 12 months | +2.9% | +2.9% |
| Positive months | 72% | 70% |
| Beta vs S&P 500 | 1.00 | — |
| Correlation with S&P 500 | 0.81 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
TOLL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 30 | +2.9% | +13.0% | +37.2% | 100% |
| 3-year (a year) | 6 | +14.7% | +17.9% | +19.2% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
TOLL performance overview
Tema Monopolies and Oligopolies ETF (TOLL) returned +13.4% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned +14.8% a year, turning $10,000 into about $16,110. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −15.5%, from Feb 19, 2025 to Apr 8, 2025, and it took 38 days to get back to the old high. Volatility has been 15.4% a year.
Related: TOLL chart, TOLL holdings, TOLL dividends, TOLL valuation. See the TOLL overview for the latest quote and fund facts.
TOLL performance FAQ
What is the TOLL return over the past year?
TOLL returned +13.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 13.1%.
How much would $10,000 invested in TOLL be worth?
$10,000 invested in TOLL at its first recorded close on May 11, 2023 would be worth about $16,110 on October 23, 2026 with distributions reinvested.
What was the worst year for TOLL?
The worst calendar year was 2025, with a total return of +11.4%. The best was 2024 at +12.8%.
What is the biggest drawdown of TOLL?
The largest peak-to-trough decline was −15.5% between February 19, 2025 and April 8, 2025. It recovered to the old high on May 16, 2025, 38 days after the bottom.
How volatile is TOLL?
Over the past 3 years TOLL had an annualized volatility of 15.3% and a Sharpe ratio of 0.95 (excess return over 1–3 month T-bills per unit of risk).