FIIG vs. OVT

Last updated Jun 4, 2026

FIIG (First Trust Intermediate Duration Investment Grade Corporate ETF) and OVT (Overlay Shares Short Term Bond ETF) are both Corporate Bonds funds. Both are actively managed. Over the past year, FIIG returned 5.17% vs 8.92% for OVT. A 0.58 correlation means they provide meaningful diversification when combined. FIIG charges 0.65%/yr vs 0.80%/yr for OVT.

Performance

FIIG vs. OVT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG) and Overlay Shares Short Term Bond ETF (OVT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIIG achieves a -0.56% return, which is significantly lower than OVT's 2.61% return.

FIIG

• 1D: -0.17%
• 1M: 0.08%
• YTD: -0.56%
• 6M: -0.47%
• 1Y: 5.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OVT

• 1D: -0.16%
• 1M: 0.55%
• YTD: 2.61%
• 6M: 3.07%
• 1Y: 8.92%
• 3Y*: 7.44%
• 5Y*: 3.01%
• 10Y*: —

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

FIIG vs. OVT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FIIG First Trust Intermediate Duration Investment Grade Corporate ETF	-0.56%	8.80%	2.15%	6.83%
OVT Overlay Shares Short Term Bond ETF	2.61%	7.61%	7.44%	3.89%

Correlation

The correlation between FIIG and OVT is 0.65, 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	0.65
Correlation (All Time) Calculated using the full available price history since Aug 4, 2023	0.58

The correlation between FIIG and OVT has been stable across timeframes, ranging from 0.58 to 0.65 - a consistent structural relationship.

Return for Risk

FIIG vs. OVT — Risk / Return Rank

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

FIIG

FIIG Risk / Return Rank: 32
FIIG Sharpe Ratio Rank: 32
FIIG Sortino Ratio Rank: 31
FIIG Omega Ratio Rank: 30
FIIG Calmar Ratio Rank: 34
FIIG Martin Ratio Rank: 35

OVT

OVT Risk / Return Rank: 85
OVT Sharpe Ratio Rank: 80
OVT Sortino Ratio Rank: 84
OVT Omega Ratio Rank: 84
OVT Calmar Ratio Rank: 91
OVT Martin Ratio Rank: 89

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.

FIIG vs. OVT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG) 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.

	FIIG	OVT	Difference
Sharpe ratio: Return per unit of total volatility	1.13	2.60	-1.47
Sortino ratio: Return per unit of downside risk	1.63	3.83	-2.19
Omega ratio: Gain probability vs. loss probability	1.20	1.51	-0.31
Calmar ratio: Return relative to maximum drawdown	1.65	5.78	-4.13
Martin ratio: Return relative to average drawdown	5.30	20.00	-14.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIIG vs. OVT - Sharpe Ratio Comparison

The current FIIG Sharpe Ratio is 1.13, which is lower than the OVT Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of FIIG and OVT, 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

	FIIG	OVT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	2.60	-1.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.65	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.03	0.69	+0.34

Drawdowns

FIIG vs. OVT - Drawdown Comparison

The maximum FIIG drawdown since its inception was -5.50%, smaller than the maximum OVT drawdown of -13.59%. Use the drawdown chart below to compare losses from any high point for FIIG and OVT.

Drawdown Indicators

	FIIG	OVT	Difference
Max Drawdown Largest peak-to-trough decline	-5.50%	-13.59%	+8.09%
Max Drawdown (1Y) Largest decline over 1 year	-3.15%	-1.55%	-1.60%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.55%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.59%	—
Current Drawdown Current decline from peak	-1.51%	-0.41%	-1.10%
Average Drawdown Average peak-to-trough decline	-1.39%	-3.39%	+2.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	0.45%	+0.53%

Volatility

FIIG vs. OVT - Volatility Comparison

First Trust Intermediate Duration Investment Grade Corporate ETF (FIIG) has a higher volatility of 1.63% compared to Overlay Shares Short Term Bond ETF (OVT) at 0.83%. This indicates that FIIG'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

	FIIG	OVT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.63%	0.83%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	3.38%	2.52%	+0.86%
Volatility (1Y) Calculated over the trailing 1-year period	4.61%	3.44%	+1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.91%	4.63%	+1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.91%	4.54%	+1.37%

FIIG vs. OVT - Expense Ratio Comparison

FIIG has a 0.65% expense ratio, which is lower than OVT's 0.80% expense ratio.

Dividends

FIIG vs. OVT - Dividend Comparison

FIIG's dividend yield for the trailing twelve months is around 4.96%, less than OVT's 8.17% yield.

Position	TTM	2025	2024	2023	2022	2021
FIIG First Trust Intermediate Duration Investment Grade Corporate ETF	4.96%	4.76%	4.45%	1.72%	0.00%	0.00%
OVT Overlay Shares Short Term Bond ETF	8.17%	7.21%	6.15%	5.11%	4.12%	4.41%

Frequently Asked Questions

Can I hold both FIIG and OVT in my portfolio?

FIIG and OVT have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIIG or OVT?

FIIG has higher volatility (1.63%) compared to OVT (0.83%). In terms of maximum drawdown, FIIG dropped -5.50% vs OVT's -13.59%.

Which ETF is better, FIIG or OVT?

On 1-year performance, OVT leads with 8.92% vs 5.17% for FIIG. On fees, FIIG is cheaper at 0.65% per year. On volatility, OVT has been the lower-risk option at 0.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIIG or OVT?

Over the 1-year period, OVT has performed better with a 8.92% return vs 5.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIIG or OVT?

FIIG is cheaper with a 0.65% expense ratio, compared with 0.80% for OVT.

Which ETF pays a higher dividend yield, FIIG or OVT?

OVT has the higher dividend yield at 8.17%, compared with 4.96% for FIIG.

What is the main difference between FIIG and OVT?

They also come from different issuers: First Trust and Liquid Strategies. Their fees differ too: 0.65% for FIIG and 0.80% for OVT.

Which has better risk-adjusted returns?

OVT currently has the higher Sharpe Ratio (2.60 vs 1.13), 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.