DSPY vs. SPXM

Last updated Jul 14, 2026

DSPY (Tema S&P 500 Historical Weight ETF Strategy) and SPXM (Azoria 500 Meritocracy ETF) are both Large Cap Blend Equities funds. Both are actively managed. Over the past year, DSPY returned 22.70% vs 8.67% for SPXM. A 0.51 correlation means they provide meaningful diversification when combined. DSPY charges 0.18%/yr vs 0.47%/yr for SPXM.

Performance

DSPY vs. SPXM - 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 Azoria 500 Meritocracy ETF (SPXM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DSPY

• 1D: -0.64%
• 1M: 1.17%
• 6M: 10.40%
• YTD: 12.99%
• 1Y: 22.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXM

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: 8.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DSPY vs. SPXM - Yearly Performance Comparison

	2026 (YTD)	2025
DSPY Tema S&P 500 Historical Weight ETF Strategy	12.99%	8.76%
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%

Correlation

The correlation between DSPY and SPXM is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.51

The correlation between DSPY and SPXM has been stable across timeframes, ranging from 0.51 to 0.51 - a consistent structural relationship.

Return for Risk

DSPY vs. SPXM — Risk / Return Rank

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

DSPY

DSPY Risk / Return Rank: 77
DSPY Sharpe Ratio Rank: 77
DSPY Sortino Ratio Rank: 76
DSPY Omega Ratio Rank: 73
DSPY Calmar Ratio Rank: 74
DSPY Martin Ratio Rank: 85

SPXM

SPXM Risk / Return Rank: 60
SPXM Sharpe Ratio Rank: 51
SPXM Sortino Ratio Rank: 49
SPXM Omega Ratio Rank: 81
SPXM Calmar Ratio Rank: 53
SPXM Martin Ratio Rank: 68

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. SPXM - 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 Azoria 500 Meritocracy ETF (SPXM). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DSPY	SPXM	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.39	+0.55
Sortino ratio: Return per unit of downside risk	2.69	1.97	+0.72
Omega ratio: Gain probability vs. loss probability	1.34	1.38	-0.04
Calmar ratio: Return relative to maximum drawdown	3.02	2.10	+0.92
Martin ratio: Return relative to average drawdown	13.48	9.84	+3.64

DSPY vs. SPXM - Sharpe Ratio Comparison

The current DSPY Sharpe Ratio is 1.94, which is higher than the SPXM Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of DSPY and SPXM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DSPY vs. SPXM - Drawdown Comparison

The maximum DSPY drawdown since its inception was -12.15%, which is greater than SPXM's maximum drawdown of -5.08%. Use the drawdown chart below to compare losses from any high point for DSPY and SPXM.

Drawdown Indicators

	DSPY	SPXM	Difference
Max Drawdown Largest peak-to-trough decline	-12.15%	-5.08%	-7.07%
Max Drawdown (1Y) Largest decline over 1 year	-7.55%	-5.08%	-2.47%
Current Drawdown Current decline from peak	-0.64%	-0.75%	+0.11%
Average Drawdown Average peak-to-trough decline	-1.22%	-0.78%	-0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	—	—

Volatility

DSPY vs. SPXM - Volatility Comparison

Tema S&P 500 Historical Weight ETF Strategy (DSPY) has a higher volatility of 3.72% compared to Azoria 500 Meritocracy ETF (SPXM) at 0.00%. This indicates that DSPY's price experiences larger fluctuations and is considered to be riskier than SPXM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DSPY	SPXM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	0.00%	+3.72%
Volatility (6M) Calculated over the trailing 6-month period	9.35%	3.99%	+5.36%
Volatility (1Y) Calculated over the trailing 1-year period	11.78%	7.68%	+4.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.36%	7.64%	+8.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.36%	7.64%	+8.72%

DSPY vs. SPXM - Expense Ratio Comparison

DSPY has a 0.18% expense ratio, which is lower than SPXM's 0.47% expense ratio.

Dividends

DSPY vs. SPXM - Dividend Comparison

DSPY's dividend yield for the trailing twelve months is around 0.75%, more than SPXM's 0.24% yield.

Position	TTM	2025
DSPY Tema S&P 500 Historical Weight ETF Strategy	0.75%	0.72%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%

Frequently Asked Questions

Can I hold both DSPY and SPXM in my portfolio?

DSPY and SPXM have a correlation of 0.51, 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 SPXM?

DSPY has higher volatility (3.72%) compared to SPXM (0.00%). In terms of maximum drawdown, DSPY dropped -12.15% vs SPXM's -5.08%.

Which ETF is better, DSPY or SPXM?

On 1-year performance, DSPY leads with 22.70% vs 8.67% for SPXM. On fees, DSPY is cheaper at 0.18% per year. On volatility, SPXM has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DSPY or SPXM?

Over the 1-year period, DSPY has performed better with a 22.70% return vs 8.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DSPY or SPXM?

DSPY is cheaper with a 0.18% expense ratio, compared with 0.47% for SPXM.

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

DSPY has the higher dividend yield at 0.75%, compared with 0.24% for SPXM.

What is the main difference between DSPY and SPXM?

They also come from different issuers: Tema and Azoria. Their fees differ too: 0.18% for DSPY and 0.47% for SPXM.

Which has better risk-adjusted returns?

DSPY currently has the higher Sharpe Ratio (1.94 vs 1.39), 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.