OVL vs. ARMW

Last updated Jun 25, 2026

OVL (Overlay Shares Large Cap Equity ETF) and ARMW (Roundhill ARM WeeklyPay ETF) are both Derivative Income funds. Both are actively managed. A 0.55 correlation means they provide meaningful diversification when combined. OVL charges 0.79%/yr vs 0.99%/yr for ARMW.

Performance

OVL vs. ARMW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Large Cap Equity ETF (OVL) and Roundhill ARM WeeklyPay ETF (ARMW). 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 ARMW's 287.65% return.

OVL

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

ARMW

• 1D: -2.38%
• 1M: 19.11%
• YTD: 287.65%
• 6M: 278.87%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OVL vs. ARMW - Yearly Performance Comparison

	2026 (YTD)	2025
OVL Overlay Shares Large Cap Equity ETF	9.69%	2.77%
ARMW Roundhill ARM WeeklyPay ETF	287.65%	-41.28%

Correlation

The correlation between OVL and ARMW is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 23, 2025	0.55

OVL vs. ARMW - Sectors Allocation Comparison

Sectors	OVL	ARMW
Technology	39.1%	28.9%
Financial Services	10.9%	-
Communication Services	10.7%	-
Consumer Cyclical	9.9%	-
Healthcare	8.3%	-
Industrials	7.8%	-
Consumer Defensive	4.5%	-
Energy	3.1%	-
Utilities	2.1%	-
Real Estate	1.8%	-
Basic Materials	1.7%	-

Return for Risk

OVL vs. ARMW — 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

ARMW

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. ARMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Large Cap Equity ETF (OVL) and Roundhill ARM WeeklyPay ETF (ARMW). 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	ARMW	Difference
Sharpe ratio: Return per unit of total volatility	1.78	—	—
Sortino ratio: Return per unit of downside risk	2.40	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	2.97	—	—
Martin ratio: Return relative to average drawdown	12.40	—	—

Drawdowns

OVL vs. ARMW - Drawdown Comparison

The maximum OVL drawdown since its inception was -35.49%, smaller than the maximum ARMW drawdown of -48.47%. Use the drawdown chart below to compare losses from any high point for OVL and ARMW.

Drawdown Indicators

	OVL	ARMW	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-48.47%	+12.98%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	—	—
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%	-21.98%	+17.96%
Average Drawdown Average peak-to-trough decline	-6.68%	-25.27%	+18.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	—	—

Volatility

Volatility by Period

	OVL	ARMW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.34%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.63%	94.53%	-79.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.90%	94.53%	-74.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.54%	94.53%	-71.99%

OVL vs. ARMW - Expense Ratio Comparison

OVL has a 0.79% expense ratio, which is lower than ARMW's 0.99% expense ratio.

Dividends

OVL vs. ARMW - Dividend Comparison

OVL's dividend yield for the trailing twelve months is around 6.38%, less than ARMW's 26.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
ARMW Roundhill ARM WeeklyPay ETF	26.61%	16.38%	0.00%	0.00%	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 ARMW in my portfolio?

OVL and ARMW have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, OVL or ARMW?

On fees, OVL is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, OVL or ARMW?

OVL is cheaper with a 0.79% expense ratio, compared with 0.99% for ARMW.

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

ARMW has the higher dividend yield at 26.61%, compared with 6.38% for OVL.

What is the main difference between OVL and ARMW?

They also come from different issuers: Liquid Strategies and Roundhill Investments. Their fees differ too: 0.79% for OVL and 0.99% for ARMW.