DSPY vs. SPY

Last updated Jun 4, 2026

DSPY (Tema S&P 500 Historical Weight ETF Strategy) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - DSPY is a Large Cap Blend Equities fund actively managed by Tema, while SPY is a S&P 500 fund tracking the S&P 500 Index. DSPY is actively managed, while SPY is passively managed. Over the past year, DSPY returned 26.81% vs 27.98% for SPY. With a 0.96 correlation, they move nearly in lockstep. DSPY charges 0.18%/yr vs 0.09%/yr for SPY.

Performance

DSPY vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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 SPY's 10.91% return.

DSPY

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

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

DSPY vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025
DSPY Tema S&P 500 Historical Weight ETF Strategy	12.26%	18.46%
SPY State Street SPDR S&P 500 ETF	10.91%	22.62%

Correlation

The correlation between DSPY and SPY is 0.96 - 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	0.96
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.96

The correlation between DSPY and SPY has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.

DSPY vs. SPY - Sectors Allocation Comparison

Sectors	DSPY	SPY
Technology	28.8%	35.9%
Financial Services	14.2%	11.8%
Industrials	10.8%	7.8%
Healthcare	10.6%	8.4%
Consumer Cyclical	9.3%	10.3%
Communication Services	7.7%	11.3%
Consumer Defensive	6.4%	4.8%
Energy	4.4%	3.6%
Utilities	3.0%	2.4%
Real Estate	2.5%	1.9%
Basic Materials	2.3%	1.8%

Return for Risk

DSPY vs. SPY — 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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY 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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.38	+0.03
Sortino ratio: Return per unit of downside risk	3.34	3.24	+0.10
Omega ratio: Gain probability vs. loss probability	1.43	1.43	-0.01
Calmar ratio: Return relative to maximum drawdown	3.57	3.16	+0.40
Martin ratio: Return relative to average drawdown	16.34	14.72	+1.63
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. SPY - Sharpe Ratio Comparison

The current DSPY Sharpe Ratio is 2.41, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of DSPY and SPY, 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	2.38	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.68	0.59	+1.09

Drawdowns

DSPY vs. SPY - Drawdown Comparison

The maximum DSPY drawdown since its inception was -12.15%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DSPY and SPY.

Drawdown Indicators

	DSPY	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-12.15%	-55.19%	+43.04%
Max Drawdown (1Y) Largest decline over 1 year	-7.55%	-8.88%	+1.33%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.36%	-0.70%	+0.34%
Average Drawdown Average peak-to-trough decline	-1.25%	-9.05%	+7.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	1.91%	-0.27%

Volatility

DSPY vs. SPY - Volatility Comparison

Tema S&P 500 Historical Weight ETF Strategy (DSPY) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 2.82% and 2.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DSPY	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	2.84%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	8.52%	8.90%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	11.21%	11.83%	-0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.53%	17.05%	-0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.53%	17.94%	-1.41%

DSPY vs. SPY - Expense Ratio Comparison

DSPY has a 0.18% expense ratio, which is higher than SPY's 0.09% 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. SPY - Dividend Comparison

DSPY's dividend yield for the trailing twelve months is around 0.74%, less than SPY'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%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both DSPY and SPY in my portfolio?

With a correlation of 0.96, DSPY and SPY 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 SPY?

SPY has higher volatility (2.84%) compared to DSPY (2.82%). In terms of maximum drawdown, DSPY dropped -12.15% vs SPY's -55.19%.

Which ETF is better, DSPY or SPY?

On 1-year performance, SPY leads with 27.98% vs 26.81% for DSPY. On fees, SPY is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DSPY or SPY?

Over the 1-year period, SPY has performed better with a 27.98% 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 SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.18% for DSPY.

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

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

What is the main difference between DSPY and SPY?

DSPY is categorized as Large Cap Blend Equities, while SPY is S&P 500. They also come from different issuers: Tema and State Street. Their fees differ too: 0.18% for DSPY and 0.09% for SPY.

Which has better risk-adjusted returns?

DSPY currently has the higher Sharpe Ratio (2.41 vs 2.38), 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.