DSPY vs SPY
Tema S&P 500 Historical Weight ETF Strategy vs State Street SPDR S&P 500 ETF Trust
Which is better, DSPY or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. DSPY led over 1Y, SPY over the full window. The two have moved almost in lockstep, correlation 0.96. DSPY is less concentrated, with 21.1% of the fund in its ten largest positions against 38.0%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | DSPY | SPY |
|---|---|---|
| Expense Ratio | 0.18% | 0.09%Best |
| AUM | $990M | $804.7B |
| Dividend Yield | 0.75% | 0.98% |
| Holdings | 508 | 505 |
| YTD Return | +14.07%Best | +12.47% |
| 1Y Return | +18.44%Best | +17.51% |
| 3Y Return (annualized) | - | +21.18% |
| 5Y Return (annualized) | - | +12.88% |
| Volatility (annualized) | 10.5%Best | 12.1% |
| Max Drawdown | -12.2% | -12.1%Best |
| $10,000 over 1.4 years | $13,414 | $13,676Best |
| Top 10 Weight | 21.1%Best | 38.0% |
| Fund Family | Tema Global Limited | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Apr 1, 2025 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1.4 years row, are measured over the window both funds cover: Apr 1, 2025 to Sep 11, 2026 (1.4 years).
DSPY vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.4 years both funds cover.
DSPY vs SPY Performance
Tema S&P 500 Historical Weight ETF Strategy (DSPY) is an ETF from Tema Global Limited and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DSPY returned +18.44% while SPY returned +17.51%. Year to date, DSPY is up 14.07% versus a gain of 12.47% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.1% compared with 10.5% 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 -12.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
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 0.98% for SPY.
Holdings Overlap
98.3% of DSPY's money is in holdings SPY also owns. 99.1% of SPY's money is in holdings DSPY also owns.
Most of SPY is already inside DSPY. Owning both mostly buys the same companies twice.
487 positions in common, counted across the 491 positions we hold weights for in DSPY and 504 in SPY, against full books of 508 and 505.
What only one of them owns
Our book lists 12 positions for SPY that do not appear in our book for DSPY (0.7% of the fund), and 3 for DSPY that do not appear in SPY (0.3%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in DSPY | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 4.21% | 7.71% | 3.50% |
| AAPLApple, Inc | 3.37% | 6.83% | 3.46% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 2.57% | 5.50% | 2.93% |
| AMZNAmazon.Com Inc | 2.13% | 4.08% | 1.95% |
| AVGOBroadcom Inc | 1.77% | 2.97% | 1.20% |
| GOOGLAlphabet A Usd 0.001 | 1.25% | 3.33% | 2.08% |
| GOOGAlphabet Inc | 1.00% | 2.67% | 1.67% |
| METAMeta Platforms, Inc. | 1.55% | 1.94% | 0.39% |
| MUMicron Technology, Inc. | 1.36% | 1.51% | 0.15% |
| JPMJpmorgan Chase & Co. | 1.39% | 1.44% | 0.05% |
99.1% of SPY is already inside DSPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
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, by $9 a year on a $10,000 investment.
Which performed better, DSPY or SPY?
Over the past year DSPY returned +18.44% vs +17.51% for SPY, so DSPY leads on 1-year performance. Over the longest common window we track (1 years), DSPY annualized +23.34% vs +25.06% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DSPY or SPY?
SPY has been the more volatile fund at 12.1% annualized versus 10.5% for DSPY. Worst drawdown: DSPY -12.2% vs SPY -12.1%.
Should I hold both DSPY and SPY?
DSPY and SPY have a monthly-return correlation of 0.96, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between DSPY and SPY?
99.1% of SPY's money is in holdings DSPY also owns. 99.1% of SPY's is in holdings DSPY also owns. They hold 487 positions in common, counted across the 491 positions we hold weights for in DSPY and 504 in SPY.
Which pays a higher dividend, DSPY or SPY?
DSPY yields 0.75% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than DSPY?
SPY has a lower expense ratio. DSPY led over 1Y, SPY over the full window. The two have moved almost in lockstep, correlation 0.96. DSPY is less concentrated, with 21.1% of the fund in its ten largest positions against 38.0%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.