LMUB vs. OVM
LMUB (iShares Long-Term National Muni Bond ETF) and OVM (Overlay Shares Municipal Bond ETF) are both Municipal Bonds funds. LMUB is passively managed, while OVM is actively managed. Over the past year, LMUB returned 9.37% vs 11.81% for OVM. A 0.50 correlation means they provide meaningful diversification when combined. LMUB charges 0.09%/yr vs 0.82%/yr for OVM.
Performance
LMUB vs. OVM - Performance Comparison
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Returns By Period
In the year-to-date period, LMUB achieves a 2.32% return, which is significantly lower than OVM's 3.96% return.
LMUB
- 1D
- 0.01%
- 1M
- 0.90%
- YTD
- 2.32%
- 6M
- 2.47%
- 1Y
- 9.37%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OVM
- 1D
- -0.17%
- 1M
- 1.10%
- YTD
- 3.96%
- 6M
- 4.16%
- 1Y
- 11.81%
- 3Y*
- 5.37%
- 5Y*
- 1.59%
- 10Y*
- —
LMUB vs. OVM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
LMUB iShares Long-Term National Muni Bond ETF | 2.32% | 3.52% |
OVM Overlay Shares Municipal Bond ETF | 3.96% | 5.33% |
Correlation
The correlation between LMUB and OVM is 0.54, 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 | 0.54 |
Correlation (All Time) Calculated using the full available price history since Mar 19, 2025 | 0.50 |
The correlation between LMUB and OVM has been stable across timeframes, ranging from 0.50 to 0.54 - a consistent structural relationship.
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Return for Risk
LMUB vs. OVM — Risk / Return Rank
LMUB
OVM
LMUB vs. OVM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Long-Term National Muni Bond ETF (LMUB) 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.
| LMUB | OVM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.58 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.02 | 4.86 | -1.84 |
| Martin ratioReturn relative to average drawdown | 10.61 | 18.92 | -8.31 |
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
| LMUB | OVM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.24 | 2.85 | -0.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.30 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.82 | 0.43 | +0.39 |
Drawdowns
LMUB vs. OVM - Drawdown Comparison
The maximum LMUB drawdown since its inception was -5.51%, smaller than the maximum OVM drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for LMUB and OVM.
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Drawdown Indicators
| LMUB | OVM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.51% | -15.58% | +10.07% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -2.44% | -0.67% |
Max Drawdown (3Y)Largest decline over 3 years | — | -8.20% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.58% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.17% | +0.17% |
Average DrawdownAverage peak-to-trough decline | -1.61% | -4.01% | +2.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 0.63% | +0.26% |
Volatility
LMUB vs. OVM - Volatility Comparison
iShares Long-Term National Muni Bond ETF (LMUB) has a higher volatility of 1.44% compared to Overlay Shares Municipal Bond ETF (OVM) at 1.26%. This indicates that LMUB's price experiences larger fluctuations and is considered to be riskier 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
| LMUB | OVM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.44% | 1.26% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 3.05% | 3.36% | -0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.21% | 4.16% | +0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.97% | 5.39% | +0.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.97% | 6.55% | -0.58% |
LMUB vs. OVM - Expense Ratio Comparison
LMUB has a 0.09% expense ratio, which is lower than OVM's 0.82% expense ratio.
Dividends
LMUB vs. OVM - Dividend Comparison
LMUB's dividend yield for the trailing twelve months is around 3.77%, less than OVM's 6.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
LMUB iShares Long-Term National Muni Bond ETF | 3.77% | 3.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
LMUB and OVM have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LMUB has higher volatility (1.44%) compared to OVM (1.26%). In terms of maximum drawdown, LMUB dropped -5.51% vs OVM's -15.58%.
On 1-year performance, OVM leads with 11.81% vs 9.37% for LMUB. On fees, LMUB is cheaper at 0.09% per year. On volatility, OVM has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, OVM has performed better with a 11.81% return vs 9.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LMUB is cheaper with a 0.09% expense ratio, compared with 0.82% for OVM.
OVM has the higher dividend yield at 6.11%, compared with 3.77% for LMUB.
They also come from different issuers: iShares and Liquid Strategies. Their fees differ too: 0.09% for LMUB and 0.82% for OVM.
OVM currently has the higher Sharpe Ratio (2.85 vs 2.24), 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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