DSPY vs SCHX: Grades, Fees and Holdings Compared

Tema S&P 500 Historical Weight ETF Strategy

DSPYBNYSE Arca

Schwab U.S. Large-Cap ETF

SCHXANYSE Arca

Overlap

79.0%by weight

Expense ratio

SCHX −0.15pt a year

DSPY0.18%SCHX0.03%

Avg volume · 30D

SCHX 963.4×the volume

DSPY10.6KSCHX10.3M

DSPY vs SCHX Performance

Nov 7, 2025 – Nov 9, 2026

+16.2%DSPY+12.9%SCHX

Expense ratio: DSPY 0.18%; SCHX 0.03%, better
Fund size: DSPY $987M; SCHX $71.4B
1Y total return: DSPY +16.2%, better; SCHX +12.9%
Yield (12M): DSPY 0.94%; SCHX 1.05%, better
Holdings: DSPY 504; SCHX 752
Avg volume (30D): DSPY 10.6K sh; SCHX 10.3M sh, better
NAV per share: DSPY $64.15; SCHX $28.93
52W range

ETF.net Grade

Pillar letters and Scores for DSPY, SCHX, with each pillar’s weight
Pillar	DSPY	SCHX
Cost30% weight	B57	A91Higher
Mission25% weight	Not scored	A99
Risk15% weight	B69Higher	C46
Tradability15% weight	D39	A89Higher
Holdings10% weight	A81Higher	A70
Durability5% weight	C53	A90Higher

Rank among US Large-Cap funds

How we build Categories ›

Same Category. DSPY and SCHX are both graded against the same 29 US Large-Cap funds, so their Grades compare head to head.

US Large-Cap⁠

Category · 29 funds

See all 29 ›

SCHX ranks 1st and DSPY 17th of 29 funds in the US Large-Cap Category.

Rank 1ASCHXSchwab U.S. Large-Cap ETFScore 83
Rank 2ABKLCBNY Mellon US Large Cap Core Equity ETFScore 82
Rank 14BXMAGLarge Cap Ex-Mag 7 ETFScore 60
Rank 17BDSPYTema S&P 500 Historical Weight ETF StrategyScore 58
Rank 18CBLUCBluemonte Large Cap Core ETFScore 48

Our read on each fund

ETF.net Research

DSPYBTema S&P 500 Historical Weight ETF Strategy

SCHXASchwab U.S. Large-Cap ETF

In short

DSPY Most S&P 500 funds either ride today's market caps or flatten everyone to equal weight. DSPY splits the difference, holding the same roughly 500 names at their average weights since 1989, so the mega-caps shrink without disappearing.

SCHX Schwab's no-frills large-cap core: roughly 800 US big names for three basis points, running since 2009. One of the cheapest tickets in a crowded category, and it hugs its index tightly.

Stated mandate

DSPY The Fund seeks long-term growth through a historical-weight interpretation of the S&P 500 Index.

SCHX The fund seeks to track, before fees and expenses, the total return of the Dow Jones U.S. Large-Cap Total Stock Market Index.

Why people hold it

DSPY The mechanism is the whole pitch: each S&P 500 member is sized at its long-run average weight since 1989, trimming today's top-heavy tilt without going all the way to equal weight.wboc.com
0.18% a year, a fraction of the typical active US equity fund and level with the cheap end of active core large-cap (FELC 0.18%, versus DYNF at 0.26%).
Full index breadth, about 500 stocks, with quarterly distributions. It re-slices the S&P 500 rather than trying to pick which names win.
On cost and portfolio construction it stands out as one of the stronger builds in a crowded active US equity field.

SCHX 0.03% a year, well under the typical US large-cap fund's fee. That is the kind of cost floor only the biggest fund shops can hold.
About 800 stocks tracking the Dow Jones U.S. Large-Cap Total Stock Market Index before fees. No themes, no screens, no manager hunches.schwabassetmanagement.com
Tracking has been among the tightest in its peer group: the fund delivers its index with very little slippage.
Live since 2009 and now a multi-billion-dollar fund that trades heavily, so spreads stay thin and the lights are unlikely to go out.

