MEAR vs. OVM
MEAR (iShares Short Maturity Municipal Bond ETF) and OVM (Overlay Shares Municipal Bond ETF) are both Municipal Bonds funds. Both are actively managed. Over the past 5 years, MEAR returned 2.43%/yr vs 1.59%/yr for OVM. At a 0.23 correlation, their price movements are largely independent. MEAR charges 0.25%/yr vs 0.82%/yr for OVM.
Performance
MEAR vs. OVM - Performance Comparison
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Returns By Period
In the year-to-date period, MEAR achieves a 1.06% return, which is significantly lower than OVM's 3.96% return.
MEAR
- 1D
- 0.00%
- 1M
- 0.32%
- YTD
- 1.06%
- 6M
- 1.30%
- 1Y
- 3.29%
- 3Y*
- 3.58%
- 5Y*
- 2.43%
- 10Y*
- 1.78%
OVM
- 1D
- -0.17%
- 1M
- 1.10%
- YTD
- 3.96%
- 6M
- 4.16%
- 1Y
- 11.81%
- 3Y*
- 5.37%
- 5Y*
- 1.59%
- 10Y*
- —
MEAR vs. OVM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
MEAR iShares Short Maturity Municipal Bond ETF | 1.06% | 3.76% | 3.40% | 3.93% | 0.10% | 0.05% | 1.18% | 0.38% |
OVM Overlay Shares Municipal Bond ETF | 3.96% | 4.14% | 3.42% | 7.35% | -11.26% | 4.22% | 6.17% | 1.72% |
Correlation
The correlation between MEAR and OVM is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2019 | 0.23 |
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Return for Risk
MEAR vs. OVM — Risk / Return Rank
MEAR
OVM
MEAR vs. OVM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Short Maturity Municipal Bond ETF (MEAR) 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.
| MEAR | OVM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.00 | ||
| Sortino ratioReturn per unit of downside risk | +1.95 | ||
| Omega ratioGain probability vs. loss probability | 1.91 | 1.58 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 7.07 | 4.86 | +2.20 |
| Martin ratioReturn relative to average drawdown | 28.99 | 18.92 | +10.08 |
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
| MEAR | OVM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.86 | 2.85 | +1.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.48 | 0.30 | +2.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.18 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.11 | 0.43 | +0.69 |
Drawdowns
MEAR vs. OVM - Drawdown Comparison
The maximum MEAR drawdown since its inception was -2.68%, smaller than the maximum OVM drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for MEAR and OVM.
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Drawdown Indicators
| MEAR | OVM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.68% | -15.58% | +12.90% |
Max Drawdown (1Y)Largest decline over 1 year | -0.47% | -2.44% | +1.97% |
Max Drawdown (3Y)Largest decline over 3 years | -0.86% | -8.20% | +7.34% |
Max Drawdown (5Y)Largest decline over 5 years | -1.12% | -15.58% | +14.46% |
Max Drawdown (10Y)Largest decline over 10 years | -2.68% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.17% | +0.17% |
Average DrawdownAverage peak-to-trough decline | -0.19% | -4.01% | +3.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.11% | 0.63% | -0.52% |
Volatility
MEAR vs. OVM - Volatility Comparison
The current volatility for iShares Short Maturity Municipal Bond ETF (MEAR) is 0.24%, while Overlay Shares Municipal Bond ETF (OVM) has a volatility of 1.26%. This indicates that MEAR experiences smaller price fluctuations and is considered to be less risky 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
| MEAR | OVM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.24% | 1.26% | -1.02% |
Volatility (6M)Calculated over the trailing 6-month period | 0.61% | 3.36% | -2.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.86% | 4.16% | -3.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.98% | 5.39% | -4.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.52% | 6.55% | -5.03% |
MEAR vs. OVM - Expense Ratio Comparison
MEAR has a 0.25% expense ratio, which is lower than OVM's 0.82% expense ratio.
Dividends
MEAR vs. OVM - Dividend Comparison
MEAR's dividend yield for the trailing twelve months is around 2.84%, less than OVM's 6.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MEAR iShares Short Maturity Municipal Bond ETF | 2.84% | 2.95% | 3.44% | 3.30% | 0.88% | 0.30% | 0.90% | 1.57% | 1.36% | 1.01% | 0.81% | 0.53% |
OVM Overlay Shares Municipal Bond ETF | 6.11% | 5.45% | 4.91% | 4.66% | 4.21% | 6.10% | 3.97% | 0.58% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MEAR and OVM have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OVM has higher volatility (1.26%) compared to MEAR (0.24%). In terms of maximum drawdown, MEAR dropped -2.68% vs OVM's -15.58%.
On 5-year performance, MEAR leads with 2.43% vs 1.59% for OVM. On fees, MEAR is cheaper at 0.25% per year. On volatility, MEAR has been the lower-risk option at 0.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MEAR has performed better with a 2.43% return vs 1.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MEAR is cheaper with a 0.25% expense ratio, compared with 0.82% for OVM.
OVM has the higher dividend yield at 6.11%, compared with 2.84% for MEAR.
They also come from different issuers: iShares and Liquid Strategies. Their fees differ too: 0.25% for MEAR and 0.82% for OVM.
MEAR currently has the higher Sharpe Ratio (3.86 vs 2.85), 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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