Data as of Oct 28, 2026.
TPZ vs ZAP: Holdings Overlap & Returns
Over the year to Oct 28, 2026, TPZ returned +3.7% to ZAP's +4.0%; 20% of their weight is in the same names.
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Net assets: $129m on May 31, 2026 for Tortoise Electrification Infrastructure ETF, and $451m on Oct 12, 2026 for Global X U.S. Electrification ETF.
55% of TPZ's weight is in S&P 500 companies and 45% is outside the index. Holdings as of May 31, 2026.
81% of ZAP's weight is in S&P 500 companies and 19% is outside the index. Holdings as of Jul 31, 2026.
Pair scorecard
ZAP costs 0.35 points a year less; their one-year returns differ by 0.3 points.
| Measure | TPZ | ZAP |
|---|---|---|
| Return | ||
| Total return, 1 year | +3.7% | +4.0% |
| Drawdown | ||
| Below its all-time high | 6.3%, high on Apr 30, 2026 | 9.8%, high on Jun 25, 2026 |
| Benchmark | ||
| What it tracks | Electrification and the grid | Electrification and the grid |
| Cost and size | ||
| Expense ratio | 0.85% | 0.50% |
| Net assets, TPZ as of May 31, 2026 and ZAP as of Oct 12, 2026 | $129m | $451m |
| Holdings | ||
| Holdings in common | 20% | |
How different its holdings are from the S&P 500, ranked against 112 thematic ETFs with at least half their money in S&P 500 companies. 100 is best. How it is computed
A percentile among the 112 thematic ETFs with at least half their money in S&P 500 companies. 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 →
Holdings in common uses holdings dated May 31, 2026 and Jul 31, 2026. Method
Risk and return
Jan 3, 2025 to Oct 23, 2026 · 94 weekly returnsZAP returned more: +28.2% to +7.4%. ZAP swung slightly less: 15.0% to 16.4%. ZAP fell less at its worst: −11.1% to −14.2%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | TPZ | ZAP | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +7.4% | +28.2% | ZAP | Price change plus distributions, reinvested. |
| Annualized | +4.0% | +14.7% | ZAP | Total return as a yearly rate. |
| Price return | +0.3% | +24.0% | ZAP | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 16.4% | 15.0% | ZAP (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 12.2% | 10.1% | ZAP | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −14.2% | −11.1% | ZAP | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.08 | 0.72 | ZAP | Return above Treasury bills per unit of volatility. |
| Sortino | 0.11 | 1.08 | ZAP | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.28 | 1.32 | ZAP | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 94 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, TPZ and ZAP hold 20% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Jul 31, 2026.
half
20% in common
Only in one fund ↓
Window by window
| Total return | ||
|---|---|---|
| Window | TPZ | ZAP |
| 3 months | +0.3% | −1.7% |
| 6 months | −3.5% | −6.5% |
| 1 year | +3.7% | +4.0% |
| Since launchNot the same days: TPZ Dec 2024 · ZAP Dec 2024 | +12.6% | +34.6% |
Side by side
As of Oct 28, 2026. Source: ETFIQ.
20% of the two portfolios are the same securities at the same weight.
TPZ and ZAP are built for the same job. How do they differ in cost, holdings and results?
- Concentration. The top ten holdings are 52.7% of TPZ and 41.9% of ZAP, a gap of 10.8 points.
- Holdings in common. 20% of the weight is in the same securities (holdings dated May 31, 2026 and Jul 31, 2026).
- Cost. TPZ charges 0.85% of assets a year and ZAP 0.50%, a gap of 0.35 points.
Data as of Oct 28, 2026.
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TPZ
By weight, 55% of TPZ's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 53% of the fund across 31 positions, as filed for May 31, 2026. Over the year to Oct 28, 2026 the fund returned +3.7% with distributions reinvested. It sits 6.3% below its all-time high of Apr 30, 2026.
ZAP
By weight, 81% of ZAP's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 42% of the fund across 45 positions, as filed for Jul 31, 2026. Over the year to Oct 28, 2026 the fund returned +4.0% with distributions reinvested. It sits 9.8% below its all-time high of Jun 25, 2026.
Questions people ask
- Do TPZ and ZAP hold the same stocks?
- By their latest filings, 20% 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, TPZ against ZAP, data as of Oct 28, 2026. https://etfiq.com/compare/themes/tpz-vs-zap
ETFIQ. (Oct 28, 2026). TPZ against ZAP. Retrieved from https://etfiq.com/compare/themes/tpz-vs-zap
[TPZ against ZAP (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/themes/tpz-vs-zap)
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