OVB vs. OVS

Last updated Apr 1, 2026

Compare and contrast key facts about Overlay Shares Core Bond ETF (OVB) and Overlay Shares Small Cap Equity ETF (OVS).

OVB and OVS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. OVB is an actively managed fund by Liquid Strategies. It was launched on Sep 30, 2019. OVS is an actively managed fund by Liquid Strategies. It was launched on Sep 30, 2019.

Performance

OVB vs. OVS - Performance Comparison

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

OVB vs. OVS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
OVB Overlay Shares Core Bond ETF	1.53%	7.72%	4.03%	6.89%	-16.96%	0.71%	9.40%	1.22%
OVS Overlay Shares Small Cap Equity ETF	4.70%	6.15%	11.07%	17.20%	-19.99%	30.15%	12.16%	11.51%

Returns By Period

In the year-to-date period, OVB achieves a 1.53% return, which is significantly lower than OVS's 4.70% return.

OVB

• 1D: 0.72%
• 1M: -1.39%
• YTD: 1.53%
• 6M: 3.08%
• 1Y: 7.93%
• 3Y*: 5.42%
• 5Y*: 0.90%
• 10Y*: —

OVS

• 1D: 3.03%
• 1M: -3.86%
• YTD: 4.70%
• 6M: 6.98%
• 1Y: 23.91%
• 3Y*: 12.01%
• 5Y*: 4.50%
• 10Y*: —

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

OVB vs. OVS - Expense Ratio Comparison

OVB has a 0.79% expense ratio, which is lower than OVS's 0.83% expense ratio.

OVS

Overlay Shares Small Cap Equity ETF

OVB

Overlay Shares Core Bond ETF

Return for Risk

OVB vs. OVS — Risk / Return Rank

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

OVB

OVB Risk / Return Rank: 76
OVB Sharpe Ratio Rank: 71
OVB Sortino Ratio Rank: 72
OVB Omega Ratio Rank: 66
OVB Calmar Ratio Rank: 90
OVB Martin Ratio Rank: 80

OVS

OVS Risk / Return Rank: 56
OVS Sharpe Ratio Rank: 52
OVS Sortino Ratio Rank: 56
OVS Omega Ratio Rank: 51
OVS Calmar Ratio Rank: 60
OVS Martin Ratio Rank: 63

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. OVS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Core Bond ETF (OVB) and Overlay Shares Small Cap Equity ETF (OVS). 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	OVS	Difference
Sharpe ratio Return per unit of total volatility	1.26	0.96	+0.30
Sortino ratio Return per unit of downside risk	1.81	1.48	+0.33
Omega ratio Gain probability vs. loss probability	1.24	1.20	+0.05
Calmar ratio Return relative to maximum drawdown	3.01	1.56	+1.45
Martin ratio Return relative to average drawdown	8.76	6.45	+2.31
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. OVS - Sharpe Ratio Comparison

The current OVB Sharpe Ratio is 1.26, which is higher than the OVS Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of OVB and OVS, 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	OVS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.26	0.96	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.19	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.37	-0.13

Correlation

The correlation between OVB and OVS is 0.28, 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.

Dividends

OVB vs. OVS - Dividend Comparison

OVB's dividend yield for the trailing twelve months is around 7.37%, more than OVS's 6.32% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
OVB Overlay Shares Core Bond ETF	7.37%	6.00%	5.81%	5.20%	4.67%	4.59%	3.88%	0.58%
OVS Overlay Shares Small Cap Equity ETF	6.32%	3.69%	4.08%	3.19%	3.43%	4.05%	1.74%	0.54%

Drawdowns

OVB vs. OVS - Drawdown Comparison

The maximum OVB drawdown since its inception was -21.69%, smaller than the maximum OVS drawdown of -45.09%. Use the drawdown chart below to compare losses from any high point for OVB and OVS.

Drawdown Indicators

	OVB	OVS	Difference
Max Drawdown Largest peak-to-trough decline	-21.69%	-45.09%	+23.40%
Max Drawdown (1Y) Largest decline over 1 year	-2.67%	-15.95%	+13.28%
Max Drawdown (5Y) Largest decline over 5 years	-21.69%	-30.49%	+8.80%
Current Drawdown Current decline from peak	-1.39%	-5.40%	+4.01%
Average Drawdown Average peak-to-trough decline	-7.21%	-11.63%	+4.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	3.85%	-2.93%

Volatility

OVB vs. OVS - Volatility Comparison

The current volatility for Overlay Shares Core Bond ETF (OVB) is 2.44%, while Overlay Shares Small Cap Equity ETF (OVS) has a volatility of 6.99%. This indicates that OVB experiences smaller price fluctuations and is considered to be less risky than OVS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVB	OVS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	6.99%	-4.55%
Volatility (6M) Calculated over the trailing 6-month period	4.67%	14.80%	-10.13%
Volatility (1Y) Calculated over the trailing 1-year period	6.34%	24.98%	-18.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.30%	23.35%	-16.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.65%	27.72%	-20.07%