MLN vs. OVM

Last updated Jun 24, 2026

MLN (VanEck Long Muni ETF) and OVM (Overlay Shares Municipal Bond ETF) are both Municipal Bonds funds. MLN is passively managed, while OVM is actively managed. Over the past 5 years, MLN returned -0.94%/yr vs 1.46%/yr for OVM. A 0.57 correlation means they provide meaningful diversification when combined. MLN charges 0.24%/yr vs 0.82%/yr for OVM.

Performance

MLN vs. OVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Long Muni ETF (MLN) and Overlay Shares Municipal Bond ETF (OVM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLN achieves a 2.53% return, which is significantly lower than OVM's 3.51% return.

MLN

• 1D: 0.00%
• 1M: 2.41%
• YTD: 2.53%
• 6M: 2.00%
• 1Y: 8.68%
• 3Y*: 3.45%
• 5Y*: -0.94%
• 10Y*: 1.37%

OVM

• 1D: -0.23%
• 1M: 0.91%
• YTD: 3.51%
• 6M: 3.37%
• 1Y: 10.31%
• 3Y*: 4.89%
• 5Y*: 1.46%
• 10Y*: —

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

MLN vs. OVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MLN VanEck Long Muni ETF	2.53%	1.82%	1.54%	8.05%	-17.20%	2.20%	6.22%	0.44%
OVM Overlay Shares Municipal Bond ETF	3.51%	4.14%	3.42%	7.35%	-11.26%	4.22%	6.17%	1.61%

Correlation

The correlation between MLN and OVM is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019	0.57

The correlation between MLN and OVM has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.

Return for Risk

MLN vs. OVM — Risk / Return Rank

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

MLN

MLN Risk / Return Rank: 70
MLN Sharpe Ratio Rank: 65
MLN Sortino Ratio Rank: 70
MLN Omega Ratio Rank: 76
MLN Calmar Ratio Rank: 72
MLN Martin Ratio Rank: 66

OVM

OVM Risk / Return Rank: 84
OVM Sharpe Ratio Rank: 81
OVM Sortino Ratio Rank: 85
OVM Omega Ratio Rank: 85
OVM Calmar Ratio Rank: 83
OVM 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.

MLN vs. OVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Long Muni ETF (MLN) 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.

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.

	MLN	OVM	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.43	-0.46
Sortino ratio: Return per unit of downside risk	2.94	3.52	-0.58
Omega ratio: Gain probability vs. loss probability	1.41	1.48	-0.07
Calmar ratio: Return relative to maximum drawdown	3.41	4.25	-0.84
Martin ratio: Return relative to average drawdown	11.19	16.03	-4.84

MLN vs. OVM - Sharpe Ratio Comparison

The current MLN Sharpe Ratio is 1.97, which is comparable to the OVM Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of MLN and OVM, 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

MLN vs. OVM - Drawdown Comparison

The maximum MLN drawdown since its inception was -28.36%, which is greater than OVM's maximum drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for MLN and OVM.

Drawdown Indicators

	MLN	OVM	Difference
Max Drawdown Largest peak-to-trough decline	-28.36%	-15.58%	-12.78%
Max Drawdown (1Y) Largest decline over 1 year	-2.56%	-2.44%	-0.12%
Max Drawdown (3Y) Largest decline over 3 years	-9.84%	-8.20%	-1.64%
Max Drawdown (5Y) Largest decline over 5 years	-24.46%	-15.58%	-8.88%
Max Drawdown (10Y) Largest decline over 10 years	-24.46%	—	—
Current Drawdown Current decline from peak	-6.02%	-0.66%	-5.36%
Average Drawdown Average peak-to-trough decline	-5.73%	-3.98%	-1.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.64%	+0.14%

Volatility

MLN vs. OVM - Volatility Comparison

The current volatility for VanEck Long Muni ETF (MLN) is 1.29%, while Overlay Shares Municipal Bond ETF (OVM) has a volatility of 1.47%. This indicates that MLN 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.

Volatility by Period

	MLN	OVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.29%	1.47%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	3.24%	3.48%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	4.42%	4.27%	+0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.32%	5.42%	+1.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.88%	6.54%	+2.34%

MLN vs. OVM - Expense Ratio Comparison

MLN has a 0.24% expense ratio, which is lower than OVM's 0.82% expense ratio.

Dividends

MLN vs. OVM - Dividend Comparison

MLN's dividend yield for the trailing twelve months is around 3.69%, less than OVM's 6.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLN VanEck Long Muni ETF	3.69%	3.73%	3.59%	3.19%	2.67%	2.52%	2.69%	2.98%	3.09%	2.91%	3.16%	3.38%
OVM Overlay Shares Municipal Bond ETF	6.14%	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

Can I hold both MLN and OVM in my portfolio?

MLN and OVM have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MLN or OVM?

OVM has higher volatility (1.47%) compared to MLN (1.29%). In terms of maximum drawdown, MLN dropped -28.36% vs OVM's -15.58%.

Which ETF is better, MLN or OVM?

On 5-year performance, OVM leads with 1.46% vs -0.94% for MLN. On fees, MLN is cheaper at 0.24% per year. On volatility, MLN has been the lower-risk option at 1.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MLN or OVM?

Over the 5-year period, OVM has performed better with a 1.46% return vs -0.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MLN or OVM?

MLN is cheaper with a 0.24% expense ratio, compared with 0.82% for OVM.

Which ETF pays a higher dividend yield, MLN or OVM?

OVM has the higher dividend yield at 6.14%, compared with 3.69% for MLN.

What is the main difference between MLN and OVM?

They also come from different issuers: VanEck and Liquid Strategies. Their fees differ too: 0.24% for MLN and 0.82% for OVM.

Which has better risk-adjusted returns?

OVM currently has the higher Sharpe Ratio (2.43 vs 1.97), 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.