DVXV vs. XLVI

Last updated Jun 4, 2026

DVXV (WEBs Health Care XLV Defined Volatility ETF) and XLVI (State Street Health Care Select Sector SPDR Premium Income ETF) are both exchange-traded funds - DVXV is a Health & Biotech Equities fund tracking the Syntax Defined Volatility XLV Index, while XLVI is a Derivative Income fund actively managed by State Street. DVXV is passively managed, while XLVI is actively managed. With a 0.96 correlation, they move nearly in lockstep. DVXV charges 0.89%/yr vs 0.35%/yr for XLVI.

Performance

DVXV vs. XLVI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WEBs Health Care XLV Defined Volatility ETF (DVXV) and State Street Health Care Select Sector SPDR Premium Income ETF (XLVI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DVXV achieves a -6.26% return, which is significantly lower than XLVI's -0.67% return.

DVXV

• 1D: 1.22%
• 1M: 2.40%
• YTD: -6.26%
• 6M: -6.57%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

XLVI

• 1D: 0.67%
• 1M: 2.30%
• YTD: -0.67%
• 6M: 0.76%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DVXV vs. XLVI - Yearly Performance Comparison

	2026 (YTD)	2025
DVXV WEBs Health Care XLV Defined Volatility ETF	-6.26%	23.55%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	-0.67%	12.79%

Correlation

The correlation between DVXV and XLVI is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 31, 2025	0.96

Return for Risk

DVXV vs. XLVI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WEBs Health Care XLV Defined Volatility ETF (DVXV) and State Street Health Care Select Sector SPDR Premium Income ETF (XLVI). 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.

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

Sharpe Ratios by Period

	DVXV	XLVI	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	1.33	-0.57

Drawdowns

DVXV vs. XLVI - Drawdown Comparison

The maximum DVXV drawdown since its inception was -14.36%, which is greater than XLVI's maximum drawdown of -8.14%. Use the drawdown chart below to compare losses from any high point for DVXV and XLVI.

Drawdown Indicators

	DVXV	XLVI	Difference
Max Drawdown Largest peak-to-trough decline	-14.36%	-8.14%	-6.22%
Current Drawdown Current decline from peak	-10.72%	-4.02%	-6.70%
Average Drawdown Average peak-to-trough decline	-4.79%	-1.95%	-2.84%

Volatility

Volatility by Period

	DVXV	XLVI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	21.33%	10.94%	+10.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.33%	10.94%	+10.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.33%	10.94%	+10.39%

DVXV vs. XLVI - Expense Ratio Comparison

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

Dividends

DVXV vs. XLVI - Dividend Comparison

DVXV has not paid dividends to shareholders, while XLVI's dividend yield for the trailing twelve months is around 11.53%.

Position	TTM	2025
DVXV WEBs Health Care XLV Defined Volatility ETF	0.00%	0.00%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	11.53%	5.73%

Frequently Asked Questions

Can I hold both DVXV and XLVI in my portfolio?

With a correlation of 0.96, DVXV and XLVI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, DVXV or XLVI?

On fees, XLVI is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DVXV or XLVI?

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

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

XLVI has the higher dividend yield at 11.53%, compared with 0.00% for DVXV.

What is the main difference between DVXV and XLVI?

DVXV is categorized as Health & Biotech Equities, while XLVI is Derivative Income. They also come from different issuers: WEBs and State Street. Their fees differ too: 0.89% for DVXV and 0.35% for XLVI.