OVLH vs. SNTH

Last updated Jun 4, 2026

OVLH (Overlay Shares Hedged Large Cap Equity ETF) and SNTH (MRP SynthEquity ETF) are both Equity Hedged funds. Both are actively managed. Over the past year, OVLH returned 18.57% vs 28.52% for SNTH. With a 0.96 correlation, they move nearly in lockstep. OVLH charges 0.80%/yr vs 0.95%/yr for SNTH.

Performance

OVLH vs. SNTH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Hedged Large Cap Equity ETF (OVLH) and MRP SynthEquity ETF (SNTH). 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 SNTH's 10.28% return.

OVLH

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

SNTH

• 1D: -0.70%
• 1M: 5.21%
• YTD: 10.28%
• 6M: 9.02%
• 1Y: 28.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OVLH vs. SNTH - Yearly Performance Comparison

	2026 (YTD)	2025
OVLH Overlay Shares Hedged Large Cap Equity ETF	7.26%	18.84%
SNTH MRP SynthEquity ETF	10.28%	23.89%

Correlation

The correlation between OVLH and SNTH is 0.95, 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	0.95
Correlation (All Time) Calculated using the full available price history since Mar 12, 2025	0.96

The correlation between OVLH and SNTH has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

OVLH vs. SNTH — 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

SNTH

SNTH Risk / Return Rank: 67
SNTH Sharpe Ratio Rank: 71
SNTH Sortino Ratio Rank: 71
SNTH Omega Ratio Rank: 66
SNTH Calmar Ratio Rank: 65
SNTH Martin Ratio Rank: 62

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. SNTH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Hedged Large Cap Equity ETF (OVLH) and MRP SynthEquity ETF (SNTH). 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	SNTH	Difference
Sharpe ratio Return per unit of total volatility	2.21	2.30	-0.10
Sortino ratio Return per unit of downside risk	3.17	3.18	-0.01
Omega ratio Gain probability vs. loss probability	1.39	1.39	+0.01
Calmar ratio Return relative to maximum drawdown	2.93	3.18	-0.25
Martin ratio Return relative to average drawdown	12.05	11.05	+1.00
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. SNTH - Sharpe Ratio Comparison

The current OVLH Sharpe Ratio is 2.21, which is comparable to the SNTH Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of OVLH and SNTH, 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	SNTH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	2.30	-0.10
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	1.87	-0.94

Drawdowns

OVLH vs. SNTH - Drawdown Comparison

The maximum OVLH drawdown since its inception was -20.69%, which is greater than SNTH's maximum drawdown of -9.79%. Use the drawdown chart below to compare losses from any high point for OVLH and SNTH.

Drawdown Indicators

	OVLH	SNTH	Difference
Max Drawdown Largest peak-to-trough decline	-20.69%	-9.79%	-10.90%
Max Drawdown (1Y) Largest decline over 1 year	-6.36%	-8.99%	+2.63%
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%	-0.70%	+0.13%
Average Drawdown Average peak-to-trough decline	-5.02%	-1.96%	-3.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	2.59%	-1.05%

Volatility

OVLH vs. SNTH - Volatility Comparison

The current volatility for Overlay Shares Hedged Large Cap Equity ETF (OVLH) is 2.27%, while MRP SynthEquity ETF (SNTH) has a volatility of 3.19%. This indicates that OVLH experiences smaller price fluctuations and is considered to be less risky than SNTH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVLH	SNTH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	3.19%	-0.92%
Volatility (6M) Calculated over the trailing 6-month period	6.21%	8.41%	-2.20%
Volatility (1Y) Calculated over the trailing 1-year period	8.46%	12.47%	-4.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.71%	15.54%	-3.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.79%	15.54%	-3.75%

OVLH vs. SNTH - Expense Ratio Comparison

OVLH has a 0.80% expense ratio, which is lower than SNTH's 0.95% expense ratio.

Dividends

OVLH vs. SNTH - Dividend Comparison

OVLH's dividend yield for the trailing twelve months is around 0.28%, less than SNTH's 10.91% yield.

Position	TTM	2025	2024	2023	2022	2021
OVLH Overlay Shares Hedged Large Cap Equity ETF	0.28%	0.30%	0.32%	0.83%	0.79%	0.40%
SNTH MRP SynthEquity ETF	10.91%	11.55%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OVLH and SNTH in my portfolio?

With a correlation of 0.95, OVLH and SNTH 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 SNTH?

SNTH has higher volatility (3.19%) compared to OVLH (2.27%). In terms of maximum drawdown, OVLH dropped -20.69% vs SNTH's -9.79%.

Which ETF is better, OVLH or SNTH?

On 1-year performance, SNTH leads with 28.52% vs 18.57% for OVLH. On fees, OVLH is cheaper at 0.80% per year. On volatility, OVLH has been the lower-risk option at 2.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVLH or SNTH?

Over the 1-year period, SNTH has performed better with a 28.52% 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 SNTH?

OVLH is cheaper with a 0.80% expense ratio, compared with 0.95% for SNTH.

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

SNTH has the higher dividend yield at 10.91%, compared with 0.28% for OVLH.

What is the main difference between OVLH and SNTH?

They also come from different issuers: Liquid Strategies and MRP. Their fees differ too: 0.80% for OVLH and 0.95% for SNTH.

Which has better risk-adjusted returns?

SNTH currently has the higher Sharpe Ratio (2.30 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.