CBSE vs TOLL
Clough Select Equity ETF vs Tema Durable Quality ETF
Which is better, CBSE or TOLL?
Each has led over a different period.
TOLL has a lower expense ratio. CBSE led over the full window, TOLL over 1Y.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CBSE | TOLL |
|---|---|---|
| Expense Ratio | 0.85% | 0.55%Best |
| AUM | $49M | $47M |
| Dividend Yield | 0.29% | 0.24% |
| Holdings | 82 | 37 |
| Volatility (annualized) | 20.9% | 16.5%Best |
| Max Drawdown | -14.9% | -11.4%Best |
| $10,000 over 1.7 years | $15,604Best | $13,008 |
| Fund Family | Changebridge Capital | Tema Global Limited |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Growth |
| Inception | Nov 12, 2020 | May 11, 2023 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 635 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. CBSE has data through Jan 17, 2025 and TOLL through Oct 14, 2026.
Volatility and max drawdown, and the $10,000 over 1.7 years row, are measured over the window both funds cover: May 11, 2023 to Jan 17, 2025 (1.7 years).
Risk: Volatility and Drawdowns
CBSE has been the more volatile fund, with annualized monthly volatility of 20.9% compared with 16.5% for TOLL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -14.9% for CBSE and -11.4% for TOLL. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.82. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CBSE charges 0.85% per year while TOLL charges 0.55%. On a $10,000 position that is $85 vs $55 annually, a gap of $30 per year that compounds over a long holding period. On income, CBSE currently yields 0.29% against 0.24% for TOLL.
Holdings Overlap
At least 2.6% of CBSE's money is in holdings TOLL also owns.
Stated as a floor: for TOLL, our book for it covers 84.9% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
CBSE and TOLL share little of their money.
1 positions in common, counted across the 39 positions we hold weights for in CBSE and 35 in TOLL, against full books of 82 and 37.
Top Shared Holdings
| Stock | Weight in CBSE | Weight in TOLL | Difference |
|---|---|---|---|
| LRCXLam Research Corp | 2.59% | 5.44% | 2.85% |
You are not choosing between two funds in isolation.
Whichever of CBSE and TOLL you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CBSE or TOLL?
CBSE has an expense ratio of 0.85% while TOLL charges 0.55%. TOLL is the cheaper option, by $30 a year on a $10,000 investment.
Which is riskier, CBSE or TOLL?
CBSE has been the more volatile fund at 20.9% annualized versus 16.5% for TOLL. Worst drawdown: CBSE -14.9% vs TOLL -11.4%.
Should I hold both CBSE and TOLL?
CBSE and TOLL have a monthly-return correlation of 0.82, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between CBSE and TOLL?
At least 2.6% of CBSE's money is in holdings TOLL also owns. Our book for TOLL is partial, so the real figure is this or higher. They hold 1 positions in common, counted across the 39 positions we hold weights for in CBSE and 35 in TOLL.
Which pays a higher dividend, CBSE or TOLL?
CBSE yields 0.29% while TOLL yields 0.24%, so CBSE currently pays the higher dividend yield.
Is TOLL better than CBSE?
TOLL has a lower expense ratio. CBSE led over the full window, TOLL over 1Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.