NFLT vs. OVB
NFLT (Virtus Newfleet Multi-Sector Bond ETF) and OVB (Overlay Shares Core Bond ETF) are both exchange-traded funds - NFLT is a Multisector Bonds fund actively managed by Virtus, while OVB is a Intermediate Core Bond fund actively managed by Liquid Strategies. Both are actively managed. Over the past 5 years, NFLT returned 3.14%/yr vs 0.52%/yr for OVB. A 0.52 correlation means they provide meaningful diversification when combined. NFLT charges 0.50%/yr vs 0.79%/yr for OVB.
Performance
NFLT vs. OVB - Performance Comparison
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Returns By Period
In the year-to-date period, NFLT achieves a 1.91% return, which is significantly lower than OVB's 2.12% return.
NFLT
- 1D
- 0.02%
- 1M
- 0.90%
- YTD
- 1.91%
- 6M
- 1.87%
- 1Y
- 7.02%
- 3Y*
- 7.47%
- 5Y*
- 3.14%
- 10Y*
- 4.07%
OVB
- 1D
- -0.39%
- 1M
- 0.13%
- YTD
- 2.12%
- 6M
- 2.08%
- 1Y
- 8.27%
- 3Y*
- 5.59%
- 5Y*
- 0.52%
- 10Y*
- —
NFLT vs. OVB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
NFLT Virtus Newfleet Multi-Sector Bond ETF | 1.91% | 8.77% | 6.05% | 9.16% | -9.49% | 1.18% | 8.02% | 1.61% |
OVB Overlay Shares Core Bond ETF | 2.12% | 7.72% | 4.03% | 6.89% | -16.96% | 0.71% | 9.40% | 1.10% |
Correlation
The correlation between NFLT and OVB is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019 | 0.52 |
The correlation between NFLT and OVB has been stable across timeframes, ranging from 0.52 to 0.59 - a consistent structural relationship.
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Return for Risk
NFLT vs. OVB — Risk / Return Rank
NFLT
OVB
NFLT vs. OVB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Virtus Newfleet Multi-Sector Bond ETF (NFLT) and Overlay Shares Core Bond ETF (OVB). 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.
| NFLT | OVB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.27 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.92 | 3.33 | -0.42 |
| Martin ratioReturn relative to average drawdown | 12.69 | 10.57 | +2.12 |
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Drawdowns
NFLT vs. OVB - Drawdown Comparison
The maximum NFLT drawdown since its inception was -15.17%, smaller than the maximum OVB drawdown of -21.69%. Use the drawdown chart below to compare losses from any high point for NFLT and OVB.
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Drawdown Indicators
| NFLT | OVB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.17% | -21.69% | +6.52% |
Max Drawdown (1Y)Largest decline over 1 year | -2.42% | -2.49% | +0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -3.24% | -8.18% | +4.94% |
Max Drawdown (5Y)Largest decline over 5 years | -13.42% | -21.69% | +8.27% |
Max Drawdown (10Y)Largest decline over 10 years | -15.17% | — | — |
Current DrawdownCurrent decline from peak | -0.49% | -0.82% | +0.33% |
Average DrawdownAverage peak-to-trough decline | -2.10% | -6.99% | +4.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 0.78% | -0.23% |
Volatility
NFLT vs. OVB - Volatility Comparison
The current volatility for Virtus Newfleet Multi-Sector Bond ETF (NFLT) is 1.57%, while Overlay Shares Core Bond ETF (OVB) has a volatility of 1.83%. This indicates that NFLT experiences smaller price fluctuations and is considered to be less risky than OVB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NFLT | OVB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.57% | 1.83% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 3.14% | 4.88% | -1.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.19% | 5.97% | -1.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.47% | 7.34% | -2.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.94% | 7.58% | -2.64% |
NFLT vs. OVB - Expense Ratio Comparison
NFLT has a 0.50% expense ratio, which is lower than OVB's 0.79% expense ratio.
Dividends
NFLT vs. OVB - Dividend Comparison
NFLT's dividend yield for the trailing twelve months is around 5.49%, less than OVB's 6.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NFLT Virtus Newfleet Multi-Sector Bond ETF | 5.49% | 5.74% | 5.76% | 6.02% | 4.16% | 3.41% | 3.63% | 4.33% | 4.81% | 6.23% | 5.30% | 0.67% |
OVB Overlay Shares Core Bond ETF | 6.99% | 6.00% | 5.81% | 5.20% | 4.67% | 4.59% | 3.88% | 0.58% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NFLT and OVB have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OVB has higher volatility (1.83%) compared to NFLT (1.57%). In terms of maximum drawdown, NFLT dropped -15.17% vs OVB's -21.69%.
On 5-year performance, NFLT leads with 3.14% vs 0.52% for OVB. On fees, NFLT is cheaper at 0.50% per year. On volatility, NFLT has been the lower-risk option at 1.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, NFLT has performed better with a 3.14% return vs 0.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NFLT is cheaper with a 0.50% expense ratio, compared with 0.79% for OVB.
OVB has the higher dividend yield at 6.99%, compared with 5.49% for NFLT.
NFLT is categorized as Multisector Bonds, while OVB is Intermediate Core Bond. They also come from different issuers: Virtus and Liquid Strategies. Their fees differ too: 0.50% for NFLT and 0.79% for OVB.
NFLT currently has the higher Sharpe Ratio (1.69 vs 1.39), 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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