OVL vs. FGRTX

Last updated Jun 13, 2026

OVL (Overlay Shares Large Cap Equity ETF) and FGRTX (Fidelity Mega Cap Stock Fund) are both funds - OVL is a Large Cap Growth Equities fund actively managed by Liquid Strategies, while FGRTX is a Large Cap Blend Equities fund actively managed by Fidelity. Both are actively managed. Over the past 5 years, OVL returned 13.69%/yr vs 15.83%/yr for FGRTX. Their correlation of 0.91 suggests significant overlap in exposure. OVL charges 0.79%/yr vs 0.58%/yr for FGRTX.

Performance

OVL vs. FGRTX - Performance Comparison

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

Returns By Period

In the year-to-date period, OVL achieves a 10.84% return, which is significantly higher than FGRTX's 8.35% return.

OVL

• 1D: 0.57%
• 1M: -0.59%
• YTD: 10.84%
• 6M: 11.21%
• 1Y: 28.64%
• 3Y*: 22.52%
• 5Y*: 13.69%
• 10Y*: —

FGRTX

• 1D: 1.62%
• 1M: -1.08%
• YTD: 8.35%
• 6M: 9.78%
• 1Y: 26.75%
• 3Y*: 24.44%
• 5Y*: 15.83%
• 10Y*: 16.46%

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

OVL vs. FGRTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
OVL Overlay Shares Large Cap Equity ETF	10.84%	17.81%	27.91%	28.01%	-22.18%	32.40%	20.17%	8.73%
FGRTX Fidelity Mega Cap Stock Fund	8.35%	26.92%	25.98%	26.51%	-8.98%	26.29%	12.96%	11.74%

Correlation

The correlation between OVL and FGRTX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019	0.91

The correlation between OVL and FGRTX has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

OVL vs. FGRTX — Risk / Return Rank

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

OVL

OVL Risk / Return Rank: 73
OVL Sharpe Ratio Rank: 71
OVL Sortino Ratio Rank: 67
OVL Omega Ratio Rank: 70
OVL Calmar Ratio Rank: 74
OVL Martin Ratio Rank: 82

FGRTX

FGRTX Risk / Return Rank: 80
FGRTX Sharpe Ratio Rank: 80
FGRTX Sortino Ratio Rank: 77
FGRTX Omega Ratio Rank: 75
FGRTX Calmar Ratio Rank: 79
FGRTX Martin Ratio Rank: 87

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. FGRTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Large Cap Equity ETF (OVL) and Fidelity Mega Cap Stock Fund (FGRTX). 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	FGRTX	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.17	-0.18
Sortino ratio: Return per unit of downside risk	2.65	2.98	-0.34
Omega ratio: Gain probability vs. loss probability	1.36	1.39	-0.03
Calmar ratio: Return relative to maximum drawdown	3.29	3.00	+0.30
Martin ratio: Return relative to average drawdown	14.09	13.36	+0.73

OVL vs. FGRTX - Sharpe Ratio Comparison

The current OVL Sharpe Ratio is 1.99, which is comparable to the FGRTX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of OVL and FGRTX, 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. FGRTX - Drawdown Comparison

The maximum OVL drawdown since its inception was -35.49%, smaller than the maximum FGRTX drawdown of -56.17%. Use the drawdown chart below to compare losses from any high point for OVL and FGRTX.

Drawdown Indicators

	OVL	FGRTX	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-56.17%	+20.68%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-8.99%	+0.26%
Max Drawdown (3Y) Largest decline over 3 years	-21.73%	-18.51%	-3.22%
Max Drawdown (5Y) Largest decline over 5 years	-29.23%	-23.35%	-5.88%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.18%	—
Current Drawdown Current decline from peak	-3.01%	-2.25%	-0.76%
Average Drawdown Average peak-to-trough decline	-6.70%	-8.71%	+2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	2.01%	+0.03%

Volatility

OVL vs. FGRTX - Volatility Comparison

Overlay Shares Large Cap Equity ETF (OVL) has a higher volatility of 4.82% compared to Fidelity Mega Cap Stock Fund (FGRTX) at 4.04%. This indicates that OVL's price experiences larger fluctuations and is considered to be riskier than FGRTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVL	FGRTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.82%	4.04%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	11.20%	9.65%	+1.55%
Volatility (1Y) Calculated over the trailing 1-year period	14.48%	12.42%	+2.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.86%	16.77%	+3.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.55%	18.14%	+4.41%

OVL vs. FGRTX - Expense Ratio Comparison

OVL has a 0.79% expense ratio, which is higher than FGRTX's 0.58% expense ratio.

Dividends

OVL vs. FGRTX - Dividend Comparison

OVL's dividend yield for the trailing twelve months is around 6.31%, more than FGRTX's 3.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FGRTX Fidelity Mega Cap Stock Fund	3.59%	3.89%	2.68%	2.06%	4.38%	4.79%	7.96%	12.98%	21.72%	15.57%	1.97%	4.16%
OVL Overlay Shares Large Cap Equity ETF	6.31%	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 FGRTX in my portfolio?

With a correlation of 0.92, OVL and FGRTX 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 FGRTX?

OVL has higher volatility (4.82%) compared to FGRTX (4.04%). In terms of maximum drawdown, OVL dropped -35.49% vs FGRTX's -56.17%.

Which has better risk-adjusted returns?

FGRTX currently has the higher Sharpe Ratio (2.17 vs 1.99), 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.