OVB vs. SPY

Last updated Jun 23, 2026

OVB (Overlay Shares Core Bond ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - OVB is a Intermediate Core Bond fund actively managed by Liquid Strategies, while SPY is a S&P 500 fund tracking the S&P 500 Index. OVB is actively managed, while SPY is passively managed. Over the past 5 years, OVB returned 0.52%/yr vs 13.51%/yr for SPY. At a 0.35 correlation, their price movements are largely independent. OVB charges 0.79%/yr vs 0.09%/yr for SPY.

Performance

OVB vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Core Bond ETF (OVB) and State Street SPDR S&P 500 ETF (SPY). 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 SPY's 9.74% return.

OVB

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

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

OVB vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	8.99%

Correlation

The correlation between OVB and SPY 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	0.41
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019	0.35

Over the past year, OVB and SPY have become more correlated (0.59) than their long-term average of 0.35, meaning their price movements have been converging.

Return for Risk

OVB vs. SPY — 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

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Core Bond ETF (OVB) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.39	2.16	-0.76
Sortino ratio: Return per unit of downside risk	2.04	2.91	-0.87
Omega ratio: Gain probability vs. loss probability	1.27	1.39	-0.12
Calmar ratio: Return relative to maximum drawdown	3.33	3.01	+0.32
Martin ratio: Return relative to average drawdown	10.57	13.54	-2.97

OVB vs. SPY - Sharpe Ratio Comparison

The current OVB Sharpe Ratio is 1.39, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of OVB and SPY, 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. SPY - Drawdown Comparison

The maximum OVB drawdown since its inception was -21.69%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for OVB and SPY.

Drawdown Indicators

	OVB	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-21.69%	-55.19%	+33.50%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	-8.88%	+6.39%
Max Drawdown (3Y) Largest decline over 3 years	-8.18%	-18.76%	+10.58%
Max Drawdown (5Y) Largest decline over 5 years	-21.69%	-24.50%	+2.81%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.82%	-1.75%	+0.93%
Average Drawdown Average peak-to-trough decline	-6.99%	-9.04%	+2.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	1.97%	-1.19%

Volatility

OVB vs. SPY - Volatility Comparison

The current volatility for Overlay Shares Core Bond ETF (OVB) is 1.83%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that OVB experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVB	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.83%	4.64%	-2.81%
Volatility (6M) Calculated over the trailing 6-month period	4.88%	9.75%	-4.87%
Volatility (1Y) Calculated over the trailing 1-year period	5.97%	12.43%	-6.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.34%	17.14%	-9.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.58%	17.99%	-10.41%

OVB vs. SPY - Expense Ratio Comparison

OVB has a 0.79% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

OVB vs. SPY - Dividend Comparison

OVB's dividend yield for the trailing twelve months is around 6.99%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both OVB and SPY in my portfolio?

OVB and SPY 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 SPY?

SPY has higher volatility (4.64%) compared to OVB (1.83%). In terms of maximum drawdown, OVB dropped -21.69% vs SPY's -55.19%.

Which ETF is better, OVB or SPY?

On 5-year performance, SPY leads with 13.51% vs 0.52% for OVB. On fees, SPY is cheaper at 0.09% per year. 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 SPY?

Over the 5-year period, SPY has performed better with a 13.51% 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 SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.79% for OVB.

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

OVB has the higher dividend yield at 6.99%, compared with 1.01% for SPY.

What is the main difference between OVB and SPY?

OVB is categorized as Intermediate Core Bond, while SPY is S&P 500. They also come from different issuers: Liquid Strategies and State Street. Their fees differ too: 0.79% for OVB and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 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.