OVM vs. GMUN
OVM (Overlay Shares Municipal Bond ETF) and GMUN (Goldman Sachs Community Municipal Bond ETF) are both Municipal Bonds funds. OVM is actively managed, while GMUN is passively managed. A 0.64 correlation means they provide meaningful diversification when combined. OVM charges 0.82%/yr vs 0.15%/yr for GMUN.
Performance
OVM vs. GMUN - Performance Comparison
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Returns By Period
OVM
- 1D
- -0.35%
- 1M
- 0.34%
- 6M
- 2.65%
- YTD
- 3.73%
- 1Y
- 9.45%
- 3Y*
- 4.80%
- 5Y*
- 1.33%
- 10Y*
- —
GMUN
- 1D
- —
- 1M
- —
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OVM vs. GMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
OVM Overlay Shares Municipal Bond ETF | 3.73% | 4.14% | 3.42% | 6.83% |
GMUN Goldman Sachs Community Municipal Bond ETF | -0.34% | 5.92% | 0.31% | 3.69% |
Correlation
The correlation between OVM and GMUN is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Mar 9, 2023 | 0.64 |
The correlation between OVM and GMUN shifts across timeframes, from 0.48 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
OVM vs. GMUN — Risk / Return Rank
OVM
GMUN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
OVM vs. GMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Municipal Bond ETF (OVM) and Goldman Sachs Community Municipal Bond ETF (GMUN). 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 | GMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.43 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.89 | — | — |
| Martin ratioReturn relative to average drawdown | 14.81 | — | — |
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Drawdowns
OVM vs. GMUN - Drawdown Comparison
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Drawdown Indicators
| OVM | GMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.58% | — | — |
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 DrawdownCurrent decline from peak | -0.70% | — | — |
Average DrawdownAverage peak-to-trough decline | -3.95% | — | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | — | — |
Volatility
OVM vs. GMUN - Volatility Comparison
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Volatility by Period
| OVM | GMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.47% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.32% | — | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.42% | — | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.52% | — | — |
OVM vs. GMUN - Expense Ratio Comparison
OVM has a 0.82% expense ratio, which is higher than GMUN's 0.15% expense ratio.
Dividends
OVM vs. GMUN - Dividend Comparison
OVM's dividend yield for the trailing twelve months is around 5.29%, while GMUN has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
GMUN Goldman Sachs Community Municipal Bond ETF | 2.87% | 2.94% | 3.22% | 2.20% | 0.00% | 0.00% | 0.00% | 0.00% |
OVM Overlay Shares Municipal Bond ETF | 5.29% | 5.45% | 4.91% | 4.66% | 4.21% | 6.10% | 3.97% | 0.58% |
Frequently Asked Questions
OVM and GMUN have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GMUN is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GMUN is cheaper with a 0.15% expense ratio, compared with 0.82% for OVM.
OVM has the higher dividend yield at 5.29%, compared with 2.87% for GMUN.
They also come from different issuers: Liquid Strategies and Goldman Sachs. Their fees differ too: 0.82% for OVM and 0.15% for GMUN.
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