OVF vs. SPDW

Last updated Jun 4, 2026

OVF (Overlay Shares Foreign Equity ETF) and SPDW (SPDR Portfolio World ex-US ETF) are both Foreign Large Cap Equities funds. OVF is actively managed, while SPDW is passively managed. Over the past 5 years, OVF returned 9.56%/yr vs 9.38%/yr for SPDW. Their correlation of 0.94 suggests significant overlap in exposure. OVF charges 0.95%/yr vs 0.04%/yr for SPDW.

Performance

OVF vs. SPDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Foreign Equity ETF (OVF) and SPDR Portfolio World ex-US ETF (SPDW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with OVF having a 14.61% return and SPDW slightly higher at 15.00%.

OVF

• 1D: -0.99%
• 1M: 4.77%
• YTD: 14.61%
• 6M: 17.49%
• 1Y: 33.00%
• 3Y*: 19.98%
• 5Y*: 9.56%
• 10Y*: —

SPDW

• 1D: -0.87%
• 1M: 5.56%
• YTD: 15.00%
• 6M: 18.06%
• 1Y: 32.15%
• 3Y*: 19.77%
• 5Y*: 9.38%
• 10Y*: 10.09%

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

OVF vs. SPDW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
OVF Overlay Shares Foreign Equity ETF	14.61%	33.03%	6.40%	15.25%	-17.64%	9.56%	2.65%	5.81%
SPDW SPDR Portfolio World ex-US ETF	15.00%	34.75%	3.55%	17.81%	-15.98%	11.45%	9.90%	9.12%

Correlation

The correlation between OVF and SPDW is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 2, 2019	0.94

The correlation between OVF and SPDW has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

OVF vs. SPDW - Sectors Allocation Comparison

Sectors	OVF	SPDW
Financial Services	21.6%	22.9%
Technology	17.5%	13.7%
Industrials	17.2%	19.2%
Consumer Cyclical	8.5%	7.8%
Healthcare	8.2%	8.3%
Basic Materials	6.6%	7.3%
Consumer Defensive	5.6%	5.7%
Communication Services	5.1%	3.8%
Energy	3.8%	5.5%
Utilities	3.2%	3.3%
Real Estate	2.7%	2.5%

Return for Risk

OVF vs. SPDW — Risk / Return Rank

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

OVF

OVF Risk / Return Rank: 58
OVF Sharpe Ratio Rank: 58
OVF Sortino Ratio Rank: 56
OVF Omega Ratio Rank: 57
OVF Calmar Ratio Rank: 57
OVF Martin Ratio Rank: 61

SPDW

SPDW Risk / Return Rank: 59
SPDW Sharpe Ratio Rank: 60
SPDW Sortino Ratio Rank: 59
SPDW Omega Ratio Rank: 59
SPDW Calmar Ratio Rank: 55
SPDW Martin Ratio Rank: 60

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. SPDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Foreign Equity ETF (OVF) and SPDR Portfolio World ex-US ETF (SPDW). 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	SPDW	Difference
Sharpe ratio Return per unit of total volatility	1.98	2.07	-0.09
Sortino ratio Return per unit of downside risk	2.71	2.87	-0.16
Omega ratio Gain probability vs. loss probability	1.35	1.37	-0.02
Calmar ratio Return relative to maximum drawdown	2.85	2.80	+0.05
Martin ratio Return relative to average drawdown	10.99	10.93	+0.06
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. SPDW - Sharpe Ratio Comparison

The current OVF Sharpe Ratio is 1.98, which is comparable to the SPDW Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of OVF and SPDW, 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	SPDW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	2.07	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.57	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.24	+0.32

Drawdowns

OVF vs. SPDW - Drawdown Comparison

The maximum OVF drawdown since its inception was -30.07%, smaller than the maximum SPDW drawdown of -60.02%. Use the drawdown chart below to compare losses from any high point for OVF and SPDW.

Drawdown Indicators

	OVF	SPDW	Difference
Max Drawdown Largest peak-to-trough decline	-30.07%	-60.02%	+29.95%
Max Drawdown (1Y) Largest decline over 1 year	-11.64%	-11.55%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-15.89%	-13.53%	-2.36%
Max Drawdown (5Y) Largest decline over 5 years	-30.07%	-30.21%	+0.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.98%	—
Current Drawdown Current decline from peak	-0.99%	-0.87%	-0.12%
Average Drawdown Average peak-to-trough decline	-7.44%	-12.91%	+5.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	2.95%	+0.06%

Volatility

OVF vs. SPDW - Volatility Comparison

Overlay Shares Foreign Equity ETF (OVF) and SPDR Portfolio World ex-US ETF (SPDW) have volatilities of 5.44% and 5.63%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVF	SPDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.44%	5.63%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	14.08%	13.17%	+0.91%
Volatility (1Y) Calculated over the trailing 1-year period	16.75%	15.60%	+1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.77%	16.49%	-0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.12%	17.26%	-0.14%

OVF vs. SPDW - Expense Ratio Comparison

OVF has a 0.95% expense ratio, which is higher than SPDW's 0.04% expense ratio.

Dividends

OVF vs. SPDW - Dividend Comparison

OVF's dividend yield for the trailing twelve months is around 9.57%, more than SPDW's 2.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OVF Overlay Shares Foreign Equity ETF	9.57%	6.32%	5.13%	5.17%	4.50%	4.88%	2.55%	2.12%	0.00%	0.00%	0.00%	0.00%
SPDW SPDR Portfolio World ex-US ETF	2.87%	3.30%	3.19%	2.75%	3.12%	3.04%	1.87%	3.13%	3.08%	1.86%	3.11%	2.78%

Frequently Asked Questions

Can I hold both OVF and SPDW in my portfolio?

With a correlation of 0.97, OVF and SPDW move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, OVF or SPDW?

SPDW has higher volatility (5.63%) compared to OVF (5.44%). In terms of maximum drawdown, OVF dropped -30.07% vs SPDW's -60.02%.

Which ETF is better, OVF or SPDW?

On 5-year performance, OVF leads with 9.56% vs 9.38% for SPDW. On fees, SPDW is cheaper at 0.04% per year. On volatility, OVF has been the lower-risk option at 5.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVF or SPDW?

Over the 5-year period, OVF has performed better with a 9.56% return vs 9.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVF or SPDW?

SPDW is cheaper with a 0.04% expense ratio, compared with 0.95% for OVF.

Which ETF pays a higher dividend yield, OVF or SPDW?

OVF has the higher dividend yield at 9.57%, compared with 2.87% for SPDW.

What is the main difference between OVF and SPDW?

They also come from different issuers: Liquid Strategies and State Street. Their fees differ too: 0.95% for OVF and 0.04% for SPDW.

Which has better risk-adjusted returns?

SPDW currently has the higher Sharpe Ratio (2.07 vs 1.98), 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.