OVLH vs. USMC

Last updated Apr 1, 2026

Compare and contrast key facts about Overlay Shares Hedged Large Cap Equity ETF (OVLH) and Principal U.S. Mega-Cap ETF (USMC).

OVLH and USMC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. OVLH is an actively managed fund by Liquid Strategies. It was launched on Jan 14, 2021. USMC is a passively managed fund by Principal that tracks the performance of the Nasdaq US Mega Cap Select Leaders Index. It was launched on Oct 12, 2017.

Performance

OVLH vs. USMC - Performance Comparison

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

OVLH vs. USMC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OVLH Overlay Shares Hedged Large Cap Equity ETF	-3.86%	15.77%	18.44%	16.93%	-16.16%	20.91%
USMC Principal U.S. Mega-Cap ETF	-6.05%	14.99%	29.82%	31.57%	-17.17%	26.78%

Returns By Period

In the year-to-date period, OVLH achieves a -3.86% return, which is significantly higher than USMC's -6.05% return.

OVLH

• 1D: 1.31%
• 1M: -3.80%
• YTD: -3.86%
• 6M: -2.62%
• 1Y: 14.39%
• 3Y*: 14.08%
• 5Y*: 8.38%
• 10Y*: —

USMC

• 1D: 2.86%
• 1M: -4.04%
• YTD: -6.05%
• 6M: -5.28%
• 1Y: 14.22%
• 3Y*: 18.68%
• 5Y*: 13.10%
• 10Y*: —

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

OVLH vs. USMC - Expense Ratio Comparison

OVLH has a 0.80% expense ratio, which is higher than USMC's 0.12% expense ratio.

OVLH

Overlay Shares Hedged Large Cap Equity ETF

USMC

Principal U.S. Mega-Cap ETF

Return for Risk

OVLH vs. USMC — Risk / Return Rank

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

OVLH

OVLH Risk / Return Rank: 81
OVLH Sharpe Ratio Rank: 77
OVLH Sortino Ratio Rank: 84
OVLH Omega Ratio Rank: 74
OVLH Calmar Ratio Rank: 83
OVLH Martin Ratio Rank: 86

USMC

USMC Risk / Return Rank: 50
USMC Sharpe Ratio Rank: 46
USMC Sortino Ratio Rank: 49
USMC Omega Ratio Rank: 49
USMC Calmar Ratio Rank: 55
USMC Martin Ratio Rank: 53

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. USMC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Hedged Large Cap Equity ETF (OVLH) and Principal U.S. Mega-Cap ETF (USMC). 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	USMC	Difference
Sharpe ratio Return per unit of total volatility	1.39	0.80	+0.59
Sortino ratio Return per unit of downside risk	2.18	1.26	+0.91
Omega ratio Gain probability vs. loss probability	1.27	1.18	+0.09
Calmar ratio Return relative to maximum drawdown	2.33	1.31	+1.02
Martin ratio Return relative to average drawdown	9.92	4.89	+5.03
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. USMC - Sharpe Ratio Comparison

The current OVLH Sharpe Ratio is 1.39, which is higher than the USMC Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of OVLH and USMC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	OVLH	USMC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	0.80	+0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.81	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.74	+0.02

Correlation

The correlation between OVLH and USMC is 0.92, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

OVLH vs. USMC - Dividend Comparison

OVLH's dividend yield for the trailing twelve months is around 0.31%, less than USMC's 0.84% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
OVLH Overlay Shares Hedged Large Cap Equity ETF	0.31%	0.30%	0.32%	0.83%	0.79%	0.40%	0.00%	0.00%	0.00%	0.00%
USMC Principal U.S. Mega-Cap ETF	0.84%	0.79%	1.04%	1.35%	1.78%	1.53%	1.55%	2.01%	2.28%	0.24%

Drawdowns

OVLH vs. USMC - Drawdown Comparison

The maximum OVLH drawdown since its inception was -20.69%, smaller than the maximum USMC drawdown of -29.97%. Use the drawdown chart below to compare losses from any high point for OVLH and USMC.

Drawdown Indicators

	OVLH	USMC	Difference
Max Drawdown Largest peak-to-trough decline	-20.69%	-29.97%	+9.28%
Max Drawdown (1Y) Largest decline over 1 year	-6.36%	-11.16%	+4.80%
Max Drawdown (5Y) Largest decline over 5 years	-20.69%	-24.09%	+3.40%
Current Drawdown Current decline from peak	-5.14%	-7.74%	+2.60%
Average Drawdown Average peak-to-trough decline	-5.16%	-4.47%	-0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.49%	2.99%	-1.50%

Volatility

OVLH vs. USMC - Volatility Comparison

The current volatility for Overlay Shares Hedged Large Cap Equity ETF (OVLH) is 2.76%, while Principal U.S. Mega-Cap ETF (USMC) has a volatility of 5.00%. This indicates that OVLH experiences smaller price fluctuations and is considered to be less risky than USMC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVLH	USMC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.76%	5.00%	-2.24%
Volatility (6M) Calculated over the trailing 6-month period	6.22%	9.23%	-3.01%
Volatility (1Y) Calculated over the trailing 1-year period	10.42%	17.82%	-7.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.77%	16.36%	-4.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.87%	18.36%	-6.49%