OVLH vs. QGRD

Last updated Jun 24, 2026

OVLH (Overlay Shares Hedged Large Cap Equity ETF) and QGRD (Horizon NASDAQ-100 Defined Risk ETF) are both Equity Hedged funds. Both are actively managed. Their correlation of 0.91 suggests significant overlap in exposure. OVLH charges 0.80%/yr vs 0.85%/yr for QGRD.

Performance

OVLH vs. QGRD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Hedged Large Cap Equity ETF (OVLH) and Horizon NASDAQ-100 Defined Risk ETF (QGRD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OVLH achieves a 4.90% return, which is significantly lower than QGRD's 11.58% return.

OVLH

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

QGRD

• 1D: -2.62%
• 1M: 0.24%
• YTD: 11.58%
• 6M: 10.16%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OVLH vs. QGRD - Yearly Performance Comparison

	2026 (YTD)	2025
OVLH Overlay Shares Hedged Large Cap Equity ETF	4.90%	6.66%
QGRD Horizon NASDAQ-100 Defined Risk ETF	11.58%	8.15%

Correlation

The correlation between OVLH and QGRD is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.91

Return for Risk

OVLH vs. QGRD — 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

QGRD

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. QGRD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Hedged Large Cap Equity ETF (OVLH) and Horizon NASDAQ-100 Defined Risk ETF (QGRD). 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	QGRD	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. QGRD - Drawdown Comparison

The maximum OVLH drawdown since its inception was -20.69%, which is greater than QGRD's maximum drawdown of -9.41%. Use the drawdown chart below to compare losses from any high point for OVLH and QGRD.

Drawdown Indicators

	OVLH	QGRD	Difference
Max Drawdown Largest peak-to-trough decline	-20.69%	-9.41%	-11.28%
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%	-3.17%	+0.42%
Average Drawdown Average peak-to-trough decline	-4.99%	-2.20%	-2.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	—	—

Volatility

Volatility by Period

	OVLH	QGRD	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%	14.39%	-5.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.78%	14.39%	-2.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.83%	14.39%	-2.56%

OVLH vs. QGRD - Expense Ratio Comparison

OVLH has a 0.80% expense ratio, which is lower than QGRD's 0.85% expense ratio.

Dividends

OVLH vs. QGRD - Dividend Comparison

OVLH's dividend yield for the trailing twelve months is around 0.29%, less than QGRD's 1.40% yield.

Position	TTM	2025	2024	2023	2022	2021
OVLH Overlay Shares Hedged Large Cap Equity ETF	0.29%	0.30%	0.32%	0.83%	0.79%	0.40%
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.40%	1.57%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OVLH and QGRD in my portfolio?

With a correlation of 0.91, OVLH and QGRD 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, OVLH or QGRD?

On fees, OVLH is cheaper at 0.80% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, OVLH or QGRD?

OVLH is cheaper with a 0.80% expense ratio, compared with 0.85% for QGRD.

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

QGRD has the higher dividend yield at 1.40%, compared with 0.29% for OVLH.

What is the main difference between OVLH and QGRD?

They also come from different issuers: Liquid Strategies and Horizon. Their fees differ too: 0.80% for OVLH and 0.85% for QGRD.