OVL vs. MFUS

Last updated Jun 4, 2026

OVL (Overlay Shares Large Cap Equity ETF) and MFUS (PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF) are both Large Cap Growth Equities funds. OVL is actively managed, while MFUS is passively managed. Over the past 5 years, OVL returned 14.26%/yr vs 12.82%/yr for MFUS. Their correlation of 0.87 suggests significant overlap in exposure. OVL charges 0.79%/yr vs 0.30%/yr for MFUS.

Performance

OVL vs. MFUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Large Cap Equity ETF (OVL) and PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS). 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 lower than MFUS's 16.37% return.

OVL

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

MFUS

• 1D: 0.03%
• 1M: 5.72%
• YTD: 16.37%
• 6M: 16.58%
• 1Y: 28.04%
• 3Y*: 22.25%
• 5Y*: 12.82%
• 10Y*: —

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

OVL vs. MFUS - 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%
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	16.37%	16.02%	20.17%	12.19%	-5.82%	24.10%	10.64%	6.23%

Correlation

The correlation between OVL and MFUS is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Oct 2, 2019	0.87

The correlation between OVL and MFUS has been stable across timeframes, ranging from 0.80 to 0.87 - a consistent structural relationship.

OVL vs. MFUS - Sectors Allocation Comparison

Sectors	OVL	MFUS
Technology	35.7%	21.8%
Financial Services	11.6%	12.6%
Communication Services	11.3%	5.3%
Consumer Cyclical	10.2%	10.6%
Healthcare	8.5%	13.5%
Industrials	8.3%	12.6%
Consumer Defensive	4.9%	10.3%
Energy	3.5%	7.0%
Utilities	2.4%	1.7%
Real Estate	1.9%	1.8%
Basic Materials	1.8%	2.8%

Return for Risk

OVL vs. MFUS — 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

MFUS

MFUS Risk / Return Rank: 82
MFUS Sharpe Ratio Rank: 80
MFUS Sortino Ratio Rank: 83
MFUS Omega Ratio Rank: 78
MFUS Calmar Ratio Rank: 83
MFUS Martin Ratio Rank: 86

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. MFUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Large Cap Equity ETF (OVL) and PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS). 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	MFUS	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.63	-0.24
Sortino ratio: Return per unit of downside risk	3.19	3.77	-0.58
Omega ratio: Gain probability vs. loss probability	1.43	1.47	-0.05
Calmar ratio: Return relative to maximum drawdown	3.82	4.41	-0.59
Martin ratio: Return relative to average drawdown	17.04	18.13	-1.09
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. MFUS - Sharpe Ratio Comparison

The current OVL Sharpe Ratio is 2.39, which is comparable to the MFUS Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of OVL and MFUS, 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	MFUS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.63	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.86	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.79	+0.01

Drawdowns

OVL vs. MFUS - Drawdown Comparison

The maximum OVL drawdown since its inception was -35.49%, roughly equal to the maximum MFUS drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for OVL and MFUS.

Drawdown Indicators

	OVL	MFUS	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-35.21%	-0.28%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-6.39%	-2.34%
Max Drawdown (3Y) Largest decline over 3 years	-21.73%	-15.39%	-6.34%
Max Drawdown (5Y) Largest decline over 5 years	-29.23%	-18.22%	-11.01%
Current Drawdown Current decline from peak	-0.94%	0.00%	-0.94%
Average Drawdown Average peak-to-trough decline	-6.71%	-4.00%	-2.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	1.55%	+0.41%

Volatility

OVL vs. MFUS - Volatility Comparison

Overlay Shares Large Cap Equity ETF (OVL) and PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (MFUS) have volatilities of 3.06% and 3.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVL	MFUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	3.19%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	10.47%	8.22%	+2.25%
Volatility (1Y) Calculated over the trailing 1-year period	13.99%	10.72%	+3.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.79%	15.03%	+4.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.54%	17.35%	+5.19%

OVL vs. MFUS - Expense Ratio Comparison

OVL has a 0.79% expense ratio, which is higher than MFUS's 0.30% expense ratio.

Dividends

OVL vs. MFUS - Dividend Comparison

OVL's dividend yield for the trailing twelve months is around 6.18%, more than MFUS's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	1.36%	1.54%	1.45%	1.96%	2.07%	1.35%	1.72%	1.89%	1.69%	1.01%
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%

Frequently Asked Questions

Can I hold both OVL and MFUS in my portfolio?

OVL and MFUS have a correlation of 0.80, 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 MFUS?

MFUS has higher volatility (3.19%) compared to OVL (3.06%). In terms of maximum drawdown, OVL dropped -35.49% vs MFUS's -35.21%.

Which ETF is better, OVL or MFUS?

On 5-year performance, OVL leads with 14.26% vs 12.82% for MFUS. On fees, MFUS is cheaper at 0.30% per year. On volatility, OVL has been the lower-risk option at 3.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVL or MFUS?

Over the 5-year period, OVL has performed better with a 14.26% return vs 12.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVL or MFUS?

MFUS is cheaper with a 0.30% expense ratio, compared with 0.79% for OVL.

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

OVL has the higher dividend yield at 6.18%, compared with 1.36% for MFUS.

What is the main difference between OVL and MFUS?

They also come from different issuers: Liquid Strategies and PIMCO. Their fees differ too: 0.79% for OVL and 0.30% for MFUS.

Which has better risk-adjusted returns?

MFUS currently has the higher Sharpe Ratio (2.63 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.