IGEB vs. OVT
IGEB (iShares Investment Grade Bond Factor ETF) and OVT (Overlay Shares Short Term Bond ETF) are both Corporate Bonds funds. IGEB is passively managed, while OVT is actively managed. Over the past 5 years, IGEB returned 1.10%/yr vs 3.01%/yr for OVT. A 0.64 correlation means they provide meaningful diversification when combined. IGEB charges 0.18%/yr vs 0.80%/yr for OVT.
Performance
IGEB vs. OVT - Performance Comparison
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Returns By Period
In the year-to-date period, IGEB achieves a 0.41% return, which is significantly lower than OVT's 2.61% return.
IGEB
- 1D
- -0.22%
- 1M
- 0.57%
- YTD
- 0.41%
- 6M
- 0.32%
- 1Y
- 5.98%
- 3Y*
- 5.88%
- 5Y*
- 1.10%
- 10Y*
- —
OVT
- 1D
- -0.16%
- 1M
- 0.55%
- YTD
- 2.61%
- 6M
- 3.07%
- 1Y
- 8.92%
- 3Y*
- 7.44%
- 5Y*
- 3.01%
- 10Y*
- —
IGEB vs. OVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IGEB iShares Investment Grade Bond Factor ETF | 0.41% | 8.17% | 3.10% | 9.56% | -14.85% | -0.08% |
OVT Overlay Shares Short Term Bond ETF | 2.61% | 7.61% | 7.44% | 7.73% | -9.68% | 2.07% |
Correlation
The correlation between IGEB and OVT is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Jan 19, 2021 | 0.64 |
The correlation between IGEB and OVT has been stable across timeframes, ranging from 0.63 to 0.68 - a consistent structural relationship.
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Return for Risk
IGEB vs. OVT — Risk / Return Rank
IGEB
OVT
IGEB vs. OVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Investment Grade Bond Factor ETF (IGEB) 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.
| IGEB | OVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.16 | ||
| Sortino ratioReturn per unit of downside risk | -1.71 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.51 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 5.78 | -3.69 |
| Martin ratioReturn relative to average drawdown | 6.81 | 20.00 | -13.19 |
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
| IGEB | OVT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.44 | 2.60 | -1.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | 0.65 | -0.49 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | 0.69 | -0.20 |
Drawdowns
IGEB vs. OVT - Drawdown Comparison
The maximum IGEB drawdown since its inception was -21.13%, which is greater than OVT's maximum drawdown of -13.59%. Use the drawdown chart below to compare losses from any high point for IGEB and OVT.
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Drawdown Indicators
| IGEB | OVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.13% | -13.59% | -7.54% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -1.55% | -1.33% |
Max Drawdown (3Y)Largest decline over 3 years | -5.97% | -3.55% | -2.42% |
Max Drawdown (5Y)Largest decline over 5 years | -21.13% | -13.59% | -7.54% |
Current DrawdownCurrent decline from peak | -1.03% | -0.41% | -0.62% |
Average DrawdownAverage peak-to-trough decline | -4.90% | -3.39% | -1.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.45% | +0.43% |
Volatility
IGEB vs. OVT - Volatility Comparison
iShares Investment Grade Bond Factor ETF (IGEB) has a higher volatility of 1.33% compared to Overlay Shares Short Term Bond ETF (OVT) at 0.83%. This indicates that IGEB's price experiences larger fluctuations and is considered to be riskier 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
| IGEB | OVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 0.83% | +0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 3.07% | 2.52% | +0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.16% | 3.44% | +0.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.70% | 4.63% | +2.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.52% | 4.54% | +1.98% |
IGEB vs. OVT - Expense Ratio Comparison
IGEB has a 0.18% expense ratio, which is lower than OVT's 0.80% expense ratio.
Dividends
IGEB vs. OVT - Dividend Comparison
IGEB's dividend yield for the trailing twelve months is around 5.06%, less than OVT's 8.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
IGEB iShares Investment Grade Bond Factor ETF | 5.06% | 4.92% | 5.09% | 4.60% | 3.64% | 3.84% | 3.78% | 5.61% | 3.59% | 1.62% |
OVT Overlay Shares Short Term Bond ETF | 8.17% | 7.21% | 6.15% | 5.11% | 4.12% | 4.41% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IGEB and OVT have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IGEB has higher volatility (1.33%) compared to OVT (0.83%). In terms of maximum drawdown, IGEB dropped -21.13% vs OVT's -13.59%.
On 5-year performance, OVT leads with 3.01% vs 1.10% for IGEB. On fees, IGEB is cheaper at 0.18% per year. On volatility, OVT has been the lower-risk option at 0.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, OVT has performed better with a 3.01% return vs 1.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IGEB is cheaper with a 0.18% expense ratio, compared with 0.80% for OVT.
OVT has the higher dividend yield at 8.17%, compared with 5.06% for IGEB.
They also come from different issuers: iShares and Liquid Strategies. Their fees differ too: 0.18% for IGEB and 0.80% for OVT.
OVT currently has the higher Sharpe Ratio (2.60 vs 1.44), 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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