OVM vs. AMUN

Last updated Jun 25, 2026

OVM (Overlay Shares Municipal Bond ETF) and AMUN (abrdn Ultra Short Municipal Income Active ETF) are both Municipal Bonds funds. Both are actively managed. At a 0.24 correlation, their price movements are largely independent. OVM charges 0.82%/yr vs 0.25%/yr for AMUN.

Performance

OVM vs. AMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Municipal Bond ETF (OVM) and abrdn Ultra Short Municipal Income Active ETF (AMUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OVM achieves a 3.68% return, which is significantly higher than AMUN's 1.27% return.

OVM

• 1D: 0.16%
• 1M: 1.08%
• YTD: 3.68%
• 6M: 3.13%
• 1Y: 10.41%
• 3Y*: 4.94%
• 5Y*: 1.49%
• 10Y*: —

AMUN

• 1D: 0.02%
• 1M: 0.32%
• YTD: 1.27%
• 6M: 1.31%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OVM vs. AMUN - Yearly Performance Comparison

	2026 (YTD)	2025
OVM Overlay Shares Municipal Bond ETF	3.68%	0.75%
AMUN abrdn Ultra Short Municipal Income Active ETF	1.27%	0.14%

Correlation

The correlation between OVM and AMUN is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 20, 2025	0.24

Return for Risk

OVM vs. AMUN — Risk / Return Rank

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

OVM

OVM Risk / Return Rank: 87
OVM Sharpe Ratio Rank: 85
OVM Sortino Ratio Rank: 88
OVM Omega Ratio Rank: 88
OVM Calmar Ratio Rank: 86
OVM Martin Ratio Rank: 86

AMUN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. AMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Municipal Bond ETF (OVM) and abrdn Ultra Short Municipal Income Active ETF (AMUN). 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	AMUN	Difference
Sharpe ratio: Return per unit of total volatility	2.45	—	—
Sortino ratio: Return per unit of downside risk	3.56	—	—
Omega ratio: Gain probability vs. loss probability	1.49	—	—
Calmar ratio: Return relative to maximum drawdown	4.29	—	—
Martin ratio: Return relative to average drawdown	16.16	—	—

Drawdowns

OVM vs. AMUN - Drawdown Comparison

The maximum OVM drawdown since its inception was -15.58%, which is greater than AMUN's maximum drawdown of -0.61%. Use the drawdown chart below to compare losses from any high point for OVM and AMUN.

Drawdown Indicators

	OVM	AMUN	Difference
Max Drawdown Largest peak-to-trough decline	-15.58%	-0.61%	-14.97%
Max Drawdown (1Y) Largest decline over 1 year	-2.44%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-8.20%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.58%	—	—
Current Drawdown Current decline from peak	-0.50%	0.00%	-0.50%
Average Drawdown Average peak-to-trough decline	-3.98%	-0.08%	-3.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	—	—

Volatility

Volatility by Period

	OVM	AMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.47%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.27%	0.97%	+3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.42%	0.97%	+4.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.53%	0.97%	+5.56%

OVM vs. AMUN - Expense Ratio Comparison

OVM has a 0.82% expense ratio, which is higher than AMUN's 0.25% expense ratio.

Dividends

OVM vs. AMUN - Dividend Comparison

OVM's dividend yield for the trailing twelve months is around 6.13%, more than AMUN's 1.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AMUN abrdn Ultra Short Municipal Income Active ETF	1.88%	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
OVM Overlay Shares Municipal Bond ETF	6.13%	5.45%	4.91%	4.66%	4.21%	6.10%	3.97%	0.58%

Frequently Asked Questions

Can I hold both OVM and AMUN in my portfolio?

OVM and AMUN have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, OVM or AMUN?

On fees, AMUN is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, OVM or AMUN?

AMUN is cheaper with a 0.25% expense ratio, compared with 0.82% for OVM.

Which ETF pays a higher dividend yield, OVM or AMUN?

OVM has the higher dividend yield at 6.13%, compared with 1.88% for AMUN.

What is the main difference between OVM and AMUN?

They also come from different issuers: Liquid Strategies and abrdn. Their fees differ too: 0.82% for OVM and 0.25% for AMUN.