ABLS vs. OVS

Last updated Apr 1, 2026

Compare and contrast key facts about Abacus FCF Small Cap Leaders ETF (ABLS) and Overlay Shares Small Cap Equity ETF (OVS).

ABLS and OVS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ABLS is a passively managed fund by Abacus that tracks the performance of the Abacus FCF Small Cap Leaders Index. It was launched on Feb 18, 2025. OVS is an actively managed fund by Liquid Strategies. It was launched on Sep 30, 2019.

Performance

ABLS vs. OVS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Abacus FCF Small Cap Leaders ETF (ABLS) and Overlay Shares Small Cap Equity ETF (OVS). The values are adjusted to include any dividend payments, if applicable.

ABLS vs. OVS - Yearly Performance Comparison

	2026 (YTD)	2025
ABLS Abacus FCF Small Cap Leaders ETF	-8.16%	-8.72%
OVS Overlay Shares Small Cap Equity ETF	4.70%	3.13%

Returns By Period

In the year-to-date period, ABLS achieves a -8.16% return, which is significantly lower than OVS's 4.70% return.

ABLS

• 1D: 2.53%
• 1M: -3.72%
• YTD: -8.16%
• 6M: -10.53%
• 1Y: -10.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OVS

• 1D: 3.03%
• 1M: -3.86%
• YTD: 4.70%
• 6M: 6.98%
• 1Y: 23.91%
• 3Y*: 12.01%
• 5Y*: 4.50%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ABLS vs. OVS - Expense Ratio Comparison

ABLS has a 0.39% expense ratio, which is lower than OVS's 0.83% expense ratio.

OVS

Overlay Shares Small Cap Equity ETF

ABLS

Abacus FCF Small Cap Leaders ETF

Return for Risk

ABLS vs. OVS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ABLS

ABLS Risk / Return Rank: 4
ABLS Sharpe Ratio Rank: 4
ABLS Sortino Ratio Rank: 3
ABLS Omega Ratio Rank: 3
ABLS Calmar Ratio Rank: 7
ABLS Martin Ratio Rank: 5

OVS

OVS Risk / Return Rank: 56
OVS Sharpe Ratio Rank: 52
OVS Sortino Ratio Rank: 56
OVS Omega Ratio Rank: 51
OVS Calmar Ratio Rank: 60
OVS Martin Ratio Rank: 63

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ABLS vs. OVS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Abacus FCF Small Cap Leaders ETF (ABLS) and Overlay Shares Small Cap Equity ETF (OVS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ABLS	OVS	Difference
Sharpe ratio Return per unit of total volatility	-0.52	0.96	-1.48
Sortino ratio Return per unit of downside risk	-0.62	1.48	-2.10
Omega ratio Gain probability vs. loss probability	0.93	1.20	-0.27
Calmar ratio Return relative to maximum drawdown	-0.33	1.56	-1.89
Martin ratio Return relative to average drawdown	-0.91	6.45	-7.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ABLS vs. OVS - Sharpe Ratio Comparison

The current ABLS Sharpe Ratio is -0.52, which is lower than the OVS Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of ABLS and OVS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ABLS	OVS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.52	0.96	-1.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.19	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.67	0.37	-1.04

Correlation

The correlation between ABLS and OVS is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ABLS vs. OVS - Dividend Comparison

ABLS's dividend yield for the trailing twelve months is around 15.31%, more than OVS's 6.32% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
ABLS Abacus FCF Small Cap Leaders ETF	15.31%	14.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
OVS Overlay Shares Small Cap Equity ETF	6.32%	3.69%	4.08%	3.19%	3.43%	4.05%	1.74%	0.54%

Drawdowns

ABLS vs. OVS - Drawdown Comparison

The maximum ABLS drawdown since its inception was -19.28%, smaller than the maximum OVS drawdown of -45.09%. Use the drawdown chart below to compare losses from any high point for ABLS and OVS.

Drawdown Indicators

	ABLS	OVS	Difference
Max Drawdown Largest peak-to-trough decline	-19.28%	-45.09%	+25.81%
Max Drawdown (1Y) Largest decline over 1 year	-16.19%	-15.95%	-0.24%
Max Drawdown (5Y) Largest decline over 5 years	—	-30.49%	—
Current Drawdown Current decline from peak	-16.17%	-5.40%	-10.77%
Average Drawdown Average peak-to-trough decline	-8.47%	-11.63%	+3.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.87%	3.85%	+2.02%

Volatility

ABLS vs. OVS - Volatility Comparison

Abacus FCF Small Cap Leaders ETF (ABLS) and Overlay Shares Small Cap Equity ETF (OVS) have volatilities of 7.00% and 6.99%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ABLS	OVS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.00%	6.99%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	13.17%	14.80%	-1.63%
Volatility (1Y) Calculated over the trailing 1-year period	21.94%	24.98%	-3.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.01%	23.35%	-1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.01%	27.72%	-5.71%