Worth knowing

DSPY Launched in 2025, so the live record is short next to decades-old core index funds, and there is limited history to judge the weighting rule through a full cycle.
Volume is light next to the giant S&P 500 funds, so spreads and limit orders matter more than they would in a mega-cap tracker.
By design it holds different weights than the cap-weighted S&P 500, so its results separate from the benchmark most people mean when they say 'the S&P 500'.stockanalysis.com

SCHX Large caps only, despite the index name. Mid and small caps live in a separate fund, so this is one slice of the market, not all of it.
Three basis points is cheap, not free: BKLC in the same peer group runs at zero.
Dividends land quarterly, not monthly, which matters if you're building an income schedule.

Full DSPY profile⁠

Full SCHX profile⁠

DSPY vs SCHX Holdings

How DSPY and SCHX differ

Overlap by weight

79.0%

Shared holdings make up 99.2% of DSPY and 94.5% of SCHX.

Level by level

Holdings498 in both79.0%
Sector11 Sectors89.0%
Asset classStocks100%
Countryby domicile99.8%

Sector

Sector weights in DSPY and SCHX, widest gap first
Sector	Gap	DSPY	SCHX
Technology	SCHX +8.2 points	27.8%	36.0%
Financials	DSPY +2.8 points	15.3%	12.5%
Communication	SCHX +2.4 points	6.1%	8.5%
Health Care	DSPY +2.3 points	13.0%	10.7%
Consumer Staples	DSPY +1.8 points	6.7%	4.9%
Industrials	DSPY +1.5 points	9.9%	8.4%
Energy	DSPY +0.9 points	4.5%	3.6%
Utilities	DSPY +0.7 points	2.8%	2.1%
Real Estate	DSPY +0.6 points	2.6%	2.0%
Materials	DSPY +0.4 points	2.2%	1.8%
Consumer Discretionary	SCHX +0.4 points	9.2%	9.6%

Country, concentration and asset class

Country by domicile

Country weights in DSPY and SCHX, widest gap first
Country	Gap	DSPY	SCHX
United States	SCHX +0.1 points	99.3%	99.4%
Switzerland	DSPY +0.1 points	0.4%	0.3%
China	Same weight	0.1%	0.1%
United Kingdom	Same weight	0.1%	0.1%
Mexico	DSPY +0.1 points	0.1%	0.0%
Ireland	DSPY +0.1 points	0.1%	0.0%
Sweden	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

DSPY21.1%
SCHX35.6%

Securities held

DSPY503
SCHX751

Asset class

DSPY: Stocks
SCHX: Stocks

Holdings

Only in DSPY5
In both498
Only in SCHX253

Only in DSPY

5 securities, 0.1% of DSPY by weight

Mosaic Co/The0.01%
Fox Corp0.01%
News Corp0.01%
A O Smith Corp0.01%
Skydance Corp<0.01%

Only in SCHX

253 securities, 5.4% of SCHX by weight

Space Exploration Technologies Cor0.27%
Snowflake0.14%
Cloudflare Class A0.13%
Cheniere Energy0.09%
Strategy Inc Class A0.07%
Natera0.07%
Ssc Government Mm Gvmxx0.06%
Revolution Medicines0.06%
Roblox Class A0.05%
Heico0.05%
Sunbelt Rentals Holdings Inc0.05%
Astera Labs0.04%
Royalty Pharma PLC Class A0.04%
Rocket Lab Corp0.04%
Okta Class A0.04%
Liberty Media Series C0.04%
Mongodb Class A0.04%
Technipfmc PLC0.04%
Insmed0.04%
Atlassian Corp Class A0.04%
United Therapeutics0.04%
Ati0.04%
Zoom Communications Class A0.04%
Markel Group0.04%
Lpl Financial Holdings0.03%
Us Foods Holding0.03%
Tenet Healthcare Corp0.03%
Royal Gold0.03%
Coupang Class A0.03%
Reliance0.03%
Roku Class A0.03%
Amrize AG0.03%
Roivant Sciences Ltd0.03%
Sofi Technologies0.03%
Zscaler0.03%
Alnylam Pharmaceuticals0.03%
Xpo0.03%
Credo Technology Group Holding Ltd0.03%
Guardant Health0.03%
First Citizens Bancshares Class A0.03%
Affirm Holdings Class A0.03%
Medline Class A0.03%
Entegris Inc0.03%
Unity Software0.03%
Woodward0.03%
Sharkninja0.03%
Itt Inc0.03%
Ftai Aviation0.03%
Permian Resources Class A0.03%
Toast Class A0.03%

