OVB vs. OVL

Last updated Jun 23, 2026

OVB (Overlay Shares Core Bond ETF) and OVL (Overlay Shares Large Cap Equity ETF) are both exchange-traded funds - OVB is a Intermediate Core Bond fund actively managed by Liquid Strategies, while OVL is a Derivative Income fund actively managed by Liquid Strategies. Both are actively managed. Over the past 5 years, OVB returned 0.52%/yr vs 13.81%/yr for OVL. At a 0.37 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.

Performance

OVB vs. OVL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Core Bond ETF (OVB) and Overlay Shares Large Cap Equity ETF (OVL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OVB achieves a 2.12% return, which is significantly lower than OVL's 11.57% return.

OVB

• 1D: -0.39%
• 1M: 0.13%
• YTD: 2.12%
• 6M: 2.08%
• 1Y: 8.27%
• 3Y*: 5.59%
• 5Y*: 0.52%
• 10Y*: —

OVL

• 1D: -0.40%
• 1M: -0.31%
• YTD: 11.57%
• 6M: 10.92%
• 1Y: 31.10%
• 3Y*: 23.01%
• 5Y*: 13.81%
• 10Y*: —

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

OVB vs. OVL - 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%
OVL Overlay Shares Large Cap Equity ETF	11.57%	17.81%	27.91%	28.01%	-22.18%	32.40%	20.17%	8.73%

Correlation

The correlation between OVB and OVL is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019	0.37

Over the past year, OVB and OVL have become more correlated (0.59) than their long-term average of 0.37, meaning their price movements have been converging.

Return for Risk

OVB vs. OVL — Risk / Return Rank

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

OVB

OVB Risk / Return Rank: 51
OVB Sharpe Ratio Rank: 41
OVB Sortino Ratio Rank: 41
OVB Omega Ratio Rank: 43
OVB Calmar Ratio Rank: 69
OVB Martin Ratio Rank: 61

OVL

OVL Risk / Return Rank: 70
OVL Sharpe Ratio Rank: 68
OVL Sortino Ratio Rank: 63
OVL Omega Ratio Rank: 67
OVL Calmar Ratio Rank: 73
OVL Martin Ratio Rank: 80

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. OVL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Core Bond ETF (OVB) and Overlay Shares Large Cap Equity ETF (OVL). 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	OVL	Difference
Sharpe ratio: Return per unit of total volatility	1.39	2.14	-0.75
Sortino ratio: Return per unit of downside risk	2.04	2.84	-0.80
Omega ratio: Gain probability vs. loss probability	1.27	1.38	-0.11
Calmar ratio: Return relative to maximum drawdown	3.33	3.58	-0.24
Martin ratio: Return relative to average drawdown	10.57	15.15	-4.58

OVB vs. OVL - Sharpe Ratio Comparison

The current OVB Sharpe Ratio is 1.39, which is lower than the OVL Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of OVB and OVL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

OVB vs. OVL - Drawdown Comparison

The maximum OVB drawdown since its inception was -21.69%, smaller than the maximum OVL drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for OVB and OVL.

Drawdown Indicators

	OVB	OVL	Difference
Max Drawdown Largest peak-to-trough decline	-21.69%	-35.49%	+13.80%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	-8.73%	+6.24%
Max Drawdown (3Y) Largest decline over 3 years	-8.18%	-21.73%	+13.55%
Max Drawdown (5Y) Largest decline over 5 years	-21.69%	-29.23%	+7.54%
Current Drawdown Current decline from peak	-0.82%	-2.37%	+1.55%
Average Drawdown Average peak-to-trough decline	-6.99%	-6.69%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	2.06%	-1.28%

Volatility

OVB vs. OVL - Volatility Comparison

The current volatility for Overlay Shares Core Bond ETF (OVB) is 1.83%, while Overlay Shares Large Cap Equity ETF (OVL) has a volatility of 5.22%. This indicates that OVB experiences smaller price fluctuations and is considered to be less risky than OVL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVB	OVL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.83%	5.22%	-3.39%
Volatility (6M) Calculated over the trailing 6-month period	4.88%	11.32%	-6.44%
Volatility (1Y) Calculated over the trailing 1-year period	5.97%	14.60%	-8.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.34%	19.88%	-12.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.58%	22.54%	-14.96%

OVB vs. OVL - Expense Ratio Comparison

Both OVB and OVL have an expense ratio of 0.79%.

Dividends

OVB vs. OVL - Dividend Comparison

OVB's dividend yield for the trailing twelve months is around 6.99%, more than OVL's 6.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVB Overlay Shares Core Bond ETF	6.99%	6.00%	5.81%	5.20%	4.67%	4.59%	3.88%	0.58%
OVL Overlay Shares Large Cap Equity ETF	6.27%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%

Frequently Asked Questions

Can I hold both OVB and OVL in my portfolio?

OVB and OVL have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OVB or OVL?

OVL has higher volatility (5.22%) compared to OVB (1.83%). In terms of maximum drawdown, OVB dropped -21.69% vs OVL's -35.49%.

Which ETF is better, OVB or OVL?

On 5-year performance, OVL leads with 13.81% vs 0.52% for OVB. Both ETFs have the same 0.79% expense ratio. On volatility, OVB has been the lower-risk option at 1.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVB or OVL?

Over the 5-year period, OVL has performed better with a 13.81% return vs 0.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVB or OVL?

OVB and OVL have the same expense ratio: 0.79% per year.

Which ETF pays a higher dividend yield, OVB or OVL?

OVB has the higher dividend yield at 6.99%, compared with 6.27% for OVL.

What is the main difference between OVB and OVL?

OVB is categorized as Intermediate Core Bond, while OVL is Derivative Income.

Which has better risk-adjusted returns?

OVL currently has the higher Sharpe Ratio (2.14 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.