OVM vs. FCAL
Compare and contrast key facts about Overlay Shares Municipal Bond ETF (OVM) and First Trust California Municipal High Income ETF (FCAL).
OVM and FCAL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. OVM is an actively managed fund by Liquid Strategies. It was launched on Sep 30, 2019. FCAL is an actively managed fund by First Trust. It was launched on Jun 20, 2017.
Performance
OVM vs. FCAL - Performance Comparison
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OVM vs. FCAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
OVM Overlay Shares Municipal Bond ETF | 1.20% | 4.14% | 3.42% | 7.35% | -11.26% | 4.22% | 6.17% | 1.72% |
FCAL First Trust California Municipal High Income ETF | 0.00% | 3.19% | 1.90% | 6.08% | -9.50% | 3.26% | 3.51% | 0.71% |
Returns By Period
OVM
- 1D
- 0.57%
- 1M
- -1.86%
- YTD
- 1.20%
- 6M
- 3.29%
- 1Y
- 7.50%
- 3Y*
- 4.29%
- 5Y*
- 1.47%
- 10Y*
- —
FCAL
- 1D
- 0.27%
- 1M
- -2.08%
- YTD
- 0.00%
- 6M
- 1.94%
- 1Y
- 4.14%
- 3Y*
- 2.88%
- 5Y*
- 0.77%
- 10Y*
- —
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OVM vs. FCAL - Expense Ratio Comparison
OVM has a 0.82% expense ratio, which is higher than FCAL's 0.50% expense ratio.
Return for Risk
OVM vs. FCAL — Risk / Return Rank
OVM
FCAL
OVM vs. FCAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Municipal Bond ETF (OVM) and First Trust California Municipal High Income ETF (FCAL). 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 | FCAL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.33 | 0.93 | +0.40 |
Sortino ratioReturn per unit of downside risk | 1.86 | 1.21 | +0.66 |
Omega ratioGain probability vs. loss probability | 1.29 | 1.22 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 2.05 | 0.97 | +1.08 |
Martin ratioReturn relative to average drawdown | 8.19 | 2.69 | +5.49 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OVM | FCAL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.33 | 0.93 | +0.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.27 | 0.18 | +0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.46 | -0.09 |
Correlation
The correlation between OVM and FCAL is 0.46, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
OVM vs. FCAL - Dividend Comparison
OVM's dividend yield for the trailing twelve months is around 6.76%, more than FCAL's 3.32% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OVM Overlay Shares Municipal Bond ETF | 6.76% | 5.45% | 4.91% | 4.66% | 4.21% | 6.10% | 3.97% | 0.58% | 0.00% | 0.00% |
FCAL First Trust California Municipal High Income ETF | 3.32% | 3.22% | 2.99% | 2.74% | 2.38% | 2.03% | 2.11% | 2.68% | 2.99% | 1.30% |
Drawdowns
OVM vs. FCAL - Drawdown Comparison
The maximum OVM drawdown since its inception was -15.58%, which is greater than FCAL's maximum drawdown of -14.81%. Use the drawdown chart below to compare losses from any high point for OVM and FCAL.
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Drawdown Indicators
| OVM | FCAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.58% | -14.81% | -0.77% |
Max Drawdown (1Y)Largest decline over 1 year | -3.89% | -4.30% | +0.41% |
Max Drawdown (5Y)Largest decline over 5 years | -15.58% | -14.44% | -1.14% |
Current DrawdownCurrent decline from peak | -1.86% | -2.08% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -4.11% | -3.40% | -0.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 1.55% | -0.58% |
Volatility
OVM vs. FCAL - Volatility Comparison
Overlay Shares Municipal Bond ETF (OVM) has a higher volatility of 1.98% compared to First Trust California Municipal High Income ETF (FCAL) at 1.48%. This indicates that OVM's price experiences larger fluctuations and is considered to be riskier than FCAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OVM | FCAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.98% | 1.48% | +0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 3.35% | 1.90% | +1.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.68% | 4.49% | +1.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.37% | 4.26% | +1.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.60% | 5.29% | +1.31% |