Weight gaps

The 100 widest of 498 Holdings in both funds.

Holding weights in DSPY and SCHX, widest gap first
Holding	Gap	DSPY	SCHX
Apple IncAAPL	SCHX +3.93 points	3.50%	7.43%
Microsoft CorpMSFT	SCHX +3.16 points	2.70%	5.86%
NVIDIA CorpNVDA	SCHX +3.10 points	3.62%	6.72%
Amazon.com IncAMZN	SCHX +1.66 points	2.13%	3.79%
Alphabet IncGOOGL	SCHX +1.44 points	1.05%	2.49%
Alphabet IncGOOG	SCHX +1.16 points	0.85%	2.01%
Broadcom IncAVGO	SCHX +0.54 points	1.54%	2.08%
Meta Platforms IncMETA	SCHX +0.36 points	1.64%	2.00%
Walmart IncWMT	DSPY +0.29 points	1.12%	0.83%
Mastercard IncMA	DSPY +0.27 points	1.06%	0.79%
Procter & Gamble Co/ThePG	DSPY +0.27 points	0.84%	0.57%
AbbVie IncABBV	DSPY +0.25 points	1.02%	0.77%
Chevron CorpCVX	DSPY +0.24 points	0.87%	0.63%
Coca-Cola Co/TheKO	DSPY +0.23 points	0.78%	0.55%
Bank of America CorpBAC	DSPY +0.23 points	0.71%	0.48%
Merck & Co IncMRK	DSPY +0.22 points	0.76%	0.54%
UnitedHealth Group IncUNH	DSPY +0.21 points	0.74%	0.53%
Palantir Technologies IncPLTR	DSPY +0.21 points	0.76%	0.55%
Johnson & JohnsonJNJ	DSPY +0.20 points	1.19%	0.99%
Cisco Systems IncCSCO	DSPY +0.20 points	0.75%	0.55%
Costco Wholesale CorpCOST	DSPY +0.19 points	0.89%	0.70%
Ge AerospaceGE	DSPY +0.19 points	0.69%	0.50%
Wells Fargo & CoWFC	DSPY +0.19 points	0.57%	0.38%
Goldman Sachs Group Inc/TheGS	DSPY +0.18 points	0.56%	0.38%
Rtx CorpRTX	DSPY +0.17 points	0.55%	0.38%
Home Depot Inc/TheHD	DSPY +0.17 points	0.68%	0.51%
Visa IncV	DSPY +0.16 points	1.23%	1.07%
Thermo Fisher Scientific IncTMO	DSPY +0.16 points	0.54%	0.38%
Caterpillar IncCAT	DSPY +0.16 points	0.54%	0.38%
Applied Materials IncAMAT	DSPY +0.15 points	0.54%	0.39%
Simon Property Group IncSPG	DSPY +0.15 points	0.26%	0.11%
Philip Morris International IncPM	DSPY +0.15 points	0.61%	0.46%
Linde PLCLIN	DSPY +0.15 points	0.50%	0.35%
Exxonmobil Holdings CorpXOM	DSPY +0.15 points	1.16%	1.01%
Palo Alto Networks IncPANW	DSPY +0.14 points	0.52%	0.38%
Intel CorpINTC	DSPY +0.14 points	0.56%	0.42%
International Business Machines CorpIBM	DSPY +0.14 points	0.48%	0.34%
Lam Research CorpLRCX	DSPY +0.14 points	0.51%	0.37%
Mcdonald's CorpMCD	DSPY +0.14 points	0.43%	0.29%
Morgan StanleyMS	DSPY +0.14 points	0.46%	0.32%
Abbott LaboratoriesABT	DSPY +0.14 points	0.42%	0.28%
Pepsico IncPEP	DSPY +0.13 points	0.42%	0.29%
Walt Disney Co/TheDIS	DSPY +0.13 points	0.43%	0.30%
Crowdstrike Holdings IncCRWD	DSPY +0.13 points	0.46%	0.33%
Texas Instruments IncTXN	DSPY +0.13 points	0.51%	0.38%
Citigroup IncC	DSPY +0.13 points	0.43%	0.30%
Netflix IncNFLX	DSPY +0.13 points	0.52%	0.39%
Ge Vernova IncGEV	DSPY +0.12 points	0.43%	0.31%
Amgen IncAMGN	DSPY +0.11 points	0.48%	0.37%
