IBMQ vs. OVM
IBMQ (iShares iBonds Dec 2028 Term Muni Bond ETF) and OVM (Overlay Shares Municipal Bond ETF) are both Municipal Bonds funds. IBMQ is passively managed, while OVM is actively managed. Over the past 5 years, IBMQ returned 0.48%/yr vs 1.59%/yr for OVM. A 0.54 correlation means they provide meaningful diversification when combined. IBMQ charges 0.18%/yr vs 0.82%/yr for OVM.
Performance
IBMQ vs. OVM - Performance Comparison
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Returns By Period
In the year-to-date period, IBMQ achieves a 0.69% return, which is significantly lower than OVM's 3.96% return.
IBMQ
- 1D
- -0.08%
- 1M
- 0.16%
- YTD
- 0.69%
- 6M
- 1.27%
- 1Y
- 3.49%
- 3Y*
- 2.96%
- 5Y*
- 0.48%
- 10Y*
- —
OVM
- 1D
- -0.17%
- 1M
- 1.10%
- YTD
- 3.96%
- 6M
- 4.16%
- 1Y
- 11.81%
- 3Y*
- 5.37%
- 5Y*
- 1.59%
- 10Y*
- —
IBMQ vs. OVM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IBMQ iShares iBonds Dec 2028 Term Muni Bond ETF | 0.69% | 4.09% | 0.71% | 4.00% | -6.73% | -0.26% | 6.93% | 0.30% |
OVM Overlay Shares Municipal Bond ETF | 3.96% | 4.14% | 3.42% | 7.35% | -11.26% | 4.22% | 6.17% | 1.72% |
Correlation
The correlation between IBMQ and OVM is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2019 | 0.54 |
Over the past year, the correlation between IBMQ and OVM has dropped to 0.34 - well below their long-term average of 0.54, suggesting their price drivers have been diverging.
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Return for Risk
IBMQ vs. OVM — Risk / Return Rank
IBMQ
OVM
IBMQ vs. OVM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2028 Term Muni Bond ETF (IBMQ) 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.
| IBMQ | OVM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.58 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.11 | 4.86 | -1.75 |
| Martin ratioReturn relative to average drawdown | 8.20 | 18.92 | -10.71 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IBMQ | OVM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.91 | 2.85 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.30 | -0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 0.43 | -0.07 |
Drawdowns
IBMQ vs. OVM - Drawdown Comparison
The maximum IBMQ drawdown since its inception was -15.85%, roughly equal to the maximum OVM drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for IBMQ and OVM.
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Drawdown Indicators
| IBMQ | OVM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.85% | -15.58% | -0.27% |
Max Drawdown (1Y)Largest decline over 1 year | -1.13% | -2.44% | +1.31% |
Max Drawdown (3Y)Largest decline over 3 years | -3.57% | -8.20% | +4.63% |
Max Drawdown (5Y)Largest decline over 5 years | -11.51% | -15.58% | +4.07% |
Current DrawdownCurrent decline from peak | -0.33% | -0.17% | -0.16% |
Average DrawdownAverage peak-to-trough decline | -3.26% | -4.01% | +0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 0.63% | -0.20% |
Volatility
IBMQ vs. OVM - Volatility Comparison
The current volatility for iShares iBonds Dec 2028 Term Muni Bond ETF (IBMQ) is 0.34%, while Overlay Shares Municipal Bond ETF (OVM) has a volatility of 1.26%. This indicates that IBMQ 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
| IBMQ | OVM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.34% | 1.26% | -0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 0.88% | 3.36% | -2.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.21% | 4.16% | -2.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.96% | 5.39% | -2.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.55% | 6.55% | -1.00% |
IBMQ vs. OVM - Expense Ratio Comparison
IBMQ has a 0.18% expense ratio, which is lower than OVM's 0.82% expense ratio.
Dividends
IBMQ vs. OVM - Dividend Comparison
IBMQ's dividend yield for the trailing twelve months is around 2.45%, less than OVM's 6.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IBMQ iShares iBonds Dec 2028 Term Muni Bond ETF | 2.45% | 2.43% | 2.33% | 1.93% | 1.25% | 1.05% | 1.24% | 1.03% |
OVM Overlay Shares Municipal Bond ETF | 6.11% | 5.45% | 4.91% | 4.66% | 4.21% | 6.10% | 3.97% | 0.58% |
Frequently Asked Questions
IBMQ and OVM have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OVM has higher volatility (1.26%) compared to IBMQ (0.34%). In terms of maximum drawdown, IBMQ dropped -15.85% vs OVM's -15.58%.
On 5-year performance, OVM leads with 1.59% vs 0.48% for IBMQ. On fees, IBMQ is cheaper at 0.18% per year. On volatility, IBMQ has been the lower-risk option at 0.34%. 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 1.59% return vs 0.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBMQ is cheaper with a 0.18% expense ratio, compared with 0.82% for OVM.
OVM has the higher dividend yield at 6.11%, compared with 2.45% for IBMQ.
They also come from different issuers: iShares and Liquid Strategies. Their fees differ too: 0.18% for IBMQ and 0.82% for OVM.
IBMQ currently has the higher Sharpe Ratio (2.91 vs 2.85), 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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