OVL vs. DLN

Last updated Jun 4, 2026

OVL (Overlay Shares Large Cap Equity ETF) and DLN (WisdomTree US LargeCap Dividend ETF) are both Large Cap Growth Equities funds. OVL is actively managed, while DLN is passively managed. Over the past 5 years, OVL returned 14.26%/yr vs 12.22%/yr for DLN. Their correlation of 0.86 suggests significant overlap in exposure. OVL charges 0.79%/yr vs 0.28%/yr for DLN.

Performance

OVL vs. DLN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Large Cap Equity ETF (OVL) and WisdomTree US LargeCap Dividend ETF (DLN). 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 DLN's 9.93% return.

OVL

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

DLN

• 1D: -0.51%
• 1M: 2.93%
• YTD: 9.93%
• 6M: 9.96%
• 1Y: 22.38%
• 3Y*: 18.35%
• 5Y*: 12.22%
• 10Y*: 12.68%

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

OVL vs. DLN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
OVL Overlay Shares Large Cap Equity ETF	13.20%	17.81%	27.91%	28.01%	-22.18%	32.40%	20.17%	10.84%
DLN WisdomTree US LargeCap Dividend ETF	9.93%	15.53%	19.66%	9.95%	-3.78%	25.60%	4.59%	9.16%

Correlation

The correlation between OVL and DLN is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Oct 2, 2019	0.86

The correlation between OVL and DLN has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.

OVL vs. DLN - Sectors Allocation Comparison

Sectors	OVL	DLN
Technology	35.7%	20.1%
Financial Services	11.6%	18.0%
Communication Services	11.3%	7.8%
Consumer Cyclical	10.2%	5.0%
Healthcare	8.5%	12.6%
Industrials	8.3%	7.9%
Consumer Defensive	4.9%	9.3%
Energy	3.5%	8.5%
Utilities	2.4%	5.9%
Real Estate	1.9%	4.0%
Basic Materials	1.8%	1.0%

Return for Risk

OVL vs. DLN — 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

DLN

DLN Risk / Return Rank: 77
DLN Sharpe Ratio Rank: 76
DLN Sortino Ratio Rank: 80
DLN Omega Ratio Rank: 75
DLN Calmar Ratio Rank: 73
DLN Martin Ratio Rank: 79

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. DLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Large Cap Equity ETF (OVL) and WisdomTree US LargeCap Dividend ETF (DLN). 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	DLN	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.53	-0.14
Sortino ratio: Return per unit of downside risk	3.19	3.64	-0.45
Omega ratio: Gain probability vs. loss probability	1.43	1.46	-0.03
Calmar ratio: Return relative to maximum drawdown	3.82	3.69	+0.14
Martin ratio: Return relative to average drawdown	17.04	15.59	+1.45
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. DLN - Sharpe Ratio Comparison

The current OVL Sharpe Ratio is 2.39, which is comparable to the DLN Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of OVL and DLN, 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	DLN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.53	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.93	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.53	+0.27

Drawdowns

OVL vs. DLN - Drawdown Comparison

The maximum OVL drawdown since its inception was -35.49%, smaller than the maximum DLN drawdown of -57.84%. Use the drawdown chart below to compare losses from any high point for OVL and DLN.

Drawdown Indicators

	OVL	DLN	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-57.84%	+22.35%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-6.10%	-2.63%
Max Drawdown (3Y) Largest decline over 3 years	-21.73%	-13.71%	-8.02%
Max Drawdown (5Y) Largest decline over 5 years	-29.23%	-16.26%	-12.97%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.82%	—
Current Drawdown Current decline from peak	-0.94%	-0.51%	-0.43%
Average Drawdown Average peak-to-trough decline	-6.71%	-7.52%	+0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	1.44%	+0.52%

Volatility

OVL vs. DLN - Volatility Comparison

Overlay Shares Large Cap Equity ETF (OVL) has a higher volatility of 3.06% compared to WisdomTree US LargeCap Dividend ETF (DLN) at 2.17%. This indicates that OVL's price experiences larger fluctuations and is considered to be riskier than DLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVL	DLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	2.17%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	10.47%	6.77%	+3.70%
Volatility (1Y) Calculated over the trailing 1-year period	13.99%	8.87%	+5.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.79%	13.26%	+6.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.54%	16.16%	+6.38%

OVL vs. DLN - Expense Ratio Comparison

OVL has a 0.79% expense ratio, which is higher than DLN's 0.28% expense ratio.

Dividends

OVL vs. DLN - Dividend Comparison

OVL's dividend yield for the trailing twelve months is around 6.18%, more than DLN's 1.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLN WisdomTree US LargeCap Dividend ETF	1.79%	1.90%	2.00%	2.43%	2.53%	2.01%	2.66%	2.51%	2.90%	2.33%	2.64%	2.80%
OVL Overlay Shares Large Cap Equity ETF	6.18%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OVL and DLN in my portfolio?

OVL and DLN have a correlation of 0.77, 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 DLN?

OVL has higher volatility (3.06%) compared to DLN (2.17%). In terms of maximum drawdown, OVL dropped -35.49% vs DLN's -57.84%.

Which ETF is better, OVL or DLN?

On 5-year performance, OVL leads with 14.26% vs 12.22% for DLN. On fees, DLN is cheaper at 0.28% per year. On volatility, DLN has been the lower-risk option at 2.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVL or DLN?

Over the 5-year period, OVL has performed better with a 14.26% return vs 12.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVL or DLN?

DLN is cheaper with a 0.28% expense ratio, compared with 0.79% for OVL.

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

OVL has the higher dividend yield at 6.18%, compared with 1.79% for DLN.

What is the main difference between OVL and DLN?

They also come from different issuers: Liquid Strategies and WisdomTree. Their fees differ too: 0.79% for OVL and 0.28% for DLN.

Which has better risk-adjusted returns?

DLN currently has the higher Sharpe Ratio (2.53 vs 2.39), 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.