OVM vs. FBND
OVM (Overlay Shares Municipal Bond ETF) and FBND (Fidelity Total Bond ETF) are both exchange-traded funds - OVM is a Municipal Bonds fund actively managed by Liquid Strategies, while FBND is a Intermediate Core-Plus Bond fund actively managed by Fidelity. Both are actively managed. Over the past 5 years, OVM returned 1.50%/yr vs 0.78%/yr for FBND. A 0.57 correlation means they provide meaningful diversification when combined. OVM charges 0.82%/yr vs 0.36%/yr for FBND.
Performance
OVM vs. FBND - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, OVM achieves a 3.75% return, which is significantly higher than FBND's 0.61% return.
OVM
- 1D
- -0.02%
- 1M
- 1.15%
- YTD
- 3.75%
- 6M
- 3.88%
- 1Y
- 10.89%
- 3Y*
- 4.97%
- 5Y*
- 1.50%
- 10Y*
- —
FBND
- 1D
- -0.26%
- 1M
- 0.58%
- YTD
- 0.61%
- 6M
- 0.71%
- 1Y
- 4.87%
- 3Y*
- 4.69%
- 5Y*
- 0.78%
- 10Y*
- 2.53%
OVM vs. FBND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
OVM Overlay Shares Municipal Bond ETF | 3.75% | 4.14% | 3.42% | 7.35% | -11.26% | 4.22% | 6.17% | 1.61% |
FBND Fidelity Total Bond ETF | 0.61% | 7.57% | 2.13% | 6.81% | -12.54% | -0.43% | 9.41% | 0.78% |
Correlation
The correlation between OVM and FBND is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019 | 0.57 |
The correlation between OVM and FBND has been stable across timeframes, ranging from 0.55 to 0.63 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
OVM vs. FBND — Risk / Return Rank
OVM
FBND
OVM vs. FBND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Municipal Bond ETF (OVM) and Fidelity Total Bond ETF (FBND). 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 | FBND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.29 | ||
| Sortino ratioReturn per unit of downside risk | +1.82 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.22 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 4.48 | 1.83 | +2.65 |
| Martin ratioReturn relative to average drawdown | 16.97 | 5.27 | +11.70 |
Loading charts...
Drawdowns
OVM vs. FBND - Drawdown Comparison
The maximum OVM drawdown since its inception was -15.58%, smaller than the maximum FBND drawdown of -17.25%. Use the drawdown chart below to compare losses from any high point for OVM and FBND.
Loading charts...
Drawdown Indicators
| OVM | FBND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.58% | -17.25% | +1.67% |
Max Drawdown (1Y)Largest decline over 1 year | -2.44% | -2.66% | +0.22% |
Max Drawdown (3Y)Largest decline over 3 years | -8.20% | -5.94% | -2.26% |
Max Drawdown (5Y)Largest decline over 5 years | -15.58% | -17.25% | +1.67% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.25% | — |
Current DrawdownCurrent decline from peak | -0.43% | -1.32% | +0.89% |
Average DrawdownAverage peak-to-trough decline | -3.98% | -3.34% | -0.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 0.93% | -0.29% |
Volatility
OVM vs. FBND - Volatility Comparison
Overlay Shares Municipal Bond ETF (OVM) has a higher volatility of 1.44% compared to Fidelity Total Bond ETF (FBND) at 1.12%. This indicates that OVM's price experiences larger fluctuations and is considered to be riskier than FBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| OVM | FBND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.44% | 1.12% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 3.47% | 2.85% | +0.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.27% | 3.83% | +0.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.41% | 5.93% | -0.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.54% | 6.10% | +0.44% |
OVM vs. FBND - Expense Ratio Comparison
OVM has a 0.82% expense ratio, which is higher than FBND's 0.36% expense ratio.
Dividends
OVM vs. FBND - Dividend Comparison
OVM's dividend yield for the trailing twelve months is around 6.12%, more than FBND's 4.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBND Fidelity Total Bond ETF | 4.70% | 4.70% | 4.73% | 4.26% | 3.07% | 1.86% | 4.25% | 2.90% | 2.93% | 2.56% | 2.84% | 3.26% |
OVM Overlay Shares Municipal Bond ETF | 6.12% | 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 FBND have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OVM has higher volatility (1.44%) compared to FBND (1.12%). In terms of maximum drawdown, OVM dropped -15.58% vs FBND's -17.25%.
On 5-year performance, OVM leads with 1.50% vs 0.78% for FBND. On fees, FBND is cheaper at 0.36% per year. On volatility, FBND has been the lower-risk option at 1.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, OVM has performed better with a 1.50% return vs 0.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FBND is cheaper with a 0.36% expense ratio, compared with 0.82% for OVM.
OVM has the higher dividend yield at 6.12%, compared with 4.70% for FBND.
OVM is categorized as Municipal Bonds, while FBND is Intermediate Core-Plus Bond. They also come from different issuers: Liquid Strategies and Fidelity. Their fees differ too: 0.82% for OVM and 0.36% for FBND.
OVM currently has the higher Sharpe Ratio (2.56 vs 1.28), 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.
Find the right allocation for OVM and FBND
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer