BIGY vs. OVL

Last updated Jun 9, 2026

BIGY ( YieldMax Target 12™ Big 50 Option Income ETF) and OVL (Overlay Shares Large Cap Equity ETF) are both exchange-traded funds - BIGY is a Derivative Income fund actively managed by YieldMax, while OVL is a Large Cap Growth Equities fund actively managed by Liquid Strategies. Both are actively managed. Over the past year, BIGY returned 22.88% vs 29.22% for OVL. Their correlation of 0.92 suggests significant overlap in exposure. BIGY charges 0.99%/yr vs 0.79%/yr for OVL.

Performance

BIGY vs. OVL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Target 12™ Big 50 Option Income ETF (BIGY) and Overlay Shares Large Cap Equity ETF (OVL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BIGY achieves a 4.74% return, which is significantly lower than OVL's 10.47% return.

BIGY

• 1D: 0.15%
• 1M: 0.19%
• YTD: 4.74%
• 6M: 5.05%
• 1Y: 22.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OVL

• 1D: 0.14%
• 1M: -0.14%
• YTD: 10.47%
• 6M: 10.55%
• 1Y: 29.22%
• 3Y*: 23.11%
• 5Y*: 13.78%
• 10Y*: —

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

BIGY vs. OVL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BIGY YieldMax Target 12™ Big 50 Option Income ETF	4.74%	19.14%	-0.10%
OVL Overlay Shares Large Cap Equity ETF	10.47%	17.81%	-0.48%

Correlation

The correlation between BIGY and OVL is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 21, 2024	0.92

The correlation between BIGY and OVL has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

BIGY vs. OVL - Sectors Allocation Comparison

Sectors	BIGY	OVL
Technology	34.5%	35.7%
Communication Services	12.1%	11.3%
Financial Services	11.8%	11.6%
Consumer Defensive	11.4%	4.9%
Healthcare	10.8%	8.5%
Consumer Cyclical	10.2%	10.2%
Energy	4.5%	3.5%
Industrials	4.4%	8.3%
Basic Materials	-	1.8%
Real Estate	-	1.9%
Utilities	-	2.4%

Return for Risk

BIGY vs. OVL — Risk / Return Rank

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

BIGY

BIGY Risk / Return Rank: 68
BIGY Sharpe Ratio Rank: 73
BIGY Sortino Ratio Rank: 70
BIGY Omega Ratio Rank: 73
BIGY Calmar Ratio Rank: 61
BIGY Martin Ratio Rank: 65

OVL

OVL Risk / Return Rank: 72
OVL Sharpe Ratio Rank: 70
OVL Sortino Ratio Rank: 66
OVL Omega Ratio Rank: 69
OVL Calmar Ratio Rank: 73
OVL Martin Ratio Rank: 82

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.

BIGY vs. OVL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Target 12™ Big 50 Option Income ETF (BIGY) and Overlay Shares Large Cap Equity ETF (OVL). 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.

	BIGY	OVL	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.06	+0.06
Sortino ratio: Return per unit of downside risk	2.86	2.73	+0.13
Omega ratio: Gain probability vs. loss probability	1.39	1.37	+0.02
Calmar ratio: Return relative to maximum drawdown	2.76	3.36	-0.61
Martin ratio: Return relative to average drawdown	10.76	14.80	-4.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIGY vs. OVL - Sharpe Ratio Comparison

The current BIGY Sharpe Ratio is 2.12, which is comparable to the OVL Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of BIGY and OVL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BIGY	OVL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	2.06	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	0.78	+0.17

Drawdowns

BIGY vs. OVL - Drawdown Comparison

The maximum BIGY drawdown since its inception was -18.93%, smaller than the maximum OVL drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for BIGY and OVL.

Drawdown Indicators

	BIGY	OVL	Difference
Max Drawdown Largest peak-to-trough decline	-18.93%	-35.49%	+16.56%
Max Drawdown (1Y) Largest decline over 1 year	-8.34%	-8.73%	+0.39%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.73%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.23%	—
Current Drawdown Current decline from peak	-2.33%	-3.33%	+1.00%
Average Drawdown Average peak-to-trough decline	-2.55%	-6.70%	+4.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	1.98%	+0.15%

Volatility

BIGY vs. OVL - Volatility Comparison

The current volatility for YieldMax Target 12™ Big 50 Option Income ETF (BIGY) is 3.20%, while Overlay Shares Large Cap Equity ETF (OVL) has a volatility of 4.23%. This indicates that BIGY experiences smaller price fluctuations and is considered to be less risky than OVL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BIGY	OVL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	4.23%	-1.03%
Volatility (6M) Calculated over the trailing 6-month period	8.10%	10.95%	-2.85%
Volatility (1Y) Calculated over the trailing 1-year period	10.88%	14.31%	-3.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.83%	19.84%	-3.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.83%	22.55%	-5.72%

BIGY vs. OVL - Expense Ratio Comparison

BIGY has a 0.99% expense ratio, which is higher than OVL's 0.79% expense ratio.

Dividends

BIGY vs. OVL - Dividend Comparison

BIGY's dividend yield for the trailing twelve months is around 11.91%, more than OVL's 6.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BIGY YieldMax Target 12™ Big 50 Option Income ETF	11.91%	12.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
OVL Overlay Shares Large Cap Equity ETF	6.33%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%

Frequently Asked Questions

Can I hold both BIGY and OVL in my portfolio?

With a correlation of 0.91, BIGY and OVL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BIGY or OVL?

OVL has higher volatility (4.23%) compared to BIGY (3.20%). In terms of maximum drawdown, BIGY dropped -18.93% vs OVL's -35.49%.

Which ETF is better, BIGY or OVL?

On 1-year performance, OVL leads with 29.22% vs 22.88% for BIGY. On fees, OVL is cheaper at 0.79% per year. On volatility, BIGY has been the lower-risk option at 3.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BIGY or OVL?

Over the 1-year period, OVL has performed better with a 29.22% return vs 22.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BIGY or OVL?

OVL is cheaper with a 0.79% expense ratio, compared with 0.99% for BIGY.

Which ETF pays a higher dividend yield, BIGY or OVL?

BIGY has the higher dividend yield at 11.91%, compared with 6.33% for OVL.

What is the main difference between BIGY and OVL?

BIGY is categorized as Derivative Income, while OVL is Large Cap Growth Equities. They also come from different issuers: YieldMax and Liquid Strategies. Their fees differ too: 0.99% for BIGY and 0.79% for OVL.

Which has better risk-adjusted returns?

BIGY currently has the higher Sharpe Ratio (2.12 vs 2.06), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.