OVL vs. BDGS

Last updated Jun 4, 2026

OVL (Overlay Shares Large Cap Equity ETF) and BDGS (Bridges Capital Tactical ETF) are both exchange-traded funds - OVL is a Large Cap Growth Equities fund actively managed by Liquid Strategies, while BDGS is a Large Cap Blend Equities fund actively managed by Bridges. Both are actively managed. Over the past 3 years, OVL returned 24.25%/yr vs 14.06%/yr for BDGS. A 0.78 correlation means they provide meaningful diversification when combined. OVL charges 0.79%/yr vs 0.87%/yr for BDGS.

Performance

OVL vs. BDGS - Performance Comparison

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

Returns By Period

In the year-to-date period, OVL achieves a 13.20% return, which is significantly higher than BDGS's 5.64% return.

OVL

• 1D: -0.94%
• 1M: 5.25%
• YTD: 13.20%
• 6M: 13.15%
• 1Y: 33.24%
• 3Y*: 24.25%
• 5Y*: 14.26%
• 10Y*: —

BDGS

• 1D: -0.29%
• 1M: 1.26%
• YTD: 5.64%
• 6M: 5.65%
• 1Y: 13.85%
• 3Y*: 14.06%
• 5Y*: —
• 10Y*: —

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

OVL vs. BDGS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
OVL Overlay Shares Large Cap Equity ETF	13.20%	17.81%	27.91%	17.21%
BDGS Bridges Capital Tactical ETF	5.64%	10.61%	19.07%	8.31%

Correlation

The correlation between OVL and BDGS is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (All Time) Calculated using the full available price history since May 12, 2023	0.78

The correlation between OVL and BDGS has been stable across timeframes, ranging from 0.78 to 0.81 - a consistent structural relationship.

OVL vs. BDGS - Sectors Allocation Comparison

Sectors	OVL	BDGS
Technology	35.7%	37.4%
Financial Services	11.6%	9.3%
Communication Services	11.3%	16.6%
Consumer Cyclical	10.2%	10.9%
Healthcare	8.5%	7.5%
Industrials	8.3%	6.6%
Consumer Defensive	4.9%	4.1%
Energy	3.5%	2.6%
Utilities	2.4%	1.9%
Real Estate	1.9%	1.5%
Basic Materials	1.8%	1.5%

Return for Risk

OVL vs. BDGS — Risk / Return Rank

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

OVL

OVL Risk / Return Rank: 74
OVL Sharpe Ratio Rank: 72
OVL Sortino Ratio Rank: 69
OVL Omega Ratio Rank: 70
OVL Calmar Ratio Rank: 75
OVL Martin Ratio Rank: 83

BDGS

BDGS Risk / Return Rank: 74
BDGS Sharpe Ratio Rank: 68
BDGS Sortino Ratio Rank: 74
BDGS Omega Ratio Rank: 78
BDGS Calmar Ratio Rank: 68
BDGS Martin Ratio Rank: 81

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. BDGS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Large Cap Equity ETF (OVL) and Bridges Capital Tactical ETF (BDGS). 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.

	OVL	BDGS	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.29	+0.10
Sortino ratio: Return per unit of downside risk	3.19	3.40	-0.21
Omega ratio: Gain probability vs. loss probability	1.43	1.47	-0.05
Calmar ratio: Return relative to maximum drawdown	3.82	3.45	+0.37
Martin ratio: Return relative to average drawdown	17.04	16.47	+0.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OVL vs. BDGS - Sharpe Ratio Comparison

The current OVL Sharpe Ratio is 2.39, which is comparable to the BDGS Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of OVL and BDGS, 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

	OVL	BDGS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.29	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	1.76	-0.96

Drawdowns

OVL vs. BDGS - Drawdown Comparison

The maximum OVL drawdown since its inception was -35.49%, which is greater than BDGS's maximum drawdown of -9.12%. Use the drawdown chart below to compare losses from any high point for OVL and BDGS.

Drawdown Indicators

	OVL	BDGS	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-9.12%	-26.37%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-4.03%	-4.70%
Max Drawdown (3Y) Largest decline over 3 years	-21.73%	-9.12%	-12.61%
Max Drawdown (5Y) Largest decline over 5 years	-29.23%	—	—
Current Drawdown Current decline from peak	-0.94%	-0.83%	-0.11%
Average Drawdown Average peak-to-trough decline	-6.71%	-0.64%	-6.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	0.84%	+1.12%

Volatility

OVL vs. BDGS - Volatility Comparison

Overlay Shares Large Cap Equity ETF (OVL) has a higher volatility of 3.06% compared to Bridges Capital Tactical ETF (BDGS) at 1.14%. This indicates that OVL's price experiences larger fluctuations and is considered to be riskier than BDGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVL	BDGS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	1.14%	+1.92%
Volatility (6M) Calculated over the trailing 6-month period	10.47%	4.74%	+5.73%
Volatility (1Y) Calculated over the trailing 1-year period	13.99%	6.08%	+7.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.79%	8.21%	+11.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.54%	8.21%	+14.33%

OVL vs. BDGS - Expense Ratio Comparison

OVL has a 0.79% expense ratio, which is lower than BDGS's 0.87% expense ratio.

Dividends

OVL vs. BDGS - Dividend Comparison

OVL's dividend yield for the trailing twelve months is around 6.18%, more than BDGS's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BDGS Bridges Capital Tactical ETF	0.52%	0.55%	1.81%	0.84%	0.00%	0.00%	0.00%	0.00%
OVL Overlay Shares Large Cap Equity ETF	6.18%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%

Frequently Asked Questions

Can I hold both OVL and BDGS in my portfolio?

OVL and BDGS have a correlation of 0.81, 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 BDGS?

OVL has higher volatility (3.06%) compared to BDGS (1.14%). In terms of maximum drawdown, OVL dropped -35.49% vs BDGS's -9.12%.

Which ETF is better, OVL or BDGS?

On 3-year performance, OVL leads with 24.25% vs 14.06% for BDGS. On fees, OVL is cheaper at 0.79% per year. On volatility, BDGS has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVL or BDGS?

Over the 3-year period, OVL has performed better with a 24.25% return vs 14.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVL or BDGS?

OVL is cheaper with a 0.79% expense ratio, compared with 0.87% for BDGS.

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

OVL has the higher dividend yield at 6.18%, compared with 0.52% for BDGS.

What is the main difference between OVL and BDGS?

OVL is categorized as Large Cap Growth Equities, while BDGS is Large Cap Blend Equities. They also come from different issuers: Liquid Strategies and Bridges. Their fees differ too: 0.79% for OVL and 0.87% for BDGS.

Which has better risk-adjusted returns?

OVL currently has the higher Sharpe Ratio (2.39 vs 2.29), 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.