CSB vs. OVS

Last updated Jun 4, 2026

CSB (VictoryShares US Small Cap High Dividend Volatility Wtd ETF) and OVS (Overlay Shares Small Cap Equity ETF) are both Small Cap Blend Equities funds. CSB is passively managed, while OVS is actively managed. Over the past 5 years, CSB returned 3.65%/yr vs 6.01%/yr for OVS. Their correlation of 0.90 suggests significant overlap in exposure. CSB charges 0.35%/yr vs 0.83%/yr for OVS.

Performance

CSB vs. OVS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB) and Overlay Shares Small Cap Equity ETF (OVS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSB achieves a 8.30% return, which is significantly lower than OVS's 17.65% return.

CSB

• 1D: -1.09%
• 1M: -1.58%
• YTD: 8.30%
• 6M: 7.74%
• 1Y: 17.95%
• 3Y*: 11.48%
• 5Y*: 3.65%
• 10Y*: 9.58%

OVS

• 1D: -0.98%
• 1M: 2.07%
• YTD: 17.65%
• 6M: 16.54%
• 1Y: 36.35%
• 3Y*: 16.07%
• 5Y*: 6.01%
• 10Y*: —

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

CSB vs. OVS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF	8.30%	2.26%	9.64%	12.60%	-13.11%	27.04%	11.30%	9.52%
OVS Overlay Shares Small Cap Equity ETF	17.65%	6.15%	11.07%	17.20%	-19.99%	30.15%	12.16%	11.51%

Correlation

The correlation between CSB and OVS is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Oct 2, 2019	0.90

The correlation between CSB and OVS has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

CSB vs. OVS - Sectors Allocation Comparison

Sectors	CSB	OVS
Financial Services	26.5%	17.0%
Utilities	22.0%	2.0%
Consumer Cyclical	19.0%	13.4%
Energy	11.5%	6.0%
Industrials	8.5%	15.3%
Consumer Defensive	4.4%	3.6%
Communication Services	3.6%	3.6%
Basic Materials	3.4%	5.2%
Technology	1.2%	15.3%
Healthcare	0.4%	11.0%
Real Estate	-	7.7%

Return for Risk

CSB vs. OVS — Risk / Return Rank

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

CSB

CSB Risk / Return Rank: 40
CSB Sharpe Ratio Rank: 35
CSB Sortino Ratio Rank: 36
CSB Omega Ratio Rank: 33
CSB Calmar Ratio Rank: 51
CSB Martin Ratio Rank: 44

OVS

OVS Risk / Return Rank: 64
OVS Sharpe Ratio Rank: 56
OVS Sortino Ratio Rank: 57
OVS Omega Ratio Rank: 52
OVS Calmar Ratio Rank: 81
OVS Martin Ratio Rank: 74

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.

CSB vs. OVS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB) 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.

	CSB	OVS	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.90	-0.66
Sortino ratio: Return per unit of downside risk	1.92	2.71	-0.80
Omega ratio: Gain probability vs. loss probability	1.22	1.33	-0.10
Calmar ratio: Return relative to maximum drawdown	2.51	4.29	-1.78
Martin ratio: Return relative to average drawdown	7.26	13.85	-6.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSB vs. OVS - Sharpe Ratio Comparison

The current CSB Sharpe Ratio is 1.25, which is lower than the OVS Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of CSB and OVS, 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

	CSB	OVS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	1.90	-0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.26	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.43	+0.01

Drawdowns

CSB vs. OVS - Drawdown Comparison

The maximum CSB drawdown since its inception was -42.07%, smaller than the maximum OVS drawdown of -45.09%. Use the drawdown chart below to compare losses from any high point for CSB and OVS.

Drawdown Indicators

	CSB	OVS	Difference
Max Drawdown Largest peak-to-trough decline	-42.07%	-45.09%	+3.02%
Max Drawdown (1Y) Largest decline over 1 year	-7.18%	-8.51%	+1.33%
Max Drawdown (3Y) Largest decline over 3 years	-21.82%	-30.49%	+8.67%
Max Drawdown (5Y) Largest decline over 5 years	-24.49%	-30.49%	+6.00%
Max Drawdown (10Y) Largest decline over 10 years	-42.07%	—	—
Current Drawdown Current decline from peak	-3.12%	-0.98%	-2.14%
Average Drawdown Average peak-to-trough decline	-7.14%	-11.35%	+4.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	2.63%	-0.15%

Volatility

CSB vs. OVS - Volatility Comparison

The current volatility for VictoryShares US Small Cap High Dividend Volatility Wtd ETF (CSB) is 3.59%, while Overlay Shares Small Cap Equity ETF (OVS) has a volatility of 4.58%. This indicates that CSB experiences smaller price fluctuations and is considered to be less risky than OVS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSB	OVS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.59%	4.58%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	9.19%	13.00%	-3.81%
Volatility (1Y) Calculated over the trailing 1-year period	14.54%	19.27%	-4.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.78%	23.23%	-4.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.31%	27.47%	-6.16%

CSB vs. OVS - Expense Ratio Comparison

CSB has a 0.35% expense ratio, which is lower than OVS's 0.83% expense ratio.

Dividends

CSB vs. OVS - Dividend Comparison

CSB's dividend yield for the trailing twelve months is around 3.26%, less than OVS's 6.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF	3.26%	3.54%	3.12%	3.45%	3.60%	3.11%	3.70%	3.19%	3.45%	3.19%	2.85%	1.57%
OVS Overlay Shares Small Cap Equity ETF	6.83%	3.69%	4.08%	3.19%	3.43%	4.05%	1.74%	0.54%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CSB and OVS in my portfolio?

CSB and OVS have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSB or OVS?

OVS has higher volatility (4.58%) compared to CSB (3.59%). In terms of maximum drawdown, CSB dropped -42.07% vs OVS's -45.09%.

Which ETF is better, CSB or OVS?

On 5-year performance, OVS leads with 6.01% vs 3.65% for CSB. On fees, CSB is cheaper at 0.35% per year. On volatility, CSB has been the lower-risk option at 3.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSB or OVS?

Over the 5-year period, OVS has performed better with a 6.01% return vs 3.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSB or OVS?

CSB is cheaper with a 0.35% expense ratio, compared with 0.83% for OVS.

Which ETF pays a higher dividend yield, CSB or OVS?

OVS has the higher dividend yield at 6.83%, compared with 3.26% for CSB.

What is the main difference between CSB and OVS?

They also come from different issuers: Crestview and Liquid Strategies. Their fees differ too: 0.35% for CSB and 0.83% for OVS.

Which has better risk-adjusted returns?

OVS currently has the higher Sharpe Ratio (1.90 vs 1.25), 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.