- Issuer
- Liquid Strategies
- Inception Date
- Sep 30, 2019
- Region
- North America (U.S.)
- Category
- Small Cap Blend Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Small-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $16M
Share Price Chart
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Performance
OVS Performance Chart
Overlay Shares Small Cap Equity ETF (OVS) is up 21.6% since the beginning of the year. OVS is currently trading at $42 per share. Investors who bought $1,000 worth of OVS shares 5 years ago would now be looking at an investment worth $1,440.
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Returns By Period
Overlay Shares Small Cap Equity ETF (OVS) has returned 21.64% so far this year and 40.98% over the past 12 months.
Overlay Shares Small Cap Equity ETF
- 1D
- 2.01%
- 1M
- 7.82%
- YTD
- 21.64%
- 6M
- 20.11%
- 1Y
- 40.98%
- 3Y*
- 16.51%
- 5Y*
- 7.56%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 1.08%
- 1M
- 2.00%
- YTD
- 9.57%
- 6M
- 10.71%
- 1Y
- 25.41%
- 3Y*
- 19.37%
- 5Y*
- 12.48%
- 10Y*
- 13.67%
OVS Monthly Returns History
Based on dividend-adjusted daily data since Oct 1, 2019, OVS's average daily return is +0.06%, while the average monthly return is +1.19%. At this rate, an investment would double in approximately 4.9 years.
Historically, 62% of months were positive and 38% were negative. The best month was Nov 2020 with a return of +19.4%, while the worst month was Mar 2020 at -21.1%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 4 months.
On a daily basis, OVS closed higher 51% of trading days. The best single day was Mar 24, 2020 with a return of +9.8%, while the worst single day was Mar 16, 2020 at -12.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 6.12% | 2.62% | -3.86% | 11.03% | 1.72% | 2.87% | 21.64% | ||||||
| 2025 | 3.11% | -5.81% | -7.65% | -4.55% | 5.63% | 4.64% | 1.27% | 7.10% | 1.22% | -0.67% | 2.78% | 0.08% | 6.15% |
| 2024 | -3.29% | 4.47% | 3.74% | -6.78% | 5.78% | -1.76% | 11.00% | -1.27% | 1.00% | -2.99% | 11.68% | -8.79% | 11.07% |
| 2023 | 10.00% | -1.44% | -5.03% | -2.37% | -1.75% | 8.88% | 5.54% | -4.30% | -7.17% | -7.15% | 10.52% | 13.27% | 17.20% |
| 2022 | -8.66% | 1.30% | 0.91% | -9.27% | 1.74% | -9.35% | 10.89% | -5.14% | -11.70% | 13.50% | 4.30% | -6.87% | -19.99% |
| 2021 | 6.42% | 8.11% | 3.92% | 2.14% | 2.40% | 0.87% | -2.39% | 2.82% | -3.24% | 3.98% | -2.11% | 4.40% | 30.15% |
Benchmark Metrics
Overlay Shares Small Cap Equity ETF has an annualized alpha of -1.97%, beta of 1.08, and R2 of 0.64 versus S&P 500 Index. Calculated based on daily prices since October 01, 2019.
- This ETF participated in 122.56% of S&P 500 Index downside but only 112.79% of its upside - more exposed to losses than it benefited from rallies.
- With beta of 1.08 and R2 of 0.64, 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
- -1.97%
- Beta
- 1.08
- R²
- 0.64
- Upside Capture
- 112.79%
- Downside Capture
- 122.56%
Expense Ratio
OVS has an expense ratio of 0.83%, placing it in the medium range.
Return for Risk
Risk / Return Rank
OVS ranks 74 for risk / return — better than 74% 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 Small Cap Equity ETF (OVS) 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.
| OVS | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.37 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 4.84 | 2.81 | +2.03 |
| Martin ratioReturn relative to average drawdown | 15.72 | 12.55 | +3.16 |
Dividends
Dividend History
Overlay Shares Small Cap Equity ETF provided a 6.60% dividend yield over the last twelve months, with an annual payout of $2.74 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend | $2.74 | $1.32 | $1.42 | $1.05 | $0.99 | $1.51 | $0.52 | $0.15 |
Dividend yield | 6.60% | 3.69% | 4.08% | 3.19% | 3.43% | 4.05% | 1.74% | 0.54% |
Monthly Dividends
The table displays the monthly dividend distributions for Overlay Shares Small 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 | $0.33 | $0.33 | $0.32 | $0.35 | $0.35 | $0.00 | $1.68 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.25 | $0.00 | $0.00 | $0.28 | $0.00 | $0.00 | $0.31 | $0.00 | $0.48 | $1.32 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.28 | $0.00 | $0.00 | $0.34 | $0.00 | $0.54 | $1.42 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.25 | $0.00 | $0.00 | $0.26 | $0.00 | $0.00 | $0.28 | $0.00 | $0.25 | $1.05 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.21 | $0.00 | $0.00 | $0.24 | $0.00 | $0.00 | $0.27 | $0.00 | $0.27 | $0.99 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.35 | $0.00 | $0.63 | $1.51 |
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 Small 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 Small Cap Equity ETF was 45.09%, occurring on Mar 23, 2020. Recovery took 171 trading sessions.
The current Overlay Shares Small Cap Equity ETF drawdown is 0.02%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -45.09%Mar 2020 | 2mo 6d | 8mo 5d | 10mo 11dJan 2020 - Nov 2020 |
2025 selloff2025 | -30.49%Apr 2025 | 4mo 13d | 9mo 3d | 1y 1moNov 2024 - Jan 2026 |
Bear market2022 | -30.43%Sep 2022 | 10mo 26d | 1y 9mo | 2y 8moNov 2021 - Jul 2024 |
2021 correction2021 | -10.20%Jul 2021 | 1mo 10d | 3mo 15d | 4mo 25dJun 2021 - Nov 2021 |
2024 pullback2024 | -9.84%Aug 2024 | 4d | 2mo 10d | 2mo 14dAug 2024 - Oct 2024 |
Drawdown Indicators
| OVS | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.09% | -56.78% | +11.69% |
Max Drawdown (1Y)Largest decline over 1 year | -8.51% | -9.10% | +0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -30.49% | -18.90% | -11.59% |
Max Drawdown (5Y)Largest decline over 5 years | -30.49% | -25.43% | -5.06% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.02% | -1.43% | +1.41% |
Average DrawdownAverage peak-to-trough decline | -11.29% | -10.71% | -0.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.61% | 2.03% | +0.58% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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