OVL vs. OVB

Last updated Jun 25, 2026

OVL (Overlay Shares Large Cap Equity ETF) and OVB (Overlay Shares Core Bond ETF) are both exchange-traded funds - OVL is a Derivative Income fund actively managed by Liquid Strategies, while OVB is a Intermediate Core Bond fund actively managed by Liquid Strategies. Both are actively managed. Over the past 5 years, OVL returned 13.19%/yr vs 0.61%/yr for OVB. At a 0.37 correlation, their price movements are largely independent. Both charge a 0.79% expense ratio.

Performance

OVL vs. OVB - Performance Comparison

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

Returns By Period

In the year-to-date period, OVL achieves a 9.69% return, which is significantly higher than OVB's 2.49% return.

OVL

• 1D: -0.18%
• 1M: -1.99%
• YTD: 9.69%
• 6M: 7.87%
• 1Y: 25.82%
• 3Y*: 22.31%
• 5Y*: 13.19%
• 10Y*: —

OVB

• 1D: 0.42%
• 1M: 0.50%
• YTD: 2.49%
• 6M: 1.72%
• 1Y: 7.08%
• 3Y*: 5.72%
• 5Y*: 0.61%
• 10Y*: —

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

OVL vs. OVB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
OVL Overlay Shares Large Cap Equity ETF	9.69%	17.81%	27.91%	28.01%	-22.18%	32.40%	20.17%	8.73%
OVB Overlay Shares Core Bond ETF	2.49%	7.72%	4.03%	6.89%	-16.96%	0.71%	9.40%	1.10%

Correlation

The correlation between OVL and OVB is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019	0.37

Over the past year, OVL and OVB have become more correlated (0.58) than their long-term average of 0.37, meaning their price movements have been converging.

Return for Risk

OVL vs. OVB — Risk / Return Rank

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

OVL

OVL Risk / Return Rank: 62
OVL Sharpe Ratio Rank: 59
OVL Sortino Ratio Rank: 56
OVL Omega Ratio Rank: 58
OVL Calmar Ratio Rank: 66
OVL Martin Ratio Rank: 74

OVB

OVB Risk / Return Rank: 47
OVB Sharpe Ratio Rank: 37
OVB Sortino Ratio Rank: 37
OVB Omega Ratio Rank: 39
OVB Calmar Ratio Rank: 65
OVB Martin Ratio Rank: 58

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. OVB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Large Cap Equity ETF (OVL) and Overlay Shares Core Bond ETF (OVB). 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	OVB	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.21	+0.57
Sortino ratio: Return per unit of downside risk	2.40	1.76	+0.64
Omega ratio: Gain probability vs. loss probability	1.32	1.23	+0.08
Calmar ratio: Return relative to maximum drawdown	2.97	2.86	+0.11
Martin ratio: Return relative to average drawdown	12.40	9.06	+3.33

OVL vs. OVB - Sharpe Ratio Comparison

The current OVL Sharpe Ratio is 1.78, which is higher than the OVB Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of OVL and OVB, 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. OVB - Drawdown Comparison

The maximum OVL drawdown since its inception was -35.49%, which is greater than OVB's maximum drawdown of -21.69%. Use the drawdown chart below to compare losses from any high point for OVL and OVB.

Drawdown Indicators

	OVL	OVB	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-21.69%	-13.80%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-2.49%	-6.24%
Max Drawdown (3Y) Largest decline over 3 years	-21.73%	-8.18%	-13.55%
Max Drawdown (5Y) Largest decline over 5 years	-29.23%	-21.69%	-7.54%
Current Drawdown Current decline from peak	-4.02%	-0.46%	-3.56%
Average Drawdown Average peak-to-trough decline	-6.68%	-6.99%	+0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	0.79%	+1.30%

Volatility

OVL vs. OVB - Volatility Comparison

Overlay Shares Large Cap Equity ETF (OVL) has a higher volatility of 5.40% compared to Overlay Shares Core Bond ETF (OVB) at 1.86%. This indicates that OVL's price experiences larger fluctuations and is considered to be riskier than OVB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVL	OVB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	1.86%	+3.54%
Volatility (6M) Calculated over the trailing 6-month period	11.34%	4.87%	+6.47%
Volatility (1Y) Calculated over the trailing 1-year period	14.63%	5.97%	+8.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.90%	7.34%	+12.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.54%	7.58%	+14.96%

OVL vs. OVB - Expense Ratio Comparison

Both OVL and OVB have an expense ratio of 0.79%.

Dividends

OVL vs. OVB - Dividend Comparison

OVL's dividend yield for the trailing twelve months is around 6.38%, less than OVB's 6.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVB Overlay Shares Core Bond ETF	6.97%	6.00%	5.81%	5.20%	4.67%	4.59%	3.88%	0.58%
OVL Overlay Shares Large Cap Equity ETF	6.38%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%

Frequently Asked Questions

Can I hold both OVL and OVB in my portfolio?

OVL and OVB have a correlation of 0.58, 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 OVB?

OVL has higher volatility (5.40%) compared to OVB (1.86%). In terms of maximum drawdown, OVL dropped -35.49% vs OVB's -21.69%.

Which ETF is better, OVL or OVB?

On 5-year performance, OVL leads with 13.19% vs 0.61% for OVB. Both ETFs have the same 0.79% expense ratio. On volatility, OVB has been the lower-risk option at 1.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVL or OVB?

Over the 5-year period, OVL has performed better with a 13.19% return vs 0.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVL or OVB?

OVL and OVB have the same expense ratio: 0.79% per year.

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

OVB has the higher dividend yield at 6.97%, compared with 6.38% for OVL.

What is the main difference between OVL and OVB?

OVL is categorized as Derivative Income, while OVB is Intermediate Core Bond.

Which has better risk-adjusted returns?

OVL currently has the higher Sharpe Ratio (1.78 vs 1.21), 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.