HEDG vs. OVLH

Last updated Apr 3, 2026

Compare and contrast key facts about Equable Shares Hedged Equity ETF (HEDG) and Overlay Shares Hedged Large Cap Equity ETF (OVLH).

HEDG and OVLH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HEDG is a passively managed fund by Equable Shares that tracks the performance of the Actively Managed. It was launched on May 31, 2019. OVLH is an actively managed fund by Liquid Strategies. It was launched on Jan 14, 2021.

Performance

HEDG vs. OVLH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Equable Shares Hedged Equity ETF (HEDG) and Overlay Shares Hedged Large Cap Equity ETF (OVLH). The values are adjusted to include any dividend payments, if applicable.

HEDG vs. OVLH - Yearly Performance Comparison

	2026 (YTD)	2025
HEDG Equable Shares Hedged Equity ETF	-0.34%	3.16%
OVLH Overlay Shares Hedged Large Cap Equity ETF	-3.46%	1.59%

Returns By Period

In the year-to-date period, HEDG achieves a -0.34% return, which is significantly higher than OVLH's -3.46% return.

HEDG

• 1D: 0.14%
• 1M: -1.20%
• YTD: -0.34%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

OVLH

• 1D: -0.06%
• 1M: -2.89%
• YTD: -3.46%
• 6M: -2.60%
• 1Y: 14.18%
• 3Y*: 13.98%
• 5Y*: 8.47%
• 10Y*: —

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

HEDG vs. OVLH - Expense Ratio Comparison

HEDG has a 0.96% expense ratio, which is higher than OVLH's 0.80% expense ratio.

HEDG

Equable Shares Hedged Equity ETF

OVLH

Overlay Shares Hedged Large Cap Equity ETF

Return for Risk

HEDG vs. OVLH — Risk / Return Rank

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

OVLH

OVLH Risk / Return Rank: 74
OVLH Sharpe Ratio Rank: 73
OVLH Sortino Ratio Rank: 79
OVLH Omega Ratio Rank: 69
OVLH Calmar Ratio Rank: 74
OVLH Martin Ratio Rank: 76

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.

HEDG vs. OVLH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Equable Shares Hedged Equity ETF (HEDG) and Overlay Shares Hedged Large Cap Equity ETF (OVLH). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	HEDG	OVLH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.37	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.72	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.76	+0.15

Correlation

The correlation between HEDG and OVLH is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HEDG vs. OVLH - Dividend Comparison

HEDG's dividend yield for the trailing twelve months is around 1.89%, more than OVLH's 0.31% yield.

	TTM	2025	2024	2023	2022	2021
HEDG Equable Shares Hedged Equity ETF	1.89%	1.38%	0.00%	0.00%	0.00%	0.00%
OVLH Overlay Shares Hedged Large Cap Equity ETF	0.31%	0.30%	0.32%	0.83%	0.79%	0.40%

Drawdowns

HEDG vs. OVLH - Drawdown Comparison

The maximum HEDG drawdown since its inception was -3.85%, smaller than the maximum OVLH drawdown of -20.69%. Use the drawdown chart below to compare losses from any high point for HEDG and OVLH.

Drawdown Indicators

	HEDG	OVLH	Difference
Max Drawdown Largest peak-to-trough decline	-3.85%	-20.69%	+16.84%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.36%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.69%	—
Current Drawdown Current decline from peak	-1.89%	-4.74%	+2.85%
Average Drawdown Average peak-to-trough decline	-0.47%	-5.16%	+4.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.55%	—

Volatility

Volatility by Period

	HEDG	OVLH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.72%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.21%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.69%	10.43%	-3.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.69%	11.76%	-5.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.69%	11.86%	-5.17%