NYF vs. OVM
NYF (iShares New York Muni Bond ETF) and OVM (Overlay Shares Municipal Bond ETF) are both Municipal Bonds funds. NYF is passively managed, while OVM is actively managed. Over the past 5 years, NYF returned 0.83%/yr vs 1.59%/yr for OVM. A 0.61 correlation means they provide meaningful diversification when combined. NYF charges 0.25%/yr vs 0.82%/yr for OVM.
Performance
NYF vs. OVM - Performance Comparison
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Returns By Period
In the year-to-date period, NYF achieves a 1.51% return, which is significantly lower than OVM's 3.96% return.
NYF
- 1D
- -0.04%
- 1M
- 0.58%
- YTD
- 1.51%
- 6M
- 1.91%
- 1Y
- 6.81%
- 3Y*
- 3.36%
- 5Y*
- 0.83%
- 10Y*
- 1.81%
OVM
- 1D
- -0.17%
- 1M
- 1.10%
- YTD
- 3.96%
- 6M
- 4.16%
- 1Y
- 11.81%
- 3Y*
- 5.37%
- 5Y*
- 1.59%
- 10Y*
- —
NYF vs. OVM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
NYF iShares New York Muni Bond ETF | 1.51% | 3.64% | 1.13% | 5.76% | -7.75% | 1.34% | 4.18% | 0.35% |
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 NYF and OVM is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2019 | 0.61 |
The correlation between NYF and OVM has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.
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Return for Risk
NYF vs. OVM — Risk / Return Rank
NYF
OVM
NYF vs. OVM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares New York Muni Bond ETF (NYF) 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.
| NYF | OVM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.58 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 4.86 | -2.38 |
| Martin ratioReturn relative to average drawdown | 8.88 | 18.92 | -10.03 |
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
| NYF | OVM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.46 | 2.85 | -0.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | 0.30 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.40 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 0.43 | +0.04 |
Drawdowns
NYF vs. OVM - Drawdown Comparison
The maximum NYF drawdown since its inception was -13.12%, smaller than the maximum OVM drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for NYF and OVM.
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Drawdown Indicators
| NYF | OVM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.12% | -15.58% | +2.46% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -2.44% | -0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | -8.20% | +2.52% |
Max Drawdown (5Y)Largest decline over 5 years | -12.71% | -15.58% | +2.87% |
Max Drawdown (10Y)Largest decline over 10 years | -13.12% | — | — |
Current DrawdownCurrent decline from peak | -0.56% | -0.17% | -0.39% |
Average DrawdownAverage peak-to-trough decline | -2.31% | -4.01% | +1.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.63% | +0.14% |
Volatility
NYF vs. OVM - Volatility Comparison
The current volatility for iShares New York Muni Bond ETF (NYF) is 0.95%, while Overlay Shares Municipal Bond ETF (OVM) has a volatility of 1.26%. This indicates that NYF 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
| NYF | OVM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 1.26% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 2.08% | 3.36% | -1.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.78% | 4.16% | -1.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.00% | 5.39% | -1.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.48% | 6.55% | -2.07% |
NYF vs. OVM - Expense Ratio Comparison
NYF has a 0.25% expense ratio, which is lower than OVM's 0.82% expense ratio.
Dividends
NYF vs. OVM - Dividend Comparison
NYF's dividend yield for the trailing twelve months is around 3.09%, less than OVM's 6.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NYF iShares New York Muni Bond ETF | 3.09% | 2.99% | 2.77% | 2.36% | 2.04% | 1.85% | 1.98% | 2.19% | 2.48% | 2.46% | 2.43% | 2.60% |
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
NYF and OVM have a correlation of 0.63, 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 NYF (0.95%). In terms of maximum drawdown, NYF dropped -13.12% vs OVM's -15.58%.
On 5-year performance, OVM leads with 1.59% vs 0.83% for NYF. On fees, NYF is cheaper at 0.25% per year. On volatility, NYF has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, OVM has performed better with a 1.59% return vs 0.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NYF 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 3.09% for NYF.
They also come from different issuers: iShares and Liquid Strategies. Their fees differ too: 0.25% for NYF and 0.82% for OVM.
OVM currently has the higher Sharpe Ratio (2.85 vs 2.46), 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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