DVXV vs. XBI

Last updated Aug 1, 2026

DVXV (WEBs Health Care XLV Defined Volatility ETF) and XBI (SPDR S&P Biotech ETF) are both Health & Biotech Equities funds - DVXV tracks the Syntax Defined Volatility XLV Index while XBI tracks the S&P Biotechnology Select Industry Index. Both are passively managed. Over the past year, DVXV returned 33.47% vs 71.86% for XBI. Their 0.48 correlation means their historical movements had little consistent relationship. DVXV charges 0.89%/yr vs 0.35%/yr for XBI.

Performance

DVXV vs. XBI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WEBs Health Care XLV Defined Volatility ETF (DVXV) and SPDR S&P Biotech ETF (XBI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DVXV achieves a 4.89% return, which is significantly lower than XBI's 20.69% return.

DVXV

• 1D: -0.50%
• 1M: -1.06%
• 6M: 5.03%
• YTD: 4.89%
• 1Y: 33.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.57%

XBI

• 1D: -2.94%
• 1M: -8.38%
• 6M: 17.96%
• YTD: 20.69%
• 1Y: 71.86%
• 3Y*: 21.10%
• 5Y*: 3.69%
• 10Y*: 9.00%
• ALL TIME*: 11.58%

*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)
DVXV WEBs Health Care XLV Defined Volatility ETF	$1.42K	$1.10K	$2.54K
XBI SPDR S&P Biotech ETF	$1.17B	$1.34B	$1.30B

DVXV vs. XBI - Yearly Performance Comparison

	2026 (YTD)	2025
DVXV WEBs Health Care XLV Defined Volatility ETF	4.89%	21.27%
XBI SPDR S&P Biotech ETF	20.69%	41.09%

Correlation

The correlation between DVXV and XBI is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (All Time) Calculated using the full available price history since Jul 23, 2025	0.48

Return for Risk

DVXV vs. XBI — Risk / Return Rank

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

DVXV

DVXV Risk / Return Rank: 66
DVXV Sharpe Ratio Rank: 70
DVXV Sortino Ratio Rank: 79
DVXV Omega Ratio Rank: 66
DVXV Calmar Ratio Rank: 68
DVXV Martin Ratio Rank: 49

XBI

XBI Risk / Return Rank: 94
XBI Sharpe Ratio Rank: 95
XBI Sortino Ratio Rank: 93
XBI Omega Ratio Rank: 90
XBI Calmar Ratio Rank: 97
XBI Martin Ratio Rank: 95

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.

DVXV vs. XBI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WEBs Health Care XLV Defined Volatility ETF (DVXV) and SPDR S&P Biotech ETF (XBI). 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.

	DVXV	XBI	Difference
Sharpe ratio: Return per unit of total volatility	1.62	2.70	-1.08
Sortino ratio: Return per unit of downside risk	2.56	3.50	-0.94
Omega ratio: Gain probability vs. loss probability	1.28	1.42	-0.13
Calmar ratio: Return relative to maximum drawdown	2.41	6.92	-4.52
Martin ratio: Return relative to average drawdown	5.60	19.52	-13.92

DVXV vs. XBI - Sharpe Ratio Comparison

The current DVXV Sharpe Ratio is 1.62, which is lower than the XBI Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of DVXV and XBI, 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

DVXV vs. XBI - Drawdown Comparison

The maximum DVXV drawdown since its inception was -14.36%, smaller than the maximum XBI drawdown of -63.89%. Use the drawdown chart below to compare losses from any high point for DVXV and XBI.

Drawdown Indicators

	DVXV	XBI	Difference
Max Drawdown Largest peak-to-trough decline	-14.36%	-63.89%	+49.53%
Max Drawdown (1Y) Largest decline over 1 year	-14.36%	-10.51%	-3.85%
Max Drawdown (3Y) Largest decline over 3 years	—	-32.99%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-54.00%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-63.89%	—
Current Drawdown Current decline from peak	-2.61%	-14.95%	+12.34%
Average Drawdown Average peak-to-trough decline	-4.58%	-20.87%	+16.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.16%	3.72%	+2.44%

Volatility

DVXV vs. XBI - Volatility Comparison

The current volatility for WEBs Health Care XLV Defined Volatility ETF (DVXV) is 5.81%, while SPDR S&P Biotech ETF (XBI) has a volatility of 8.27%. This indicates that DVXV experiences smaller price fluctuations and is considered to be less risky than XBI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DVXV	XBI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.81%	8.27%	-2.46%
Volatility (6M) Calculated over the trailing 6-month period	15.13%	21.50%	-6.37%
Volatility (1Y) Calculated over the trailing 1-year period	21.61%	26.97%	-5.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.42%	32.32%	-10.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.42%	31.93%	-10.51%

DVXV vs. XBI - Expense Ratio Comparison

DVXV has a 0.89% expense ratio, which is higher than XBI's 0.35% expense ratio.

Dividends

DVXV vs. XBI - Dividend Comparison

DVXV has not paid dividends to shareholders, while XBI's dividend yield for the trailing twelve months is around 0.39%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVXV WEBs Health Care XLV Defined Volatility ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XBI SPDR S&P Biotech ETF	0.39%	0.37%	0.15%	0.02%	0.00%	0.04%	0.20%	0.00%	0.28%	0.24%	0.26%	0.61%

Frequently Asked Questions

Can I hold both DVXV and XBI in my portfolio?

DVXV and XBI have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVXV or XBI?

XBI has higher volatility (8.27%) compared to DVXV (5.81%). In terms of maximum drawdown, DVXV dropped -14.36% vs XBI's -63.89%.

Which ETF is better, DVXV or XBI?

On 1-year performance, XBI leads with 71.86% vs 33.47% for DVXV. On fees, XBI is cheaper at 0.35% per year. On volatility, DVXV has been the lower-risk option at 5.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVXV or XBI?

Over the 1-year period, XBI has performed better with a 71.86% return vs 33.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVXV or XBI?

XBI is cheaper with a 0.35% expense ratio, compared with 0.89% for DVXV.

Which ETF pays a higher dividend yield, DVXV or XBI?

XBI has the higher dividend yield at 0.39%, compared with 0.00% for DVXV.

What is the main difference between DVXV and XBI?

DVXV tracks Syntax Defined Volatility XLV Index, while XBI tracks S&P Biotechnology Select Industry Index. They also come from different issuers: WEBs and State Street. Their fees differ too: 0.89% for DVXV and 0.35% for XBI.

Which has better risk-adjusted returns?

XBI currently has the higher Sharpe Ratio (2.70 vs 1.62), 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.