DVXC vs. FMET

Last updated Aug 1, 2026

DVXC (WEBs Communication Services XLC Defined Volatility ETF) and FMET (Fidelity Metaverse ETF) are both Communications Equities funds. DVXC is passively managed, while FMET is actively managed. Over the past year, DVXC returned -5.14% vs 7.40% for FMET. Their 0.53 correlation means they have sometimes moved together and sometimes differently. DVXC charges 0.89%/yr vs 0.39%/yr for FMET.

Performance

DVXC vs. FMET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WEBs Communication Services XLC Defined Volatility ETF (DVXC) and Fidelity Metaverse ETF (FMET). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DVXC achieves a -20.96% return, which is significantly lower than FMET's 3.07% return.

DVXC

• 1D: 1.99%
• 1M: -3.90%
• 6M: -23.46%
• YTD: -20.96%
• 1Y: -5.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -8.15%

FMET

• 1D: -1.53%
• 1M: 0.62%
• 6M: 4.91%
• YTD: 3.07%
• 1Y: 7.40%
• 3Y*: 11.40%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.30%

*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)
DVXC WEBs Communication Services XLC Defined Volatility ETF	$148.16	$1.77K	$1.90K
FMET Fidelity Metaverse ETF	$106.31K	$94.10K	$143.93K

DVXC vs. FMET - Yearly Performance Comparison

	2026 (YTD)	2025
DVXC WEBs Communication Services XLC Defined Volatility ETF	-20.96%	16.00%
FMET Fidelity Metaverse ETF	3.07%	3.67%

Correlation

The correlation between DVXC and FMET is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.54
Correlation (All Time) Calculated using the full available price history since Jul 23, 2025	0.53

The correlation between DVXC and FMET has been stable across timeframes, ranging from 0.53 to 0.54 - a consistent structural relationship.

Return for Risk

DVXC vs. FMET — Risk / Return Rank

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

DVXC

DVXC Risk / Return Rank: 7
DVXC Sharpe Ratio Rank: 7
DVXC Sortino Ratio Rank: 8
DVXC Omega Ratio Rank: 8
DVXC Calmar Ratio Rank: 7
DVXC Martin Ratio Rank: 7

FMET

FMET Risk / Return Rank: 16
FMET Sharpe Ratio Rank: 17
FMET Sortino Ratio Rank: 16
FMET Omega Ratio Rank: 16
FMET Calmar Ratio Rank: 15
FMET Martin Ratio Rank: 15

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.

DVXC vs. FMET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WEBs Communication Services XLC Defined Volatility ETF (DVXC) and Fidelity Metaverse ETF (FMET). 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.

	DVXC	FMET	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	0.27	-0.53
Sortino ratio: Return per unit of downside risk	-0.19	0.51	-0.70
Omega ratio: Gain probability vs. loss probability	0.98	1.06	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.28	0.25	-0.53
Martin ratio: Return relative to average drawdown	-0.65	0.62	-1.27

DVXC vs. FMET - Sharpe Ratio Comparison

The current DVXC Sharpe Ratio is -0.27, which is lower than the FMET Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of DVXC and FMET, 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

DVXC vs. FMET - Drawdown Comparison

The maximum DVXC drawdown since its inception was -26.47%, smaller than the maximum FMET drawdown of -29.94%. Use the drawdown chart below to compare losses from any high point for DVXC and FMET.

Drawdown Indicators

	DVXC	FMET	Difference
Max Drawdown Largest peak-to-trough decline	-26.47%	-29.94%	+3.47%
Max Drawdown (1Y) Largest decline over 1 year	-26.47%	-23.00%	-3.47%
Max Drawdown (3Y) Largest decline over 3 years	—	-25.02%	—
Current Drawdown Current decline from peak	-23.95%	-7.53%	-16.42%
Average Drawdown Average peak-to-trough decline	-9.04%	-7.71%	-1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.32%	9.17%	+2.15%

Volatility

DVXC vs. FMET - Volatility Comparison

WEBs Communication Services XLC Defined Volatility ETF (DVXC) has a higher volatility of 10.08% compared to Fidelity Metaverse ETF (FMET) at 4.88%. This indicates that DVXC's price experiences larger fluctuations and is considered to be riskier than FMET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DVXC	FMET	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.08%	4.88%	+5.20%
Volatility (6M) Calculated over the trailing 6-month period	21.25%	17.48%	+3.77%
Volatility (1Y) Calculated over the trailing 1-year period	27.73%	21.32%	+6.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.59%	24.30%	+3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.59%	24.30%	+3.29%

DVXC vs. FMET - Expense Ratio Comparison

DVXC has a 0.89% expense ratio, which is higher than FMET's 0.39% expense ratio.

Dividends

DVXC vs. FMET - Dividend Comparison

DVXC has not paid dividends to shareholders, while FMET's dividend yield for the trailing twelve months is around 0.51%.

Position	TTM	2025	2024	2023	2022
DVXC WEBs Communication Services XLC Defined Volatility ETF	0.00%	0.00%	0.00%	0.00%	0.00%
FMET Fidelity Metaverse ETF	0.51%	0.81%	0.44%	0.40%	0.18%

Frequently Asked Questions

Can I hold both DVXC and FMET in my portfolio?

DVXC and FMET have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVXC or FMET?

DVXC has higher volatility (10.08%) compared to FMET (4.88%). In terms of maximum drawdown, DVXC dropped -26.47% vs FMET's -29.94%.

Which ETF is better, DVXC or FMET?

On 1-year performance, FMET leads with 7.40% vs -5.14% for DVXC. On fees, FMET is cheaper at 0.39% per year. On volatility, FMET has been the lower-risk option at 4.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVXC or FMET?

Over the 1-year period, FMET has performed better with a 7.40% return vs -5.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVXC or FMET?

FMET is cheaper with a 0.39% expense ratio, compared with 0.89% for DVXC.

Which ETF pays a higher dividend yield, DVXC or FMET?

FMET has the higher dividend yield at 0.51%, compared with 0.00% for DVXC.

What is the main difference between DVXC and FMET?

They also come from different issuers: WEBs and Fidelity. Their fees differ too: 0.89% for DVXC and 0.39% for FMET.

Which has better risk-adjusted returns?

FMET currently has the higher Sharpe Ratio (0.27 vs -0.27), 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.