IBDZ vs. OVT

Last updated Aug 2, 2026

IBDZ (iShares iBonds Dec 2034 Term Corporate ETF) and OVT (Overlay Shares Short Term Bond ETF) are both Corporate Bonds funds. IBDZ is passively managed, while OVT is actively managed. Over the past year, IBDZ returned 2.21% vs 5.78% for OVT. Their 0.57 correlation means they have sometimes moved together and sometimes differently. IBDZ charges 0.10%/yr vs 0.80%/yr for OVT.

Performance

IBDZ vs. OVT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2034 Term Corporate ETF (IBDZ) 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, IBDZ achieves a -0.65% return, which is significantly lower than OVT's 2.18% return.

IBDZ

• 1D: -0.23%
• 1M: -1.39%
• 6M: -0.80%
• YTD: -0.65%
• 1Y: 2.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.63%

OVT

• 1D: 0.14%
• 1M: -0.29%
• 6M: 1.49%
• YTD: 2.18%
• 1Y: 5.78%
• 3Y*: 7.01%
• 5Y*: 2.74%
• 10Y*: —
• ALL TIME*: 2.86%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IBDZ iShares iBonds Dec 2034 Term Corporate ETF	$4.19M	$3.35M	$3.85M
OVT Overlay Shares Short Term Bond ETF	$448.53K	$331.00K	$285.10K

IBDZ vs. OVT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IBDZ iShares iBonds Dec 2034 Term Corporate ETF	-0.65%	8.84%	4.23%
OVT Overlay Shares Short Term Bond ETF	2.18%	7.61%	4.96%

Correlation

The correlation between IBDZ and OVT is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (All Time) Calculated using the full available price history since May 24, 2024	0.57

The correlation between IBDZ and OVT has been stable across timeframes, ranging from 0.57 to 0.66 - a consistent structural relationship.

Return for Risk

IBDZ vs. OVT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IBDZ

IBDZ Risk / Return Rank: 29
IBDZ Sharpe Ratio Rank: 29
IBDZ Sortino Ratio Rank: 28
IBDZ Omega Ratio Rank: 26
IBDZ Calmar Ratio Rank: 32
IBDZ Martin Ratio Rank: 32

OVT

OVT Risk / Return Rank: 79
OVT Sharpe Ratio Rank: 74
OVT Sortino Ratio Rank: 72
OVT Omega Ratio Rank: 77
OVT Calmar Ratio Rank: 91
OVT Martin Ratio Rank: 82

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IBDZ vs. OVT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2034 Term Corporate ETF (IBDZ) 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.

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.

	IBDZ	OVT	Difference
Sharpe ratio: Return per unit of total volatility	0.70	1.67	-0.97
Sortino ratio: Return per unit of downside risk	1.04	2.33	-1.30
Omega ratio: Gain probability vs. loss probability	1.12	1.32	-0.20
Calmar ratio: Return relative to maximum drawdown	1.06	4.01	-2.94
Martin ratio: Return relative to average drawdown	2.96	11.03	-8.07

IBDZ vs. OVT - Sharpe Ratio Comparison

The current IBDZ Sharpe Ratio is 0.70, which is lower than the OVT Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of IBDZ 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.

Drawdowns

IBDZ vs. OVT - Drawdown Comparison

The maximum IBDZ drawdown since its inception was -5.57%, smaller than the maximum OVT drawdown of -13.59%. Use the drawdown chart below to compare losses from any high point for IBDZ and OVT.

Drawdown Indicators

	IBDZ	OVT	Difference
Max Drawdown Largest peak-to-trough decline	-5.57%	-13.59%	+8.02%
Max Drawdown (1Y) Largest decline over 1 year	-3.04%	-1.55%	-1.49%
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	-2.23%	-0.83%	-1.40%
Average Drawdown Average peak-to-trough decline	-1.29%	-3.32%	+2.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	0.56%	+0.53%

Volatility

IBDZ vs. OVT - Volatility Comparison

iShares iBonds Dec 2034 Term Corporate ETF (IBDZ) and Overlay Shares Short Term Bond ETF (OVT) have volatilities of 1.13% and 1.18%, 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

	IBDZ	OVT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	1.18%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	3.46%	2.76%	+0.70%
Volatility (1Y) Calculated over the trailing 1-year period	4.64%	3.72%	+0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.14%	4.69%	+1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.14%	4.54%	+1.60%

IBDZ vs. OVT - Expense Ratio Comparison

IBDZ has a 0.10% expense ratio, which is lower than OVT's 0.80% expense ratio.

Dividends

IBDZ vs. OVT - Dividend Comparison

IBDZ's dividend yield for the trailing twelve months is around 4.93%, less than OVT's 7.66% yield.

Position	TTM	2025	2024	2023	2022	2021
IBDZ iShares iBonds Dec 2034 Term Corporate ETF	4.51%	4.85%	2.50%	0.00%	0.00%	0.00%
OVT Overlay Shares Short Term Bond ETF	7.66%	7.21%	6.15%	5.11%	4.12%	4.41%

Frequently Asked Questions

Can I hold both IBDZ and OVT in my portfolio?

IBDZ and OVT have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBDZ or OVT?

OVT has higher volatility (1.18%) compared to IBDZ (1.13%). In terms of maximum drawdown, IBDZ dropped -5.57% vs OVT's -13.59%.

Which ETF is better, IBDZ or OVT?

On 1-year performance, OVT leads with 5.78% vs 2.21% for IBDZ. On fees, IBDZ is cheaper at 0.10% 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, IBDZ or OVT?

Over the 1-year period, OVT has performed better with a 5.78% return vs 2.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBDZ or OVT?

IBDZ is cheaper with a 0.10% expense ratio, compared with 0.80% for OVT.

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

OVT has the higher dividend yield at 7.66%, compared with 4.51% for IBDZ.

What is the main difference between IBDZ and OVT?

They also come from different issuers: iShares and Liquid Strategies. Their fees differ too: 0.10% for IBDZ and 0.80% for OVT.

Which has better risk-adjusted returns?

OVT currently has the higher Sharpe Ratio (1.67 vs 0.70), 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.