DSPY vs. TOLL

Last updated Jun 3, 2026

DSPY (Tema S&P 500 Historical Weight ETF Strategy) and TOLL (Tema Monopolies and Oligopolies ETF) are both exchange-traded funds - DSPY is a Large Cap Blend Equities fund actively managed by Tema, while TOLL is a Large Cap Growth Equities fund actively managed by Tema. Both are actively managed. Over the past year, DSPY returned 28.08% vs 19.11% for TOLL. Their correlation of 0.87 suggests significant overlap in exposure. DSPY charges 0.18%/yr vs 0.55%/yr for TOLL.

Performance

DSPY vs. TOLL - 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 Tema Monopolies and Oligopolies ETF (TOLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with DSPY having a 12.67% return and TOLL slightly higher at 13.26%.

DSPY

• 1D: 0.42%
• 1M: 5.41%
• YTD: 12.67%
• 6M: 13.62%
• 1Y: 28.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TOLL

• 1D: 0.58%
• 1M: 7.88%
• YTD: 13.26%
• 6M: 14.02%
• 1Y: 19.11%
• 3Y*: 17.47%
• 5Y*: —
• 10Y*: —

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

DSPY vs. TOLL - Yearly Performance Comparison

	2026 (YTD)	2025
DSPY Tema S&P 500 Historical Weight ETF Strategy	12.67%	18.46%
TOLL Tema Monopolies and Oligopolies ETF	13.26%	9.86%

Correlation

The correlation between DSPY and TOLL is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.87

The correlation between DSPY and TOLL has been stable across timeframes, ranging from 0.86 to 0.87 - a consistent structural relationship.

DSPY vs. TOLL - Sectors Allocation Comparison

Sectors	DSPY	TOLL
Technology	28.8%	32.0%
Financial Services	14.2%	26.5%
Industrials	10.8%	16.9%
Healthcare	10.6%	12.7%
Consumer Cyclical	9.3%	-
Communication Services	7.7%	-
Consumer Defensive	6.4%	7.0%
Energy	4.4%	-
Utilities	3.0%	1.6%
Real Estate	2.5%	-
Basic Materials	2.3%	3.4%

Return for Risk

DSPY vs. TOLL — Risk / Return Rank

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

DSPY

DSPY Risk / Return Rank: 76
DSPY Sharpe Ratio Rank: 76
DSPY Sortino Ratio Rank: 76
DSPY Omega Ratio Rank: 73
DSPY Calmar Ratio Rank: 73
DSPY Martin Ratio Rank: 83

TOLL

TOLL Risk / Return Rank: 38
TOLL Sharpe Ratio Rank: 38
TOLL Sortino Ratio Rank: 38
TOLL Omega Ratio Rank: 36
TOLL Calmar Ratio Rank: 35
TOLL Martin Ratio Rank: 41

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. TOLL - 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 Tema Monopolies and Oligopolies ETF (TOLL). 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	TOLL	Difference
Sharpe ratio Return per unit of total volatility	2.52	1.35	+1.17
Sortino ratio Return per unit of downside risk	3.48	1.96	+1.52
Omega ratio Gain probability vs. loss probability	1.45	1.24	+0.21
Calmar ratio Return relative to maximum drawdown	3.76	1.70	+2.06
Martin ratio Return relative to average drawdown	17.26	6.49	+10.76
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. TOLL - Sharpe Ratio Comparison

The current DSPY Sharpe Ratio is 2.52, which is higher than the TOLL Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of DSPY and TOLL, 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	TOLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	1.35	+1.17
Sharpe Ratio (All Time) Calculated using the full available price history	1.71	1.12	+0.59

Drawdowns

DSPY vs. TOLL - Drawdown Comparison

The maximum DSPY drawdown since its inception was -12.15%, smaller than the maximum TOLL drawdown of -15.54%. Use the drawdown chart below to compare losses from any high point for DSPY and TOLL.

Drawdown Indicators

	DSPY	TOLL	Difference
Max Drawdown Largest peak-to-trough decline	-12.15%	-15.54%	+3.39%
Max Drawdown (1Y) Largest decline over 1 year	-7.55%	-11.26%	+3.71%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.54%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.25%	-2.39%	+1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	2.95%	-1.31%

Volatility

DSPY vs. TOLL - Volatility Comparison

The current volatility for Tema S&P 500 Historical Weight ETF Strategy (DSPY) is 2.86%, while Tema Monopolies and Oligopolies ETF (TOLL) has a volatility of 4.64%. This indicates that DSPY experiences smaller price fluctuations and is considered to be less risky than TOLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DSPY	TOLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	4.64%	-1.78%
Volatility (6M) Calculated over the trailing 6-month period	8.54%	11.68%	-3.14%
Volatility (1Y) Calculated over the trailing 1-year period	11.20%	14.25%	-3.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.55%	15.82%	+0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.55%	15.82%	+0.73%

DSPY vs. TOLL - Expense Ratio Comparison

DSPY has a 0.18% expense ratio, which is lower than TOLL's 0.55% expense ratio.

Dividends

DSPY vs. TOLL - Dividend Comparison

DSPY's dividend yield for the trailing twelve months is around 0.74%, more than TOLL's 0.28% yield.

Position	TTM	2025	2024	2023
DSPY Tema S&P 500 Historical Weight ETF Strategy	0.74%	0.72%	0.00%	0.00%
TOLL Tema Monopolies and Oligopolies ETF	0.28%	0.32%	1.99%	0.36%

Frequently Asked Questions

Can I hold both DSPY and TOLL in my portfolio?

DSPY and TOLL have a correlation of 0.86, 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 TOLL?

TOLL has higher volatility (4.64%) compared to DSPY (2.86%). In terms of maximum drawdown, DSPY dropped -12.15% vs TOLL's -15.54%.

Which ETF is better, DSPY or TOLL?

On 1-year performance, DSPY leads with 28.08% vs 19.11% for TOLL. On fees, DSPY is cheaper at 0.18% per year. On volatility, DSPY has been the lower-risk option at 2.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DSPY or TOLL?

Over the 1-year period, DSPY has performed better with a 28.08% return vs 19.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DSPY or TOLL?

DSPY is cheaper with a 0.18% expense ratio, compared with 0.55% for TOLL.

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

DSPY has the higher dividend yield at 0.74%, compared with 0.28% for TOLL.

What is the main difference between DSPY and TOLL?

DSPY is categorized as Large Cap Blend Equities, while TOLL is Large Cap Growth Equities. Their fees differ too: 0.18% for DSPY and 0.55% for TOLL.

Which has better risk-adjusted returns?

DSPY currently has the higher Sharpe Ratio (2.52 vs 1.35), 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.