FDG vs. OVS

Last updated Jun 4, 2026

FDG (American Century Focused Dynamic Growth ETF) and OVS (Overlay Shares Small Cap Equity ETF) are both exchange-traded funds - FDG is a Global Equities fund actively managed by American Century, while OVS is a Small Cap Blend Equities fund actively managed by Liquid Strategies. Both are actively managed. Over the past 5 years, FDG returned 12.61%/yr vs 6.01%/yr for OVS. A 0.62 correlation means they provide meaningful diversification when combined. FDG charges 0.45%/yr vs 0.83%/yr for OVS.

Performance

FDG vs. OVS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century Focused Dynamic Growth ETF (FDG) 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, FDG achieves a 7.52% return, which is significantly lower than OVS's 17.65% return.

FDG

• 1D: -2.00%
• 1M: 3.68%
• YTD: 7.52%
• 6M: 9.17%
• 1Y: 31.12%
• 3Y*: 29.27%
• 5Y*: 12.61%
• 10Y*: —

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)

FDG vs. OVS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FDG American Century Focused Dynamic Growth ETF	7.52%	22.13%	45.89%	37.22%	-35.74%	8.52%	93.61%
OVS Overlay Shares Small Cap Equity ETF	17.65%	6.15%	11.07%	17.20%	-19.99%	30.15%	80.93%

Correlation

The correlation between FDG and OVS is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since Apr 3, 2020	0.62

The correlation between FDG and OVS shifts across timeframes, from 0.58 (1 year) to 0.69 (5 years), reflecting how their relationship changes across market environments.

FDG vs. OVS - Sectors Allocation Comparison

Sectors	FDG	OVS
Technology	37.7%	15.3%
Communication Services	21.5%	3.6%
Consumer Cyclical	17.1%	13.4%
Healthcare	13.2%	11.0%
Industrials	5.2%	15.3%
Financial Services	4.7%	17.0%
Energy	0.6%	6.0%
Utilities	0.1%	2.0%
Basic Materials	-	5.2%
Consumer Defensive	-	3.6%
Real Estate	-	7.7%

Return for Risk

FDG vs. OVS — Risk / Return Rank

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

FDG

FDG Risk / Return Rank: 46
FDG Sharpe Ratio Rank: 50
FDG Sortino Ratio Rank: 48
FDG Omega Ratio Rank: 47
FDG Calmar Ratio Rank: 40
FDG Martin Ratio Rank: 43

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.

FDG vs. OVS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century Focused Dynamic Growth ETF (FDG) 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.

	FDG	OVS	Difference
Sharpe ratio Return per unit of total volatility	1.76	1.90	-0.14
Sortino ratio Return per unit of downside risk	2.37	2.71	-0.34
Omega ratio Gain probability vs. loss probability	1.30	1.33	-0.02
Calmar ratio Return relative to maximum drawdown	1.99	4.29	-2.30
Martin ratio Return relative to average drawdown	7.02	13.85	-6.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDG vs. OVS - Sharpe Ratio Comparison

The current FDG Sharpe Ratio is 1.76, which is comparable to the OVS Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of FDG 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

	FDG	OVS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	1.90	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.26	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	0.43	+0.48

Drawdowns

FDG vs. OVS - Drawdown Comparison

The maximum FDG drawdown since its inception was -43.69%, roughly equal to the maximum OVS drawdown of -45.09%. Use the drawdown chart below to compare losses from any high point for FDG and OVS.

Drawdown Indicators

	FDG	OVS	Difference
Max Drawdown Largest peak-to-trough decline	-43.69%	-45.09%	+1.40%
Max Drawdown (1Y) Largest decline over 1 year	-15.71%	-8.51%	-7.20%
Max Drawdown (3Y) Largest decline over 3 years	-26.14%	-30.49%	+4.35%
Max Drawdown (5Y) Largest decline over 5 years	-43.69%	-30.49%	-13.20%
Current Drawdown Current decline from peak	-3.13%	-0.98%	-2.15%
Average Drawdown Average peak-to-trough decline	-13.43%	-11.35%	-2.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.45%	2.63%	+1.82%

Volatility

FDG vs. OVS - Volatility Comparison

American Century Focused Dynamic Growth ETF (FDG) has a higher volatility of 5.18% compared to Overlay Shares Small Cap Equity ETF (OVS) at 4.58%. This indicates that FDG's price experiences larger fluctuations and is considered to be riskier than OVS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDG	OVS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.18%	4.58%	+0.60%
Volatility (6M) Calculated over the trailing 6-month period	14.03%	13.00%	+1.03%
Volatility (1Y) Calculated over the trailing 1-year period	17.77%	19.27%	-1.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.67%	23.23%	+1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.90%	27.47%	-2.57%

FDG vs. OVS - Expense Ratio Comparison

FDG has a 0.45% expense ratio, which is lower than OVS's 0.83% expense ratio.

Dividends

FDG vs. OVS - Dividend Comparison

FDG has not paid dividends to shareholders, while OVS's dividend yield for the trailing twelve months is around 6.83%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FDG American Century Focused Dynamic Growth ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.00%
OVS Overlay Shares Small Cap Equity ETF	6.83%	3.69%	4.08%	3.19%	3.43%	4.05%	1.74%	0.54%

Frequently Asked Questions

Can I hold both FDG and OVS in my portfolio?

FDG and OVS have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDG or OVS?

FDG has higher volatility (5.18%) compared to OVS (4.58%). In terms of maximum drawdown, FDG dropped -43.69% vs OVS's -45.09%.

Which ETF is better, FDG or OVS?

On 5-year performance, FDG leads with 12.61% vs 6.01% for OVS. On fees, FDG is cheaper at 0.45% per year. On volatility, OVS has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDG or OVS?

Over the 5-year period, FDG has performed better with a 12.61% return vs 6.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDG or OVS?

FDG is cheaper with a 0.45% expense ratio, compared with 0.83% for OVS.

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

OVS has the higher dividend yield at 6.83%, compared with 0.00% for FDG.

What is the main difference between FDG and OVS?

FDG is categorized as Global Equities, while OVS is Small Cap Blend Equities. They also come from different issuers: American Century and Liquid Strategies. Their fees differ too: 0.45% for FDG and 0.83% for OVS.

Which has better risk-adjusted returns?

OVS currently has the higher Sharpe Ratio (1.90 vs 1.76), 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.