HYMB vs. OVM
HYMB (SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF) and OVM (Overlay Shares Municipal Bond ETF) are both Municipal Bonds funds. HYMB is passively managed, while OVM is actively managed. Over the past 5 years, HYMB returned 0.47%/yr vs 1.49%/yr for OVM. A 0.56 correlation means they provide meaningful diversification when combined. HYMB charges 0.35%/yr vs 0.82%/yr for OVM.
Performance
HYMB vs. OVM - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with HYMB having a 3.60% return and OVM slightly higher at 3.68%.
HYMB
- 1D
- 0.16%
- 1M
- 1.95%
- YTD
- 3.60%
- 6M
- 3.52%
- 1Y
- 7.41%
- 3Y*
- 4.93%
- 5Y*
- 0.47%
- 10Y*
- 2.36%
OVM
- 1D
- 0.16%
- 1M
- 1.08%
- YTD
- 3.68%
- 6M
- 3.13%
- 1Y
- 10.41%
- 3Y*
- 4.94%
- 5Y*
- 1.49%
- 10Y*
- —
HYMB vs. OVM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 3.60% | 2.04% | 5.52% | 7.73% | -15.54% | 5.16% | 3.74% | 0.64% |
OVM Overlay Shares Municipal Bond ETF | 3.68% | 4.14% | 3.42% | 7.35% | -11.26% | 4.22% | 6.17% | 1.61% |
Correlation
The correlation between HYMB and OVM 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 | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019 | 0.56 |
The correlation between HYMB and OVM has been stable across timeframes, ranging from 0.56 to 0.61 - a consistent structural relationship.
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Return for Risk
HYMB vs. OVM — Risk / Return Rank
HYMB
OVM
HYMB vs. OVM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) and Overlay Shares Municipal Bond ETF (OVM). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| HYMB | OVM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.49 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 4.29 | -1.89 |
| Martin ratioReturn relative to average drawdown | 8.49 | 16.16 | -7.67 |
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Drawdowns
HYMB vs. OVM - Drawdown Comparison
The maximum HYMB drawdown since its inception was -29.57%, which is greater than OVM's maximum drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for HYMB and OVM.
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Drawdown Indicators
| HYMB | OVM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.57% | -15.58% | -13.99% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -2.44% | -0.67% |
Max Drawdown (3Y)Largest decline over 3 years | -7.44% | -8.20% | +0.76% |
Max Drawdown (5Y)Largest decline over 5 years | -20.15% | -15.58% | -4.57% |
Max Drawdown (10Y)Largest decline over 10 years | -29.57% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.50% | +0.50% |
Average DrawdownAverage peak-to-trough decline | -3.79% | -3.98% | +0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 0.65% | +0.22% |
Volatility
HYMB vs. OVM - Volatility Comparison
The current volatility for SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) is 0.85%, while Overlay Shares Municipal Bond ETF (OVM) has a volatility of 1.47%. This indicates that HYMB experiences smaller price fluctuations and is considered to be less risky than OVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYMB | OVM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.85% | 1.47% | -0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 3.19% | 3.47% | -0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.04% | 4.27% | -0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.67% | 5.42% | +1.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.36% | 6.53% | +4.83% |
HYMB vs. OVM - Expense Ratio Comparison
HYMB has a 0.35% expense ratio, which is lower than OVM's 0.82% expense ratio.
Dividends
HYMB vs. OVM - Dividend Comparison
HYMB's dividend yield for the trailing twelve months is around 4.51%, less than OVM's 6.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 4.51% | 4.55% | 4.29% | 4.07% | 3.77% | 3.19% | 3.55% | 3.95% | 4.03% | 3.78% | 4.08% | 4.54% |
OVM Overlay Shares Municipal Bond ETF | 6.13% | 5.45% | 4.91% | 4.66% | 4.21% | 6.10% | 3.97% | 0.58% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYMB and OVM 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.
OVM has higher volatility (1.47%) compared to HYMB (0.85%). In terms of maximum drawdown, HYMB dropped -29.57% vs OVM's -15.58%.
On 5-year performance, OVM leads with 1.49% vs 0.47% for HYMB. On fees, HYMB is cheaper at 0.35% per year. On volatility, HYMB has been the lower-risk option at 0.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, OVM has performed better with a 1.49% return vs 0.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYMB is cheaper with a 0.35% expense ratio, compared with 0.82% for OVM.
OVM has the higher dividend yield at 6.13%, compared with 4.51% for HYMB.
They also come from different issuers: State Street and Liquid Strategies. Their fees differ too: 0.35% for HYMB and 0.82% for OVM.
OVM currently has the higher Sharpe Ratio (2.45 vs 1.85), 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.
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