TOPC vs. DSPY

Last updated Jul 21, 2026

TOPC (iShares S&P 500 3% Capped ETF) and DSPY (Tema S&P 500 Historical Weight ETF Strategy) are both Large Cap Blend Equities funds. TOPC is passively managed, while DSPY is actively managed. Over the past year, TOPC returned 19.27% vs 20.68% for DSPY. With a 0.98 correlation, they move nearly in lockstep. TOPC charges 0.09%/yr vs 0.18%/yr for DSPY.

Performance

TOPC vs. DSPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 3% Capped ETF (TOPC) and Tema S&P 500 Historical Weight ETF Strategy (DSPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOPC achieves a 9.97% return, which is significantly lower than DSPY's 11.48% return.

TOPC

• 1D: -0.41%
• 1M: -1.19%
• 6M: 7.64%
• YTD: 9.97%
• 1Y: 19.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 29.40%

DSPY

• 1D: -0.40%
• 1M: -0.89%
• 6M: 9.00%
• YTD: 11.48%
• 1Y: 20.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 24.23%

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

TOPC vs. DSPY - Yearly Performance Comparison

	2026 (YTD)	2025
TOPC iShares S&P 500 3% Capped ETF	9.97%	25.80%
DSPY Tema S&P 500 Historical Weight ETF Strategy	11.48%	23.96%

Correlation

The correlation between TOPC and DSPY is 0.98 - 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	0.98
Correlation (All Time) Calculated using the full available price history since Apr 16, 2025	0.98

The correlation between TOPC and DSPY has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

Return for Risk

TOPC vs. DSPY — Risk / Return Rank

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

TOPC

TOPC Risk / Return Rank: 68
TOPC Sharpe Ratio Rank: 67
TOPC Sortino Ratio Rank: 65
TOPC Omega Ratio Rank: 64
TOPC Calmar Ratio Rank: 66
TOPC Martin Ratio Rank: 79

DSPY

DSPY Risk / Return Rank: 75
DSPY Sharpe Ratio Rank: 74
DSPY Sortino Ratio Rank: 73
DSPY Omega Ratio Rank: 71
DSPY Calmar Ratio Rank: 74
DSPY Martin Ratio Rank: 84

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.

TOPC vs. DSPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 3% Capped ETF (TOPC) and Tema S&P 500 Historical Weight ETF Strategy (DSPY). 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.

	TOPC	DSPY	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.77	-0.15
Sortino ratio: Return per unit of downside risk	2.25	2.47	-0.22
Omega ratio: Gain probability vs. loss probability	1.29	1.31	-0.02
Calmar ratio: Return relative to maximum drawdown	2.41	2.75	-0.35
Martin ratio: Return relative to average drawdown	10.82	12.23	-1.41

TOPC vs. DSPY - Sharpe Ratio Comparison

The current TOPC Sharpe Ratio is 1.61, which is comparable to the DSPY Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of TOPC and DSPY, 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

TOPC vs. DSPY - Drawdown Comparison

The maximum TOPC drawdown since its inception was -8.04%, smaller than the maximum DSPY drawdown of -12.15%. Use the drawdown chart below to compare losses from any high point for TOPC and DSPY.

Drawdown Indicators

	TOPC	DSPY	Difference
Max Drawdown Largest peak-to-trough decline	-8.04%	-12.15%	+4.11%
Max Drawdown (1Y) Largest decline over 1 year	-8.04%	-7.55%	-0.49%
Current Drawdown Current decline from peak	-2.21%	-1.96%	-0.25%
Average Drawdown Average peak-to-trough decline	-0.95%	-1.22%	+0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	1.70%	+0.09%

Volatility

TOPC vs. DSPY - Volatility Comparison

iShares S&P 500 3% Capped ETF (TOPC) has a higher volatility of 3.05% compared to Tema S&P 500 Historical Weight ETF Strategy (DSPY) at 2.84%. This indicates that TOPC's price experiences larger fluctuations and is considered to be riskier than DSPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TOPC	DSPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.05%	2.84%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	9.59%	9.37%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	12.02%	11.79%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.41%	16.26%	-3.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.41%	16.26%	-3.85%

TOPC vs. DSPY - Expense Ratio Comparison

TOPC has a 0.09% expense ratio, which is lower than DSPY's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TOPC vs. DSPY - Dividend Comparison

TOPC's dividend yield for the trailing twelve months is around 1.06%, more than DSPY's 0.76% yield.

Position	TTM	2025
DSPY Tema S&P 500 Historical Weight ETF Strategy	0.76%	0.72%
TOPC iShares S&P 500 3% Capped ETF	1.06%	0.80%

Frequently Asked Questions

Can I hold both TOPC and DSPY in my portfolio?

With a correlation of 0.98, TOPC and DSPY 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, TOPC or DSPY?

TOPC has higher volatility (3.05%) compared to DSPY (2.84%). In terms of maximum drawdown, TOPC dropped -8.04% vs DSPY's -12.15%.

Which ETF is better, TOPC or DSPY?

On 1-year performance, DSPY leads with 20.68% vs 19.27% for TOPC. On fees, TOPC is cheaper at 0.09% per year. On volatility, DSPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TOPC or DSPY?

Over the 1-year period, DSPY has performed better with a 20.68% return vs 19.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TOPC or DSPY?

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

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

TOPC has the higher dividend yield at 1.06%, compared with 0.76% for DSPY.

What is the main difference between TOPC and DSPY?

They also come from different issuers: iShares and Tema. Their fees differ too: 0.09% for TOPC and 0.18% for DSPY.

Which has better risk-adjusted returns?

DSPY currently has the higher Sharpe Ratio (1.77 vs 1.61), 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.