DSPY vs. USMV

Last updated Jul 14, 2026

DSPY (Tema S&P 500 Historical Weight ETF Strategy) and USMV (iShares MSCI USA Min Vol Factor ETF) are both Large Cap Blend Equities funds. DSPY is actively managed, while USMV is passively managed. Over the past year, DSPY returned 22.70% vs 7.10% for USMV. A 0.62 correlation means they provide meaningful diversification when combined. DSPY charges 0.18%/yr vs 0.15%/yr for USMV.

Performance

DSPY vs. USMV - 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 Min Vol Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DSPY achieves a 12.99% return, which is significantly higher than USMV's 4.64% return.

DSPY

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

USMV

• 1D: 0.06%
• 1M: 2.16%
• 6M: 3.87%
• YTD: 4.64%
• 1Y: 7.10%
• 3Y*: 11.43%
• 5Y*: 7.16%
• 10Y*: 9.58%

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

DSPY vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025
DSPY Tema S&P 500 Historical Weight ETF Strategy	12.99%	18.94%
USMV iShares MSCI USA Min Vol Factor ETF	4.64%	1.70%

Correlation

The correlation between DSPY and USMV is 0.55, 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	0.55
Correlation (All Time) Calculated using the full available price history since Apr 1, 2025	0.62

The correlation between DSPY and USMV has been stable across timeframes, ranging from 0.55 to 0.62 - a consistent structural relationship.

DSPY vs. USMV - Sectors Allocation Comparison

Sectors	DSPY	USMV
Technology	30.2%	33.9%
Financial Services	14.5%	11.7%
Healthcare	11.2%	12.6%
Industrials	10.1%	6.1%
Consumer Cyclical	8.9%	5.7%
Communication Services	6.7%	6.2%
Consumer Defensive	5.9%	9.4%
Energy	3.9%	2.7%
Utilities	3.5%	6.9%
Real Estate	2.4%	2.5%
Basic Materials	2.4%	2.4%

Return for Risk

DSPY vs. USMV — 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

USMV

USMV Risk / Return Rank: 28
USMV Sharpe Ratio Rank: 29
USMV Sortino Ratio Rank: 26
USMV Omega Ratio Rank: 25
USMV Calmar Ratio Rank: 28
USMV Martin Ratio Rank: 31

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. USMV - 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 Min Vol Factor ETF (USMV). 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	USMV	Difference
Sharpe ratio: Return per unit of total volatility	1.94	0.84	+1.10
Sortino ratio: Return per unit of downside risk	2.69	1.23	+1.46
Omega ratio: Gain probability vs. loss probability	1.34	1.15	+0.19
Calmar ratio: Return relative to maximum drawdown	3.02	1.10	+1.92
Martin ratio: Return relative to average drawdown	13.48	3.61	+9.87

DSPY vs. USMV - Sharpe Ratio Comparison

The current DSPY Sharpe Ratio is 1.94, which is higher than the USMV Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of DSPY and USMV, 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. USMV - Drawdown Comparison

The maximum DSPY drawdown since its inception was -12.15%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for DSPY and USMV.

Drawdown Indicators

	DSPY	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-12.15%	-33.10%	+20.95%
Max Drawdown (1Y) Largest decline over 1 year	-7.55%	-6.46%	-1.09%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.36%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.93%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.10%	—
Current Drawdown Current decline from peak	-0.64%	-0.54%	-0.10%
Average Drawdown Average peak-to-trough decline	-1.22%	-2.87%	+1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	1.97%	-0.28%

Volatility

DSPY vs. USMV - Volatility Comparison

Tema S&P 500 Historical Weight ETF Strategy (DSPY) has a higher volatility of 3.72% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.54%. This indicates that DSPY's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DSPY	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	2.54%	+1.18%
Volatility (6M) Calculated over the trailing 6-month period	9.35%	6.22%	+3.13%
Volatility (1Y) Calculated over the trailing 1-year period	11.78%	8.48%	+3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.36%	12.36%	+4.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.36%	14.49%	+1.87%

DSPY vs. USMV - Expense Ratio Comparison

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

DSPY's dividend yield for the trailing twelve months is around 0.75%, less than USMV's 1.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DSPY Tema S&P 500 Historical Weight ETF Strategy	0.75%	0.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USMV iShares MSCI USA Min Vol Factor ETF	1.48%	1.49%	1.67%	1.82%	1.62%	1.26%	1.81%	1.88%	2.12%	1.77%	2.22%	2.02%

Frequently Asked Questions

Can I hold both DSPY and USMV in my portfolio?

DSPY and USMV have a correlation of 0.55, 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 USMV?

DSPY has higher volatility (3.72%) compared to USMV (2.54%). In terms of maximum drawdown, DSPY dropped -12.15% vs USMV's -33.10%.

Which ETF is better, DSPY or USMV?

On 1-year performance, DSPY leads with 22.70% vs 7.10% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DSPY or USMV?

Over the 1-year period, DSPY has performed better with a 22.70% return vs 7.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DSPY or USMV?

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

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

USMV has the higher dividend yield at 1.48%, compared with 0.75% for DSPY.

What is the main difference between DSPY and USMV?

They also come from different issuers: Tema and iShares. Their fees differ too: 0.18% for DSPY and 0.15% for USMV.

Which has better risk-adjusted returns?

DSPY currently has the higher Sharpe Ratio (1.94 vs 0.84), 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.