OVL vs. TLTX
OVL (Overlay Shares Large Cap Equity ETF) and TLTX (Global X Treasury Bond Enhanced Income ETF) are both exchange-traded funds - OVL is a Derivative Income fund actively managed by Liquid Strategies, while TLTX is a Government Bonds fund actively managed by Global X. Both are actively managed. Over the past year, OVL returned 26.37% vs 4.54% for TLTX. At a 0.26 correlation, their price movements are largely independent. OVL charges 0.79%/yr vs 0.29%/yr for TLTX.
Performance
OVL vs. TLTX - Performance Comparison
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Returns By Period
In the year-to-date period, OVL achieves a 13.42% return, which is significantly higher than TLTX's -1.39% return.
OVL
- 1D
- 0.39%
- 1M
- 0.47%
- 6M
- 11.66%
- YTD
- 13.42%
- 1Y
- 26.37%
- 3Y*
- 22.08%
- 5Y*
- 13.69%
- 10Y*
- —
TLTX
- 1D
- 0.15%
- 1M
- -3.09%
- 6M
- -1.83%
- YTD
- -1.39%
- 1Y
- 4.54%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OVL vs. TLTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
OVL Overlay Shares Large Cap Equity ETF | 13.42% | 11.42% |
TLTX Global X Treasury Bond Enhanced Income ETF | -1.39% | 6.02% |
Correlation
The correlation between OVL and TLTX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025 | 0.26 |
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Return for Risk
OVL vs. TLTX — Risk / Return Rank
OVL
TLTX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
OVL vs. TLTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Large Cap Equity ETF (OVL) and Global X Treasury Bond Enhanced Income ETF (TLTX). 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 | TLTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.32 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.03 | — | — |
| Martin ratioReturn relative to average drawdown | 12.27 | — | — |
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Drawdowns
OVL vs. TLTX - Drawdown Comparison
The maximum OVL drawdown since its inception was -35.49%, which is greater than TLTX's maximum drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for OVL and TLTX.
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Drawdown Indicators
| OVL | TLTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.49% | -6.35% | -29.14% |
Max Drawdown (1Y)Largest decline over 1 year | -8.73% | -6.35% | -2.38% |
Max Drawdown (3Y)Largest decline over 3 years | -21.73% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -29.23% | — | — |
Current DrawdownCurrent decline from peak | -0.75% | -5.04% | +4.29% |
Average DrawdownAverage peak-to-trough decline | -6.65% | -2.37% | -4.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | — | — |
Volatility
OVL vs. TLTX - Volatility Comparison
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Volatility by Period
| OVL | TLTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.26% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 11.50% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 14.72% | 9.26% | +5.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.91% | 9.26% | +10.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.47% | 9.26% | +13.21% |
OVL vs. TLTX - Expense Ratio Comparison
OVL has a 0.79% expense ratio, which is higher than TLTX's 0.29% expense ratio.
Dividends
OVL vs. TLTX - Dividend Comparison
OVL's dividend yield for the trailing twelve months is around 6.39%, less than TLTX's 17.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
OVL Overlay Shares Large Cap Equity ETF | 6.39% | 2.99% | 3.10% | 3.33% | 3.85% | 3.63% | 2.43% | 0.50% |
TLTX Global X Treasury Bond Enhanced Income ETF | 17.69% | 7.54% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OVL and TLTX have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On 1-year performance, OVL leads with 26.37% vs 4.54% for TLTX. On fees, TLTX is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, OVL has performed better with a 26.37% return vs 4.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLTX is cheaper with a 0.29% expense ratio, compared with 0.79% for OVL.
TLTX has the higher dividend yield at 17.69%, compared with 6.39% for OVL.
OVL is categorized as Derivative Income, while TLTX is Government Bonds. They also come from different issuers: Liquid Strategies and Global X. Their fees differ too: 0.79% for OVL and 0.29% for TLTX.
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