OVM vs. ACTHX

Last updated Jun 4, 2026

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 1.59%/yr vs 0.68%/yr for ACTHX. At a 0.48 correlation, their price movements are largely independent. OVM charges 0.82%/yr vs 1.39%/yr for ACTHX.

Performance

OVM vs. ACTHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Municipal Bond ETF (OVM) and Invesco High Yield Municipal Fund (ACTHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OVM achieves a 3.96% return, which is significantly higher than ACTHX's 2.64% return.

OVM

• 1D: -0.17%
• 1M: 1.10%
• YTD: 3.96%
• 6M: 4.16%
• 1Y: 11.81%
• 3Y*: 5.37%
• 5Y*: 1.59%
• 10Y*: —

ACTHX

• 1D: 0.12%
• 1M: 0.93%
• YTD: 2.64%
• 6M: 2.85%
• 1Y: 7.62%
• 3Y*: 4.73%
• 5Y*: 0.68%
• 10Y*: 2.79%

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

OVM vs. ACTHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
OVM Overlay Shares Municipal Bond ETF	3.96%	4.14%	3.42%	7.35%	-11.26%	4.22%	6.17%	1.72%
ACTHX Invesco High Yield Municipal Fund	2.64%	4.38%	5.54%	4.34%	-13.94%	6.29%	3.25%	1.27%

Correlation

The correlation between OVM and ACTHX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since Oct 2, 2019	0.48

The correlation between OVM and ACTHX has been stable across timeframes, ranging from 0.43 to 0.53 - a consistent structural relationship.

Return for Risk

OVM vs. ACTHX — Risk / Return Rank

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

OVM

OVM Risk / Return Rank: 88
OVM Sharpe Ratio Rank: 86
OVM Sortino Ratio Rank: 90
OVM Omega Ratio Rank: 90
OVM Calmar Ratio Rank: 86
OVM Martin Ratio Rank: 87

ACTHX

ACTHX Risk / Return Rank: 54
ACTHX Sharpe Ratio Rank: 48
ACTHX Sortino Ratio Rank: 64
ACTHX Omega Ratio Rank: 74
ACTHX Calmar Ratio Rank: 46
ACTHX Martin Ratio Rank: 38

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.

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.

	OVM	ACTHX	Difference
Sharpe ratio Return per unit of total volatility	2.85	2.03	+0.83
Sortino ratio Return per unit of downside risk	4.24	3.35	+0.89
Omega ratio Gain probability vs. loss probability	1.58	1.48	+0.10
Calmar ratio Return relative to maximum drawdown	4.86	2.58	+2.29
Martin ratio Return relative to average drawdown	18.92	8.38	+10.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OVM vs. ACTHX - Sharpe Ratio Comparison

The current OVM Sharpe Ratio is 2.85, which is higher than the ACTHX Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of OVM and ACTHX, 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

	OVM	ACTHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.85	2.03	+0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.12	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	1.10	-0.68

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.

Drawdown Indicators

	OVM	ACTHX	Difference
Max Drawdown Largest peak-to-trough decline	-15.58%	-27.29%	+11.71%
Max Drawdown (1Y) Largest decline over 1 year	-2.44%	-2.98%	+0.54%
Max Drawdown (3Y) Largest decline over 3 years	-8.20%	-10.13%	+1.93%
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 Drawdown Current decline from peak	-0.17%	0.00%	-0.17%
Average Drawdown Average peak-to-trough decline	-4.01%	-3.55%	-0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	0.92%	-0.29%

Volatility

OVM vs. ACTHX - Volatility Comparison

The current volatility for Overlay Shares Municipal Bond ETF (OVM) is 1.26%, while Invesco High Yield Municipal Fund (ACTHX) has a volatility of 1.40%. This indicates that OVM experiences smaller price fluctuations and is considered to be less risky than ACTHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVM	ACTHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	1.40%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	3.36%	2.73%	+0.63%
Volatility (1Y) Calculated over the trailing 1-year period	4.16%	3.83%	+0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.39%	5.72%	-0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.55%	5.39%	+1.16%

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 6.11%, more than ACTHX's 5.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACTHX Invesco High Yield Municipal Fund	5.34%	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	6.11%	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

Can I hold both OVM and ACTHX in my portfolio?

OVM and ACTHX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OVM or ACTHX?

ACTHX has higher volatility (1.40%) compared to OVM (1.26%). In terms of maximum drawdown, OVM dropped -15.58% vs ACTHX's -27.29%.

Which has better risk-adjusted returns?

OVM currently has the higher Sharpe Ratio (2.85 vs 2.03), 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.