DSPY vs. MTUM

Last updated Jun 4, 2026

DSPY (Tema S&P 500 Historical Weight ETF Strategy) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - DSPY is a Large Cap Blend Equities fund actively managed by Tema, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. DSPY is actively managed, while MTUM is passively managed. Over the past year, DSPY returned 26.81% vs 41.76% for MTUM. Their correlation of 0.85 suggests significant overlap in exposure. DSPY charges 0.18%/yr vs 0.15%/yr for MTUM.

Performance

DSPY vs. MTUM - 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 MSCI USA Momentum Factor ETF (MTUM). 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 lower than MTUM's 31.75% return.

DSPY

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

MTUM

• 1D: 1.06%
• 1M: 15.90%
• YTD: 31.75%
• 6M: 32.38%
• 1Y: 41.76%
• 3Y*: 34.75%
• 5Y*: 15.21%
• 10Y*: 17.31%

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

DSPY vs. MTUM - Yearly Performance Comparison

	2026 (YTD)	2025
DSPY Tema S&P 500 Historical Weight ETF Strategy	12.26%	18.46%
MTUM iShares MSCI USA Momentum Factor ETF	31.75%	23.86%

Correlation

The correlation between DSPY and MTUM is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.85

The correlation between DSPY and MTUM has been stable across timeframes, ranging from 0.84 to 0.85 - a consistent structural relationship.

DSPY vs. MTUM - Sectors Allocation Comparison

Sectors	DSPY	MTUM
Technology	28.8%	44.4%
Financial Services	14.2%	10.4%
Industrials	10.8%	15.6%
Healthcare	10.6%	6.9%
Consumer Cyclical	9.3%	3.6%
Communication Services	7.7%	7.4%
Consumer Defensive	6.4%	3.3%
Energy	4.4%	3.5%
Utilities	3.0%	1.6%
Real Estate	2.5%	1.8%
Basic Materials	2.3%	1.7%

Return for Risk

DSPY vs. MTUM — 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

MTUM

MTUM Risk / Return Rank: 67
MTUM Sharpe Ratio Rank: 64
MTUM Sortino Ratio Rank: 62
MTUM Omega Ratio Rank: 63
MTUM Calmar Ratio Rank: 71
MTUM 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. MTUM - 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 MSCI USA Momentum Factor ETF (MTUM). 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	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.20	+0.20
Sortino ratio: Return per unit of downside risk	3.34	2.98	+0.36
Omega ratio: Gain probability vs. loss probability	1.43	1.39	+0.03
Calmar ratio: Return relative to maximum drawdown	3.57	3.64	-0.07
Martin ratio: Return relative to average drawdown	16.34	14.50	+1.85
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. MTUM - Sharpe Ratio Comparison

The current DSPY Sharpe Ratio is 2.41, which is comparable to the MTUM Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of DSPY and MTUM, 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	MTUM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	2.20	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.74	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.68	0.85	+0.83

Drawdowns

DSPY vs. MTUM - Drawdown Comparison

The maximum DSPY drawdown since its inception was -12.15%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for DSPY and MTUM.

Drawdown Indicators

	DSPY	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-12.15%	-34.08%	+21.93%
Max Drawdown (1Y) Largest decline over 1 year	-7.55%	-11.54%	+3.99%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.99%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.08%	—
Current Drawdown Current decline from peak	-0.36%	0.00%	-0.36%
Average Drawdown Average peak-to-trough decline	-1.25%	-6.21%	+4.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	2.89%	-1.25%

Volatility

DSPY vs. MTUM - Volatility Comparison

The current volatility for Tema S&P 500 Historical Weight ETF Strategy (DSPY) is 2.82%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 7.68%. This indicates that DSPY experiences smaller price fluctuations and is considered to be less risky than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DSPY	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	7.68%	-4.86%
Volatility (6M) Calculated over the trailing 6-month period	8.52%	16.46%	-7.94%
Volatility (1Y) Calculated over the trailing 1-year period	11.21%	19.04%	-7.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.53%	20.60%	-4.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.53%	21.03%	-4.50%

DSPY vs. MTUM - Expense Ratio Comparison

DSPY has a 0.18% expense ratio, which is higher than MTUM's 0.15% 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. MTUM - Dividend Comparison

DSPY's dividend yield for the trailing twelve months is around 0.74%, more than MTUM's 0.60% 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%
MTUM iShares MSCI USA Momentum Factor ETF	0.60%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%

Frequently Asked Questions

Can I hold both DSPY and MTUM in my portfolio?

DSPY and MTUM have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DSPY or MTUM?

MTUM has higher volatility (7.68%) compared to DSPY (2.82%). In terms of maximum drawdown, DSPY dropped -12.15% vs MTUM's -34.08%.

Which ETF is better, DSPY or MTUM?

On 1-year performance, MTUM leads with 41.76% vs 26.81% for DSPY. On fees, MTUM is cheaper at 0.15% 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 MTUM?

Over the 1-year period, MTUM has performed better with a 41.76% 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 MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.18% for DSPY.

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

DSPY has the higher dividend yield at 0.74%, compared with 0.60% for MTUM.

What is the main difference between DSPY and MTUM?

DSPY is categorized as Large Cap Blend Equities, while MTUM is Momentum. They also come from different issuers: Tema and iShares. Their fees differ too: 0.18% for DSPY and 0.15% for MTUM.

Which has better risk-adjusted returns?

DSPY currently has the higher Sharpe Ratio (2.41 vs 2.20), 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.