OVB vs. BIV
OVB (Overlay Shares Core Bond ETF) and BIV (Vanguard Intermediate-Term Bond Index ETF) are both Intermediate Core Bond funds. OVB is actively managed, while BIV is passively managed. Over the past 5 years, OVB returned 0.74%/yr vs 0.25%/yr for BIV. A 0.79 correlation means they provide meaningful diversification when combined. OVB charges 0.79%/yr vs 0.03%/yr for BIV.
Performance
OVB vs. BIV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, OVB achieves a 2.58% return, which is significantly higher than BIV's -0.24% return.
OVB
- 1D
- -0.33%
- 1M
- 0.69%
- YTD
- 2.58%
- 6M
- 2.47%
- 1Y
- 9.55%
- 3Y*
- 5.95%
- 5Y*
- 0.74%
- 10Y*
- —
BIV
- 1D
- -0.22%
- 1M
- 0.04%
- YTD
- -0.24%
- 6M
- -0.48%
- 1Y
- 4.80%
- 3Y*
- 4.27%
- 5Y*
- 0.25%
- 10Y*
- 1.91%
OVB vs. BIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
OVB Overlay Shares Core Bond ETF | 2.58% | 7.72% | 4.03% | 6.89% | -16.96% | 0.71% | 9.40% | 1.22% |
BIV Vanguard Intermediate-Term Bond Index ETF | -0.24% | 8.52% | 1.57% | 6.07% | -13.21% | -2.40% | 9.67% | -0.16% |
Correlation
The correlation between OVB and BIV is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2019 | 0.79 |
The correlation between OVB and BIV has been stable across timeframes, ranging from 0.79 to 0.82 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
OVB vs. BIV — Risk / Return Rank
OVB
BIV
OVB vs. BIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Core Bond ETF (OVB) and Vanguard Intermediate-Term Bond Index ETF (BIV). 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 | BIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.21 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.85 | 1.52 | +2.33 |
| Martin ratioReturn relative to average drawdown | 12.52 | 4.60 | +7.92 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| OVB | BIV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.65 | 1.19 | +0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | 0.04 | +0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.65 | -0.39 |
Drawdowns
OVB vs. BIV - Drawdown Comparison
The maximum OVB drawdown since its inception was -21.69%, which is greater than BIV's maximum drawdown of -18.95%. Use the drawdown chart below to compare losses from any high point for OVB and BIV.
Loading charts...
Drawdown Indicators
| OVB | BIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.69% | -18.95% | -2.74% |
Max Drawdown (1Y)Largest decline over 1 year | -2.49% | -3.18% | +0.69% |
Max Drawdown (3Y)Largest decline over 3 years | -8.18% | -6.07% | -2.11% |
Max Drawdown (5Y)Largest decline over 5 years | -21.69% | -18.74% | -2.95% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.95% | — |
Current DrawdownCurrent decline from peak | -0.37% | -2.04% | +1.67% |
Average DrawdownAverage peak-to-trough decline | -7.04% | -3.39% | -3.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.76% | 1.05% | -0.29% |
Volatility
OVB vs. BIV - Volatility Comparison
Overlay Shares Core Bond ETF (OVB) has a higher volatility of 1.49% compared to Vanguard Intermediate-Term Bond Index ETF (BIV) at 1.36%. This indicates that OVB's price experiences larger fluctuations and is considered to be riskier than BIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| OVB | BIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.49% | 1.36% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 4.69% | 2.90% | +1.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.80% | 4.06% | +1.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.31% | 6.40% | +0.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.58% | 5.50% | +2.08% |
OVB vs. BIV - Expense Ratio Comparison
OVB has a 0.79% expense ratio, which is higher than BIV's 0.03% expense ratio.
Dividends
OVB vs. BIV - Dividend Comparison
OVB's dividend yield for the trailing twelve months is around 6.96%, more than BIV's 4.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIV Vanguard Intermediate-Term Bond Index ETF | 4.22% | 4.01% | 3.79% | 3.09% | 2.41% | 3.42% | 2.95% | 2.75% | 2.88% | 2.69% | 3.01% | 3.02% |
OVB Overlay Shares Core Bond ETF | 6.96% | 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
OVB and BIV have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OVB has higher volatility (1.49%) compared to BIV (1.36%). In terms of maximum drawdown, OVB dropped -21.69% vs BIV's -18.95%.
On 5-year performance, OVB leads with 0.74% vs 0.25% for BIV. On fees, BIV is cheaper at 0.03% per year. On volatility, BIV has been the lower-risk option at 1.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, OVB has performed better with a 0.74% return vs 0.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIV is cheaper with a 0.03% expense ratio, compared with 0.79% for OVB.
OVB has the higher dividend yield at 6.96%, compared with 4.22% for BIV.
They also come from different issuers: Liquid Strategies and Vanguard. Their fees differ too: 0.79% for OVB and 0.03% for BIV.
OVB currently has the higher Sharpe Ratio (1.65 vs 1.19), 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.
Find the right allocation for OVB and BIV
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer