OVL vs. JELM

Last updated Aug 5, 2026

OVL (Overlay Shares Large Cap Equity ETF) and JELM (Janus Henderson Equity Linked Moderate Income ETF) are both Derivative Income funds. Both are actively managed. Their 0.02 correlation means their historical movements had little consistent relationship. OVL charges 0.79%/yr vs 0.59%/yr for JELM.

Performance

OVL vs. JELM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Large Cap Equity ETF (OVL) and Janus Henderson Equity Linked Moderate Income ETF (JELM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

OVL

• 1D: 1.92%
• 1M: 3.65%
• 6M: 13.96%
• YTD: 15.83%
• 1Y: 27.20%
• 3Y*: 23.21%
• 5Y*: 13.56%
• 10Y*: —
• ALL TIME*: 17.47%

JELM

• 1D: 0.20%
• 1M: 1.29%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JELM Janus Henderson Equity Linked Moderate Income ETF	$199.95K	$786.17K	$963.17K
OVL Overlay Shares Large Cap Equity ETF	$9.49M	$8.05M	$6.55M

OVL vs. JELM - Yearly Performance Comparison

	2026 (YTD)
OVL Overlay Shares Large Cap Equity ETF	10.11%
JELM Janus Henderson Equity Linked Moderate Income ETF	2.35%

Correlation

The correlation between OVL and JELM is 0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 22, 2026	0.02

Return for Risk

OVL vs. JELM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

OVL

OVL Risk / Return Rank: 73
OVL Sharpe Ratio Rank: 70
OVL Sortino Ratio Rank: 67
OVL Omega Ratio Rank: 68
OVL Calmar Ratio Rank: 79
OVL Martin Ratio Rank: 82

JELM

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

OVL vs. JELM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Large Cap Equity ETF (OVL) and Janus Henderson Equity Linked Moderate Income ETF (JELM). 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	JELM	Difference
Sharpe ratio: Return per unit of total volatility	1.81	—	—
Sortino ratio: Return per unit of downside risk	2.46	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	3.13	—	—
Martin ratio: Return relative to average drawdown	12.17	—	—

Drawdowns

OVL vs. JELM - Drawdown Comparison

The maximum OVL drawdown since its inception was -35.49%, which is greater than JELM's maximum drawdown of -0.69%. Use the drawdown chart below to compare losses from any high point for OVL and JELM.

Drawdown Indicators

	OVL	JELM	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-0.69%	-34.80%
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	0.00%	-0.25%	+0.25%
Average Drawdown Average peak-to-trough decline	-6.61%	-0.21%	-6.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	—	—

Volatility

Volatility by Period

	OVL	JELM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.69%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.19%	3.69%	+11.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.94%	3.69%	+16.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.45%	3.69%	+18.76%

OVL vs. JELM - Expense Ratio Comparison

OVL has a 0.79% expense ratio, which is higher than JELM's 0.59% expense ratio.

Dividends

OVL vs. JELM - Dividend Comparison

OVL's dividend yield for the trailing twelve months is around 7.15%, more than JELM's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
JELM Janus Henderson Equity Linked Moderate Income ETF	1.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
OVL Overlay Shares Large Cap Equity ETF	7.15%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%

Frequently Asked Questions

Can I hold both OVL and JELM in my portfolio?

OVL and JELM have a correlation of 0.02, 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 JELM?

On fees, JELM is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, OVL or JELM?

JELM is cheaper with a 0.59% expense ratio, compared with 0.79% for OVL.

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

OVL has the higher dividend yield at 7.15%, compared with 1.21% for JELM.

What is the main difference between OVL and JELM?

They also come from different issuers: Liquid Strategies and Janus Henderson. Their fees differ too: 0.79% for OVL and 0.59% for JELM.