MILK vs. OVT

Last updated Jun 23, 2026

MILK (Pacer US Cash Cows Bond ETF) and OVT (Overlay Shares Short Term Bond ETF) are both Corporate Bonds funds. MILK is passively managed, while OVT is actively managed. Over the past year, MILK returned 7.64% vs 7.93% for OVT. A 0.64 correlation means they provide meaningful diversification when combined. MILK charges 0.49%/yr vs 0.80%/yr for OVT.

Performance

MILK vs. OVT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer US Cash Cows Bond ETF (MILK) 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, MILK achieves a 2.37% return, which is significantly higher than OVT's 2.12% return.

MILK

• 1D: -0.26%
• 1M: 0.86%
• YTD: 2.37%
• 6M: 2.72%
• 1Y: 7.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OVT

• 1D: 0.05%
• 1M: -0.04%
• YTD: 2.12%
• 6M: 2.32%
• 1Y: 7.93%
• 3Y*: 7.31%
• 5Y*: 2.87%
• 10Y*: —

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

MILK vs. OVT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MILK Pacer US Cash Cows Bond ETF	2.37%	7.49%	-1.49%
OVT Overlay Shares Short Term Bond ETF	2.12%	7.61%	-0.78%

Correlation

The correlation between MILK and OVT is 0.65, 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	0.65
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	0.64

The correlation between MILK and OVT has been stable across timeframes, ranging from 0.64 to 0.65 - a consistent structural relationship.

Return for Risk

MILK vs. OVT — Risk / Return Rank

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

MILK

MILK Risk / Return Rank: 44
MILK Sharpe Ratio Rank: 44
MILK Sortino Ratio Rank: 44
MILK Omega Ratio Rank: 42
MILK Calmar Ratio Rank: 42
MILK Martin Ratio Rank: 46

OVT

OVT Risk / Return Rank: 77
OVT Sharpe Ratio Rank: 69
OVT Sortino Ratio Rank: 70
OVT Omega Ratio Rank: 76
OVT Calmar Ratio Rank: 89
OVT Martin Ratio Rank: 83

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.

MILK vs. OVT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer US Cash Cows Bond ETF (MILK) 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.

	MILK	OVT	Difference
Sharpe ratio: Return per unit of total volatility	1.49	2.17	-0.68
Sortino ratio: Return per unit of downside risk	2.17	3.04	-0.87
Omega ratio: Gain probability vs. loss probability	1.26	1.43	-0.16
Calmar ratio: Return relative to maximum drawdown	2.05	5.14	-3.09
Martin ratio: Return relative to average drawdown	7.36	16.26	-8.90

MILK vs. OVT - Sharpe Ratio Comparison

The current MILK Sharpe Ratio is 1.49, which is lower than the OVT Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of MILK 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

MILK vs. OVT - Drawdown Comparison

The maximum MILK drawdown since its inception was -6.16%, smaller than the maximum OVT drawdown of -13.59%. Use the drawdown chart below to compare losses from any high point for MILK and OVT.

Drawdown Indicators

	MILK	OVT	Difference
Max Drawdown Largest peak-to-trough decline	-6.16%	-13.59%	+7.43%
Max Drawdown (1Y) Largest decline over 1 year	-3.75%	-1.55%	-2.20%
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	-0.34%	-0.88%	+0.54%
Average Drawdown Average peak-to-trough decline	-1.13%	-3.37%	+2.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	0.49%	+0.55%

Volatility

MILK vs. OVT - Volatility Comparison

The current volatility for Pacer US Cash Cows Bond ETF (MILK) is 1.26%, while Overlay Shares Short Term Bond ETF (OVT) has a volatility of 1.54%. This indicates that MILK experiences smaller price fluctuations and is considered to be less risky than OVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MILK	OVT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	1.54%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	3.82%	2.83%	+0.99%
Volatility (1Y) Calculated over the trailing 1-year period	5.16%	3.68%	+1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.70%	4.67%	+2.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.70%	4.56%	+2.14%

MILK vs. OVT - Expense Ratio Comparison

MILK has a 0.49% expense ratio, which is lower than OVT's 0.80% expense ratio.

Dividends

MILK vs. OVT - Dividend Comparison

MILK's dividend yield for the trailing twelve months is around 7.03%, less than OVT's 8.21% yield.

Position	TTM	2025	2024	2023	2022	2021
MILK Pacer US Cash Cows Bond ETF	7.03%	6.97%	0.00%	0.00%	0.00%	0.00%
OVT Overlay Shares Short Term Bond ETF	8.21%	7.21%	6.15%	5.11%	4.12%	4.41%

Frequently Asked Questions

Can I hold both MILK and OVT in my portfolio?

MILK and OVT have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MILK or OVT?

OVT has higher volatility (1.54%) compared to MILK (1.26%). In terms of maximum drawdown, MILK dropped -6.16% vs OVT's -13.59%.

Which ETF is better, MILK or OVT?

On 1-year performance, OVT leads with 7.93% vs 7.64% for MILK. On fees, MILK is cheaper at 0.49% per year. On volatility, MILK has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MILK or OVT?

Over the 1-year period, OVT has performed better with a 7.93% return vs 7.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MILK or OVT?

MILK is cheaper with a 0.49% expense ratio, compared with 0.80% for OVT.

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

OVT has the higher dividend yield at 8.21%, compared with 7.03% for MILK.

What is the main difference between MILK and OVT?

They also come from different issuers: Pacer and Liquid Strategies. Their fees differ too: 0.49% for MILK and 0.80% for OVT.

Which has better risk-adjusted returns?

OVT currently has the higher Sharpe Ratio (2.17 vs 1.49), 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.