Data as of Nov 4, 2026.
TMAT vs XT: Holdings Overlap & Returns
Over the year to Nov 4, 2026, TMAT returned −3.1% to XT's +23.4%; 14% of their weight is in the same names.
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Net assets: $237m on Jul 31, 2026 for Main Thematic Innovation ETF, and $4.0bn on Nov 4, 2026 for iShares Future Exponential Technologies ETF.
50% of TMAT's weight is in S&P 500 companies and 50% is outside the index. Holdings as of Jul 31, 2026.
65% of XT's weight is in S&P 500 companies and 35% is outside the index. Holdings as of Nov 3, 2026.
Pair scorecard
XT costs 0.33 points a year less; their one-year returns differ by 26.5 points.
Points (pts) are percentage points.
| Measure | TMAT | XT |
|---|---|---|
| Return | ||
| Total return, 1 year | −3.1% | +23.4% |
| Drawdown | ||
| Below its all-time high | 15.9%, high on Jun 30, 2026 | |
| Against its benchmark | ||
| What it tracks | Broad innovation and megatrends | Broad innovation and megatrends |
| Its benchmark, total return, 1 year | +15.0% | +15.0% |
| Against its benchmark, 1 year | behind by 18.1 pts | ahead by 8.4 pts |
| Cost and size | ||
| Expense ratio | 0.79% | 0.46% |
| Net assets, TMAT as of Jul 31, 2026 and XT as of Nov 4, 2026 | $237m | $4.0bn |
| Holdings | ||
| Holdings in common | 14% | |
| Top ten holdings, share of the fund | 27% | 36% |
How different its holdings are from the S&P 500, ranked against 114 thematic ETFs with at least half their money in S&P 500 companies. 100 is best. How it is computed
Weight not shared with the S&P 500 only; it says nothing about returns, fees or whether the theme pays off. All thematic ETFs ranked by it →
Risk and return
Feb 5, 2021 to Oct 30, 2026 · 299 weekly returns · each against ACWIFrom Feb 2021 to Oct 2026, XT returned more: +54.2% to +2.3%. XT swung less: 19.5% to 28.5%. XT fell less at its worst: −34.3% to −58.5%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | TMAT | XT | ACWI | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +2.3% | +54.2% | XT | Price change plus distributions, reinvested. | |
| Annualized | +0.4% | +7.8% | XT | Total return as a yearly rate. | |
| Price return | +1.8% | +38.3% | XT | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 28.5% | 19.5% | XT | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 20.2% | 13.6% | XT | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −58.5% | −34.3% | XT | Deepest fall from a high to the low after it. | |
| Upside capture | 171.0% | 125.1% | 100.0% | TMAT | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 137.1% | 116.2% | 100.0% | XT | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 1.58 | 1.23 | 1.00 | XT lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.68 | 0.87 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.04 | 0.31 | XT | Return above Treasury bills per unit of volatility. | |
| Sortino | 0.05 | 0.44 | XT | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.006 | 0.049 | 0.080 | XT | Return above Treasury bills per unit of beta. |
| Calmar | 0.01 | 0.23 | XT | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | ACWI | ACWI | ACWI | The ETF each fund is measured against. | |
| Alpha | −11.7% a year | −3.9% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −1.72 | −1.32 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −25.1% to +1.7% | −9.7% to +1.9% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.38 | −0.26 | XT | Return against its benchmark per unit of tracking error. | |
| Tracking error | 18.4% | 7.8% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 299 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, TMAT and XT hold 14% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Nov 3, 2026.
half
14% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | TMAT | XT | TMAT | XT |
| 3 months | −9.4% | +2.8% | −8.1 pts vs ACWI | +4.1 pts vs ACWI |
| 6 months | −4.9% | +7.5% | −7.5 pts vs ACWI | +4.9 pts vs ACWI |
| 1 year | −3.1% | +23.4% | −18.1 pts vs ACWI | +8.4 pts vs ACWI |
| 3 years | +92.3% | +78.5% | +14.7 pts vs ACWI | +0.9 pts vs ACWI |
| Since launchNot the same days: TMAT Jan 2021 · XT Mar 2015 | +7.5% | +293.9% | −85.1 pts vs ACWI | +69.3 pts vs ACWI |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
14% of the two portfolios are the same securities at the same weight.
Client brief:
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TMAT
By weight, 50% of TMAT's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 92%. The top ten holdings are 27% of the fund across 87 positions, as filed for Jul 31, 2026. Over the year to Nov 4, 2026 the fund returned −3.1% with distributions reinvested against +15.0% for its benchmark, the MSCI ACWI Index Net, so a holder was behind by 18.1 pts. It sits 15.9% below its all-time high of Jun 30, 2026.
XT
By weight, 65% of XT's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 70%. The top ten holdings are 36% of the fund across 196 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +23.4% with distributions reinvested against +15.0% for its benchmark, the MSCI All Country World Index, so a holder was ahead by 8.4 pts.
Questions people ask
- Do TMAT and XT hold the same stocks?
- By their latest filings, 14% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
It is a place in a set, not a rating or a recommendation.
Overlap adds up the smaller of the two weights for each security both funds hold.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, TMAT against XT, data as of Nov 4, 2026. https://etfiq.com/compare/themes/tmat-vs-xt
ETFIQ. (Nov 4, 2026). TMAT against XT. Retrieved from https://etfiq.com/compare/themes/tmat-vs-xt
[TMAT against XT (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/themes/tmat-vs-xt)
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