OVL vs. FIYY

Last updated Jul 16, 2026

OVL (Overlay Shares Large Cap Equity ETF) and FIYY (GraniteShares YieldBOOST 20Y+ Treasuries ETF) are both Derivative Income funds. Both are actively managed. At a 0.36 correlation, their price movements are largely independent. OVL charges 0.79%/yr vs 1.07%/yr for FIYY.

Performance

OVL vs. FIYY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Large Cap Equity ETF (OVL) and GraniteShares YieldBOOST 20Y+ Treasuries ETF (FIYY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

OVL

• 1D: 0.39%
• 1M: 0.47%
• 6M: 11.66%
• YTD: 13.42%
• 1Y: 26.37%
• 3Y*: 22.08%
• 5Y*: 13.69%
• 10Y*: —

FIYY

• 1D: 0.02%
• 1M: -0.45%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OVL vs. FIYY - Yearly Performance Comparison

	2026 (YTD)
OVL Overlay Shares Large Cap Equity ETF	5.45%
FIYY GraniteShares YieldBOOST 20Y+ Treasuries ETF	-1.83%

Correlation

The correlation between OVL and FIYY is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 5, 2026	0.36

Return for Risk

OVL vs. FIYY — Risk / Return Rank

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

OVL

OVL Risk / Return Rank: 72
OVL Sharpe Ratio Rank: 70
OVL Sortino Ratio Rank: 66
OVL Omega Ratio Rank: 68
OVL Calmar Ratio Rank: 75
OVL Martin Ratio Rank: 80

FIYY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. FIYY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Large Cap Equity ETF (OVL) and GraniteShares YieldBOOST 20Y+ Treasuries ETF (FIYY). 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	FIYY	Difference
Sharpe ratio: Return per unit of total volatility	1.80	—	—
Sortino ratio: Return per unit of downside risk	2.43	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	3.03	—	—
Martin ratio: Return relative to average drawdown	12.27	—	—

Drawdowns

OVL vs. FIYY - Drawdown Comparison

The maximum OVL drawdown since its inception was -35.49%, which is greater than FIYY's maximum drawdown of -2.51%. Use the drawdown chart below to compare losses from any high point for OVL and FIYY.

Drawdown Indicators

	OVL	FIYY	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-2.51%	-32.98%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	—	—
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	-0.75%	-1.95%	+1.20%
Average Drawdown Average peak-to-trough decline	-6.65%	-1.49%	-5.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	—	—

Volatility

Volatility by Period

	OVL	FIYY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.50%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.72%	5.00%	+9.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.91%	5.00%	+14.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.47%	5.00%	+17.47%

OVL vs. FIYY - Expense Ratio Comparison

OVL has a 0.79% expense ratio, which is lower than FIYY's 1.07% expense ratio.

Dividends

OVL vs. FIYY - Dividend Comparison

OVL's dividend yield for the trailing twelve months is around 6.39%, more than FIYY's 1.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FIYY GraniteShares YieldBOOST 20Y+ Treasuries ETF	1.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
OVL Overlay Shares Large Cap Equity ETF	6.39%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%

Frequently Asked Questions

Can I hold both OVL and FIYY in my portfolio?

OVL and FIYY have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, OVL or FIYY?

On fees, OVL is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, OVL or FIYY?

OVL is cheaper with a 0.79% expense ratio, compared with 1.07% for FIYY.

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

OVL has the higher dividend yield at 6.39%, compared with 1.13% for FIYY.

What is the main difference between OVL and FIYY?

They also come from different issuers: Liquid Strategies and GraniteShares. Their fees differ too: 0.79% for OVL and 1.07% for FIYY.