Overlay Shares Municipal Bond ETF (OVM) belongs to the Municipal Bonds category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with OVM. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to OVM
OVM charges 0.82% annually. There are 139 ETFs in the Municipal Bonds category with lower expense ratios, going as low as 0.03%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Schwab Municipal Bond ETF | 0.03% | 3.93B | Oct 2022 | OVM vs SCMB | |
| Vanguard Tax-Exempt Bond ETF | 0.03% | 48.80B | Aug 2015 | OVM vs VTEB | |
| Fidelity Systematic Municipal Bond Index ETF | 0.05% | 183.09M | Jul 2019 | OVM vs FMUN | |
| Northern Trust Short-Term Tax-Exempt Bond ETF | 0.05% | 130.20M | Aug 2025 | OVM vs TAXS | |
| Northern Trust Tax-Exempt Bond ETF | 0.05% | 60.01M | Aug 2025 | OVM vs TAXT |
Best Risk-Adjusted Alternatives to OVM
OVM has a PortfoliosLab risk / return rank of 77. There are 41 ETFs in the Municipal Bonds category with higher risk-adjusted ranks, going as high as 97.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| State Street My2026 Municipal Bond ETF | 97 | 8.74M | Sep 2024 | OVM vs MYMF | |
| State Street My2027 Municipal Bond ETF | 97 | 8.63M | Sep 2024 | OVM vs MYMG | |
| Allspring Ultra Short Municipal ETF | 97 | 30.06M | Jul 2025 | OVM vs AUSM | |
| First Trust Ultra Short Duration Municipal ETF | 97 | 246.47M | Nov 2018 | OVM vs FUMB | |
| Goldman Sachs Ultra Short Municipal Income ETF | 97 | 54.13M | Jul 2024 | OVM vs GUMI |
Top Performing OVM Alternatives (YTD)
OVM is at 2.26% YTD. There are 3 ETFs in the Municipal Bonds category with higher YTD returns, going as high as 3.71%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| X-Square Municipal Income Tax Free ETF | 3.71% | 4.54M | May 2023 | OVM vs ZTAX | |
| NYLI MacKay Muni Allocation ETF | 2.42% | 28.01M | Dec 2025 | OVM vs MMMA | |
| Xtrackers Municipal Infrastructure Revenue Bond ET... | 2.38% | 142.95M | Jun 2013 | OVM vs RVNU | |
| T. Rowe Price High Income Municipal ETF | 2.25% | 26.19M | Nov 2025 | OVM vs THYM | |
| State Street SPDR Nuveen ICE High Yield Municipal ... | 2.11% | 3.17B | Apr 2011 | OVM vs HYMB |
Lowest Volatility Alternatives to OVM
OVM has 4.56% 1-year volatility. There are 133 ETFs in the Municipal Bonds category with lower 1-year volatility, going as low as 0.54%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| F/m Ultrashort Tax-Free Municipal ETF | 0.54% | 34.95M | Sep 2025 | OVM vs ZMUN | |
| State Street My2026 Municipal Bond ETF | 0.69% | 8.74M | Sep 2024 | OVM vs MYMF | |
| iShares Short-Term California Muni Active ETF | 0.72% | 445.30M | Oct 2007 | OVM vs CALI | |
| Allspring Ultra Short Municipal ETF | 0.76% | 30.06M | Jul 2025 | OVM vs AUSM | |
| First Trust Ultra Short Duration Municipal ETF | 0.84% | 246.47M | Nov 2018 | OVM vs FUMB |
Lowest Drawdown Alternatives to OVM
OVM has a 1-year max drawdown of -2.88%. There are 81 ETFs in the Municipal Bonds category with shallower 1-year drawdowns, going as shallow as -0.22%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| First Trust Ultra Short Duration Municipal ETF | -0.22% | 246.47M | Nov 2018 | OVM vs FUMB | |
| Invesco BulletShares 2026 Municipal Bond ETF | -0.30% | 270.83M | Sep 2019 | OVM vs BSMQ | |
| Goldman Sachs Ultra Short Municipal Income ETF | -0.36% | 54.13M | Jul 2024 | OVM vs GUMI | |
| State Street My2027 Municipal Bond ETF | -0.36% | 8.63M | Sep 2024 | OVM vs MYMG | |
| iShares iBonds Dec 2026 Term Muni Bond ETF | -0.38% | 576.01M | Apr 2019 | OVM vs IBMO |
Other ETFs from Liquid Strategies
The 6 most viewed Liquid Strategies ETFs shown here include OVL, OVF, OVLH and span 6 categories. AUM among these funds goes as high as $183M.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Overlay Shares Large Cap Equity ETF | Derivative Income | 68 | 11.72% | 182.90M | Sep 2019 | OVM vs OVL | |
| Overlay Shares Foreign Equity ETF | Foreign Large Cap Equities | 69 | 13.78% | 29.60M | Sep 2019 | OVM vs OVF | |
| Overlay Shares Hedged Large Cap Equity ETF | Equity Hedged | 52 | 5.66% | 94.33M | Jan 2021 | OVM vs OVLH | |
| Overlay Shares Small Cap Equity ETF | Small Cap Blend Equities | 85 | 23.16% | 16.00M | Sep 2019 | OVM vs OVS | |
| Overlay Shares Short Term Bond ETF | Corporate Bonds | 79 | 2.18% | 49.77M | Jan 2021 | OVM vs OVT | |
| Overlay Shares Core Bond ETF | Intermediate Core Bond | 43 | 0.93% | 33.20M | Sep 2019 | OVM vs OVB |
Often Compared With OVM
Investors most often compare OVM with ACTHX, FBND, MEAR. These 20 comparison targets span 4 categories, based on PortfoliosLab usage data.
Compare OVM with Any Fund or Stock
Compare OVM with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair OVM with funds that move differently
Overlay Shares Municipal Bond ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to OVM.
Explore OVM Diversifiers