FSIG vs. OVT

Last updated Jun 4, 2026

FSIG (First Trust Limited Duration Investment Grade Corporate ETF) and OVT (Overlay Shares Short Term Bond ETF) are both exchange-traded funds - FSIG is a Short-Term Bond fund actively managed by First Trust, while OVT is a Corporate Bonds fund actively managed by Liquid Strategies. Both are actively managed. Over the past 3 years, FSIG returned 5.12%/yr vs 7.44%/yr for OVT. A 0.61 correlation means they provide meaningful diversification when combined. FSIG charges 0.55%/yr vs 0.80%/yr for OVT.

Performance

FSIG vs. OVT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Limited Duration Investment Grade Corporate ETF (FSIG) 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, FSIG achieves a 0.38% return, which is significantly lower than OVT's 2.61% return.

FSIG

• 1D: -0.11%
• 1M: 0.23%
• YTD: 0.38%
• 6M: 0.81%
• 1Y: 4.26%
• 3Y*: 5.12%
• 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)

FSIG vs. OVT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FSIG First Trust Limited Duration Investment Grade Corporate ETF	0.38%	6.66%	4.22%	6.22%	-4.37%	0.02%
OVT Overlay Shares Short Term Bond ETF	2.61%	7.61%	7.44%	7.73%	-9.68%	0.01%

Correlation

The correlation between FSIG and OVT is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (All Time) Calculated using the full available price history since Nov 19, 2021	0.61

The correlation between FSIG and OVT has been stable across timeframes, ranging from 0.56 to 0.61 - a consistent structural relationship.

Return for Risk

FSIG vs. OVT — Risk / Return Rank

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

FSIG

FSIG Risk / Return Rank: 60
FSIG Sharpe Ratio Rank: 55
FSIG Sortino Ratio Rank: 61
FSIG Omega Ratio Rank: 62
FSIG Calmar Ratio Rank: 56
FSIG Martin Ratio Rank: 63

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.

FSIG vs. OVT - Risk-Adjusted Trends Comparison

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

	FSIG	OVT	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.60	-0.71
Sortino ratio: Return per unit of downside risk	2.87	3.83	-0.96
Omega ratio: Gain probability vs. loss probability	1.38	1.51	-0.13
Calmar ratio: Return relative to maximum drawdown	2.75	5.78	-3.02
Martin ratio: Return relative to average drawdown	11.44	20.00	-8.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSIG vs. OVT - Sharpe Ratio Comparison

The current FSIG Sharpe Ratio is 1.89, which is comparable to the OVT Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of FSIG 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

	FSIG	OVT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.60	-0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.65	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.69	+0.27

Drawdowns

FSIG vs. OVT - Drawdown Comparison

The maximum FSIG drawdown since its inception was -6.88%, smaller than the maximum OVT drawdown of -13.59%. Use the drawdown chart below to compare losses from any high point for FSIG and OVT.

Drawdown Indicators

	FSIG	OVT	Difference
Max Drawdown Largest peak-to-trough decline	-6.88%	-13.59%	+6.71%
Max Drawdown (1Y) Largest decline over 1 year	-1.55%	-1.55%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-1.55%	-3.55%	+2.00%
Max Drawdown (5Y) Largest decline over 5 years	—	-13.59%	—
Current Drawdown Current decline from peak	-0.32%	-0.41%	+0.09%
Average Drawdown Average peak-to-trough decline	-1.67%	-3.39%	+1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	0.45%	-0.08%

Volatility

FSIG vs. OVT - Volatility Comparison

First Trust Limited Duration Investment Grade Corporate ETF (FSIG) and Overlay Shares Short Term Bond ETF (OVT) have volatilities of 0.83% and 0.83%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSIG	OVT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	0.83%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	1.81%	2.52%	-0.71%
Volatility (1Y) Calculated over the trailing 1-year period	2.26%	3.44%	-1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.96%	4.63%	-1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.96%	4.54%	-1.58%

FSIG vs. OVT - Expense Ratio Comparison

FSIG has a 0.55% expense ratio, which is lower than OVT's 0.80% expense ratio.

Dividends

FSIG vs. OVT - Dividend Comparison

FSIG's dividend yield for the trailing twelve months is around 4.81%, less than OVT's 8.17% yield.

Position	TTM	2025	2024	2023	2022	2021
FSIG First Trust Limited Duration Investment Grade Corporate ETF	4.81%	4.73%	4.61%	4.42%	2.48%	0.12%
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 FSIG and OVT in my portfolio?

FSIG and OVT have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSIG or OVT?

OVT has higher volatility (0.83%) compared to FSIG (0.83%). In terms of maximum drawdown, FSIG dropped -6.88% vs OVT's -13.59%.

Which ETF is better, FSIG or OVT?

On 3-year performance, OVT leads with 7.44% vs 5.12% for FSIG. On fees, FSIG is cheaper at 0.55% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FSIG or OVT?

Over the 3-year period, OVT has performed better with a 7.44% return vs 5.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FSIG or OVT?

FSIG is cheaper with a 0.55% expense ratio, compared with 0.80% for OVT.

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

OVT has the higher dividend yield at 8.17%, compared with 4.81% for FSIG.

What is the main difference between FSIG and OVT?

FSIG is categorized as Short-Term Bond, while OVT is Corporate Bonds. They also come from different issuers: First Trust and Liquid Strategies. Their fees differ too: 0.55% for FSIG and 0.80% for OVT.

Which has better risk-adjusted returns?

OVT currently has the higher Sharpe Ratio (2.60 vs 1.89), 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.