- Issuer
- Liquid Strategies
- Inception Date
- Sep 30, 2019
- Region
- North America (U.S.)
- Category
- Large Cap Growth Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $183M
Share Price Chart
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Performance
OVL Performance Chart
Overlay Shares Large Cap Equity ETF (OVL) is up 8.3% since the beginning of the year. OVL is currently trading at $55 per share. Investors who bought $1,000 worth of OVL shares 5 years ago would now be looking at an investment worth $1,856.
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Returns By Period
Overlay Shares Large Cap Equity ETF (OVL) has returned 8.29% so far this year and 25.78% over the past 12 months.
Overlay Shares Large Cap Equity ETF
- 1D
- -1.66%
- 1M
- -2.39%
- YTD
- 8.29%
- 6M
- 7.59%
- 1Y
- 25.78%
- 3Y*
- 22.29%
- 5Y*
- 13.16%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -1.62%
- 1M
- -1.97%
- YTD
- 6.16%
- 6M
- 5.52%
- 1Y
- 20.34%
- 3Y*
- 19.12%
- 5Y*
- 11.34%
- 10Y*
- 13.24%
OVL Monthly Returns History
Based on dividend-adjusted daily data since Oct 1, 2019, OVL's average daily return is +0.07%, while the average monthly return is +1.44%. At this rate, an investment would double in approximately 4.0 years.
Historically, 65% of months were positive and 35% were negative. The best month was Apr 2020 with a return of +13.8%, while the worst month was Mar 2020 at -13.1%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 3 months.
On a daily basis, OVL closed higher 56% of trading days. The best single day was Apr 9, 2025 with a return of +9.9%, while the worst single day was Mar 12, 2020 at -11.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.99% | -0.16% | -4.70% | 11.02% | 5.71% | -4.91% | 8.29% | ||||||
| 2025 | 2.75% | -1.28% | -7.44% | -1.04% | 6.64% | 5.43% | 3.02% | 1.88% | 4.02% | 2.65% | 0.30% | 0.33% | 17.81% |
| 2024 | 2.40% | 6.34% | 3.93% | -5.43% | 5.66% | 4.28% | 1.24% | 2.77% | 2.21% | -1.33% | 6.71% | -3.12% | 27.91% |
| 2023 | 7.06% | -2.64% | 3.69% | 2.04% | 0.50% | 7.19% | 3.11% | -1.56% | -5.96% | -3.40% | 11.25% | 5.04% | 28.01% |
| 2022 | -6.60% | -3.19% | 4.41% | -10.51% | 0.43% | -9.15% | 10.13% | -4.73% | -11.16% | 9.06% | 5.80% | -6.13% | -22.18% |
| 2021 | -0.76% | 3.17% | 4.87% | 5.66% | 0.98% | 2.97% | 2.62% | 3.32% | -5.27% | 7.45% | -0.47% | 4.48% | 32.40% |
Benchmark Metrics
Overlay Shares Large Cap Equity ETF has an annualized alpha of 1.59%, beta of 1.07, and R2 of 0.92 versus S&P 500 Index. Calculated based on daily prices since October 01, 2019.
- This ETF captured 118.55% of S&P 500 Index gains and 109.69% of its losses - amplifying both gains and losses, but participating more in upside than downside.
- With beta of 1.07 and R2 of 0.92, this ETF moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- 1.59%
- Beta
- 1.07
- R²
- 0.92
- Upside Capture
- 118.55%
- Downside Capture
- 109.69%
Expense Ratio
OVL has an expense ratio of 0.79%, placing it in the medium range.
Return for Risk
Risk / Return Rank
OVL ranks 69 for risk / return — better than 69% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Overlay Shares Large Cap Equity ETF (OVL) 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.
| OVL | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.30 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.97 | 2.25 | +0.72 |
| Martin ratioReturn relative to average drawdown | 12.80 | 10.14 | +2.66 |
Dividends
Dividend History
Overlay Shares Large Cap Equity ETF provided a 6.46% dividend yield over the last twelve months, with an annual payout of $3.56 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend | $3.56 | $1.59 | $1.44 | $1.26 | $1.17 | $1.47 | $0.78 | $0.14 |
Dividend yield | 6.46% | 2.99% | 3.10% | 3.33% | 3.85% | 3.63% | 2.43% | 0.50% |
Monthly Dividends
The table displays the monthly dividend distributions for Overlay Shares Large Cap Equity 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 | $0.47 | $0.47 | $0.44 | $0.47 | $0.50 | $0.00 | $2.34 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.37 | $0.00 | $0.00 | $0.39 | $0.00 | $0.00 | $0.41 | $0.00 | $0.42 | $1.59 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.30 | $0.00 | $0.00 | $0.38 | $0.00 | $0.00 | $0.38 | $0.00 | $0.39 | $1.44 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.29 | $0.00 | $0.00 | $0.32 | $0.00 | $0.00 | $0.30 | $0.00 | $0.34 | $1.26 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.32 | $0.00 | $0.00 | $0.28 | $0.00 | $0.00 | $0.27 | $0.00 | $0.30 | $1.17 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.29 | $0.00 | $0.00 | $0.31 | $0.00 | $0.00 | $0.31 | $0.00 | $0.57 | $1.47 |
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 Large Cap Equity 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 Large Cap Equity ETF was 35.49%, occurring on Mar 20, 2020. Recovery took 96 trading sessions.
The current Overlay Shares Large Cap Equity ETF drawdown is 5.24%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -35.49%Mar 2020 | 29d | 4mo 19d | 5mo 18dFeb 2020 - Aug 2020 |
Bear market2022 | -29.23%Sep 2022 | 8mo 29d | 1y 3mo | 2y 15dJan 2022 - Jan 2024 |
2025 selloff2025 | -21.73%Apr 2025 | 1mo 17d | 2mo 26d | 4mo 13dFeb 2025 - Jul 2025 |
2020 correction2020 | -10.29%Sep 2020 | 20d | 1mo 21d | 2mo 11dSep 2020 - Nov 2020 |
2024 correction2024 | -10.10%Sep 2024 | 1mo 18d | 16d | 2mo 4dJul 2024 - Sep 2024 |
Drawdown Indicators
| OVL | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.49% | -56.78% | +21.29% |
Max Drawdown (1Y)Largest decline over 1 year | -8.73% | -9.10% | +0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -21.73% | -18.90% | -2.83% |
Max Drawdown (5Y)Largest decline over 5 years | -29.23% | -25.43% | -3.80% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -5.24% | -4.50% | -0.74% |
Average DrawdownAverage peak-to-trough decline | -6.71% | -10.72% | +4.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.02% | 2.01% | +0.01% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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