OVB vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about Overlay Shares Core Bond ETF (OVB) and S&P 500 Index (^GSPC).

OVB is an actively managed fund by Liquid Strategies. It was launched on Sep 30, 2019.

Performance

OVB vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Core Bond ETF (OVB) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

OVB vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
OVB Overlay Shares Core Bond ETF	1.52%	7.72%	4.03%	6.89%	-16.96%	0.71%	9.40%	1.22%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	9.88%

Returns By Period

In the year-to-date period, OVB achieves a 1.52% return, which is significantly higher than ^GSPC's -3.95% return.

OVB

• 1D: -0.01%
• 1M: -1.12%
• YTD: 1.52%
• 6M: 2.75%
• 1Y: 7.56%
• 3Y*: 5.42%
• 5Y*: 0.90%
• 10Y*: —

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

OVB vs. ^GSPC — Risk / Return Rank

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

OVB

OVB Risk / Return Rank: 70
OVB Sharpe Ratio Rank: 65
OVB Sortino Ratio Rank: 65
OVB Omega Ratio Rank: 60
OVB Calmar Ratio Rank: 88
OVB Martin Ratio Rank: 75

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

OVB vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Core Bond ETF (OVB) and S&P 500 Index (^GSPC). 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.

	OVB	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	1.20	0.92	+0.28
Sortino ratio Return per unit of downside risk	1.73	1.41	+0.31
Omega ratio Gain probability vs. loss probability	1.23	1.21	+0.02
Calmar ratio Return relative to maximum drawdown	2.97	1.41	+1.55
Martin ratio Return relative to average drawdown	8.60	6.61	+1.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OVB vs. ^GSPC - Sharpe Ratio Comparison

The current OVB Sharpe Ratio is 1.20, which is higher than the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of OVB and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	OVB	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.20	0.92	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.61	-0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.46	-0.22

Correlation

The correlation between OVB and ^GSPC is 0.34, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

OVB vs. ^GSPC - Drawdown Comparison

The maximum OVB drawdown since its inception was -21.69%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for OVB and ^GSPC.

Drawdown Indicators

	OVB	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-21.69%	-56.78%	+35.09%
Max Drawdown (1Y) Largest decline over 1 year	-2.67%	-12.14%	+9.47%
Max Drawdown (5Y) Largest decline over 5 years	-21.69%	-25.43%	+3.74%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.92%	—
Current Drawdown Current decline from peak	-1.40%	-5.78%	+4.38%
Average Drawdown Average peak-to-trough decline	-7.21%	-10.75%	+3.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	2.60%	-1.68%

Volatility

OVB vs. ^GSPC - Volatility Comparison

The current volatility for Overlay Shares Core Bond ETF (OVB) is 2.44%, while S&P 500 Index (^GSPC) has a volatility of 5.37%. This indicates that OVB experiences smaller price fluctuations and is considered to be less risky than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVB	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	5.37%	-2.93%
Volatility (6M) Calculated over the trailing 6-month period	4.67%	9.55%	-4.88%
Volatility (1Y) Calculated over the trailing 1-year period	6.34%	18.33%	-11.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.29%	16.90%	-9.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.65%	18.05%	-10.40%