Verizon Communications IncVZ	DSPY +0.11 points	0.39%	0.28%
Arista Networks IncANET	DSPY +0.11 points	0.38%	0.27%
Kla CorpKLAC	DSPY +0.11 points	0.38%	0.27%
Chubb LtdCB	DSPY +0.11 points	0.30%	0.19%
Amphenol CorpAPH	DSPY +0.11 points	0.38%	0.27%
Salesforce IncCRM	DSPY +0.11 points	0.37%	0.26%
Qualcomm IncQCOM	DSPY +0.11 points	0.37%	0.26%
Marriott International Inc/MdMAR	DSPY +0.10 points	0.23%	0.13%
Westinghouse Air Brake Technologies CorpWAB	DSPY +0.10 points	0.17%	0.07%
Accenture PLCACN	DSPY +0.09 points	0.33%	0.24%
Gilead Sciences IncGILD	DSPY +0.09 points	0.40%	0.31%
Nextera Energy IncNEE	DSPY +0.09 points	0.36%	0.27%
American Express CoAXP	DSPY +0.09 points	0.34%	0.25%
S&P Global IncSPGI	DSPY +0.09 points	0.30%	0.21%
AT&T IncT	DSPY +0.09 points	0.31%	0.22%
Progressive Corp/ThePGR	DSPY +0.09 points	0.29%	0.20%
Newmont CorpNEM	DSPY +0.09 points	0.28%	0.19%
Uber Technologies IncUBER	DSPY +0.08 points	0.29%	0.21%
Trane Technologies PLCTT	DSPY +0.09 points	0.21%	0.13%
Charles Schwab Corp/TheSCHW	DSPY +0.08 points	0.30%	0.22%
Intuitive Surgical IncISRG	DSPY +0.08 points	0.32%	0.24%
Oracle CorpORCL	DSPY +0.08 points	0.42%	0.34%
Analog Devices IncADI	DSPY +0.08 points	0.34%	0.26%
Howmet Aerospace IncHWM	DSPY +0.08 points	0.20%	0.12%
Quanta Services IncPWR	DSPY +0.08 points	0.20%	0.12%
Tjx Cos Inc/TheTJX	DSPY +0.08 points	0.30%	0.22%
Hca Healthcare IncHCA	DSPY +0.08 points	0.19%	0.11%
Pfizer IncPFE	DSPY +0.08 points	0.33%	0.25%
Union Pacific CorpUNP	DSPY +0.07 points	0.33%	0.26%
Valero Energy CorpVLO	DSPY +0.07 points	0.22%	0.15%
Idexx Laboratories IncIDXX	DSPY +0.07 points	0.15%	0.08%
Deere & CoDE	DSPY +0.08 points	0.33%	0.25%
Sandisk CorpSNDK	DSPY +0.08 points	0.26%	0.18%
Kinder Morgan IncKMI	DSPY +0.07 points	0.16%	0.09%
Booking Holdings IncBKNG	DSPY +0.07 points	0.25%	0.18%
Marsh & Mclennan Cos IncMRSH	DSPY +0.06 points	0.21%	0.15%
Iron Mountain IncIRM	DSPY +0.07 points	0.12%	0.05%
Marvell Technology IncMRVL	DSPY +0.07 points	0.25%	0.18%
Boeing Co/TheBA	DSPY +0.07 points	0.27%	0.20%
ConocophillipsCOP	DSPY +0.07 points	0.31%	0.24%
Danaher CorpDHR	DSPY +0.07 points	0.28%	0.21%
Eli Lilly & CoLLY	SCHX +0.06 points	1.55%	1.61%
Lennar CorpLEN	DSPY +0.06 points	0.09%	0.03%
Capital One Financial CorpCOF	DSPY +0.07 points	0.25%	0.18%
Eaton Corp PLCETN	DSPY +0.06 points	0.26%	0.20%
Twilio IncTWLO	DSPY +0.06 points	0.11%	0.05%
Servicenow IncNOW	DSPY +0.06 points	0.22%	0.16%
Vertex Pharmaceuticals IncVRTX	DSPY +0.06 points	0.27%	0.21%
Seagate Technology Holdings PLCSTX	DSPY +0.06 points	0.22%	0.16%
Adobe IncADBE	DSPY +0.06 points	0.20%	0.14%
Ww Grainger IncGWW	DSPY +0.07 points	0.16%	0.09%

