IBTO vs. OVB

Last updated Apr 1, 2026

Compare and contrast key facts about iShares iBonds Dec 2033 Term Treasury ETF (IBTO) and Overlay Shares Core Bond ETF (OVB).

IBTO and OVB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IBTO is a passively managed fund by iShares that tracks the performance of the ICE 2033 Maturity US Treasury Index. It was launched on Jun 27, 2023. OVB is an actively managed fund by Liquid Strategies. It was launched on Sep 30, 2019.

Performance

IBTO vs. OVB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2033 Term Treasury ETF (IBTO) and Overlay Shares Core Bond ETF (OVB). The values are adjusted to include any dividend payments, if applicable.

IBTO vs. OVB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IBTO iShares iBonds Dec 2033 Term Treasury ETF	-0.02%	8.23%	-0.87%	1.71%
OVB Overlay Shares Core Bond ETF	1.53%	7.72%	4.03%	3.60%

Returns By Period

In the year-to-date period, IBTO achieves a -0.02% return, which is significantly lower than OVB's 1.53% return.

IBTO

• 1D: 0.27%
• 1M: -2.09%
• YTD: -0.02%
• 6M: 0.95%
• 1Y: 4.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OVB

• 1D: 0.72%
• 1M: -1.39%
• YTD: 1.53%
• 6M: 3.08%
• 1Y: 7.93%
• 3Y*: 5.42%
• 5Y*: 0.90%
• 10Y*: —

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

IBTO vs. OVB - Expense Ratio Comparison

IBTO has a 0.07% expense ratio, which is lower than OVB's 0.79% expense ratio.

OVB

Overlay Shares Core Bond ETF

IBTO

iShares iBonds Dec 2033 Term Treasury ETF

Return for Risk

IBTO vs. OVB — Risk / Return Rank

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

IBTO

IBTO Risk / Return Rank: 42
IBTO Sharpe Ratio Rank: 41
IBTO Sortino Ratio Rank: 41
IBTO Omega Ratio Rank: 33
IBTO Calmar Ratio Rank: 56
IBTO Martin Ratio Rank: 40

OVB

OVB Risk / Return Rank: 76
OVB Sharpe Ratio Rank: 71
OVB Sortino Ratio Rank: 72
OVB Omega Ratio Rank: 66
OVB Calmar Ratio Rank: 90
OVB Martin Ratio Rank: 80

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.

IBTO vs. OVB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2033 Term Treasury ETF (IBTO) and Overlay Shares Core Bond ETF (OVB). 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.

	IBTO	OVB	Difference
Sharpe ratio Return per unit of total volatility	0.80	1.26	-0.46
Sortino ratio Return per unit of downside risk	1.19	1.81	-0.62
Omega ratio Gain probability vs. loss probability	1.14	1.24	-0.10
Calmar ratio Return relative to maximum drawdown	1.46	3.01	-1.55
Martin ratio Return relative to average drawdown	3.82	8.76	-4.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBTO vs. OVB - Sharpe Ratio Comparison

The current IBTO Sharpe Ratio is 0.80, which is lower than the OVB Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of IBTO and OVB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IBTO	OVB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	1.26	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.12	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.24	+0.24

Correlation

The correlation between IBTO and OVB is 0.77, 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

IBTO vs. OVB - Dividend Comparison

IBTO's dividend yield for the trailing twelve months is around 4.10%, less than OVB's 7.37% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
IBTO iShares iBonds Dec 2033 Term Treasury ETF	4.10%	4.05%	4.23%	1.66%	0.00%	0.00%	0.00%	0.00%
OVB Overlay Shares Core Bond ETF	7.37%	6.00%	5.81%	5.20%	4.67%	4.59%	3.88%	0.58%

Drawdowns

IBTO vs. OVB - Drawdown Comparison

The maximum IBTO drawdown since its inception was -8.36%, smaller than the maximum OVB drawdown of -21.69%. Use the drawdown chart below to compare losses from any high point for IBTO and OVB.

Drawdown Indicators

	IBTO	OVB	Difference
Max Drawdown Largest peak-to-trough decline	-8.36%	-21.69%	+13.33%
Max Drawdown (1Y) Largest decline over 1 year	-3.08%	-2.67%	-0.41%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.69%	—
Current Drawdown Current decline from peak	-2.09%	-1.39%	-0.70%
Average Drawdown Average peak-to-trough decline	-2.37%	-7.21%	+4.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.18%	0.92%	+0.26%

Volatility

IBTO vs. OVB - Volatility Comparison

The current volatility for iShares iBonds Dec 2033 Term Treasury ETF (IBTO) is 1.75%, while Overlay Shares Core Bond ETF (OVB) has a volatility of 2.44%. This indicates that IBTO experiences smaller price fluctuations and is considered to be less risky than OVB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBTO	OVB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.75%	2.44%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	3.01%	4.67%	-1.66%
Volatility (1Y) Calculated over the trailing 1-year period	5.19%	6.34%	-1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.74%	7.30%	-0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.74%	7.65%	-0.91%