OVLH vs. THEQ

Last updated Jun 24, 2026

OVLH (Overlay Shares Hedged Large Cap Equity ETF) and THEQ (T. Rowe Price Hedged Equity ETF) are both Equity Hedged funds. Both are actively managed. Over the past year, OVLH returned 15.28% vs 15.42% for THEQ. With a 0.95 correlation, they move nearly in lockstep. OVLH charges 0.80%/yr vs 0.46%/yr for THEQ.

Performance

OVLH vs. THEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Hedged Large Cap Equity ETF (OVLH) and T. Rowe Price Hedged Equity ETF (THEQ). 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 THEQ's 5.28% return.

OVLH

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

THEQ

• 1D: -0.81%
• 1M: -1.06%
• YTD: 5.28%
• 6M: 4.55%
• 1Y: 15.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OVLH vs. THEQ - Yearly Performance Comparison

	2026 (YTD)	2025
OVLH Overlay Shares Hedged Large Cap Equity ETF	4.90%	17.92%
THEQ T. Rowe Price Hedged Equity ETF	5.28%	12.72%

Correlation

The correlation between OVLH and THEQ is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	0.95

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

OVLH vs. THEQ - Sectors Allocation Comparison

Sectors	OVLH	THEQ
Technology	35.7%	35.6%
Financial Services	11.6%	12.2%
Communication Services	11.2%	10.8%
Consumer Cyclical	10.2%	9.5%
Healthcare	8.5%	9.2%
Industrials	8.3%	7.7%
Consumer Defensive	4.9%	5.1%
Energy	3.5%	3.6%
Utilities	2.4%	2.9%
Real Estate	1.9%	1.6%
Basic Materials	1.8%	1.7%

Return for Risk

OVLH vs. THEQ — 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

THEQ

THEQ Risk / Return Rank: 57
THEQ Sharpe Ratio Rank: 55
THEQ Sortino Ratio Rank: 54
THEQ Omega Ratio Rank: 54
THEQ Calmar Ratio Rank: 56
THEQ Martin Ratio Rank: 64

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. THEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Hedged Large Cap Equity ETF (OVLH) and T. Rowe Price Hedged Equity ETF (THEQ). 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	THEQ	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.71	+0.01
Sortino ratio: Return per unit of downside risk	2.44	2.39	+0.05
Omega ratio: Gain probability vs. loss probability	1.31	1.31	0.00
Calmar ratio: Return relative to maximum drawdown	2.41	2.51	-0.09
Martin ratio: Return relative to average drawdown	9.50	10.61	-1.11

OVLH vs. THEQ - Sharpe Ratio Comparison

The current OVLH Sharpe Ratio is 1.72, which is comparable to the THEQ Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of OVLH and THEQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

OVLH vs. THEQ - Drawdown Comparison

The maximum OVLH drawdown since its inception was -20.69%, which is greater than THEQ's maximum drawdown of -8.20%. Use the drawdown chart below to compare losses from any high point for OVLH and THEQ.

Drawdown Indicators

	OVLH	THEQ	Difference
Max Drawdown Largest peak-to-trough decline	-20.69%	-8.20%	-12.49%
Max Drawdown (1Y) Largest decline over 1 year	-6.36%	-6.17%	-0.19%
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%	-2.24%	-0.51%
Average Drawdown Average peak-to-trough decline	-4.99%	-1.04%	-3.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	1.46%	+0.15%

Volatility

OVLH vs. THEQ - Volatility Comparison

Overlay Shares Hedged Large Cap Equity ETF (OVLH) has a higher volatility of 3.54% compared to T. Rowe Price Hedged Equity ETF (THEQ) at 3.35%. This indicates that OVLH's price experiences larger fluctuations and is considered to be riskier than THEQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVLH	THEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	3.35%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	6.89%	7.05%	-0.16%
Volatility (1Y) Calculated over the trailing 1-year period	8.96%	9.08%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.78%	11.66%	+0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.83%	11.66%	+0.17%

OVLH vs. THEQ - Expense Ratio Comparison

OVLH has a 0.80% expense ratio, which is higher than THEQ's 0.46% expense ratio.

Dividends

OVLH vs. THEQ - Dividend Comparison

OVLH's dividend yield for the trailing twelve months is around 0.29%, less than THEQ's 0.75% 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%
THEQ T. Rowe Price Hedged Equity ETF	0.75%	0.79%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OVLH and THEQ in my portfolio?

With a correlation of 0.95, OVLH and THEQ 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 THEQ?

OVLH has higher volatility (3.54%) compared to THEQ (3.35%). In terms of maximum drawdown, OVLH dropped -20.69% vs THEQ's -8.20%.

Which ETF is better, OVLH or THEQ?

On 1-year performance, THEQ leads with 15.42% vs 15.28% for OVLH. On fees, THEQ is cheaper at 0.46% per year. On volatility, THEQ has been the lower-risk option at 3.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVLH or THEQ?

Over the 1-year period, THEQ has performed better with a 15.42% return vs 15.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVLH or THEQ?

THEQ is cheaper with a 0.46% expense ratio, compared with 0.80% for OVLH.

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

THEQ has the higher dividend yield at 0.75%, compared with 0.29% for OVLH.

What is the main difference between OVLH and THEQ?

They also come from different issuers: Liquid Strategies and T. Rowe Price. Their fees differ too: 0.80% for OVLH and 0.46% for THEQ.

Which has better risk-adjusted returns?

OVLH currently has the higher Sharpe Ratio (1.72 vs 1.71), 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.