Overlay Shares Large Cap Equity ETF (OVL) belongs to the Derivative Income category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with OVL. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to OVL
OVL charges 0.79% annually. There are 99 ETFs in the Derivative Income category with lower expense ratios, going as low as 0.10%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Parametric Equity Plus ETF | 0.10% | 27.32M | Nov 2024 | OVL vs PEPS | |
| iShares S&P 500 BuyWrite ETF | 0.25% | 303.13M | Mar 2024 | OVL vs IVVW | |
| State Street US Equity Premium Income ETF | 0.25% | 45.59M | Sep 2024 | OVL vs SPIN | |
| Fidelity Yield Enhanced Equity ETF | 0.28% | 185.18M | Apr 2024 | OVL vs FYEE | |
| Goldman Sachs S&P 500 Premium Income ETF | 0.29% | 4.27B | Oct 2023 | OVL vs GPIX |
Best Risk-Adjusted Alternatives to OVL
OVL has a PortfoliosLab risk / return rank of 62. There are 34 ETFs in the Derivative Income category with higher risk-adjusted ranks, going as high as 96.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| YieldMax Semiconductor Portfolio Option Income ETF | 96 | 1.16B | Apr 2025 | OVL vs CHPY | |
| SoFi Enhanced Yield ETF | 95 | 34.73M | Nov 2023 | OVL vs THTA | |
| YieldMax GOOGL Option Income Strategy ETF | 92 | 262.22M | Jul 2023 | OVL vs GOOY | |
| YieldMax AMD Option Income Strategy ETF | 91 | 409.32M | Sep 2023 | OVL vs AMDY | |
| Simplify Treasury Option Income ETF | 87 | 465.86M | Oct 2022 | OVL vs BUCK |
Top Performing OVL Alternatives (YTD)
OVL is at 9.69% YTD. There are 56 ETFs in the Derivative Income category with higher YTD returns, going as high as 19,132.59%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| REX HOOD Growth & Income ETF | 19,132.59% | 1.44M | Nov 2025 | OVL vs HOII | |
| REX CRWV Growth & Income ETF | 13,199.78% | 2.19M | Nov 2025 | OVL vs CWII | |
| Roundhill ARM WeeklyPay ETF | 287.65% | 17.52M | Oct 2025 | OVL vs ARMW | |
| Roundhill AMD WeeklyPay ETF | 175.60% | 83.00M | Jul 2025 | OVL vs AMDW | |
| YieldMax AMD Option Income Strategy ETF | 101.64% | 409.32M | Sep 2023 | OVL vs AMDY |
Lowest Volatility Alternatives to OVL
OVL has 14.63% 1-year volatility. There are 95 ETFs in the Derivative Income category with lower 1-year volatility, going as low as 2.98%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Simplify Treasury Option Income ETF | 2.98% | 465.86M | Oct 2022 | OVL vs BUCK | |
| FT Vest High Yield & Target Income ETF | 3.86% | 90.05M | Feb 2025 | OVL vs HYTI | |
| Main Buywrite ETF | 4.88% | 1.23B | Dec 2015 | OVL vs BUYW | |
| FT Vest Investment Grade & Target Income ETF | 5.11% | 292.66M | Feb 2025 | OVL vs LQTI | |
| Global X S&P 500 Risk Managed Income ETF | 5.50% | 50.16M | Aug 2021 | OVL vs XRMI |
Lowest Drawdown Alternatives to OVL
OVL has a 1-year max drawdown of -8.73%. There are 58 ETFs in the Derivative Income category with shallower 1-year drawdowns, going as shallow as -1.31%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Simplify Treasury Option Income ETF | -1.31% | 465.86M | Oct 2022 | OVL vs BUCK | |
| FT Vest High Yield & Target Income ETF | -2.38% | 90.05M | Feb 2025 | OVL vs HYTI | |
| Main Buywrite ETF | -2.59% | 1.23B | Dec 2015 | OVL vs BUYW | |
| SoFi Enhanced Yield ETF | -2.64% | 34.73M | Nov 2023 | OVL vs THTA | |
| VistaShares Target 15™ Berkshire Select Income ETF | -3.00% | 774.36M | Mar 2025 | OVL vs OMAH |
Other ETFs from Liquid Strategies
The 6 most viewed Liquid Strategies ETFs shown here include OVF, OVLH, OVM and span 6 categories. AUM among these funds goes as high as $94M.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Overlay Shares Foreign Equity ETF | Foreign Large Cap Equities | 53 | 12.38% | 29.60M | Sep 2019 | OVL vs OVF | |
| Overlay Shares Hedged Large Cap Equity ETF | Equity Hedged | 51 | 4.63% | 94.33M | Jan 2021 | OVL vs OVLH | |
| Overlay Shares Municipal Bond ETF | Municipal Bonds | 87 | 3.68% | 30.60M | Sep 2019 | OVL vs OVM | |
| Overlay Shares Short Term Bond ETF | Corporate Bonds | 79 | 2.26% | 49.77M | Jan 2021 | OVL vs OVT | |
| Overlay Shares Core Bond ETF | Intermediate Core Bond | 47 | 2.49% | 33.20M | Sep 2019 | OVL vs OVB | |
| Overlay Shares Small Cap Equity ETF | Small Cap Blend Equities | 75 | 22.26% | 16.00M | Sep 2019 | OVL vs OVS |
Often Compared With OVL
Investors most often compare OVL with VOO, SPYI, SPY. These 20 comparison targets span 9 categories, based on PortfoliosLab usage data.
Compare OVL with Any Fund or Stock
Compare OVL with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair OVL with funds that move differently
Overlay Shares Large Cap Equity ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to OVL.
Explore OVL Diversifiers