OVL vs. BUYW

Last updated Jun 25, 2026

OVL (Overlay Shares Large Cap Equity ETF) and BUYW (Main Buywrite ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, OVL returned 22.31%/yr vs 8.45%/yr for BUYW. A 0.64 correlation means they provide meaningful diversification when combined. OVL charges 0.79%/yr vs 1.29%/yr for BUYW.

Performance

OVL vs. BUYW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Large Cap Equity ETF (OVL) and Main Buywrite ETF (BUYW). 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 higher than BUYW's 3.10% return.

OVL

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

BUYW

• 1D: -0.62%
• 1M: -0.28%
• YTD: 3.10%
• 6M: 3.03%
• 1Y: 8.45%
• 3Y*: 8.45%
• 5Y*: —
• 10Y*: —

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

OVL vs. BUYW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OVL Overlay Shares Large Cap Equity ETF	9.69%	17.81%	27.91%	28.01%	-6.38%
BUYW Main Buywrite ETF	3.10%	9.08%	9.82%	12.80%	1.94%

Correlation

The correlation between OVL and BUYW is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Sep 12, 2022	0.64

The correlation between OVL and BUYW shifts across timeframes, from 0.54 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.

OVL vs. BUYW - Sectors Allocation Comparison

Sectors	OVL	BUYW
Technology	39.1%	26.6%
Financial Services	10.9%	14.5%
Communication Services	10.7%	16.4%
Consumer Cyclical	9.9%	6.4%
Healthcare	8.3%	13.0%
Industrials	7.8%	4.4%
Consumer Defensive	4.5%	3.0%
Energy	3.1%	12.7%
Utilities	2.1%	1.2%
Real Estate	1.8%	0.9%
Basic Materials	1.7%	1.0%

Return for Risk

OVL vs. BUYW — 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

BUYW

BUYW Risk / Return Rank: 70
BUYW Sharpe Ratio Rank: 59
BUYW Sortino Ratio Rank: 64
BUYW Omega Ratio Rank: 64
BUYW Calmar Ratio Rank: 72
BUYW Martin Ratio Rank: 89

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. BUYW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Large Cap Equity ETF (OVL) and Main Buywrite ETF (BUYW). 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	BUYW	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.75	+0.02
Sortino ratio: Return per unit of downside risk	2.40	2.64	-0.24
Omega ratio: Gain probability vs. loss probability	1.32	1.34	-0.02
Calmar ratio: Return relative to maximum drawdown	2.97	3.28	-0.31
Martin ratio: Return relative to average drawdown	12.40	17.45	-5.06

OVL vs. BUYW - Sharpe Ratio Comparison

The current OVL Sharpe Ratio is 1.78, which is comparable to the BUYW Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of OVL and BUYW, 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. BUYW - Drawdown Comparison

The maximum OVL drawdown since its inception was -35.49%, which is greater than BUYW's maximum drawdown of -9.36%. Use the drawdown chart below to compare losses from any high point for OVL and BUYW.

Drawdown Indicators

	OVL	BUYW	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-9.36%	-26.13%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-2.59%	-6.14%
Max Drawdown (3Y) Largest decline over 3 years	-21.73%	-9.36%	-12.37%
Max Drawdown (5Y) Largest decline over 5 years	-29.23%	—	—
Current Drawdown Current decline from peak	-4.02%	-0.62%	-3.40%
Average Drawdown Average peak-to-trough decline	-6.68%	-0.60%	-6.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	0.48%	+1.61%

Volatility

OVL vs. BUYW - Volatility Comparison

Overlay Shares Large Cap Equity ETF (OVL) has a higher volatility of 5.40% compared to Main Buywrite ETF (BUYW) at 1.36%. This indicates that OVL's price experiences larger fluctuations and is considered to be riskier than BUYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVL	BUYW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	1.36%	+4.04%
Volatility (6M) Calculated over the trailing 6-month period	11.34%	3.89%	+7.45%
Volatility (1Y) Calculated over the trailing 1-year period	14.63%	4.88%	+9.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.90%	8.43%	+11.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.54%	8.43%	+14.11%

OVL vs. BUYW - Expense Ratio Comparison

OVL has a 0.79% expense ratio, which is lower than BUYW's 1.29% expense ratio.

Dividends

OVL vs. BUYW - Dividend Comparison

OVL's dividend yield for the trailing twelve months is around 6.38%, more than BUYW's 5.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BUYW Main Buywrite ETF	5.44%	5.89%	5.93%	5.95%	0.50%	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 BUYW in my portfolio?

OVL and BUYW have a correlation of 0.54, 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 BUYW?

OVL has higher volatility (5.40%) compared to BUYW (1.36%). In terms of maximum drawdown, OVL dropped -35.49% vs BUYW's -9.36%.

Which ETF is better, OVL or BUYW?

On 3-year performance, OVL leads with 22.31% vs 8.45% for BUYW. On fees, OVL is cheaper at 0.79% per year. On volatility, BUYW has been the lower-risk option at 1.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVL or BUYW?

Over the 3-year period, OVL has performed better with a 22.31% return vs 8.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVL or BUYW?

OVL is cheaper with a 0.79% expense ratio, compared with 1.29% for BUYW.

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

OVL has the higher dividend yield at 6.38%, compared with 5.44% for BUYW.

What is the main difference between OVL and BUYW?

They also come from different issuers: Liquid Strategies and Main Funds. Their fees differ too: 0.79% for OVL and 1.29% for BUYW.

Which has better risk-adjusted returns?

OVL currently has the higher Sharpe Ratio (1.78 vs 1.75), 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.