OVLH vs. BALI

Last updated Jun 4, 2026

OVLH (Overlay Shares Hedged Large Cap Equity ETF) and BALI (Blackrock Advantage Large Cap Income ETF) are both exchange-traded funds - OVLH is a Equity Hedged fund actively managed by Liquid Strategies, while BALI is a Derivative Income fund actively managed by BlackRock. Both are actively managed. Over the past year, OVLH returned 18.57% vs 26.38% for BALI. Their correlation of 0.93 suggests significant overlap in exposure. OVLH charges 0.80%/yr vs 0.35%/yr for BALI.

Performance

OVLH vs. BALI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Hedged Large Cap Equity ETF (OVLH) and Blackrock Advantage Large Cap Income ETF (BALI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OVLH achieves a 7.26% return, which is significantly lower than BALI's 11.22% return.

OVLH

• 1D: -0.57%
• 1M: 3.78%
• YTD: 7.26%
• 6M: 6.86%
• 1Y: 18.57%
• 3Y*: 16.81%
• 5Y*: 9.69%
• 10Y*: —

BALI

• 1D: -0.41%
• 1M: 4.44%
• YTD: 11.22%
• 6M: 11.78%
• 1Y: 26.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OVLH vs. BALI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
OVLH Overlay Shares Hedged Large Cap Equity ETF	7.26%	15.77%	18.44%	8.48%
BALI Blackrock Advantage Large Cap Income ETF	11.22%	14.51%	22.38%	9.52%

Correlation

The correlation between OVLH and BALI is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023	0.93

The correlation between OVLH and BALI has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

OVLH vs. BALI - Sectors Allocation Comparison

Sectors	OVLH	BALI
Technology	35.7%	35.0%
Financial Services	11.6%	9.0%
Communication Services	11.2%	10.6%
Consumer Cyclical	10.2%	10.2%
Healthcare	8.5%	9.4%
Industrials	8.3%	8.0%
Consumer Defensive	4.9%	6.1%
Energy	3.5%	4.3%
Utilities	2.4%	1.9%
Real Estate	1.9%	0.9%
Basic Materials	1.8%	1.4%

Return for Risk

OVLH vs. BALI — Risk / Return Rank

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

OVLH

OVLH Risk / Return Rank: 65
OVLH Sharpe Ratio Rank: 66
OVLH Sortino Ratio Rank: 68
OVLH Omega Ratio Rank: 64
OVLH Calmar Ratio Rank: 59
OVLH Martin Ratio Rank: 66

BALI

BALI Risk / Return Rank: 82
BALI Sharpe Ratio Rank: 81
BALI Sortino Ratio Rank: 81
BALI Omega Ratio Rank: 81
BALI Calmar Ratio Rank: 77
BALI Martin Ratio Rank: 88

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.

OVLH vs. BALI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Hedged Large Cap Equity ETF (OVLH) and Blackrock Advantage Large Cap Income ETF (BALI). 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.

	OVLH	BALI	Difference
Sharpe ratio Return per unit of total volatility	2.21	2.67	-0.47
Sortino ratio Return per unit of downside risk	3.17	3.72	-0.55
Omega ratio Gain probability vs. loss probability	1.39	1.50	-0.11
Calmar ratio Return relative to maximum drawdown	2.93	3.95	-1.01
Martin ratio Return relative to average drawdown	12.05	19.71	-7.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OVLH vs. BALI - Sharpe Ratio Comparison

The current OVLH Sharpe Ratio is 2.21, which is comparable to the BALI Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of OVLH and BALI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	OVLH	BALI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	2.67	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	1.72	-0.79

Drawdowns

OVLH vs. BALI - Drawdown Comparison

The maximum OVLH drawdown since its inception was -20.69%, which is greater than BALI's maximum drawdown of -16.65%. Use the drawdown chart below to compare losses from any high point for OVLH and BALI.

Drawdown Indicators

	OVLH	BALI	Difference
Max Drawdown Largest peak-to-trough decline	-20.69%	-16.65%	-4.04%
Max Drawdown (1Y) Largest decline over 1 year	-6.36%	-6.71%	+0.35%
Max Drawdown (3Y) Largest decline over 3 years	-9.57%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.69%	—	—
Current Drawdown Current decline from peak	-0.57%	-0.41%	-0.16%
Average Drawdown Average peak-to-trough decline	-5.02%	-1.63%	-3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	1.34%	+0.20%

Volatility

OVLH vs. BALI - Volatility Comparison

Overlay Shares Hedged Large Cap Equity ETF (OVLH) has a higher volatility of 2.27% compared to Blackrock Advantage Large Cap Income ETF (BALI) at 1.95%. This indicates that OVLH's price experiences larger fluctuations and is considered to be riskier than BALI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVLH	BALI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	1.95%	+0.32%
Volatility (6M) Calculated over the trailing 6-month period	6.21%	7.47%	-1.26%
Volatility (1Y) Calculated over the trailing 1-year period	8.46%	9.91%	-1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.71%	12.93%	-1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.79%	12.93%	-1.14%

OVLH vs. BALI - Expense Ratio Comparison

OVLH has a 0.80% expense ratio, which is higher than BALI's 0.35% expense ratio.

Dividends

OVLH vs. BALI - Dividend Comparison

OVLH's dividend yield for the trailing twelve months is around 0.28%, less than BALI's 7.66% yield.

Position	TTM	2025	2024	2023	2022	2021
BALI Blackrock Advantage Large Cap Income ETF	7.66%	8.51%	7.13%	2.13%	0.00%	0.00%
OVLH Overlay Shares Hedged Large Cap Equity ETF	0.28%	0.30%	0.32%	0.83%	0.79%	0.40%

Frequently Asked Questions

Can I hold both OVLH and BALI in my portfolio?

With a correlation of 0.92, OVLH and BALI 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 is riskier, OVLH or BALI?

OVLH has higher volatility (2.27%) compared to BALI (1.95%). In terms of maximum drawdown, OVLH dropped -20.69% vs BALI's -16.65%.

Which ETF is better, OVLH or BALI?

On 1-year performance, BALI leads with 26.38% vs 18.57% for OVLH. On fees, BALI is cheaper at 0.35% per year. On volatility, BALI has been the lower-risk option at 1.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVLH or BALI?

Over the 1-year period, BALI has performed better with a 26.38% return vs 18.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVLH or BALI?

BALI is cheaper with a 0.35% expense ratio, compared with 0.80% for OVLH.

Which ETF pays a higher dividend yield, OVLH or BALI?

BALI has the higher dividend yield at 7.66%, compared with 0.28% for OVLH.

What is the main difference between OVLH and BALI?

OVLH is categorized as Equity Hedged, while BALI is Derivative Income. They also come from different issuers: Liquid Strategies and BlackRock. Their fees differ too: 0.80% for OVLH and 0.35% for BALI.

Which has better risk-adjusted returns?

BALI currently has the higher Sharpe Ratio (2.67 vs 2.21), 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.