DSPY vs. ITOT

Last updated Jun 4, 2026

DSPY (Tema S&P 500 Historical Weight ETF Strategy) and ITOT (iShares Core S&P Total U.S. Stock Market ETF) are both Large Cap Blend Equities funds. DSPY is actively managed, while ITOT is passively managed. Over the past year, DSPY returned 26.81% vs 28.12% for ITOT. With a 0.97 correlation, they move nearly in lockstep. DSPY charges 0.18%/yr vs 0.03%/yr for ITOT.

Performance

DSPY vs. ITOT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tema S&P 500 Historical Weight ETF Strategy (DSPY) and iShares Core S&P Total U.S. Stock Market ETF (ITOT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DSPY achieves a 12.26% return, which is significantly higher than ITOT's 11.25% return.

DSPY

• 1D: -0.36%
• 1M: 5.59%
• YTD: 12.26%
• 6M: 12.63%
• 1Y: 26.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ITOT

• 1D: -0.73%
• 1M: 5.01%
• YTD: 11.25%
• 6M: 11.12%
• 1Y: 28.12%
• 3Y*: 22.09%
• 5Y*: 12.69%
• 10Y*: 15.01%

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

DSPY vs. ITOT - Yearly Performance Comparison

	2026 (YTD)	2025
DSPY Tema S&P 500 Historical Weight ETF Strategy	12.26%	18.46%
ITOT iShares Core S&P Total U.S. Stock Market ETF	11.25%	22.56%

Correlation

The correlation between DSPY and ITOT is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.97

The correlation between DSPY and ITOT has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

DSPY vs. ITOT - Sectors Allocation Comparison

Sectors	DSPY	ITOT
Technology	28.8%	33.8%
Financial Services	14.2%	12.1%
Industrials	10.8%	9.5%
Healthcare	10.6%	9.0%
Consumer Cyclical	9.3%	10.1%
Communication Services	7.7%	10.3%
Consumer Defensive	6.4%	4.7%
Energy	4.4%	3.7%
Utilities	3.0%	2.3%
Real Estate	2.5%	2.4%
Basic Materials	2.3%	2.1%

Return for Risk

DSPY vs. ITOT — Risk / Return Rank

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

DSPY

DSPY Risk / Return Rank: 75
DSPY Sharpe Ratio Rank: 75
DSPY Sortino Ratio Rank: 75
DSPY Omega Ratio Rank: 72
DSPY Calmar Ratio Rank: 72
DSPY Martin Ratio Rank: 82

ITOT

ITOT Risk / Return Rank: 68
ITOT Sharpe Ratio Rank: 69
ITOT Sortino Ratio Rank: 68
ITOT Omega Ratio Rank: 67
ITOT Calmar Ratio Rank: 63
ITOT Martin Ratio Rank: 75

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.

DSPY vs. ITOT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tema S&P 500 Historical Weight ETF Strategy (DSPY) and iShares Core S&P Total U.S. Stock Market ETF (ITOT). 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.

	DSPY	ITOT	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.32	+0.09
Sortino ratio: Return per unit of downside risk	3.34	3.17	+0.17
Omega ratio: Gain probability vs. loss probability	1.43	1.42	+0.01
Calmar ratio: Return relative to maximum drawdown	3.57	3.17	+0.39
Martin ratio: Return relative to average drawdown	16.34	14.57	+1.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DSPY vs. ITOT - Sharpe Ratio Comparison

The current DSPY Sharpe Ratio is 2.41, which is comparable to the ITOT Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of DSPY and ITOT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DSPY	ITOT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	2.32	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.74	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.68	0.57	+1.11

Drawdowns

DSPY vs. ITOT - Drawdown Comparison

The maximum DSPY drawdown since its inception was -12.15%, smaller than the maximum ITOT drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for DSPY and ITOT.

Drawdown Indicators

	DSPY	ITOT	Difference
Max Drawdown Largest peak-to-trough decline	-12.15%	-55.20%	+43.05%
Max Drawdown (1Y) Largest decline over 1 year	-7.55%	-8.90%	+1.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.44%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.00%	—
Current Drawdown Current decline from peak	-0.36%	-0.73%	+0.37%
Average Drawdown Average peak-to-trough decline	-1.25%	-6.97%	+5.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	1.94%	-0.30%

Volatility

DSPY vs. ITOT - Volatility Comparison

The current volatility for Tema S&P 500 Historical Weight ETF Strategy (DSPY) is 2.82%, while iShares Core S&P Total U.S. Stock Market ETF (ITOT) has a volatility of 2.99%. This indicates that DSPY experiences smaller price fluctuations and is considered to be less risky than ITOT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DSPY	ITOT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	2.99%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	8.52%	9.13%	-0.61%
Volatility (1Y) Calculated over the trailing 1-year period	11.21%	12.20%	-0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.53%	17.36%	-0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.53%	18.26%	-1.73%

DSPY vs. ITOT - Expense Ratio Comparison

DSPY has a 0.18% expense ratio, which is higher than ITOT's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

DSPY vs. ITOT - Dividend Comparison

DSPY's dividend yield for the trailing twelve months is around 0.74%, less than ITOT's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DSPY Tema S&P 500 Historical Weight ETF Strategy	0.74%	0.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ITOT iShares Core S&P Total U.S. Stock Market ETF	0.98%	1.11%	1.23%	1.47%	1.66%	1.18%	1.41%	1.88%	2.14%	1.69%	1.83%	2.01%

Frequently Asked Questions

Can I hold both DSPY and ITOT in my portfolio?

With a correlation of 0.97, DSPY and ITOT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DSPY or ITOT?

ITOT has higher volatility (2.99%) compared to DSPY (2.82%). In terms of maximum drawdown, DSPY dropped -12.15% vs ITOT's -55.20%.

Which ETF is better, DSPY or ITOT?

On 1-year performance, ITOT leads with 28.12% vs 26.81% for DSPY. On fees, ITOT is cheaper at 0.03% per year. On volatility, DSPY has been the lower-risk option at 2.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DSPY or ITOT?

Over the 1-year period, ITOT has performed better with a 28.12% return vs 26.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DSPY or ITOT?

ITOT is cheaper with a 0.03% expense ratio, compared with 0.18% for DSPY.

Which ETF pays a higher dividend yield, DSPY or ITOT?

ITOT has the higher dividend yield at 0.98%, compared with 0.74% for DSPY.

What is the main difference between DSPY and ITOT?

They also come from different issuers: Tema and iShares. Their fees differ too: 0.18% for DSPY and 0.03% for ITOT.

Which has better risk-adjusted returns?

DSPY currently has the higher Sharpe Ratio (2.41 vs 2.32), 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.