OVL vs. IWMI

Last updated Jun 9, 2026

OVL (Overlay Shares Large Cap Equity ETF) and IWMI (NEOS Russell 2000 High Income ETF) are both exchange-traded funds - OVL is a Large Cap Growth Equities fund actively managed by Liquid Strategies, while IWMI is a Derivative Income fund actively managed by Neos. Both are actively managed. Over the past year, OVL returned 29.22% vs 32.02% for IWMI. A 0.78 correlation means they provide meaningful diversification when combined. OVL charges 0.79%/yr vs 0.68%/yr for IWMI.

Performance

OVL vs. IWMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Large Cap Equity ETF (OVL) and NEOS Russell 2000 High Income ETF (IWMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OVL achieves a 10.47% return, which is significantly lower than IWMI's 12.27% return.

OVL

• 1D: 0.14%
• 1M: -0.14%
• YTD: 10.47%
• 6M: 10.55%
• 1Y: 29.22%
• 3Y*: 23.11%
• 5Y*: 13.78%
• 10Y*: —

IWMI

• 1D: 0.82%
• 1M: 0.38%
• YTD: 12.27%
• 6M: 11.67%
• 1Y: 32.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OVL vs. IWMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OVL Overlay Shares Large Cap Equity ETF	10.47%	17.81%	8.80%
IWMI NEOS Russell 2000 High Income ETF	12.27%	14.97%	6.58%

Correlation

The correlation between OVL and IWMI is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Jun 25, 2024	0.78

The correlation between OVL and IWMI has been stable across timeframes, ranging from 0.78 to 0.79 - a consistent structural relationship.

OVL vs. IWMI - Sectors Allocation Comparison

Sectors	OVL	IWMI
Technology	35.7%	15.1%
Financial Services	11.6%	16.0%
Communication Services	11.3%	2.4%
Consumer Cyclical	10.2%	8.6%
Healthcare	8.5%	17.9%
Industrials	8.3%	16.6%
Consumer Defensive	4.9%	2.6%
Energy	3.5%	6.5%
Utilities	2.4%	3.1%
Real Estate	1.9%	6.3%
Basic Materials	1.8%	5.0%

Return for Risk

OVL vs. IWMI — 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: 69
OVL Calmar Ratio Rank: 73
OVL Martin Ratio Rank: 82

IWMI

IWMI Risk / Return Rank: 76
IWMI Sharpe Ratio Rank: 73
IWMI Sortino Ratio Rank: 73
IWMI Omega Ratio Rank: 69
IWMI Calmar Ratio Rank: 81
IWMI Martin Ratio Rank: 84

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. IWMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Large Cap Equity ETF (OVL) and NEOS Russell 2000 High Income ETF (IWMI). 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	IWMI	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.13	-0.07
Sortino ratio: Return per unit of downside risk	2.73	2.93	-0.21
Omega ratio: Gain probability vs. loss probability	1.37	1.37	0.00
Calmar ratio: Return relative to maximum drawdown	3.36	3.83	-0.47
Martin ratio: Return relative to average drawdown	14.80	15.82	-1.02
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. IWMI - Sharpe Ratio Comparison

The current OVL Sharpe Ratio is 2.06, which is comparable to the IWMI Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of OVL and IWMI, 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	IWMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	2.13	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	1.00	-0.22

Drawdowns

OVL vs. IWMI - Drawdown Comparison

The maximum OVL drawdown since its inception was -35.49%, which is greater than IWMI's maximum drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for OVL and IWMI.

Drawdown Indicators

	OVL	IWMI	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-23.88%	-11.61%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-8.40%	-0.33%
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	-3.33%	-2.04%	-1.29%
Average Drawdown Average peak-to-trough decline	-6.70%	-4.10%	-2.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	2.03%	-0.05%

Volatility

OVL vs. IWMI - Volatility Comparison

The current volatility for Overlay Shares Large Cap Equity ETF (OVL) is 4.23%, while NEOS Russell 2000 High Income ETF (IWMI) has a volatility of 5.01%. This indicates that OVL experiences smaller price fluctuations and is considered to be less risky than IWMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVL	IWMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.23%	5.01%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	10.95%	11.12%	-0.17%
Volatility (1Y) Calculated over the trailing 1-year period	14.31%	15.16%	-0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.84%	17.98%	+1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.55%	17.98%	+4.57%

OVL vs. IWMI - Expense Ratio Comparison

OVL has a 0.79% expense ratio, which is higher than IWMI's 0.68% expense ratio.

Dividends

OVL vs. IWMI - Dividend Comparison

OVL's dividend yield for the trailing twelve months is around 6.33%, less than IWMI's 13.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
IWMI NEOS Russell 2000 High Income ETF	13.65%	14.05%	8.78%	0.00%	0.00%	0.00%	0.00%	0.00%
OVL Overlay Shares Large Cap Equity ETF	6.33%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%

Frequently Asked Questions

Can I hold both OVL and IWMI in my portfolio?

OVL and IWMI have a correlation of 0.79, 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 IWMI?

IWMI has higher volatility (5.01%) compared to OVL (4.23%). In terms of maximum drawdown, OVL dropped -35.49% vs IWMI's -23.88%.

Which ETF is better, OVL or IWMI?

On 1-year performance, IWMI leads with 32.02% vs 29.22% for OVL. On fees, IWMI is cheaper at 0.68% per year. On volatility, OVL has been the lower-risk option at 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVL or IWMI?

Over the 1-year period, IWMI has performed better with a 32.02% return vs 29.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVL or IWMI?

IWMI is cheaper with a 0.68% expense ratio, compared with 0.79% for OVL.

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

IWMI has the higher dividend yield at 13.65%, compared with 6.33% for OVL.

What is the main difference between OVL and IWMI?

OVL is categorized as Large Cap Growth Equities, while IWMI is Derivative Income. They also come from different issuers: Liquid Strategies and Neos. Their fees differ too: 0.79% for OVL and 0.68% for IWMI.

Which has better risk-adjusted returns?

IWMI currently has the higher Sharpe Ratio (2.13 vs 2.06), 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.