DVSP vs. AFOS

Last updated Jun 24, 2026

DVSP (WEBs SPY Defined Volatility ETF) and AFOS (ARS Focused Opportunities Strategy ETF) are both Large Cap Blend Equities funds. Their correlation of 0.82 suggests significant overlap in exposure. DVSP charges 0.89%/yr vs 0.45%/yr for AFOS.

Performance

DVSP vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WEBs SPY Defined Volatility ETF (DVSP) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DVSP achieves a 4.43% return, which is significantly lower than AFOS's 31.60% return.

DVSP

• 1D: -1.57%
• 1M: -3.09%
• YTD: 4.43%
• 6M: 2.58%
• 1Y: 27.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AFOS

• 1D: -3.79%
• 1M: 4.43%
• YTD: 31.60%
• 6M: 30.16%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DVSP vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
DVSP WEBs SPY Defined Volatility ETF	4.43%	19.93%
AFOS ARS Focused Opportunities Strategy ETF	31.60%	37.10%

Correlation

The correlation between DVSP and AFOS is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.82

Return for Risk

DVSP vs. AFOS — Risk / Return Rank

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

DVSP

DVSP Risk / Return Rank: 40
DVSP Sharpe Ratio Rank: 41
DVSP Sortino Ratio Rank: 37
DVSP Omega Ratio Rank: 38
DVSP Calmar Ratio Rank: 38
DVSP Martin Ratio Rank: 44

AFOS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

DVSP vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WEBs SPY Defined Volatility ETF (DVSP) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

	DVSP	AFOS	Difference
Sharpe ratio: Return per unit of total volatility	1.33	—	—
Sortino ratio: Return per unit of downside risk	1.79	—	—
Omega ratio: Gain probability vs. loss probability	1.23	—	—
Calmar ratio: Return relative to maximum drawdown	1.78	—	—
Martin ratio: Return relative to average drawdown	6.68	—	—

Drawdowns

DVSP vs. AFOS - Drawdown Comparison

The maximum DVSP drawdown since its inception was -22.71%, which is greater than AFOS's maximum drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for DVSP and AFOS.

Drawdown Indicators

	DVSP	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-22.71%	-11.52%	-11.19%
Max Drawdown (1Y) Largest decline over 1 year	-15.56%	—	—
Current Drawdown Current decline from peak	-6.24%	-3.79%	-2.45%
Average Drawdown Average peak-to-trough decline	-5.53%	-1.42%	-4.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.13%	—	—

Volatility

Volatility by Period

	DVSP	AFOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.77%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.89%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	20.91%	21.52%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.24%	21.52%	+0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.24%	21.52%	+0.72%

DVSP vs. AFOS - Expense Ratio Comparison

DVSP has a 0.89% expense ratio, which is higher than AFOS's 0.45% expense ratio.

Dividends

DVSP vs. AFOS - Dividend Comparison

DVSP's dividend yield for the trailing twelve months is around 0.27%, more than AFOS's 0.23% yield.

Position	TTM	2025
AFOS ARS Focused Opportunities Strategy ETF	0.23%	0.30%
DVSP WEBs SPY Defined Volatility ETF	0.27%	0.28%

Frequently Asked Questions

Can I hold both DVSP and AFOS in my portfolio?

DVSP and AFOS have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DVSP or AFOS?

On fees, AFOS is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DVSP or AFOS?

AFOS is cheaper with a 0.45% expense ratio, compared with 0.89% for DVSP.

Which ETF pays a higher dividend yield, DVSP or AFOS?

DVSP has the higher dividend yield at 0.27%, compared with 0.23% for AFOS.

What is the main difference between DVSP and AFOS?

They also come from different issuers: WEBs and ARS Investment Partners. Their fees differ too: 0.89% for DVSP and 0.45% for AFOS.