That chart is a frame-time plot. That is a graph of time each frame took to be displayed on screen. I phrased it that way for a reason. You might think it's how long it took to render, but no. It's how long everything took to get ready and then on top of that to be rendered.
Where that 1 spike is is whats causing the average FPS value to momentarily show slightly under 60 fps, but for that specific spike, for that 1 frame or rather because of it the average effectively might have actually been '15 fps'.
So the next question is to figure out what is actually happening during that 1 frame, during the spike.