OVM vs. ACTHX
OVM (Overlay Shares Municipal Bond ETF) and ACTHX (Invesco High Yield Municipal Fund) are both funds - OVM is a Municipal Bonds fund actively managed by Liquid Strategies, while ACTHX is a High Yield Muni fund managed by Invesco. Over the past 5 years, OVM returned 0.99%/yr vs 0.04%/yr for ACTHX. Their 0.48 correlation means their historical movements had little consistent relationship. OVM charges 0.82%/yr vs 1.39%/yr for ACTHX.
Performance
OVM vs. ACTHX - Performance Comparison
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Returns By Period
In the year-to-date period, OVM achieves a 2.46% return, which is significantly higher than ACTHX's 1.23% return.
OVM
- 1D
- 0.19%
- 1M
- -1.69%
- 6M
- 0.80%
- YTD
- 2.46%
- 1Y
- 8.01%
- 3Y*
- 4.69%
- 5Y*
- 0.99%
- 10Y*
- —
- ALL TIME*
- 2.47%
ACTHX
- 1D
- -0.12%
- 1M
- -2.51%
- 6M
- 0.78%
- YTD
- 1.23%
- 1Y
- 6.62%
- 3Y*
- 4.28%
- 5Y*
- 0.04%
- 10Y*
- 2.46%
- ALL TIME*
- 4.38%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $290.25K | $299.51K | $339.65K |
OVM vs. ACTHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
OVM Overlay Shares Municipal Bond ETF | 2.46% | 4.14% | 3.42% | 7.35% | -11.26% | 4.22% | 6.17% | 1.61% |
ACTHX Invesco High Yield Municipal Fund | 1.23% | 4.38% | 5.54% | 4.34% | -13.94% | 6.29% | 3.25% | 1.27% |
Correlation
The correlation between OVM and ACTHX is 0.45, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.45 |
Correlation (3Y) Balances recent behavior with more history. | 0.53 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019 | 0.48 |
The correlation between OVM and ACTHX has been stable across timeframes, ranging from 0.45 to 0.54 - a consistent structural relationship.
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Return for Risk
OVM vs. ACTHX — Risk / Return Rank
OVM
ACTHX
OVM vs. ACTHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Municipal Bond ETF (OVM) and Invesco High Yield Municipal Fund (ACTHX). 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.
| OVM | ACTHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.45 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | 2.43 | +0.36 |
| Martin ratioReturn relative to average drawdown | 10.19 | 8.72 | +1.47 |
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Drawdowns
OVM vs. ACTHX - Drawdown Comparison
The maximum OVM drawdown since its inception was -15.58%, smaller than the maximum ACTHX drawdown of -27.29%. Use the drawdown chart below to compare losses from any high point for OVM and ACTHX.
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Drawdown Indicators
| OVM | ACTHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.58% | -27.29% | +11.71% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -2.98% | +0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -8.20% | -8.79% | +0.59% |
Max Drawdown (5Y)Largest decline over 5 years | -15.58% | -19.83% | +4.25% |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.83% | — |
Current DrawdownCurrent decline from peak | -1.91% | -2.62% | +0.71% |
Average DrawdownAverage peak-to-trough decline | -3.94% | -3.54% | -0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.83% | -0.04% |
Volatility
OVM vs. ACTHX - Volatility Comparison
Overlay Shares Municipal Bond ETF (OVM) has a higher volatility of 1.74% compared to Invesco High Yield Municipal Fund (ACTHX) at 1.02%. This indicates that OVM's price experiences larger fluctuations and is considered to be riskier than ACTHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OVM | ACTHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.74% | 1.02% | +0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 3.57% | 2.90% | +0.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.57% | 3.78% | +0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.46% | 5.74% | -0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.52% | 5.40% | +1.12% |
OVM vs. ACTHX - Expense Ratio Comparison
OVM has a 0.82% expense ratio, which is lower than ACTHX's 1.39% expense ratio.
Dividends
OVM vs. ACTHX - Dividend Comparison
OVM's dividend yield for the trailing twelve months is around 5.80%, more than ACTHX's 4.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACTHX Invesco High Yield Municipal Fund | 4.98% | 7.14% | 5.64% | 4.22% | 4.72% | 3.95% | 4.33% | 4.70% | 4.78% | 4.71% | 5.11% | 4.93% |
OVM Overlay Shares Municipal Bond ETF | 5.80% | 5.45% | 4.91% | 4.66% | 4.21% | 6.10% | 3.97% | 0.58% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OVM and ACTHX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OVM has higher volatility (1.74%) compared to ACTHX (1.02%). In terms of maximum drawdown, OVM dropped -15.58% vs ACTHX's -27.29%.
ACTHX currently has the higher Sharpe Ratio (1.95 vs 1.76), 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.
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