OVL vs. PBP
OVL (Overlay Shares Large Cap Equity ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds. OVL is actively managed, while PBP is passively managed. Over the past 5 years, OVL returned 13.56%/yr vs 8.26%/yr for PBP. Their 0.75 correlation means they have sometimes moved together and sometimes differently. OVL charges 0.79%/yr vs 0.29%/yr for PBP.
Performance
OVL vs. PBP - Performance Comparison
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Returns By Period
In the year-to-date period, OVL achieves a 15.83% return, which is significantly higher than PBP's 8.69% return.
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%
PBP
- 1D
- 0.09%
- 1M
- 2.54%
- 6M
- 7.54%
- YTD
- 8.69%
- 1Y
- 18.68%
- 3Y*
- 12.58%
- 5Y*
- 8.26%
- 10Y*
- 7.28%
- ALL TIME*
- 5.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $9.49M | $8.05M | $6.55M | |
| $1.01M | $1.10M | $947.56K |
OVL vs. PBP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
OVL Overlay Shares Large Cap Equity ETF | 15.83% | 17.81% | 27.91% | 28.01% | -22.18% | 32.40% | 20.17% | 8.73% |
PBP Invesco S&P 500 BuyWrite ETF | 8.69% | 8.49% | 19.83% | 11.59% | -11.82% | 19.97% | -3.31% | 3.40% |
Correlation
The correlation between OVL and PBP is 0.80, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.80 |
Correlation (3Y) Balances recent behavior with more history. | 0.75 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019 | 0.75 |
The correlation between OVL and PBP has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.
OVL vs. PBP - Sectors Allocation Comparison
Sectors
OVL
PBP
Technology
Financial Services
Communication Services
Consumer Cyclical
Healthcare
Industrials
Consumer Defensive
Energy
Utilities
Real Estate
Basic Materials
Technology
OVL
PBP
Financial Services
OVL
PBP
Communication Services
OVL
PBP
Consumer Cyclical
OVL
PBP
Healthcare
OVL
PBP
Industrials
OVL
PBP
Consumer Defensive
OVL
PBP
Energy
OVL
PBP
Utilities
OVL
PBP
Real Estate
OVL
PBP
Basic Materials
OVL
PBP
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Return for Risk
OVL vs. PBP — Risk / Return Rank
OVL
PBP
OVL vs. PBP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Large Cap Equity ETF (OVL) and Invesco S&P 500 BuyWrite ETF (PBP). 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 | PBP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.77 | ||
| Sortino ratioReturn per unit of downside risk | -1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.55 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 3.13 | 3.59 | -0.46 |
| Martin ratioReturn relative to average drawdown | 12.17 | 18.47 | -6.30 |
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Drawdowns
OVL vs. PBP - Drawdown Comparison
The maximum OVL drawdown since its inception was -35.49%, smaller than the maximum PBP drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for OVL and PBP.
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Drawdown Indicators
| OVL | PBP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.49% | -43.43% | +7.94% |
Max Drawdown (1Y)Largest decline over 1 year | -8.73% | -5.22% | -3.51% |
Max Drawdown (3Y)Largest decline over 3 years | -21.73% | -15.42% | -6.31% |
Max Drawdown (5Y)Largest decline over 5 years | -29.23% | -18.61% | -10.62% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.31% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -6.61% | -6.64% | +0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.24% | 1.01% | +1.23% |
Volatility
OVL vs. PBP - Volatility Comparison
Overlay Shares Large Cap Equity ETF (OVL) has a higher volatility of 4.88% compared to Invesco S&P 500 BuyWrite ETF (PBP) at 2.20%. This indicates that OVL's price experiences larger fluctuations and is considered to be riskier than PBP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OVL | PBP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.88% | 2.20% | +2.68% |
Volatility (6M)Calculated over the trailing 6-month period | 11.69% | 6.13% | +5.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.19% | 7.37% | +7.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.94% | 11.86% | +8.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.45% | 13.67% | +8.78% |
OVL vs. PBP - Expense Ratio Comparison
OVL has a 0.79% expense ratio, which is higher than PBP's 0.29% expense ratio.
Dividends
OVL vs. PBP - Dividend Comparison
OVL's dividend yield for the trailing twelve months is around 7.15%, less than PBP's 11.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OVL Overlay Shares Large Cap Equity ETF | 7.15% | 2.99% | 3.10% | 3.33% | 3.85% | 3.63% | 2.43% | 0.50% | 0.00% | 0.00% | 0.00% | 0.00% |
PBP Invesco S&P 500 BuyWrite ETF | 11.30% | 11.12% | 9.36% | 3.35% | 1.33% | 6.21% | 1.41% | 5.04% | 2.59% | 10.86% | 2.56% | 6.19% |
Frequently Asked Questions
OVL and PBP 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.
OVL has higher volatility (4.88%) compared to PBP (2.20%). In terms of maximum drawdown, OVL dropped -35.49% vs PBP's -43.43%.
On 5-year performance, OVL leads with 13.56% vs 8.26% for PBP. On fees, PBP is cheaper at 0.29% per year. On volatility, PBP has been the lower-risk option at 2.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, OVL has performed better with a 13.56% return vs 8.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PBP is cheaper with a 0.29% expense ratio, compared with 0.79% for OVL.
PBP has the higher dividend yield at 11.30%, compared with 7.15% for OVL.
They also come from different issuers: Liquid Strategies and Invesco. Their fees differ too: 0.79% for OVL and 0.29% for PBP.
PBP currently has the higher Sharpe Ratio (2.58 vs 1.81), 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.
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