OVB vs. IBGA
OVB (Overlay Shares Core Bond ETF) and IBGA (iShares iBonds Dec 2044 Term Treasury ETF) are both Intermediate Core Bond funds. OVB is actively managed, while IBGA is passively managed. Over the past year, OVB returned 9.55% vs 5.33% for IBGA. A 0.78 correlation means they provide meaningful diversification when combined. OVB charges 0.79%/yr vs 0.07%/yr for IBGA.
Performance
OVB vs. IBGA - Performance Comparison
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Returns By Period
In the year-to-date period, OVB achieves a 2.58% return, which is significantly higher than IBGA's -0.37% return.
OVB
- 1D
- -0.33%
- 1M
- 0.69%
- YTD
- 2.58%
- 6M
- 2.47%
- 1Y
- 9.55%
- 3Y*
- 5.95%
- 5Y*
- 0.74%
- 10Y*
- —
IBGA
- 1D
- -0.41%
- 1M
- 0.62%
- YTD
- -0.37%
- 6M
- -1.42%
- 1Y
- 5.33%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OVB vs. IBGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
OVB Overlay Shares Core Bond ETF | 2.58% | 7.72% | 2.08% |
IBGA iShares iBonds Dec 2044 Term Treasury ETF | -0.37% | 6.09% | -1.41% |
Correlation
The correlation between OVB and IBGA is 0.79, 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 | 0.79 |
Correlation (All Time) Calculated using the full available price history since Jun 13, 2024 | 0.78 |
The correlation between OVB and IBGA has been stable across timeframes, ranging from 0.78 to 0.79 - a consistent structural relationship.
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Return for Risk
OVB vs. IBGA — Risk / Return Rank
OVB
IBGA
OVB vs. IBGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Core Bond ETF (OVB) and iShares iBonds Dec 2044 Term Treasury ETF (IBGA). 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 | IBGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.00 | ||
| Sortino ratioReturn per unit of downside risk | +1.45 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.11 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 3.85 | 0.81 | +3.04 |
| Martin ratioReturn relative to average drawdown | 12.52 | 2.23 | +10.29 |
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
| OVB | IBGA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.65 | 0.65 | +1.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.22 | +0.04 |
Drawdowns
OVB vs. IBGA - Drawdown Comparison
The maximum OVB drawdown since its inception was -21.69%, which is greater than IBGA's maximum drawdown of -11.69%. Use the drawdown chart below to compare losses from any high point for OVB and IBGA.
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Drawdown Indicators
| OVB | IBGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.69% | -11.69% | -10.00% |
Max Drawdown (1Y)Largest decline over 1 year | -2.49% | -6.60% | +4.11% |
Max Drawdown (3Y)Largest decline over 3 years | -8.18% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -21.69% | — | — |
Current DrawdownCurrent decline from peak | -0.37% | -4.67% | +4.30% |
Average DrawdownAverage peak-to-trough decline | -7.04% | -5.05% | -1.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.76% | 2.40% | -1.64% |
Volatility
OVB vs. IBGA - Volatility Comparison
The current volatility for Overlay Shares Core Bond ETF (OVB) is 1.49%, while iShares iBonds Dec 2044 Term Treasury ETF (IBGA) has a volatility of 2.59%. This indicates that OVB experiences smaller price fluctuations and is considered to be less risky than IBGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OVB | IBGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.49% | 2.59% | -1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 4.69% | 5.68% | -0.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.80% | 8.21% | -2.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.31% | 9.86% | -2.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.58% | 9.86% | -2.28% |
OVB vs. IBGA - Expense Ratio Comparison
OVB has a 0.79% expense ratio, which is higher than IBGA's 0.07% expense ratio.
Dividends
OVB vs. IBGA - Dividend Comparison
OVB's dividend yield for the trailing twelve months is around 6.96%, more than IBGA's 4.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IBGA iShares iBonds Dec 2044 Term Treasury ETF | 4.66% | 4.49% | 2.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
OVB Overlay Shares Core Bond ETF | 6.96% | 6.00% | 5.81% | 5.20% | 4.67% | 4.59% | 3.88% | 0.58% |
Frequently Asked Questions
OVB and IBGA have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBGA has higher volatility (2.59%) compared to OVB (1.49%). In terms of maximum drawdown, OVB dropped -21.69% vs IBGA's -11.69%.
On 1-year performance, OVB leads with 9.55% vs 5.33% for IBGA. On fees, IBGA is cheaper at 0.07% per year. On volatility, OVB has been the lower-risk option at 1.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, OVB has performed better with a 9.55% return vs 5.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBGA is cheaper with a 0.07% expense ratio, compared with 0.79% for OVB.
OVB has the higher dividend yield at 6.96%, compared with 4.66% for IBGA.
They also come from different issuers: Liquid Strategies and iShares. Their fees differ too: 0.79% for OVB and 0.07% for IBGA.
OVB currently has the higher Sharpe Ratio (1.65 vs 0.65), 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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