- Issuer
- Liquid Strategies
- Inception Date
- Sep 30, 2019
- Region
- North America (U.S.)
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $31M
Highlights
- Avg. Volume (1M)
- 14K
- Avg. Volume Value (1M)
- $309.53K
Share Price Chart
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Performance
OVM Performance Chart
Overlay Shares Municipal Bond ETF (OVM) is up 2.0% since the beginning of the year. OVM is currently trading at $21 per share. Investors who bought $1,000 worth of OVM shares 5 years ago would now be looking at an investment worth $1,047.
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Returns By Period
Overlay Shares Municipal Bond ETF (OVM) has returned 1.98% so far this year and 7.65% over the past 12 months.
Overlay Shares Municipal Bond ETF
- 1D
- 0.25%
- 1M
- -1.75%
- 6M
- 1.22%
- YTD
- 1.98%
- 1Y
- 7.65%
- 3Y*
- 4.11%
- 5Y*
- 0.93%
- 10Y*
- —
- ALL TIME*
- 2.41%
Benchmark (S&P 500 Index)
- 1D
- 0.05%
- 1M
- 0.74%
- 6M
- 7.18%
- YTD
- 8.28%
- 1Y
- 16.02%
- 3Y*
- 17.51%
- 5Y*
- 10.93%
- 10Y*
- 13.07%
- ALL TIME*
- 8.07%
OVM Monthly Returns History
Based on dividend-adjusted daily data since Oct 1, 2019, OVM's average daily return is +0.01%, while the average monthly return is +0.22%. At this rate, an investment would double in approximately 26.3 years.
Historically, 65% of months were positive and 35% were negative. The best month was Nov 2023 with a return of +8.0%, while the worst month was Sep 2022 at -4.9%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 5 months.
On a daily basis, OVM closed higher 54% of trading days. The best single day was Mar 25, 2020 with a return of +4.5%, while the worst single day was Mar 18, 2020 at -5.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.25% | 1.85% | -1.86% | 1.94% | 0.54% | 0.44% | -2.10% | 1.98% | |||||
| 2025 | 0.15% | 1.19% | -3.26% | -0.91% | -0.14% | 1.31% | 0.52% | 0.69% | 2.57% | 1.47% | 0.35% | 0.24% | 4.14% |
| 2024 | 0.46% | 0.78% | 0.56% | -2.36% | 0.54% | 1.79% | 1.28% | 0.59% | 1.39% | -1.79% | 2.59% | -2.33% | 3.42% |
| 2023 | 3.05% | -2.66% | 2.82% | 0.20% | -0.67% | 1.08% | 0.22% | -1.06% | -3.61% | -2.64% | 7.96% | 2.97% | 7.35% |
| 2022 | -3.65% | -0.72% | -2.02% | -3.86% | 1.30% | -2.14% | 3.13% | -3.49% | -4.86% | 0.20% | 5.44% | -0.69% | -11.26% |
| 2021 | 0.50% | -1.13% | 1.13% | 1.23% | 0.68% | 1.16% | 0.36% | 0.30% | -1.46% | 0.45% | 0.99% | -0.02% | 4.22% |
Benchmark Metrics
Overlay Shares Municipal Bond ETF has an annualized alpha of 0.30%, beta of 0.15, and R2 of 0.21 versus S&P 500 Index. Calculated based on daily prices since October 01, 2019.
- This ETF participated in 43.23% of S&P 500 Index downside but only 24.18% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.15 may look defensive, but with R2 of 0.21 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 0.21 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
- 0.30%
- Beta
- 0.15
- R²
- 0.21
- Upside Capture
- 24.18%
- Downside Capture
- 43.23%
Expense Ratio
OVM has an expense ratio of 0.82%, placing it in the medium range.
Return for Risk
Risk / Return Rank
OVM ranks 79 for risk / return — better than 79% 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 Municipal Bond ETF (OVM) 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.
| OVM | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.24 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 1.82 | +1.18 |
| Martin ratioReturn relative to average drawdown | 11.11 | 7.79 | +3.31 |
Dividends
Dividend History
Overlay Shares Municipal Bond ETF provided a 5.38% dividend yield over the last twelve months, with an annual payout of $1.15 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend | $1.15 | $1.17 | $1.07 | $1.03 | $0.91 | $1.55 | $1.02 | $0.15 |
Dividend yield | 5.38% | 5.45% | 4.91% | 4.66% | 4.21% | 6.10% | 3.97% | 0.58% |
Monthly Dividends
The table displays the monthly dividend distributions for Overlay Shares Municipal 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 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.00 | $0.56 | |||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.30 | $0.00 | $0.00 | $0.28 | $0.00 | $0.00 | $0.31 | $0.00 | $0.28 | $1.17 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.25 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.27 | $0.00 | $0.27 | $1.07 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.26 | $0.00 | $0.00 | $0.25 | $0.00 | $0.00 | $0.25 | $0.00 | $0.27 | $1.03 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.22 | $0.00 | $0.00 | $0.22 | $0.00 | $0.00 | $0.23 | $0.00 | $0.24 | $0.91 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.25 | $0.00 | $0.00 | $0.25 | $0.00 | $0.00 | $0.24 | $0.00 | $0.80 | $1.55 |
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 Municipal 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 Municipal Bond ETF was 15.58%, occurring on Sep 30, 2022. Recovery took 503 trading sessions.
The current Overlay Shares Municipal Bond ETF drawdown is 2.37%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-15.58%Sep 2022 | 9mo 5d | 2y 3d | 2y 9moDec 2021 - Oct 2024 | Bear market2022 |
-14.90%Mar 2020 | 27d | 3mo 22d | 4mo 19dFeb 2020 - Jul 2020 | COVID crash2020 |
-8.20%Apr 2025 | 4mo | 6mo 10d | 10mo 10dDec 2024 - Oct 2025 | 2025 selloff2025 |
-2.61%Jul 2026 | 16d | — | 19dJul 2026 - now | — |
-2.44%Mar 2026 | 22d | 1mo 7d | 1mo 29dMar 2026 - Apr 2026 | — |
Drawdown Indicators
| OVM | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.58% | -56.78% | +41.20% |
Max Drawdown (1Y)Largest decline over 1 year | -2.61% | -9.10% | +6.49% |
Max Drawdown (3Y)Largest decline over 3 years | -8.20% | -18.90% | +10.70% |
Max Drawdown (5Y)Largest decline over 5 years | -15.58% | -25.43% | +9.85% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -2.37% | -2.60% | +0.23% |
Average DrawdownAverage peak-to-trough decline | -3.94% | -10.70% | +6.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 2.12% | -1.42% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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