OVL vs. SOXY

Last updated Aug 5, 2026

OVL (Overlay Shares Large Cap Equity ETF) and SOXY (YieldMax Target 12™ Semiconductor Option Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, OVL returned 27.20% vs 104.81% for SOXY. Their 0.76 correlation means they have sometimes moved together and sometimes differently. OVL charges 0.79%/yr vs 1.06%/yr for SOXY.

Performance

OVL vs. SOXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Large Cap Equity ETF (OVL) and YieldMax Target 12™ Semiconductor Option Income ETF (SOXY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OVL achieves a 15.83% return, which is significantly lower than SOXY's 70.13% 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%

SOXY

• 1D: 6.56%
• 1M: -5.46%
• 6M: 53.12%
• YTD: 70.13%
• 1Y: 104.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 65.13%

*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)
OVL Overlay Shares Large Cap Equity ETF	$9.49M	$8.05M	$6.55M
SOXY YieldMax Target 12™ Semiconductor Option Income ETF	$1.66M	$2.38M	$2.08M

OVL vs. SOXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OVL Overlay Shares Large Cap Equity ETF	15.83%	17.81%	-3.34%
SOXY YieldMax Target 12™ Semiconductor Option Income ETF	70.13%	37.00%	-0.99%

Correlation

The correlation between OVL and SOXY is 0.74, 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.	0.74
Correlation (All Time) Calculated using the full available price history since Dec 3, 2024	0.76

The correlation between OVL and SOXY has been stable across timeframes, ranging from 0.74 to 0.76 - a consistent structural relationship.

OVL vs. SOXY - Sectors Allocation Comparison

Sectors	OVL	SOXY
Technology	39.1%	100.0%
Financial Services	10.9%	0.1%
Communication Services	10.7%	0.0%
Consumer Cyclical	9.9%	0.0%
Healthcare	8.3%	0.0%
Industrials	7.8%	0.0%
Consumer Defensive	4.5%	0.0%
Energy	3.1%	0.0%
Utilities	2.1%	0.0%
Real Estate	1.8%	-
Basic Materials	1.7%	0.0%

Return for Risk

OVL vs. SOXY — 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

SOXY

SOXY Risk / Return Rank: 88
SOXY Sharpe Ratio Rank: 93
SOXY Sortino Ratio Rank: 83
SOXY Omega Ratio Rank: 85
SOXY Calmar Ratio Rank: 86
SOXY Martin Ratio Rank: 91

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. SOXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Large Cap Equity ETF (OVL) and YieldMax Target 12™ Semiconductor Option Income ETF (SOXY). 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	SOXY	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.62	-0.81
Sortino ratio: Return per unit of downside risk	2.46	3.00	-0.54
Omega ratio: Gain probability vs. loss probability	1.32	1.40	-0.08
Calmar ratio: Return relative to maximum drawdown	3.13	3.69	-0.56
Martin ratio: Return relative to average drawdown	12.17	16.12	-3.96

OVL vs. SOXY - Sharpe Ratio Comparison

The current OVL Sharpe Ratio is 1.81, which is lower than the SOXY Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of OVL and SOXY, 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. SOXY - Drawdown Comparison

The maximum OVL drawdown since its inception was -35.49%, which is greater than SOXY's maximum drawdown of -30.22%. Use the drawdown chart below to compare losses from any high point for OVL and SOXY.

Drawdown Indicators

	OVL	SOXY	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-30.22%	-5.27%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-28.56%	+19.83%
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%	-15.88%	+15.88%
Average Drawdown Average peak-to-trough decline	-6.61%	-5.55%	-1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	6.52%	-4.28%

Volatility

OVL vs. SOXY - Volatility Comparison

The current volatility for Overlay Shares Large Cap Equity ETF (OVL) is 4.88%, while YieldMax Target 12™ Semiconductor Option Income ETF (SOXY) has a volatility of 19.07%. This indicates that OVL experiences smaller price fluctuations and is considered to be less risky than SOXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVL	SOXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	19.07%	-14.19%
Volatility (6M) Calculated over the trailing 6-month period	11.69%	36.04%	-24.35%
Volatility (1Y) Calculated over the trailing 1-year period	15.19%	40.29%	-25.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.94%	39.52%	-19.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.45%	39.52%	-17.07%

OVL vs. SOXY - Expense Ratio Comparison

OVL has a 0.79% expense ratio, which is lower than SOXY's 1.06% expense ratio.

Dividends

OVL vs. SOXY - Dividend Comparison

OVL's dividend yield for the trailing twelve months is around 7.15%, less than SOXY's 8.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVL Overlay Shares Large Cap Equity ETF	7.15%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%
SOXY YieldMax Target 12™ Semiconductor Option Income ETF	8.76%	11.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OVL and SOXY in my portfolio?

OVL and SOXY have a correlation of 0.74, 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 SOXY?

SOXY has higher volatility (19.07%) compared to OVL (4.88%). In terms of maximum drawdown, OVL dropped -35.49% vs SOXY's -30.22%.

Which ETF is better, OVL or SOXY?

On 1-year performance, SOXY leads with 104.81% vs 27.20% for OVL. On fees, OVL is cheaper at 0.79% per year. On volatility, OVL has been the lower-risk option at 4.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVL or SOXY?

Over the 1-year period, SOXY has performed better with a 104.81% return vs 27.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVL or SOXY?

OVL is cheaper with a 0.79% expense ratio, compared with 1.06% for SOXY.

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

SOXY has the higher dividend yield at 8.76%, compared with 7.15% for OVL.

What is the main difference between OVL and SOXY?

They also come from different issuers: Liquid Strategies and YieldMax. Their fees differ too: 0.79% for OVL and 1.06% for SOXY.

Which has better risk-adjusted returns?

SOXY currently has the higher Sharpe Ratio (2.62 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.