OVF vs. ETO

Last updated Jun 3, 2026

OVF (Overlay Shares Foreign Equity ETF) and ETO (Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund) are both funds - OVF is a Foreign Large Cap Equities fund actively managed by Liquid Strategies, while ETO is a Global Equities fund tracking the MSCI World Index. OVF is actively managed, while ETO is passively managed. Over the past 5 years, OVF returned 9.97%/yr vs 9.41%/yr for ETO. A 0.73 correlation means they provide meaningful diversification when combined. OVF charges 0.95%/yr vs 2.56%/yr for ETO.

Performance

OVF vs. ETO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Foreign Equity ETF (OVF) and Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (ETO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OVF achieves a 15.76% return, which is significantly higher than ETO's 5.40% return.

OVF

• 1D: 0.61%
• 1M: 4.75%
• YTD: 15.76%
• 6M: 19.27%
• 1Y: 33.52%
• 3Y*: 20.38%
• 5Y*: 9.97%
• 10Y*: —

ETO

• 1D: 0.23%
• 1M: 4.23%
• YTD: 5.40%
• 6M: 11.16%
• 1Y: 27.57%
• 3Y*: 20.09%
• 5Y*: 9.41%
• 10Y*: 12.59%

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

OVF vs. ETO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
OVF Overlay Shares Foreign Equity ETF	15.76%	33.03%	6.40%	15.25%	-17.64%	9.56%	2.65%	5.81%
ETO Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund	5.40%	29.96%	15.55%	21.54%	-29.96%	37.18%	6.25%	4.70%

Correlation

The correlation between OVF and ETO is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Oct 2, 2019	0.73

The correlation between OVF and ETO has been stable across timeframes, ranging from 0.71 to 0.74 - a consistent structural relationship.

Return for Risk

OVF vs. ETO — Risk / Return Rank

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

OVF

OVF Risk / Return Rank: 59
OVF Sharpe Ratio Rank: 59
OVF Sortino Ratio Rank: 57
OVF Omega Ratio Rank: 58
OVF Calmar Ratio Rank: 59
OVF Martin Ratio Rank: 63

ETO

ETO Risk / Return Rank: 36
ETO Sharpe Ratio Rank: 40
ETO Sortino Ratio Rank: 37
ETO Omega Ratio Rank: 40
ETO Calmar Ratio Rank: 24
ETO Martin Ratio Rank: 37

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.

OVF vs. ETO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Foreign Equity ETF (OVF) and Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (ETO). 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.

	OVF	ETO	Difference
Sharpe ratio Return per unit of total volatility	2.02	1.85	+0.16
Sortino ratio Return per unit of downside risk	2.75	2.54	+0.21
Omega ratio Gain probability vs. loss probability	1.36	1.34	+0.02
Calmar ratio Return relative to maximum drawdown	2.99	1.86	+1.13
Martin ratio Return relative to average drawdown	11.56	8.34	+3.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OVF vs. ETO - Sharpe Ratio Comparison

The current OVF Sharpe Ratio is 2.02, which is comparable to the ETO Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of OVF and ETO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	OVF	ETO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	1.85	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.47	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.45	+0.12

Drawdowns

OVF vs. ETO - Drawdown Comparison

The maximum OVF drawdown since its inception was -30.07%, smaller than the maximum ETO drawdown of -72.02%. Use the drawdown chart below to compare losses from any high point for OVF and ETO.

Drawdown Indicators

	OVF	ETO	Difference
Max Drawdown Largest peak-to-trough decline	-30.07%	-72.02%	+41.95%
Max Drawdown (1Y) Largest decline over 1 year	-11.64%	-15.27%	+3.63%
Max Drawdown (3Y) Largest decline over 3 years	-15.89%	-18.24%	+2.35%
Max Drawdown (5Y) Largest decline over 5 years	-30.07%	-35.44%	+5.37%
Max Drawdown (10Y) Largest decline over 10 years	—	-52.03%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.45%	-12.74%	+5.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	3.41%	-0.40%

Volatility

OVF vs. ETO - Volatility Comparison

Overlay Shares Foreign Equity ETF (OVF) has a higher volatility of 5.44% compared to Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (ETO) at 4.16%. This indicates that OVF's price experiences larger fluctuations and is considered to be riskier than ETO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVF	ETO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.44%	4.16%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	14.05%	12.27%	+1.78%
Volatility (1Y) Calculated over the trailing 1-year period	16.73%	14.94%	+1.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.77%	20.03%	-4.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.12%	22.75%	-5.63%

OVF vs. ETO - Expense Ratio Comparison

OVF has a 0.95% expense ratio, which is lower than ETO's 2.56% expense ratio.

Dividends

OVF vs. ETO - Dividend Comparison

OVF's dividend yield for the trailing twelve months is around 9.47%, more than ETO's 6.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETO Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund	6.70%	6.85%	7.81%	6.97%	9.87%	5.82%	7.36%	8.32%	11.51%	8.50%	9.51%	9.29%
OVF Overlay Shares Foreign Equity ETF	9.47%	6.32%	5.13%	5.17%	4.50%	4.88%	2.55%	2.12%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OVF and ETO in my portfolio?

OVF and ETO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OVF or ETO?

OVF has higher volatility (5.44%) compared to ETO (4.16%). In terms of maximum drawdown, OVF dropped -30.07% vs ETO's -72.02%.

Which has better risk-adjusted returns?

OVF currently has the higher Sharpe Ratio (2.02 vs 1.85), 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.