FDLO vs. DVQQ

Last updated Jun 5, 2026

FDLO (Fidelity Low Volatility Factor ETF) and DVQQ (WEBs QQQ Defined Volatility ETF) are both exchange-traded funds - FDLO is a Volatility Hedged Equity fund tracking the Fidelity U.S. Low Volatility Factor Index, while DVQQ is a Large Cap Growth Equities fund tracking the Syntax Defined Volatility Triple Qs Index. Both are passively managed. Over the past year, FDLO returned 15.69% vs 48.51% for DVQQ. A 0.65 correlation means they provide meaningful diversification when combined. FDLO charges 0.29%/yr vs 0.94%/yr for DVQQ.

Performance

FDLO vs. DVQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Low Volatility Factor ETF (FDLO) and WEBs QQQ Defined Volatility ETF (DVQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDLO achieves a 5.38% return, which is significantly lower than DVQQ's 20.55% return.

FDLO

• 1D: 0.36%
• 1M: 1.29%
• YTD: 5.38%
• 6M: 4.87%
• 1Y: 15.69%
• 3Y*: 14.49%
• 5Y*: 10.20%
• 10Y*: —

DVQQ

• 1D: -0.69%
• 1M: 11.94%
• YTD: 20.55%
• 6M: 17.68%
• 1Y: 48.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FDLO vs. DVQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FDLO Fidelity Low Volatility Factor ETF	5.38%	11.77%	-2.22%
DVQQ WEBs QQQ Defined Volatility ETF	20.55%	18.03%	-7.61%

Correlation

The correlation between FDLO and DVQQ is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	0.65

The correlation between FDLO and DVQQ has been stable across timeframes, ranging from 0.63 to 0.65 - a consistent structural relationship.

Return for Risk

FDLO vs. DVQQ — Risk / Return Rank

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

FDLO

FDLO Risk / Return Rank: 52
FDLO Sharpe Ratio Rank: 54
FDLO Sortino Ratio Rank: 54
FDLO Omega Ratio Rank: 53
FDLO Calmar Ratio Rank: 45
FDLO Martin Ratio Rank: 56

DVQQ

DVQQ Risk / Return Rank: 58
DVQQ Sharpe Ratio Rank: 65
DVQQ Sortino Ratio Rank: 57
DVQQ Omega Ratio Rank: 59
DVQQ Calmar Ratio Rank: 56
DVQQ Martin Ratio Rank: 53

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.

FDLO vs. DVQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Low Volatility Factor ETF (FDLO) and WEBs QQQ Defined Volatility ETF (DVQQ). 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.

	FDLO	DVQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.13	-0.33
Sortino ratio: Return per unit of downside risk	2.56	2.67	-0.11
Omega ratio: Gain probability vs. loss probability	1.32	1.35	-0.03
Calmar ratio: Return relative to maximum drawdown	2.21	2.73	-0.52
Martin ratio: Return relative to average drawdown	9.62	8.96	+0.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDLO vs. DVQQ - Sharpe Ratio Comparison

The current FDLO Sharpe Ratio is 1.80, which is comparable to the DVQQ Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of FDLO and DVQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FDLO	DVQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	2.13	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.86	-0.02

Drawdowns

FDLO vs. DVQQ - Drawdown Comparison

The maximum FDLO drawdown since its inception was -34.35%, which is greater than DVQQ's maximum drawdown of -25.09%. Use the drawdown chart below to compare losses from any high point for FDLO and DVQQ.

Drawdown Indicators

	FDLO	DVQQ	Difference
Max Drawdown Largest peak-to-trough decline	-34.35%	-25.09%	-9.26%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	-17.89%	+10.76%
Max Drawdown (3Y) Largest decline over 3 years	-13.68%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.23%	—	—
Current Drawdown Current decline from peak	-0.55%	-1.05%	+0.50%
Average Drawdown Average peak-to-trough decline	-3.38%	-7.14%	+3.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	5.43%	-3.80%

Volatility

FDLO vs. DVQQ - Volatility Comparison

The current volatility for Fidelity Low Volatility Factor ETF (FDLO) is 1.91%, while WEBs QQQ Defined Volatility ETF (DVQQ) has a volatility of 6.30%. This indicates that FDLO experiences smaller price fluctuations and is considered to be less risky than DVQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDLO	DVQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.91%	6.30%	-4.39%
Volatility (6M) Calculated over the trailing 6-month period	6.42%	16.08%	-9.66%
Volatility (1Y) Calculated over the trailing 1-year period	8.75%	22.86%	-14.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.06%	24.34%	-11.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.50%	24.34%	-8.84%

FDLO vs. DVQQ - Expense Ratio Comparison

FDLO has a 0.29% expense ratio, which is lower than DVQQ's 0.94% expense ratio.

Dividends

FDLO vs. DVQQ - Dividend Comparison

FDLO's dividend yield for the trailing twelve months is around 1.36%, more than DVQQ's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DVQQ WEBs QQQ Defined Volatility ETF	0.03%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FDLO Fidelity Low Volatility Factor ETF	1.36%	1.37%	1.40%	1.35%	1.49%	1.11%	1.38%	1.55%	1.76%	1.61%	0.55%

Frequently Asked Questions

Can I hold both FDLO and DVQQ in my portfolio?

FDLO and DVQQ have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDLO or DVQQ?

DVQQ has higher volatility (6.30%) compared to FDLO (1.91%). In terms of maximum drawdown, FDLO dropped -34.35% vs DVQQ's -25.09%.

Which ETF is better, FDLO or DVQQ?

On 1-year performance, DVQQ leads with 48.51% vs 15.69% for FDLO. On fees, FDLO is cheaper at 0.29% per year. On volatility, FDLO has been the lower-risk option at 1.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDLO or DVQQ?

Over the 1-year period, DVQQ has performed better with a 48.51% return vs 15.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDLO or DVQQ?

FDLO is cheaper with a 0.29% expense ratio, compared with 0.94% for DVQQ.

Which ETF pays a higher dividend yield, FDLO or DVQQ?

FDLO has the higher dividend yield at 1.36%, compared with 0.03% for DVQQ.

What is the main difference between FDLO and DVQQ?

FDLO is categorized as Volatility Hedged Equity, while DVQQ is Large Cap Growth Equities. FDLO tracks Fidelity U.S. Low Volatility Factor Index, while DVQQ tracks Syntax Defined Volatility Triple Qs Index. They also come from different issuers: Fidelity and WEBs. Their fees differ too: 0.29% for FDLO and 0.94% for DVQQ.

Which has better risk-adjusted returns?

DVQQ currently has the higher Sharpe Ratio (2.13 vs 1.80), 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.