OVB vs. NFLT
OVB (Overlay Shares Core Bond ETF) and NFLT (Virtus Newfleet Multi-Sector Bond ETF) are both exchange-traded funds - OVB is a Intermediate Core Bond fund actively managed by Liquid Strategies, while NFLT is a Multisector Bonds fund actively managed by Virtus. Both are actively managed. Over the past 5 years, OVB returned 0.52%/yr vs 3.14%/yr for NFLT. A 0.52 correlation means they provide meaningful diversification when combined. OVB charges 0.79%/yr vs 0.50%/yr for NFLT.
Performance
OVB vs. NFLT - Performance Comparison
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Returns By Period
In the year-to-date period, OVB achieves a 2.12% return, which is significantly higher than NFLT's 1.91% return.
OVB
- 1D
- -0.39%
- 1M
- 0.13%
- YTD
- 2.12%
- 6M
- 2.08%
- 1Y
- 8.27%
- 3Y*
- 5.59%
- 5Y*
- 0.52%
- 10Y*
- —
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 vs. NFLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
OVB Overlay Shares Core Bond ETF | 2.12% | 7.72% | 4.03% | 6.89% | -16.96% | 0.71% | 9.40% | 1.10% |
NFLT Virtus Newfleet Multi-Sector Bond ETF | 1.91% | 8.77% | 6.05% | 9.16% | -9.49% | 1.18% | 8.02% | 1.61% |
Correlation
The correlation between OVB and NFLT 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 OVB and NFLT has been stable across timeframes, ranging from 0.52 to 0.59 - a consistent structural relationship.
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Return for Risk
OVB vs. NFLT — Risk / Return Rank
OVB
NFLT
OVB vs. NFLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Core Bond ETF (OVB) and Virtus Newfleet Multi-Sector Bond ETF (NFLT). 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.
| OVB | NFLT | 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 | 1.27 | 1.31 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.33 | 2.92 | +0.42 |
| Martin ratioReturn relative to average drawdown | 10.57 | 12.69 | -2.12 |
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Drawdowns
OVB vs. NFLT - Drawdown Comparison
The maximum OVB drawdown since its inception was -21.69%, which is greater than NFLT's maximum drawdown of -15.17%. Use the drawdown chart below to compare losses from any high point for OVB and NFLT.
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Drawdown Indicators
| OVB | NFLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.69% | -15.17% | -6.52% |
Max Drawdown (1Y)Largest decline over 1 year | -2.49% | -2.42% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -8.18% | -3.24% | -4.94% |
Max Drawdown (5Y)Largest decline over 5 years | -21.69% | -13.42% | -8.27% |
Max Drawdown (10Y)Largest decline over 10 years | — | -15.17% | — |
Current DrawdownCurrent decline from peak | -0.82% | -0.49% | -0.33% |
Average DrawdownAverage peak-to-trough decline | -6.99% | -2.10% | -4.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.55% | +0.23% |
Volatility
OVB vs. NFLT - Volatility Comparison
Overlay Shares Core Bond ETF (OVB) has a higher volatility of 1.83% compared to Virtus Newfleet Multi-Sector Bond ETF (NFLT) at 1.57%. This indicates that OVB's price experiences larger fluctuations and is considered to be riskier than NFLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OVB | NFLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.83% | 1.57% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 4.88% | 3.14% | +1.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.97% | 4.19% | +1.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.34% | 4.47% | +2.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.58% | 4.94% | +2.64% |
OVB vs. NFLT - Expense Ratio Comparison
OVB has a 0.79% expense ratio, which is higher than NFLT's 0.50% expense ratio.
Dividends
OVB vs. NFLT - Dividend Comparison
OVB's dividend yield for the trailing twelve months is around 6.99%, more than NFLT's 5.49% 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
OVB and NFLT 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, OVB dropped -21.69% vs NFLT's -15.17%.
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.
OVB is categorized as Intermediate Core Bond, while NFLT is Multisector Bonds. They also come from different issuers: Liquid Strategies and Virtus. Their fees differ too: 0.79% for OVB and 0.50% for NFLT.
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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