INVG vs. OVT

Last updated Aug 5, 2026

INVG (GMO Systematic Investment Grade Credit ETF) and OVT (Overlay Shares Short Term Bond ETF) are both Corporate Bonds funds. Both are actively managed. Over the past year, INVG returned 2.61% vs 6.03% for OVT. Their 0.64 correlation means they have sometimes moved together and sometimes differently. INVG charges 0.25%/yr vs 0.80%/yr for OVT.

Performance

INVG vs. OVT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO Systematic Investment Grade Credit ETF (INVG) 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, INVG achieves a 0.30% return, which is significantly lower than OVT's 2.73% return.

INVG

• 1D: 0.53%
• 1M: -0.81%
• 6M: -0.07%
• YTD: 0.30%
• 1Y: 2.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.56%

OVT

• 1D: 0.30%
• 1M: 0.24%
• 6M: 2.10%
• YTD: 2.73%
• 1Y: 6.03%
• 3Y*: 7.15%
• 5Y*: 2.83%
• 10Y*: —
• ALL TIME*: 2.96%

*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)
INVG GMO Systematic Investment Grade Credit ETF	$27.15K	$47.67K	$107.50K
OVT Overlay Shares Short Term Bond ETF	$505.96K	$370.12K	$305.03K

INVG vs. OVT - Yearly Performance Comparison

	2026 (YTD)	2025
INVG GMO Systematic Investment Grade Credit ETF	0.30%	5.03%
OVT Overlay Shares Short Term Bond ETF	2.73%	6.15%

Correlation

The correlation between INVG 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 Jun 4, 2025	0.64

The correlation between INVG and OVT has been stable across timeframes, ranging from 0.64 to 0.66 - a consistent structural relationship.

Return for Risk

INVG vs. OVT — Risk / Return Rank

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

INVG

INVG Risk / Return Rank: 23
INVG Sharpe Ratio Rank: 23
INVG Sortino Ratio Rank: 22
INVG Omega Ratio Rank: 21
INVG Calmar Ratio Rank: 24
INVG Martin Ratio Rank: 26

OVT

OVT Risk / Return Rank: 70
OVT Sharpe Ratio Rank: 61
OVT Sortino Ratio Rank: 59
OVT Omega Ratio Rank: 65
OVT Calmar Ratio Rank: 88
OVT Martin Ratio Rank: 75

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.

INVG vs. OVT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO Systematic Investment Grade Credit ETF (INVG) 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.

	INVG	OVT	Difference
Sharpe ratio: Return per unit of total volatility	0.59	1.63	-1.04
Sortino ratio: Return per unit of downside risk	0.87	2.27	-1.40
Omega ratio: Gain probability vs. loss probability	1.10	1.31	-0.21
Calmar ratio: Return relative to maximum drawdown	0.83	3.90	-3.07
Martin ratio: Return relative to average drawdown	2.45	10.72	-8.27

INVG vs. OVT - Sharpe Ratio Comparison

The current INVG Sharpe Ratio is 0.59, which is lower than the OVT Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of INVG 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

INVG vs. OVT - Drawdown Comparison

The maximum INVG drawdown since its inception was -3.15%, smaller than the maximum OVT drawdown of -13.59%. Use the drawdown chart below to compare losses from any high point for INVG and OVT.

Drawdown Indicators

	INVG	OVT	Difference
Max Drawdown Largest peak-to-trough decline	-3.15%	-13.59%	+10.44%
Max Drawdown (1Y) Largest decline over 1 year	-3.15%	-1.55%	-1.60%
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	-1.26%	-0.29%	-0.97%
Average Drawdown Average peak-to-trough decline	-0.75%	-3.31%	+2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	0.56%	+0.51%

Volatility

INVG vs. OVT - Volatility Comparison

GMO Systematic Investment Grade Credit ETF (INVG) has a higher volatility of 1.37% compared to Overlay Shares Short Term Bond ETF (OVT) at 1.22%. This indicates that INVG'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.

Volatility by Period

	INVG	OVT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.37%	1.22%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	3.56%	2.78%	+0.78%
Volatility (1Y) Calculated over the trailing 1-year period	4.41%	3.71%	+0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.45%	4.69%	-0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.45%	4.54%	-0.09%

INVG vs. OVT - Expense Ratio Comparison

INVG has a 0.25% expense ratio, which is lower than OVT's 0.80% expense ratio.

Dividends

INVG vs. OVT - Dividend Comparison

INVG's dividend yield for the trailing twelve months is around 4.87%, less than OVT's 7.62% yield.

Position	TTM	2025	2024	2023	2022	2021
INVG GMO Systematic Investment Grade Credit ETF	4.87%	2.81%	0.00%	0.00%	0.00%	0.00%
OVT Overlay Shares Short Term Bond ETF	7.62%	7.21%	6.15%	5.11%	4.12%	4.41%

Frequently Asked Questions

Can I hold both INVG and OVT in my portfolio?

INVG 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, INVG or OVT?

INVG has higher volatility (1.37%) compared to OVT (1.22%). In terms of maximum drawdown, INVG dropped -3.15% vs OVT's -13.59%.

Which ETF is better, INVG or OVT?

On 1-year performance, OVT leads with 6.03% vs 2.61% for INVG. On fees, INVG is cheaper at 0.25% per year. On volatility, OVT has been the lower-risk option at 1.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INVG or OVT?

Over the 1-year period, OVT has performed better with a 6.03% return vs 2.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INVG or OVT?

INVG is cheaper with a 0.25% expense ratio, compared with 0.80% for OVT.

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

OVT has the higher dividend yield at 7.62%, compared with 4.87% for INVG.

What is the main difference between INVG and OVT?

They also come from different issuers: GMO and Liquid Strategies. Their fees differ too: 0.25% for INVG and 0.80% for OVT.

Which has better risk-adjusted returns?

OVT currently has the higher Sharpe Ratio (1.63 vs 0.59), 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.