BSCW vs. OVT

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco BulletShares 2032 Corporate Bond ETF (BSCW) and Overlay Shares Short Term Bond ETF (OVT).

BSCW and OVT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BSCW is a passively managed fund by Invesco that tracks the performance of the Invesco BulletShares Corporate Bond 2032 Index. It was launched on Sep 8, 2022. OVT is an actively managed fund by Liquid Strategies. It was launched on Jan 14, 2021.

Performance

BSCW vs. OVT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2032 Corporate Bond ETF (BSCW) and Overlay Shares Short Term Bond ETF (OVT). The values are adjusted to include any dividend payments, if applicable.

BSCW vs. OVT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BSCW Invesco BulletShares 2032 Corporate Bond ETF	-0.23%	9.00%	2.20%	9.31%	0.31%
OVT Overlay Shares Short Term Bond ETF	1.21%	7.61%	7.44%	7.73%	-1.24%

Returns By Period

In the year-to-date period, BSCW achieves a -0.23% return, which is significantly lower than OVT's 1.21% return.

BSCW

• 1D: 0.58%
• 1M: -1.81%
• YTD: -0.23%
• 6M: 0.93%
• 1Y: 6.07%
• 3Y*: 5.16%
• 5Y*: —
• 10Y*: —

OVT

• 1D: 0.59%
• 1M: -0.82%
• YTD: 1.21%
• 6M: 3.29%
• 1Y: 8.33%
• 3Y*: 7.22%
• 5Y*: 3.05%
• 10Y*: —

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

BSCW vs. OVT - Expense Ratio Comparison

BSCW has a 0.10% expense ratio, which is lower than OVT's 0.80% expense ratio.

OVT

Overlay Shares Short Term Bond ETF

BSCW

Invesco BulletShares 2032 Corporate Bond ETF

Return for Risk

BSCW vs. OVT — Risk / Return Rank

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

BSCW

BSCW Risk / Return Rank: 71
BSCW Sharpe Ratio Rank: 71
BSCW Sortino Ratio Rank: 70
BSCW Omega Ratio Rank: 65
BSCW Calmar Ratio Rank: 77
BSCW Martin Ratio Rank: 72

OVT

OVT Risk / Return Rank: 94
OVT Sharpe Ratio Rank: 92
OVT Sortino Ratio Rank: 95
OVT Omega Ratio Rank: 93
OVT Calmar Ratio Rank: 96
OVT Martin Ratio Rank: 95

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.

BSCW vs. OVT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2032 Corporate Bond ETF (BSCW) and Overlay Shares Short Term Bond ETF (OVT). 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.

	BSCW	OVT	Difference
Sharpe ratio Return per unit of total volatility	1.30	2.10	-0.79
Sortino ratio Return per unit of downside risk	1.80	3.00	-1.20
Omega ratio Gain probability vs. loss probability	1.25	1.42	-0.17
Calmar ratio Return relative to maximum drawdown	2.11	4.46	-2.35
Martin ratio Return relative to average drawdown	7.69	16.27	-8.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSCW vs. OVT - Sharpe Ratio Comparison

The current BSCW Sharpe Ratio is 1.30, which is lower than the OVT Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of BSCW and OVT, 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

	BSCW	OVT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	2.10	-0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.64	+0.14

Correlation

The correlation between BSCW and OVT is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BSCW vs. OVT - Dividend Comparison

BSCW's dividend yield for the trailing twelve months is around 4.85%, less than OVT's 8.80% yield.

	TTM	2025	2024	2023	2022	2021
BSCW Invesco BulletShares 2032 Corporate Bond ETF	4.85%	4.81%	5.06%	4.80%	1.12%	0.00%
OVT Overlay Shares Short Term Bond ETF	8.80%	7.21%	6.15%	5.11%	4.12%	4.41%

Drawdowns

BSCW vs. OVT - Drawdown Comparison

The maximum BSCW drawdown since its inception was -8.32%, smaller than the maximum OVT drawdown of -13.59%. Use the drawdown chart below to compare losses from any high point for BSCW and OVT.

Drawdown Indicators

	BSCW	OVT	Difference
Max Drawdown Largest peak-to-trough decline	-8.32%	-13.59%	+5.27%
Max Drawdown (1Y) Largest decline over 1 year	-2.98%	-1.94%	-1.04%
Max Drawdown (5Y) Largest decline over 5 years	—	-13.59%	—
Current Drawdown Current decline from peak	-1.81%	-0.82%	-0.99%
Average Drawdown Average peak-to-trough decline	-1.84%	-3.50%	+1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	0.53%	+0.29%

Volatility

BSCW vs. OVT - Volatility Comparison

Invesco BulletShares 2032 Corporate Bond ETF (BSCW) has a higher volatility of 1.86% compared to Overlay Shares Short Term Bond ETF (OVT) at 1.46%. This indicates that BSCW's price experiences larger fluctuations and is considered to be riskier than OVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSCW	OVT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.86%	1.46%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	2.83%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	4.67%	3.99%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.36%	4.63%	+2.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.36%	4.59%	+2.77%