IBDZ vs. OVT
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 5.23% vs 7.33% for OVT. A 0.57 correlation means they provide meaningful diversification when combined. IBDZ charges 0.10%/yr vs 0.80%/yr for OVT.
Performance
IBDZ vs. OVT - Performance Comparison
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Returns By Period
In the year-to-date period, IBDZ achieves a 0.39% return, which is significantly lower than OVT's 1.98% return.
IBDZ
- 1D
- 0.10%
- 1M
- 0.58%
- YTD
- 0.39%
- 6M
- 0.55%
- 1Y
- 5.23%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OVT
- 1D
- -0.14%
- 1M
- -0.17%
- YTD
- 1.98%
- 6M
- 1.98%
- 1Y
- 7.33%
- 3Y*
- 7.26%
- 5Y*
- 2.84%
- 10Y*
- —
IBDZ vs. OVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBDZ iShares iBonds Dec 2034 Term Corporate ETF | 0.39% | 8.84% | 4.23% |
OVT Overlay Shares Short Term Bond ETF | 1.98% | 7.61% | 4.96% |
Correlation
The correlation between IBDZ and OVT is 0.66, 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 | 0.66 |
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.
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Return for Risk
IBDZ vs. OVT — Risk / Return Rank
IBDZ
OVT
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 ratioReturn per unit of total volatility | -0.89 | ||
| Sortino ratioReturn per unit of downside risk | -1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.39 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | 4.74 | -3.02 |
| Martin ratioReturn relative to average drawdown | 5.35 | 14.89 | -9.54 |
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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.
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Drawdown Indicators
| IBDZ | OVT | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -1.20% | -1.02% | -0.18% |
Average DrawdownAverage peak-to-trough decline | -1.28% | -3.37% | +2.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 0.49% | +0.49% |
Volatility
IBDZ vs. OVT - Volatility Comparison
The current volatility for iShares iBonds Dec 2034 Term Corporate ETF (IBDZ) is 1.22%, while Overlay Shares Short Term Bond ETF (OVT) has a volatility of 1.54%. This indicates that IBDZ experiences smaller price fluctuations and is considered to be less risky than OVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBDZ | OVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | 1.54% | -0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 3.40% | 2.83% | +0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.69% | 3.68% | +1.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.23% | 4.67% | +1.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.23% | 4.56% | +1.67% |
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 4.86%, less than OVT's 8.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
IBDZ iShares iBonds Dec 2034 Term Corporate ETF | 4.86% | 4.85% | 2.50% | 0.00% | 0.00% | 0.00% |
OVT Overlay Shares Short Term Bond ETF | 8.22% | 7.21% | 6.15% | 5.11% | 4.12% | 4.41% |
Frequently Asked Questions
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.
OVT has higher volatility (1.54%) compared to IBDZ (1.22%). In terms of maximum drawdown, IBDZ dropped -5.57% vs OVT's -13.59%.
On 1-year performance, OVT leads with 7.33% vs 5.23% for IBDZ. On fees, IBDZ is cheaper at 0.10% per year. On volatility, IBDZ has been the lower-risk option at 1.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, OVT has performed better with a 7.33% return vs 5.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBDZ is cheaper with a 0.10% expense ratio, compared with 0.80% for OVT.
OVT has the higher dividend yield at 8.22%, compared with 4.86% for IBDZ.
They also come from different issuers: iShares and Liquid Strategies. Their fees differ too: 0.10% for IBDZ and 0.80% for OVT.
OVT currently has the higher Sharpe Ratio (2.01 vs 1.12), 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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