OVL vs. TDAX

Last updated Aug 6, 2026

OVL (Overlay Shares Large Cap Equity ETF) and TDAX (TDAQ Lift ETF) are both exchange-traded funds - OVL is a Derivative Income fund actively managed by Liquid Strategies, while TDAX is a Leveraged Equities fund actively managed by TappAlpha. Both are actively managed. Their correlation of 0.90 means they have usually moved in the same direction. OVL charges 0.79%/yr vs 0.98%/yr for TDAX.

Performance

OVL vs. TDAX - Performance Comparison

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

Returns By Period

OVL

• 1D: -0.28%
• 1M: 2.38%
• 6M: 14.48%
• YTD: 15.52%
• 1Y: 27.58%
• 3Y*: 23.09%
• 5Y*: 13.46%
• 10Y*: —
• ALL TIME*: 17.41%

TDAX

• 1D: -0.90%
• 1M: -1.69%
• 6M: 19.61%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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	$9.74M	$8.05M	$6.64M
TDAX TDAQ Lift ETF	$1.25M	$1.48M	$1.37M

OVL vs. TDAX - Yearly Performance Comparison

	2026 (YTD)
OVL Overlay Shares Large Cap Equity ETF	13.32%
TDAX TDAQ Lift ETF	13.95%

Correlation

The correlation between OVL and TDAX is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 7, 2026	0.90

Return for Risk

OVL vs. TDAX — 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: 67
OVL Calmar Ratio Rank: 78
OVL Martin Ratio Rank: 82

TDAX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. TDAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Large Cap Equity ETF (OVL) and TDAQ Lift ETF (TDAX). 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	TDAX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	—	—
Sortino ratio: Return per unit of downside risk	2.49	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	3.17	—	—
Martin ratio: Return relative to average drawdown	12.34	—	—

Drawdowns

OVL vs. TDAX - Drawdown Comparison

The maximum OVL drawdown since its inception was -35.49%, which is greater than TDAX's maximum drawdown of -14.71%. Use the drawdown chart below to compare losses from any high point for OVL and TDAX.

Drawdown Indicators

	OVL	TDAX	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-14.71%	-20.78%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	—	—
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	-0.28%	-6.41%	+6.13%
Average Drawdown Average peak-to-trough decline	-6.61%	-4.54%	-2.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	—	—

Volatility

Volatility by Period

	OVL	TDAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.85%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.66%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.10%	28.21%	-13.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.94%	28.21%	-8.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.44%	28.21%	-5.77%

OVL vs. TDAX - Expense Ratio Comparison

OVL has a 0.79% expense ratio, which is lower than TDAX's 0.98% expense ratio.

Dividends

OVL vs. TDAX - Dividend Comparison

OVL's dividend yield for the trailing twelve months is around 7.17%, less than TDAX's 12.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVL Overlay Shares Large Cap Equity ETF	7.17%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%
TDAX TDAQ Lift ETF	12.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OVL and TDAX in my portfolio?

With a correlation of 0.90, OVL and TDAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, OVL or TDAX?

On fees, OVL is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, OVL or TDAX?

OVL is cheaper with a 0.79% expense ratio, compared with 0.98% for TDAX.

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

TDAX has the higher dividend yield at 12.10%, compared with 7.17% for OVL.

What is the main difference between OVL and TDAX?

OVL is categorized as Derivative Income, while TDAX is Leveraged Equities. They also come from different issuers: Liquid Strategies and TappAlpha. Their fees differ too: 0.79% for OVL and 0.98% for TDAX.