OVLH vs. BDGS

Last updated Jun 4, 2026

OVLH (Overlay Shares Hedged Large Cap Equity ETF) and BDGS (Bridges Capital Tactical ETF) are both exchange-traded funds - OVLH is a Equity Hedged fund actively managed by Liquid Strategies, while BDGS is a Large Cap Blend Equities fund actively managed by Bridges. Both are actively managed. Over the past 3 years, OVLH returned 16.81%/yr vs 14.06%/yr for BDGS. A 0.76 correlation means they provide meaningful diversification when combined. OVLH charges 0.80%/yr vs 0.87%/yr for BDGS.

Performance

OVLH vs. BDGS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Hedged Large Cap Equity ETF (OVLH) and Bridges Capital Tactical ETF (BDGS). 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 higher than BDGS's 5.64% return.

OVLH

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

BDGS

• 1D: -0.29%
• 1M: 1.26%
• YTD: 5.64%
• 6M: 5.65%
• 1Y: 13.85%
• 3Y*: 14.06%
• 5Y*: —
• 10Y*: —

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

OVLH vs. BDGS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
OVLH Overlay Shares Hedged Large Cap Equity ETF	7.26%	15.77%	18.44%	11.64%
BDGS Bridges Capital Tactical ETF	5.64%	10.61%	19.07%	8.31%

Correlation

The correlation between OVLH and BDGS is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (All Time) Calculated using the full available price history since May 12, 2023	0.76

The correlation between OVLH and BDGS has been stable across timeframes, ranging from 0.76 to 0.80 - a consistent structural relationship.

OVLH vs. BDGS - Sectors Allocation Comparison

Sectors	OVLH	BDGS
Technology	35.7%	37.4%
Financial Services	11.6%	9.3%
Communication Services	11.2%	16.6%
Consumer Cyclical	10.2%	10.9%
Healthcare	8.5%	7.5%
Industrials	8.3%	6.6%
Consumer Defensive	4.9%	4.1%
Energy	3.5%	2.6%
Utilities	2.4%	1.9%
Real Estate	1.9%	1.5%
Basic Materials	1.8%	1.5%

Return for Risk

OVLH vs. BDGS — 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

BDGS

BDGS Risk / Return Rank: 74
BDGS Sharpe Ratio Rank: 68
BDGS Sortino Ratio Rank: 74
BDGS Omega Ratio Rank: 78
BDGS Calmar Ratio Rank: 68
BDGS Martin Ratio Rank: 81

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. BDGS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Hedged Large Cap Equity ETF (OVLH) and Bridges Capital Tactical ETF (BDGS). 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	BDGS	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.29	-0.08
Sortino ratio: Return per unit of downside risk	3.17	3.40	-0.23
Omega ratio: Gain probability vs. loss probability	1.39	1.47	-0.08
Calmar ratio: Return relative to maximum drawdown	2.93	3.45	-0.52
Martin ratio: Return relative to average drawdown	12.05	16.47	-4.42
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. BDGS - Sharpe Ratio Comparison

The current OVLH Sharpe Ratio is 2.21, which is comparable to the BDGS Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of OVLH and BDGS, 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	BDGS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	2.29	-0.08
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	1.76	-0.83

Drawdowns

OVLH vs. BDGS - Drawdown Comparison

The maximum OVLH drawdown since its inception was -20.69%, which is greater than BDGS's maximum drawdown of -9.12%. Use the drawdown chart below to compare losses from any high point for OVLH and BDGS.

Drawdown Indicators

	OVLH	BDGS	Difference
Max Drawdown Largest peak-to-trough decline	-20.69%	-9.12%	-11.57%
Max Drawdown (1Y) Largest decline over 1 year	-6.36%	-4.03%	-2.33%
Max Drawdown (3Y) Largest decline over 3 years	-9.57%	-9.12%	-0.45%
Max Drawdown (5Y) Largest decline over 5 years	-20.69%	—	—
Current Drawdown Current decline from peak	-0.57%	-0.83%	+0.26%
Average Drawdown Average peak-to-trough decline	-5.02%	-0.64%	-4.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	0.84%	+0.70%

Volatility

OVLH vs. BDGS - Volatility Comparison

Overlay Shares Hedged Large Cap Equity ETF (OVLH) has a higher volatility of 2.27% compared to Bridges Capital Tactical ETF (BDGS) at 1.14%. This indicates that OVLH's price experiences larger fluctuations and is considered to be riskier than BDGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVLH	BDGS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	1.14%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	6.21%	4.74%	+1.47%
Volatility (1Y) Calculated over the trailing 1-year period	8.46%	6.08%	+2.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.71%	8.21%	+3.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.79%	8.21%	+3.58%

OVLH vs. BDGS - Expense Ratio Comparison

OVLH has a 0.80% expense ratio, which is lower than BDGS's 0.87% expense ratio.

Dividends

OVLH vs. BDGS - Dividend Comparison

OVLH's dividend yield for the trailing twelve months is around 0.28%, less than BDGS's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021
BDGS Bridges Capital Tactical ETF	0.52%	0.55%	1.81%	0.84%	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 BDGS in my portfolio?

OVLH and BDGS have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OVLH or BDGS?

OVLH has higher volatility (2.27%) compared to BDGS (1.14%). In terms of maximum drawdown, OVLH dropped -20.69% vs BDGS's -9.12%.

Which ETF is better, OVLH or BDGS?

On 3-year performance, OVLH leads with 16.81% vs 14.06% for BDGS. On fees, OVLH is cheaper at 0.80% per year. On volatility, BDGS has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVLH or BDGS?

Over the 3-year period, OVLH has performed better with a 16.81% return vs 14.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVLH or BDGS?

OVLH is cheaper with a 0.80% expense ratio, compared with 0.87% for BDGS.

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

BDGS has the higher dividend yield at 0.52%, compared with 0.28% for OVLH.

What is the main difference between OVLH and BDGS?

OVLH is categorized as Equity Hedged, while BDGS is Large Cap Blend Equities. They also come from different issuers: Liquid Strategies and Bridges. Their fees differ too: 0.80% for OVLH and 0.87% for BDGS.

Which has better risk-adjusted returns?

BDGS currently has the higher Sharpe Ratio (2.29 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.