All 505 DSPY holdings⁠All 753 SCHX holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DSPY vs SCHX Cost

Overpaying DSPY vs SCHX

$3,111

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DSPY 0.18%
$3,749
SCHX 0.03%
$638

Amount$10,000

Years30 years

Cost over time

DSPY 0.18%
SCHX 0.03%
Overpaying

Year by year

Year	DSPY	SCHX	Overpaying
10	$328	$55	$273
20	$1,281	$216	$1,065
30	$3,749	$638	$3,111

Expense ratio

0.18%DSPY
0.03%SCHX, cheaper

SCHX0.03%DSPY0.18%

0.00%1.25%

Middle half of US Large-Cap funds
Median 0.20%

SCHX 3rd cheapest of 29 funds

DSPY 13th cheapest of 29 funds

DSPY vs SCHX Dividends

Last 12 months to Nov 9, 2026

Yield (12M): DSPY 0.94%; SCHX 1.05%, better
Payout (12M): DSPY $0.62; SCHX $0.31
Last payment: DSPY $0.19; SCHX $0.08
Ex-dividend: DSPY Sep 29, 2026; SCHX Sep 23, 2026
Paid on: DSPY Oct 1, 2026; SCHX Sep 28, 2026
Frequency: DSPY Quarterly; SCHX Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DSPYQuarterly · 6 paymentsAll DSPY payments⁠

SCHXQuarterly · 41 paymentsAll SCHX payments⁠

DSPY vs SCHX Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DSPY 10.4%since May 2025SCHX 12.5%
Return per unit of riskSharpe ratio, 3 years: DSPY 1.69since May 2025SCHX 1.40
Worst fallMax drawdown, 5 years: DSPY −12.2%since Apr 2025SCHX −25.4%
Market sensitivityBeta, 5 years: DSPY 0.82SCHX 1.01; Market = 1

DSPY and SCHX in the news

All news⁠

Head-to-Head
SCHX is the one fund, unless you want SCHG's growth bet
Nov 5, 2026SCHX
Category Review
Broad U.S. large-cap funds kept pace with the S&P 500 this year. The top 50 did not.
Updated Oct 16, 2026SCHX

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DSPY vs SCHX

In short

Stated mandate

Why people hold it

Worth knowing

How DSPY and SCHX differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DSPY

Only in SCHX

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

SCHX is the one fund, unless you want SCHG's growth bet

Broad U.S. large-cap funds kept pace with the S&P 500 this year. The top 50 did not.

How DSPY and SCHX differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DSPY

Only in SCHX

Weight gaps