DSPY vs SPY
Tema S&P 500 Historical Weight ETF Strategy vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. DSPY delivered stronger 1-year returns. DSPY offers more diversification with 508 holdings.
Side-by-Side Comparison
| Metric | DSPY | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.18% | 0.09% | |
| AUM | $1.0B | $821.1B | |
| Dividend Yield | 0.75% | 1.01% | |
| Holdings | 508 | 505 | |
| YTD Return | +14.89% | +12.35% | |
| 1Y Return | +22.17% | +20.15% | |
| 3Y Return (annualized) | - | +21.69% | |
| 5Y Return (annualized) | - | +12.77% | |
| Volatility (annualized) | 10.6% | 15.3% | |
| Max Drawdown | -12.2% | -56.5% | |
| Fund Family | Tema Global Limited | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Apr 1, 2025 | Jan 22, 1993 |
DSPY vs SPY Performance
Tema S&P 500 Historical Weight ETF Strategy (DSPY) is a ETF from Tema Global Limited and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year DSPY returned +22.17% while SPY returned +20.15%. Year to date, DSPY is up 14.89% versus a gain of 12.35% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 10.6% for DSPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -12.2% for DSPY and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.96. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
DSPY charges 0.18% per year while SPY charges 0.09%. On a $10,000 position that is $18 vs $9 annually, a gap of $9 per year that compounds over a long holding period. On income, DSPY currently yields 0.75% against 1.01% for SPY.
Holdings Overlap
DSPY and SPY share 497 holdings out of 513 unique holdings combined, representing a 81.2% weight overlap.
High overlap means holding both may not provide much additional diversification.
Frequently Asked Questions
Which is cheaper, DSPY or SPY?
DSPY has an expense ratio of 0.18% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $9 per year of difference.
Which performed better, DSPY or SPY?
Over the past year DSPY returned +22.17% vs +20.15% for SPY, so DSPY leads on 1-year performance. Over the longest common window we track (1 years), DSPY annualized +24.89% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, DSPY or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 10.6% for DSPY. Worst drawdown: DSPY -12.2% vs SPY -56.5%.
Should I hold both DSPY and SPY?
DSPY and SPY have a monthly-return correlation of 0.96, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between DSPY and SPY?
DSPY and SPY share 497 common holdings with a 81.2% weight overlap. Combined, they hold 513 unique securities.
Which pays a higher dividend, DSPY or SPY?
DSPY yields 0.75% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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