DVUT vs. DVSP

Last updated Aug 1, 2026

DVUT (WEBs Utilities XLU Defined Volatility ETF) and DVSP (WEBs SPY Defined Volatility ETF) are both exchange-traded funds - DVUT is a Utilities Equities fund tracking the Syntax Defined Volatility XLU Index, while DVSP is a Large Cap Blend Equities fund tracking the Syntax Defined Volatility US Large Cap 500 Index. Both are passively managed. Over the past year, DVUT returned 3.76% vs 22.60% for DVSP. Their 0.15 correlation means their historical movements had little consistent relationship. Both charge a 0.89% expense ratio.

Performance

DVUT vs. DVSP - Performance Comparison

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

Returns By Period

In the year-to-date period, DVUT achieves a 4.94% return, which is significantly lower than DVSP's 6.34% return.

DVUT

• 1D: -0.88%
• 1M: -4.44%
• 6M: 3.42%
• YTD: 4.94%
• 1Y: 3.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.01%

DVSP

• 1D: 1.32%
• 1M: 0.07%
• 6M: 4.41%
• YTD: 6.34%
• 1Y: 22.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.59%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DVSP WEBs SPY Defined Volatility ETF	$21.75K	$13.85K	$20.40K
DVUT WEBs Utilities XLU Defined Volatility ETF	$336.61	$333.66	$2.68K

DVUT vs. DVSP - Yearly Performance Comparison

	2026 (YTD)	2025
DVUT WEBs Utilities XLU Defined Volatility ETF	4.94%	2.12%
DVSP WEBs SPY Defined Volatility ETF	6.34%	12.23%

Correlation

The correlation between DVUT and DVSP is 0.16, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.16
Correlation (All Time) Calculated using the full available price history since Jul 23, 2025	0.15

Return for Risk

DVUT vs. DVSP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DVUT

DVUT Risk / Return Rank: 15
DVUT Sharpe Ratio Rank: 14
DVUT Sortino Ratio Rank: 15
DVUT Omega Ratio Rank: 15
DVUT Calmar Ratio Rank: 15
DVUT Martin Ratio Rank: 14

DVSP

DVSP Risk / Return Rank: 36
DVSP Sharpe Ratio Rank: 35
DVSP Sortino Ratio Rank: 34
DVSP Omega Ratio Rank: 34
DVSP Calmar Ratio Rank: 34
DVSP Martin Ratio Rank: 40

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DVUT vs. DVSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WEBs Utilities XLU Defined Volatility ETF (DVUT) and WEBs SPY Defined Volatility ETF (DVSP). 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.

	DVUT	DVSP	Difference
Sharpe ratio: Return per unit of total volatility	0.16	0.88	-0.72
Sortino ratio: Return per unit of downside risk	0.40	1.28	-0.87
Omega ratio: Gain probability vs. loss probability	1.05	1.16	-0.11
Calmar ratio: Return relative to maximum drawdown	0.23	1.21	-0.97
Martin ratio: Return relative to average drawdown	0.45	4.21	-3.76

DVUT vs. DVSP - Sharpe Ratio Comparison

The current DVUT Sharpe Ratio is 0.16, which is lower than the DVSP Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of DVUT and DVSP, 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

DVUT vs. DVSP - Drawdown Comparison

The maximum DVUT drawdown since its inception was -18.27%, smaller than the maximum DVSP drawdown of -22.71%. Use the drawdown chart below to compare losses from any high point for DVUT and DVSP.

Drawdown Indicators

	DVUT	DVSP	Difference
Max Drawdown Largest peak-to-trough decline	-18.27%	-22.71%	+4.44%
Max Drawdown (1Y) Largest decline over 1 year	-18.27%	-15.56%	-2.71%
Current Drawdown Current decline from peak	-12.19%	-4.52%	-7.67%
Average Drawdown Average peak-to-trough decline	-7.98%	-5.49%	-2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.37%	4.45%	+4.92%

Volatility

DVUT vs. DVSP - Volatility Comparison

WEBs Utilities XLU Defined Volatility ETF (DVUT) has a higher volatility of 7.37% compared to WEBs SPY Defined Volatility ETF (DVSP) at 5.93%. This indicates that DVUT's price experiences larger fluctuations and is considered to be riskier than DVSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DVUT	DVSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.37%	5.93%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	19.50%	15.75%	+3.75%
Volatility (1Y) Calculated over the trailing 1-year period	26.12%	21.27%	+4.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.08%	22.00%	+4.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.08%	22.00%	+4.08%

DVUT vs. DVSP - Expense Ratio Comparison

Both DVUT and DVSP have an expense ratio of 0.89%.

Dividends

DVUT vs. DVSP - Dividend Comparison

DVUT has not paid dividends to shareholders, while DVSP's dividend yield for the trailing twelve months is around 0.26%.

Position	TTM	2025
DVSP WEBs SPY Defined Volatility ETF	0.26%	0.28%
DVUT WEBs Utilities XLU Defined Volatility ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both DVUT and DVSP in my portfolio?

DVUT and DVSP have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVUT or DVSP?

DVUT has higher volatility (7.37%) compared to DVSP (5.93%). In terms of maximum drawdown, DVUT dropped -18.27% vs DVSP's -22.71%.

Which ETF is better, DVUT or DVSP?

On 1-year performance, DVSP leads with 22.60% vs 3.76% for DVUT. Both ETFs have the same 0.89% expense ratio. On volatility, DVSP has been the lower-risk option at 5.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVUT or DVSP?

Over the 1-year period, DVSP has performed better with a 22.60% return vs 3.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVUT or DVSP?

DVUT and DVSP have the same expense ratio: 0.89% per year.

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

DVSP has the higher dividend yield at 0.26%, compared with 0.00% for DVUT.

What is the main difference between DVUT and DVSP?

DVUT is categorized as Utilities Equities, while DVSP is Large Cap Blend Equities. DVUT tracks Syntax Defined Volatility XLU Index, while DVSP tracks Syntax Defined Volatility US Large Cap 500 Index.

Which has better risk-adjusted returns?

DVSP currently has the higher Sharpe Ratio (0.88 vs 0.16), 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.