OVL vs. BALI

Last updated Aug 6, 2026

OVL (Overlay Shares Large Cap Equity ETF) and BALI (Blackrock Advantage Large Cap Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, OVL returned 27.58% vs 25.11% for BALI. Their correlation of 0.95 means they have usually moved in the same direction. OVL charges 0.79%/yr vs 0.35%/yr for BALI.

Performance

OVL vs. BALI - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with OVL having a 15.52% return and BALI slightly lower at 15.45%.

OVL

• 1D: -0.28%
• 1M: 2.38%
• 6M: 14.48%
• YTD: 15.52%
• 1Y: 27.58%
• 3Y*: 23.09%
• 5Y*: 13.46%
• 10Y*: —
• ALL TIME*: 17.41%

BALI

• 1D: 0.12%
• 1M: 3.53%
• 6M: 13.95%
• YTD: 15.45%
• 1Y: 25.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.28%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BALI Blackrock Advantage Large Cap Income ETF	$7.36M	$7.38M	$9.08M
OVL Overlay Shares Large Cap Equity ETF	$9.74M	$8.05M	$6.64M

OVL vs. BALI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
OVL Overlay Shares Large Cap Equity ETF	15.52%	17.81%	27.91%	13.31%
BALI Blackrock Advantage Large Cap Income ETF	15.45%	14.51%	22.38%	9.71%

Correlation

The correlation between OVL and BALI is 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (All Time) Calculated using the full available price history since Sep 28, 2023	0.95

The correlation between OVL and BALI has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

OVL vs. BALI - Sectors Allocation Comparison

Sectors	OVL	BALI
Technology	39.1%	36.2%
Financial Services	10.9%	9.7%
Communication Services	10.7%	10.0%
Consumer Cyclical	9.9%	10.1%
Healthcare	8.3%	10.6%
Industrials	7.8%	8.1%
Consumer Defensive	4.5%	6.0%
Energy	3.1%	4.1%
Utilities	2.1%	1.6%
Real Estate	1.8%	2.2%
Basic Materials	1.7%	1.4%

Return for Risk

OVL vs. BALI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

OVL

OVL Risk / Return Rank: 73
OVL Sharpe Ratio Rank: 70
OVL Sortino Ratio Rank: 67
OVL Omega Ratio Rank: 67
OVL Calmar Ratio Rank: 78
OVL Martin Ratio Rank: 82

BALI

BALI Risk / Return Rank: 89
BALI Sharpe Ratio Rank: 89
BALI Sortino Ratio Rank: 88
BALI Omega Ratio Rank: 89
BALI Calmar Ratio Rank: 86
BALI Martin Ratio Rank: 92

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

OVL vs. BALI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Large Cap Equity ETF (OVL) and Blackrock Advantage Large Cap Income ETF (BALI). 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	BALI	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.37	-0.53
Sortino ratio: Return per unit of downside risk	2.49	3.27	-0.78
Omega ratio: Gain probability vs. loss probability	1.33	1.44	-0.12
Calmar ratio: Return relative to maximum drawdown	3.17	3.76	-0.58
Martin ratio: Return relative to average drawdown	12.34	17.53	-5.20

OVL vs. BALI - Sharpe Ratio Comparison

The current OVL Sharpe Ratio is 1.84, which is comparable to the BALI Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of OVL and BALI, 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. BALI - Drawdown Comparison

The maximum OVL drawdown since its inception was -35.49%, which is greater than BALI's maximum drawdown of -16.65%. Use the drawdown chart below to compare losses from any high point for OVL and BALI.

Drawdown Indicators

	OVL	BALI	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-16.65%	-18.84%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-6.71%	-2.02%
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	-0.28%	0.00%	-0.28%
Average Drawdown Average peak-to-trough decline	-6.61%	-1.59%	-5.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	1.44%	+0.80%

Volatility

OVL vs. BALI - Volatility Comparison

Overlay Shares Large Cap Equity ETF (OVL) has a higher volatility of 4.85% compared to Blackrock Advantage Large Cap Income ETF (BALI) at 3.28%. This indicates that OVL's price experiences larger fluctuations and is considered to be riskier than BALI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVL	BALI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.85%	3.28%	+1.57%
Volatility (6M) Calculated over the trailing 6-month period	11.66%	8.53%	+3.13%
Volatility (1Y) Calculated over the trailing 1-year period	15.10%	10.65%	+4.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.94%	12.91%	+7.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.44%	12.91%	+9.53%

OVL vs. BALI - Expense Ratio Comparison

OVL has a 0.79% expense ratio, which is higher than BALI's 0.35% expense ratio.

Dividends

OVL vs. BALI - Dividend Comparison

OVL's dividend yield for the trailing twelve months is around 7.17%, less than BALI's 7.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BALI Blackrock Advantage Large Cap Income ETF	7.63%	8.51%	7.13%	2.13%	0.00%	0.00%	0.00%	0.00%
OVL Overlay Shares Large Cap Equity ETF	7.17%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%

Frequently Asked Questions

Can I hold both OVL and BALI in my portfolio?

With a correlation of 0.95, OVL and BALI 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, OVL or BALI?

OVL has higher volatility (4.85%) compared to BALI (3.28%). In terms of maximum drawdown, OVL dropped -35.49% vs BALI's -16.65%.

Which ETF is better, OVL or BALI?

On 1-year performance, OVL leads with 27.58% vs 25.11% for BALI. On fees, BALI is cheaper at 0.35% per year. On volatility, BALI has been the lower-risk option at 3.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVL or BALI?

Over the 1-year period, OVL has performed better with a 27.58% return vs 25.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVL or BALI?

BALI is cheaper with a 0.35% expense ratio, compared with 0.79% for OVL.

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

BALI has the higher dividend yield at 7.63%, compared with 7.17% for OVL.

What is the main difference between OVL and BALI?

They also come from different issuers: Liquid Strategies and BlackRock. Their fees differ too: 0.79% for OVL and 0.35% for BALI.

Which has better risk-adjusted returns?

BALI currently has the higher Sharpe Ratio (2.37 vs 1.84), 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.