OVLH vs. ONEH

Last updated Jun 24, 2026

OVLH (Overlay Shares Hedged Large Cap Equity ETF) and ONEH (TrueShares Equity Hedge ETF) are both Equity Hedged funds. Both are actively managed. At a 0.17 correlation, their price movements are largely independent. OVLH charges 0.80%/yr vs 0.79%/yr for ONEH.

Performance

OVLH vs. ONEH - Performance Comparison

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

Returns By Period

OVLH

• 1D: -0.97%
• 1M: -1.38%
• YTD: 4.90%
• 6M: 4.28%
• 1Y: 15.28%
• 3Y*: 15.44%
• 5Y*: 9.11%
• 10Y*: —

ONEH

• 1D: 0.14%
• 1M: 0.90%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OVLH vs. ONEH - Yearly Performance Comparison

	2026 (YTD)
OVLH Overlay Shares Hedged Large Cap Equity ETF	3.55%
ONEH TrueShares Equity Hedge ETF	-1.06%

Correlation

The correlation between OVLH and ONEH is 0.17, 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 Jan 29, 2026	0.17

Return for Risk

OVLH vs. ONEH — Risk / Return Rank

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

OVLH

OVLH Risk / Return Rank: 53
OVLH Sharpe Ratio Rank: 53
OVLH Sortino Ratio Rank: 54
OVLH Omega Ratio Rank: 51
OVLH Calmar Ratio Rank: 52
OVLH Martin Ratio Rank: 57

ONEH

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

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. ONEH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Hedged Large Cap Equity ETF (OVLH) and TrueShares Equity Hedge ETF (ONEH). 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.

	OVLH	ONEH	Difference
Sharpe ratio: Return per unit of total volatility	1.72	—	—
Sortino ratio: Return per unit of downside risk	2.44	—	—
Omega ratio: Gain probability vs. loss probability	1.31	—	—
Calmar ratio: Return relative to maximum drawdown	2.41	—	—
Martin ratio: Return relative to average drawdown	9.50	—	—

Drawdowns

OVLH vs. ONEH - Drawdown Comparison

The maximum OVLH drawdown since its inception was -20.69%, which is greater than ONEH's maximum drawdown of -3.55%. Use the drawdown chart below to compare losses from any high point for OVLH and ONEH.

Drawdown Indicators

	OVLH	ONEH	Difference
Max Drawdown Largest peak-to-trough decline	-20.69%	-3.55%	-17.14%
Max Drawdown (1Y) Largest decline over 1 year	-6.36%	—	—
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	-2.75%	-1.06%	-1.69%
Average Drawdown Average peak-to-trough decline	-4.99%	-1.50%	-3.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	—	—

Volatility

Volatility by Period

	OVLH	ONEH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.89%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.96%	5.36%	+3.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.78%	5.36%	+6.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.83%	5.36%	+6.47%

OVLH vs. ONEH - Expense Ratio Comparison

OVLH has a 0.80% expense ratio, which is higher than ONEH's 0.79% expense ratio.

Dividends

OVLH vs. ONEH - Dividend Comparison

OVLH's dividend yield for the trailing twelve months is around 0.29%, while ONEH has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
ONEH TrueShares Equity Hedge ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
OVLH Overlay Shares Hedged Large Cap Equity ETF	0.29%	0.30%	0.32%	0.83%	0.79%	0.40%

Frequently Asked Questions

Can I hold both OVLH and ONEH in my portfolio?

OVLH and ONEH have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, OVLH or ONEH?

On fees, ONEH 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, OVLH or ONEH?

ONEH is cheaper with a 0.79% expense ratio, compared with 0.80% for OVLH.

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

OVLH has the higher dividend yield at 0.29%, compared with 0.00% for ONEH.

What is the main difference between OVLH and ONEH?

They also come from different issuers: Liquid Strategies and TrueShares. Their fees differ too: 0.80% for OVLH and 0.79% for ONEH.