ISMD vs. OVS

Last updated Jun 4, 2026

ISMD (Inspire Small/Mid Cap Impact ETF) and OVS (Overlay Shares Small Cap Equity ETF) are both Small Cap Blend Equities funds. ISMD is passively managed, while OVS is actively managed. Over the past 5 years, ISMD returned 7.62%/yr vs 6.01%/yr for OVS. Their correlation of 0.94 suggests significant overlap in exposure. ISMD charges 0.57%/yr vs 0.83%/yr for OVS.

Performance

ISMD vs. OVS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Inspire Small/Mid Cap Impact ETF (ISMD) and Overlay Shares Small Cap Equity ETF (OVS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISMD achieves a 21.54% return, which is significantly higher than OVS's 17.65% return.

ISMD

• 1D: -1.62%
• 1M: 5.36%
• YTD: 21.54%
• 6M: 20.97%
• 1Y: 36.88%
• 3Y*: 16.11%
• 5Y*: 7.62%
• 10Y*: —

OVS

• 1D: -0.98%
• 1M: 2.07%
• YTD: 17.65%
• 6M: 16.54%
• 1Y: 36.35%
• 3Y*: 16.07%
• 5Y*: 6.01%
• 10Y*: —

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

ISMD vs. OVS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ISMD Inspire Small/Mid Cap Impact ETF	21.54%	4.14%	9.53%	16.74%	-13.44%	29.38%	7.45%	9.49%
OVS Overlay Shares Small Cap Equity ETF	17.65%	6.15%	11.07%	17.20%	-19.99%	30.15%	12.16%	11.51%

Correlation

The correlation between ISMD and OVS is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Oct 2, 2019	0.94

The correlation between ISMD and OVS has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

ISMD vs. OVS - Sectors Allocation Comparison

Sectors	ISMD	OVS
Industrials	17.7%	15.3%
Technology	17.3%	15.3%
Financial Services	15.2%	17.0%
Consumer Cyclical	11.2%	13.4%
Healthcare	9.5%	11.0%
Real Estate	8.9%	7.7%
Consumer Defensive	6.1%	3.6%
Basic Materials	5.2%	5.2%
Energy	3.3%	6.0%
Utilities	3.3%	2.0%
Communication Services	2.5%	3.6%

Return for Risk

ISMD vs. OVS — Risk / Return Rank

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

ISMD

ISMD Risk / Return Rank: 63
ISMD Sharpe Ratio Rank: 59
ISMD Sortino Ratio Rank: 60
ISMD Omega Ratio Rank: 55
ISMD Calmar Ratio Rank: 76
ISMD Martin Ratio Rank: 66

OVS

OVS Risk / Return Rank: 64
OVS Sharpe Ratio Rank: 56
OVS Sortino Ratio Rank: 57
OVS Omega Ratio Rank: 52
OVS Calmar Ratio Rank: 81
OVS Martin Ratio Rank: 74

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.

ISMD vs. OVS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Inspire Small/Mid Cap Impact ETF (ISMD) and Overlay Shares Small Cap Equity ETF (OVS). 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.

	ISMD	OVS	Difference
Sharpe ratio Return per unit of total volatility	2.01	1.90	+0.10
Sortino ratio Return per unit of downside risk	2.82	2.71	+0.11
Omega ratio Gain probability vs. loss probability	1.34	1.33	+0.01
Calmar ratio Return relative to maximum drawdown	3.84	4.29	-0.45
Martin ratio Return relative to average drawdown	12.04	13.85	-1.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ISMD vs. OVS - Sharpe Ratio Comparison

The current ISMD Sharpe Ratio is 2.01, which is comparable to the OVS Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of ISMD and OVS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ISMD	OVS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	1.90	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.26	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.43	-0.04

Drawdowns

ISMD vs. OVS - Drawdown Comparison

The maximum ISMD drawdown since its inception was -44.60%, roughly equal to the maximum OVS drawdown of -45.09%. Use the drawdown chart below to compare losses from any high point for ISMD and OVS.

Drawdown Indicators

	ISMD	OVS	Difference
Max Drawdown Largest peak-to-trough decline	-44.60%	-45.09%	+0.49%
Max Drawdown (1Y) Largest decline over 1 year	-9.64%	-8.51%	-1.13%
Max Drawdown (3Y) Largest decline over 3 years	-26.64%	-30.49%	+3.85%
Max Drawdown (5Y) Largest decline over 5 years	-26.64%	-30.49%	+3.85%
Current Drawdown Current decline from peak	-1.62%	-0.98%	-0.64%
Average Drawdown Average peak-to-trough decline	-8.17%	-11.35%	+3.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	2.63%	+0.44%

Volatility

ISMD vs. OVS - Volatility Comparison

Inspire Small/Mid Cap Impact ETF (ISMD) has a higher volatility of 4.95% compared to Overlay Shares Small Cap Equity ETF (OVS) at 4.58%. This indicates that ISMD's price experiences larger fluctuations and is considered to be riskier than OVS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISMD	OVS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.95%	4.58%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	12.52%	13.00%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	18.56%	19.27%	-0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.87%	23.23%	-2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.74%	27.47%	-3.73%

ISMD vs. OVS - Expense Ratio Comparison

ISMD has a 0.57% expense ratio, which is lower than OVS's 0.83% expense ratio.

Dividends

ISMD vs. OVS - Dividend Comparison

ISMD's dividend yield for the trailing twelve months is around 0.95%, less than OVS's 6.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ISMD Inspire Small/Mid Cap Impact ETF	0.95%	1.21%	1.24%	1.17%	1.28%	9.35%	0.99%	0.88%	1.35%	2.02%
OVS Overlay Shares Small Cap Equity ETF	6.83%	3.69%	4.08%	3.19%	3.43%	4.05%	1.74%	0.54%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ISMD and OVS in my portfolio?

With a correlation of 0.95, ISMD and OVS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ISMD or OVS?

ISMD has higher volatility (4.95%) compared to OVS (4.58%). In terms of maximum drawdown, ISMD dropped -44.60% vs OVS's -45.09%.

Which ETF is better, ISMD or OVS?

On 5-year performance, ISMD leads with 7.62% vs 6.01% for OVS. On fees, ISMD is cheaper at 0.57% per year. On volatility, OVS has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISMD or OVS?

Over the 5-year period, ISMD has performed better with a 7.62% return vs 6.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISMD or OVS?

ISMD is cheaper with a 0.57% expense ratio, compared with 0.83% for OVS.

Which ETF pays a higher dividend yield, ISMD or OVS?

OVS has the higher dividend yield at 6.83%, compared with 0.95% for ISMD.

What is the main difference between ISMD and OVS?

They also come from different issuers: Inspire and Liquid Strategies. Their fees differ too: 0.57% for ISMD and 0.83% for OVS.

Which has better risk-adjusted returns?

ISMD currently has the higher Sharpe Ratio (2.01 vs 1.90), 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.