OVLH vs. VOO

Last updated Jun 4, 2026

OVLH (Overlay Shares Hedged Large Cap Equity ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - OVLH is a Equity Hedged fund actively managed by Liquid Strategies, while VOO is a S&P 500 fund tracking the S&P 500 Index. OVLH is actively managed, while VOO is passively managed. Over the past 5 years, OVLH returned 9.69%/yr vs 13.98%/yr for VOO. With a 0.96 correlation, they move nearly in lockstep. OVLH charges 0.80%/yr vs 0.03%/yr for VOO.

Performance

OVLH vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Hedged Large Cap Equity ETF (OVLH) and Vanguard S&P 500 ETF (VOO). 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 VOO's 11.34% return.

OVLH

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

VOO

• 1D: 0.39%
• 1M: 4.62%
• YTD: 11.34%
• 6M: 11.27%
• 1Y: 28.62%
• 3Y*: 22.68%
• 5Y*: 13.98%
• 10Y*: 15.55%

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

OVLH vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OVLH Overlay Shares Hedged Large Cap Equity ETF	7.26%	15.77%	18.44%	16.93%	-16.16%	20.91%
VOO Vanguard S&P 500 ETF	11.34%	17.82%	24.98%	26.32%	-18.17%	28.17%

Correlation

The correlation between OVLH and VOO is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jan 19, 2021	0.96

The correlation between OVLH and VOO has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

OVLH vs. VOO - Sectors Allocation Comparison

Sectors	OVLH	VOO
Technology	35.7%	35.7%
Financial Services	11.6%	11.6%
Communication Services	11.2%	11.3%
Consumer Cyclical	10.2%	10.2%
Healthcare	8.5%	8.5%
Industrials	8.3%	8.3%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.4%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

OVLH vs. VOO — 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

VOO

VOO Risk / Return Rank: 74
VOO Sharpe Ratio Rank: 76
VOO Sortino Ratio Rank: 75
VOO Omega Ratio Rank: 75
VOO Calmar Ratio Rank: 66
VOO Martin Ratio Rank: 78

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Hedged Large Cap Equity ETF (OVLH) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.44	-0.23
Sortino ratio: Return per unit of downside risk	3.17	3.31	-0.14
Omega ratio: Gain probability vs. loss probability	1.39	1.44	-0.05
Calmar ratio: Return relative to maximum drawdown	2.93	3.23	-0.30
Martin ratio: Return relative to average drawdown	12.05	15.03	-2.98
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. VOO - Sharpe Ratio Comparison

The current OVLH Sharpe Ratio is 2.21, which is comparable to the VOO Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of OVLH and VOO, 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	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	2.44	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.84	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	0.89	+0.04

Drawdowns

OVLH vs. VOO - Drawdown Comparison

The maximum OVLH drawdown since its inception was -20.69%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for OVLH and VOO.

Drawdown Indicators

	OVLH	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-20.69%	-33.99%	+13.30%
Max Drawdown (1Y) Largest decline over 1 year	-6.36%	-8.90%	+2.54%
Max Drawdown (3Y) Largest decline over 3 years	-9.57%	-18.69%	+9.12%
Max Drawdown (5Y) Largest decline over 5 years	-20.69%	-24.52%	+3.83%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-0.57%	-0.32%	-0.25%
Average Drawdown Average peak-to-trough decline	-5.02%	-3.69%	-1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	1.91%	-0.37%

Volatility

OVLH vs. VOO - Volatility Comparison

The current volatility for Overlay Shares Hedged Large Cap Equity ETF (OVLH) is 2.27%, while Vanguard S&P 500 ETF (VOO) has a volatility of 2.78%. This indicates that OVLH experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVLH	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.27%	2.78%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	6.21%	8.90%	-2.69%
Volatility (1Y) Calculated over the trailing 1-year period	8.46%	11.80%	-3.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.71%	16.81%	-5.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.79%	18.00%	-6.21%

OVLH vs. VOO - Expense Ratio Comparison

OVLH has a 0.80% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

OVLH vs. VOO - Dividend Comparison

OVLH's dividend yield for the trailing twelve months is around 0.28%, less than VOO's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OVLH Overlay Shares Hedged Large Cap Equity ETF	0.28%	0.30%	0.32%	0.83%	0.79%	0.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.02%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both OVLH and VOO in my portfolio?

With a correlation of 0.97, OVLH and VOO 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 VOO?

VOO has higher volatility (2.78%) compared to OVLH (2.27%). In terms of maximum drawdown, OVLH dropped -20.69% vs VOO's -33.99%.

Which ETF is better, OVLH or VOO?

On 5-year performance, VOO leads with 13.98% vs 9.69% for OVLH. On fees, VOO is cheaper at 0.03% 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 VOO?

Over the 5-year period, VOO has performed better with a 13.98% return vs 9.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVLH or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.80% for OVLH.

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

VOO has the higher dividend yield at 1.02%, compared with 0.28% for OVLH.

What is the main difference between OVLH and VOO?

OVLH is categorized as Equity Hedged, while VOO is S&P 500. They also come from different issuers: Liquid Strategies and Vanguard. Their fees differ too: 0.80% for OVLH and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.44 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.