OVL vs. AMDY

Last updated Jun 25, 2026

OVL (Overlay Shares Large Cap Equity ETF) and AMDY (YieldMax AMD Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, OVL returned 25.82% vs 190.24% for AMDY. A 0.58 correlation means they provide meaningful diversification when combined. OVL charges 0.79%/yr vs 1.23%/yr for AMDY.

Performance

OVL vs. AMDY - Performance Comparison

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

Returns By Period

In the year-to-date period, OVL achieves a 9.69% return, which is significantly lower than AMDY's 101.64% return.

OVL

• 1D: -0.18%
• 1M: -1.99%
• YTD: 9.69%
• 6M: 7.87%
• 1Y: 25.82%
• 3Y*: 22.31%
• 5Y*: 13.19%
• 10Y*: —

AMDY

• 1D: 0.15%
• 1M: 8.53%
• YTD: 101.64%
• 6M: 102.07%
• 1Y: 190.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OVL vs. AMDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
OVL Overlay Shares Large Cap Equity ETF	9.69%	17.81%	27.91%	7.48%
AMDY YieldMax AMD Option Income Strategy ETF	101.64%	53.93%	-17.00%	25.92%

Correlation

The correlation between OVL and AMDY is 0.52, 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	0.52
Correlation (All Time) Calculated using the full available price history since Sep 19, 2023	0.58

The correlation between OVL and AMDY has been stable across timeframes, ranging from 0.52 to 0.58 - a consistent structural relationship.

Return for Risk

OVL vs. AMDY — Risk / Return Rank

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

OVL

OVL Risk / Return Rank: 62
OVL Sharpe Ratio Rank: 59
OVL Sortino Ratio Rank: 56
OVL Omega Ratio Rank: 58
OVL Calmar Ratio Rank: 66
OVL Martin Ratio Rank: 74

AMDY

AMDY Risk / Return Rank: 91
AMDY Sharpe Ratio Rank: 95
AMDY Sortino Ratio Rank: 89
AMDY Omega Ratio Rank: 90
AMDY Calmar Ratio Rank: 95
AMDY Martin Ratio Rank: 84

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.

OVL vs. AMDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Large Cap Equity ETF (OVL) and YieldMax AMD Option Income Strategy ETF (AMDY). 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.

	OVL	AMDY	Difference
Sharpe ratio: Return per unit of total volatility	1.78	3.42	-1.64
Sortino ratio: Return per unit of downside risk	2.40	3.68	-1.28
Omega ratio: Gain probability vs. loss probability	1.32	1.51	-0.19
Calmar ratio: Return relative to maximum drawdown	2.97	6.94	-3.97
Martin ratio: Return relative to average drawdown	12.40	15.47	-3.08

OVL vs. AMDY - Sharpe Ratio Comparison

The current OVL Sharpe Ratio is 1.78, which is lower than the AMDY Sharpe Ratio of 3.42. The chart below compares the historical Sharpe Ratios of OVL and AMDY, 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

OVL vs. AMDY - Drawdown Comparison

The maximum OVL drawdown since its inception was -35.49%, smaller than the maximum AMDY drawdown of -53.92%. Use the drawdown chart below to compare losses from any high point for OVL and AMDY.

Drawdown Indicators

	OVL	AMDY	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-53.92%	+18.43%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-27.59%	+18.86%
Max Drawdown (3Y) Largest decline over 3 years	-21.73%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-29.23%	—	—
Current Drawdown Current decline from peak	-4.02%	-4.59%	+0.57%
Average Drawdown Average peak-to-trough decline	-6.68%	-17.76%	+11.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	12.35%	-10.26%

Volatility

OVL vs. AMDY - Volatility Comparison

The current volatility for Overlay Shares Large Cap Equity ETF (OVL) is 5.40%, while YieldMax AMD Option Income Strategy ETF (AMDY) has a volatility of 21.22%. This indicates that OVL experiences smaller price fluctuations and is considered to be less risky than AMDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVL	AMDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	21.22%	-15.82%
Volatility (6M) Calculated over the trailing 6-month period	11.34%	43.43%	-32.09%
Volatility (1Y) Calculated over the trailing 1-year period	14.63%	56.19%	-41.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.90%	46.90%	-27.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.54%	46.90%	-24.36%

OVL vs. AMDY - Expense Ratio Comparison

OVL has a 0.79% expense ratio, which is lower than AMDY's 1.23% expense ratio.

Dividends

OVL vs. AMDY - Dividend Comparison

OVL's dividend yield for the trailing twelve months is around 6.38%, less than AMDY's 65.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AMDY YieldMax AMD Option Income Strategy ETF	65.78%	80.68%	109.98%	6.68%	0.00%	0.00%	0.00%	0.00%
OVL Overlay Shares Large Cap Equity ETF	6.38%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%

Frequently Asked Questions

Can I hold both OVL and AMDY in my portfolio?

OVL and AMDY have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OVL or AMDY?

AMDY has higher volatility (21.22%) compared to OVL (5.40%). In terms of maximum drawdown, OVL dropped -35.49% vs AMDY's -53.92%.

Which ETF is better, OVL or AMDY?

On 1-year performance, AMDY leads with 190.24% vs 25.82% for OVL. On fees, OVL is cheaper at 0.79% per year. On volatility, OVL has been the lower-risk option at 5.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVL or AMDY?

Over the 1-year period, AMDY has performed better with a 190.24% return vs 25.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVL or AMDY?

OVL is cheaper with a 0.79% expense ratio, compared with 1.23% for AMDY.

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

AMDY has the higher dividend yield at 65.78%, compared with 6.38% for OVL.

What is the main difference between OVL and AMDY?

They also come from different issuers: Liquid Strategies and YieldMax ETFs. Their fees differ too: 0.79% for OVL and 1.23% for AMDY.

Which has better risk-adjusted returns?

AMDY currently has the higher Sharpe Ratio (3.42 vs 1.78), 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.