OVL vs. SOXX

Last updated Jun 13, 2026

OVL (Overlay Shares Large Cap Equity ETF) and SOXX (iShares Semiconductor ETF) are both exchange-traded funds - OVL is a Large Cap Growth Equities fund actively managed by Liquid Strategies, while SOXX is a Semiconductors fund tracking the NYSE Semiconductor Index. OVL is actively managed, while SOXX is passively managed. Over the past 5 years, OVL returned 13.69%/yr vs 33.69%/yr for SOXX. A 0.78 correlation means they provide meaningful diversification when combined. OVL charges 0.79%/yr vs 0.34%/yr for SOXX.

Performance

OVL vs. SOXX - Performance Comparison

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

Returns By Period

In the year-to-date period, OVL achieves a 10.84% return, which is significantly lower than SOXX's 98.11% return.

OVL

• 1D: 0.57%
• 1M: -0.59%
• YTD: 10.84%
• 6M: 11.21%
• 1Y: 28.64%
• 3Y*: 22.52%
• 5Y*: 13.69%
• 10Y*: —

SOXX

• 1D: 1.59%
• 1M: 12.86%
• YTD: 98.11%
• 6M: 99.51%
• 1Y: 164.50%
• 3Y*: 53.00%
• 5Y*: 33.69%
• 10Y*: 35.55%

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

OVL vs. SOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
OVL Overlay Shares Large Cap Equity ETF	10.84%	17.81%	27.91%	28.01%	-22.18%	32.40%	20.17%	8.73%
SOXX iShares Semiconductor ETF	98.11%	40.74%	12.92%	67.12%	-35.09%	44.09%	52.72%	19.19%

Correlation

The correlation between OVL and SOXX is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019	0.78

The correlation between OVL and SOXX has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.

OVL vs. SOXX - Sectors Allocation Comparison

Sectors	OVL	SOXX
Technology	35.7%	100.0%
Financial Services	11.6%	-
Communication Services	11.3%	-
Consumer Cyclical	10.2%	-
Healthcare	8.5%	-
Industrials	8.3%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.4%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

OVL vs. SOXX — Risk / Return Rank

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

OVL

OVL Risk / Return Rank: 73
OVL Sharpe Ratio Rank: 71
OVL Sortino Ratio Rank: 67
OVL Omega Ratio Rank: 70
OVL Calmar Ratio Rank: 74
OVL Martin Ratio Rank: 82

SOXX

SOXX Risk / Return Rank: 96
SOXX Sharpe Ratio Rank: 97
SOXX Sortino Ratio Rank: 94
SOXX Omega Ratio Rank: 94
SOXX Calmar Ratio Rank: 97
SOXX Martin Ratio Rank: 97

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. SOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Large Cap Equity ETF (OVL) and iShares Semiconductor ETF (SOXX). 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	SOXX	Difference
Sharpe ratio: Return per unit of total volatility	1.99	4.43	-2.44
Sortino ratio: Return per unit of downside risk	2.65	4.37	-1.73
Omega ratio: Gain probability vs. loss probability	1.36	1.62	-0.26
Calmar ratio: Return relative to maximum drawdown	3.29	10.50	-7.20
Martin ratio: Return relative to average drawdown	14.09	38.20	-24.11

OVL vs. SOXX - Sharpe Ratio Comparison

The current OVL Sharpe Ratio is 1.99, which is lower than the SOXX Sharpe Ratio of 4.43. The chart below compares the historical Sharpe Ratios of OVL and SOXX, 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. SOXX - Drawdown Comparison

The maximum OVL drawdown since its inception was -35.49%, smaller than the maximum SOXX drawdown of -70.21%. Use the drawdown chart below to compare losses from any high point for OVL and SOXX.

Drawdown Indicators

	OVL	SOXX	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-70.21%	+34.72%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-15.77%	+7.04%
Max Drawdown (3Y) Largest decline over 3 years	-21.73%	-41.36%	+19.63%
Max Drawdown (5Y) Largest decline over 5 years	-29.23%	-45.75%	+16.52%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.75%	—
Current Drawdown Current decline from peak	-3.01%	-3.16%	+0.15%
Average Drawdown Average peak-to-trough decline	-6.70%	-19.95%	+13.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	4.33%	-2.29%

Volatility

OVL vs. SOXX - Volatility Comparison

The current volatility for Overlay Shares Large Cap Equity ETF (OVL) is 4.82%, while iShares Semiconductor ETF (SOXX) has a volatility of 19.42%. This indicates that OVL experiences smaller price fluctuations and is considered to be less risky than SOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVL	SOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.82%	19.42%	-14.60%
Volatility (6M) Calculated over the trailing 6-month period	11.20%	31.46%	-20.26%
Volatility (1Y) Calculated over the trailing 1-year period	14.48%	37.35%	-22.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.86%	36.73%	-16.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.55%	33.77%	-11.22%

OVL vs. SOXX - Expense Ratio Comparison

OVL has a 0.79% expense ratio, which is higher than SOXX's 0.34% expense ratio.

Dividends

OVL vs. SOXX - Dividend Comparison

OVL's dividend yield for the trailing twelve months is around 6.31%, more than SOXX's 0.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OVL Overlay Shares Large Cap Equity ETF	6.31%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%	0.00%	0.00%	0.00%	0.00%
SOXX iShares Semiconductor ETF	0.28%	0.57%	0.67%	0.78%	1.26%	0.64%	0.81%	1.23%	1.37%	0.90%	1.08%	1.29%

Frequently Asked Questions

Can I hold both OVL and SOXX in my portfolio?

OVL and SOXX have a correlation of 0.71, 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 SOXX?

SOXX has higher volatility (19.42%) compared to OVL (4.82%). In terms of maximum drawdown, OVL dropped -35.49% vs SOXX's -70.21%.

Which ETF is better, OVL or SOXX?

On 5-year performance, SOXX leads with 33.69% vs 13.69% for OVL. On fees, SOXX is cheaper at 0.34% per year. On volatility, OVL has been the lower-risk option at 4.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVL or SOXX?

Over the 5-year period, SOXX has performed better with a 33.69% return vs 13.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVL or SOXX?

SOXX is cheaper with a 0.34% expense ratio, compared with 0.79% for OVL.

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

OVL has the higher dividend yield at 6.31%, compared with 0.28% for SOXX.

What is the main difference between OVL and SOXX?

OVL is categorized as Large Cap Growth Equities, while SOXX is Semiconductors. They also come from different issuers: Liquid Strategies and iShares. Their fees differ too: 0.79% for OVL and 0.34% for SOXX.

Which has better risk-adjusted returns?

SOXX currently has the higher Sharpe Ratio (4.43 vs 1.99), 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.