Damage calculation in RPGs can be complex, involving many different multiplicative and additive layers. Generally, your base damage is multiplied by your elemental bonuses, generic buffs, and critical hit modifiers. Finally, the target's damage reduction (from armor or resistance) is applied to find the actual damage dealt per hit.
Your Damage Per Second (DPS) is arguably the most important metric for comparing loadouts. To calculate DPS, you must first find your "Average Hit." This is done by taking your normal non-critical hit damage, and mathematically factoring in your critical chance and critical damage multiplier. Once you have the average hit, you simply multiply it by your attack speed (attacks per second) to get your overall DPS.
Often, players must choose between a fast-attacking weapon with low base damage, or a slow weapon that hits like a truck. Furthermore, deciding whether to invest in Critical Hit Chance vs. raw Elemental Damage can be confusing. By plugging both loadouts into this calculator, you can instantly see which setup provides the highest average DPS against a target with specific damage reduction.