- Issuer
- Liquid Strategies
- Inception Date
- Sep 30, 2019
- Region
- North America (U.S.)
- Category
- Intermediate Core Bond
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $33M
Share Price Chart
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Performance
OVB Performance Chart
Overlay Shares Core Bond ETF (OVB) is up 2.1% since the beginning of the year. OVB is currently trading at $20 per share. Investors who bought $1,000 worth of OVB shares 5 years ago would now be looking at an investment worth $1,026.
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Returns By Period
Overlay Shares Core Bond ETF (OVB) has returned 2.12% so far this year and 8.27% over the past 12 months.
Overlay Shares Core Bond ETF
- 1D
- -0.39%
- 1M
- 0.13%
- YTD
- 2.12%
- 6M
- 2.08%
- 1Y
- 8.27%
- 3Y*
- 5.59%
- 5Y*
- 0.52%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
OVB Monthly Returns History
Based on dividend-adjusted daily data since Oct 1, 2019, OVB's average daily return is +0.01%, while the average monthly return is +0.18%. At this rate, an investment would double in approximately 32.1 years.
Historically, 59% of months were positive and 41% were negative. The best month was Nov 2023 with a return of +6.7%, while the worst month was Sep 2022 at -6.2%. The longest winning streak lasted 6 consecutive months, and the longest losing streak was 5 months.
On a daily basis, OVB closed higher 52% of trading days. The best single day was Apr 6, 2020 with a return of +2.9%, while the worst single day was Mar 12, 2020 at -3.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.00% | 1.94% | -1.39% | 0.57% | 0.67% | -0.66% | 2.12% | ||||||
| 2025 | 0.78% | 2.27% | -1.69% | 0.04% | -0.41% | 1.97% | 0.40% | 1.28% | 1.35% | 0.87% | 0.78% | -0.12% | 7.72% |
| 2024 | 0.52% | -0.26% | 1.34% | -3.61% | 2.62% | 1.45% | 2.33% | 1.90% | 1.38% | -2.87% | 1.91% | -2.51% | 4.03% |
| 2023 | 3.74% | -2.87% | 3.01% | 0.89% | -1.22% | 0.02% | 0.24% | -0.62% | -3.67% | -3.02% | 6.72% | 4.01% | 6.89% |
| 2022 | -3.45% | -1.14% | -2.43% | -5.00% | 0.33% | -2.26% | 3.15% | -3.82% | -6.22% | -0.12% | 4.18% | -1.13% | -16.96% |
| 2021 | -1.34% | -0.68% | -1.11% | 1.30% | 0.43% | 1.54% | 1.18% | 0.50% | -1.79% | 0.53% | 0.45% | -0.24% | 0.71% |
Benchmark Metrics
Overlay Shares Core Bond ETF has an annualized alpha of 0.01%, beta of 0.13, and R2 of 0.13 versus S&P 500 Index. Calculated based on daily prices since October 01, 2019.
- This ETF participated in 44.84% of S&P 500 Index downside but only 23.10% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.13 may look defensive, but with R2 of 0.13 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.13 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 0.01%
- Beta
- 0.13
- R²
- 0.13
- Upside Capture
- 23.10%
- Downside Capture
- 44.84%
Expense Ratio
OVB has an expense ratio of 0.79%, placing it in the medium range.
Return for Risk
Risk / Return Rank
OVB ranks 51 for risk / return — on par with similar ETFs. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Overlay Shares Core Bond ETF (OVB) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| OVB | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.37 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.33 | 2.78 | +0.55 |
| Martin ratioReturn relative to average drawdown | 10.57 | 12.44 | -1.87 |
Dividends
Dividend History
Overlay Shares Core Bond ETF provided a 6.99% dividend yield over the last twelve months, with an annual payout of $1.43 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend | $1.43 | $1.23 | $1.17 | $1.07 | $0.95 | $1.17 | $1.03 | $0.15 |
Dividend yield | 6.99% | 6.00% | 5.81% | 5.20% | 4.67% | 4.59% | 3.88% | 0.58% |
Monthly Dividends
The table displays the monthly dividend distributions for Overlay Shares Core Bond ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.10 | $0.08 | $0.10 | $0.11 | $0.10 | $0.00 | $0.49 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.29 | $0.00 | $0.00 | $0.31 | $0.00 | $0.00 | $0.31 | $0.00 | $0.31 | $1.23 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.28 | $0.00 | $0.00 | $0.28 | $0.00 | $0.00 | $0.30 | $0.00 | $0.30 | $1.17 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.26 | $0.00 | $0.00 | $0.26 | $0.00 | $0.00 | $0.27 | $0.00 | $0.28 | $1.07 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.22 | $0.00 | $0.00 | $0.23 | $0.00 | $0.00 | $0.24 | $0.00 | $0.25 | $0.95 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.26 | $0.00 | $0.00 | $0.24 | $0.00 | $0.00 | $0.24 | $0.00 | $0.43 | $1.17 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Overlay Shares Core Bond ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Overlay Shares Core Bond ETF was 21.69%, occurring on Oct 20, 2022. Recovery took 828 trading sessions.
The current Overlay Shares Core Bond ETF drawdown is 0.82%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -21.69%Oct 2022 | 1y 1mo | 3y 3mo | 4y 4moSep 2021 - Feb 2026 |
COVID crash2020 | -9.52%Mar 2020 | 8d | 1mo 12d | 1mo 20dMar 2020 - Apr 2020 |
2021 pullback2021 | -3.74%Mar 2021 | 6mo 23d | 3mo 16d | 10mo 9dAug 2020 - Jul 2021 |
2026 pullback2026 | -2.49%Mar 2026 | 25d | — | 3mo 23dMar 2026 - now |
COVID crash2020 | -2.14%Feb 2020 | 6d | 6d | 12dFeb 2020 - Mar 2020 |
Drawdown Indicators
| OVB | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.69% | -56.78% | +35.09% |
Max Drawdown (1Y)Largest decline over 1 year | -2.49% | -9.10% | +6.61% |
Max Drawdown (3Y)Largest decline over 3 years | -8.18% | -18.90% | +10.72% |
Max Drawdown (5Y)Largest decline over 5 years | -21.69% | -25.43% | +3.74% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.82% | -1.80% | +0.98% |
Average DrawdownAverage peak-to-trough decline | -6.99% | -10.71% | +3.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 2.03% | -1.25% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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