I’m 90% sure the majority of time spent on your draw thread is V-Sync waiting. I think your GPU can’t push out the frame in under 11.1ms, so the whole system has to slow down to 22.2ms for V-Sync. Just in case you didn’t know, stat commands aren’t the same as the GPU profiler which can be used with ctrl+shift+, it captures a frame that you can look over in the editor after your play session. Expensive screen space effects like SSR, AO, and even atmospheric fog have a heavy performance cost in VR, so disable those if you don’t absolutely need them. This blog post has a lot of good info on optimising VR in UE4.