OVM vs. HYMB
OVM (Overlay Shares Municipal Bond ETF) and HYMB (SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF) are both Municipal Bonds funds. OVM is actively managed, while HYMB is passively managed. Over the past 5 years, OVM returned 1.50%/yr vs 0.44%/yr for HYMB. A 0.56 correlation means they provide meaningful diversification when combined. OVM charges 0.82%/yr vs 0.35%/yr for HYMB.
Performance
OVM vs. HYMB - Performance Comparison
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Returns By Period
In the year-to-date period, OVM achieves a 3.75% return, which is significantly higher than HYMB's 3.44% return.
OVM
- 1D
- -0.02%
- 1M
- 1.15%
- YTD
- 3.75%
- 6M
- 3.88%
- 1Y
- 10.89%
- 3Y*
- 4.97%
- 5Y*
- 1.50%
- 10Y*
- —
HYMB
- 1D
- 0.00%
- 1M
- 1.79%
- YTD
- 3.44%
- 6M
- 3.36%
- 1Y
- 7.33%
- 3Y*
- 4.88%
- 5Y*
- 0.44%
- 10Y*
- 2.34%
OVM vs. HYMB - 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% |
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 3.44% | 2.04% | 5.52% | 7.73% | -15.54% | 5.16% | 3.74% | 0.64% |
Correlation
The correlation between OVM and HYMB is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019 | 0.56 |
The correlation between OVM and HYMB has been stable across timeframes, ranging from 0.56 to 0.61 - a consistent structural relationship.
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Return for Risk
OVM vs. HYMB — Risk / Return Rank
OVM
HYMB
OVM vs. HYMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Municipal Bond ETF (OVM) and SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB). 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 | HYMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.74 | ||
| Sortino ratioReturn per unit of downside risk | +1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.37 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 4.48 | 2.37 | +2.12 |
| Martin ratioReturn relative to average drawdown | 16.97 | 8.40 | +8.57 |
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Drawdowns
OVM vs. HYMB - Drawdown Comparison
The maximum OVM drawdown since its inception was -15.58%, smaller than the maximum HYMB drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for OVM and HYMB.
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Drawdown Indicators
| OVM | HYMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.58% | -29.57% | +13.99% |
Max Drawdown (1Y)Largest decline over 1 year | -2.44% | -3.11% | +0.67% |
Max Drawdown (3Y)Largest decline over 3 years | -8.20% | -7.44% | -0.76% |
Max Drawdown (5Y)Largest decline over 5 years | -15.58% | -20.15% | +4.57% |
Max Drawdown (10Y)Largest decline over 10 years | — | -29.57% | — |
Current DrawdownCurrent decline from peak | -0.43% | 0.00% | -0.43% |
Average DrawdownAverage peak-to-trough decline | -3.98% | -3.79% | -0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 0.88% | -0.24% |
Volatility
OVM vs. HYMB - Volatility Comparison
Overlay Shares Municipal Bond ETF (OVM) has a higher volatility of 1.44% compared to SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) at 0.85%. This indicates that OVM's price experiences larger fluctuations and is considered to be riskier than HYMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OVM | HYMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.44% | 0.85% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 3.47% | 3.18% | +0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.27% | 4.04% | +0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.41% | 6.67% | -1.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.54% | 11.36% | -4.82% |
OVM vs. HYMB - Expense Ratio Comparison
OVM has a 0.82% expense ratio, which is higher than HYMB's 0.35% expense ratio.
Dividends
OVM vs. HYMB - Dividend Comparison
OVM's dividend yield for the trailing twelve months is around 6.12%, more than HYMB's 4.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 4.52% | 4.55% | 4.29% | 4.07% | 3.77% | 3.19% | 3.55% | 3.95% | 4.03% | 3.78% | 4.08% | 4.54% |
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 HYMB have a correlation of 0.56, 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 HYMB (0.85%). In terms of maximum drawdown, OVM dropped -15.58% vs HYMB's -29.57%.
On 5-year performance, OVM leads with 1.50% vs 0.44% for HYMB. On fees, HYMB is cheaper at 0.35% per year. On volatility, HYMB has been the lower-risk option at 0.85%. 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 0.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYMB is cheaper with a 0.35% expense ratio, compared with 0.82% for OVM.
OVM has the higher dividend yield at 6.12%, compared with 4.52% for HYMB.
They also come from different issuers: Liquid Strategies and State Street. Their fees differ too: 0.82% for OVM and 0.35% for HYMB.
OVM currently has the higher Sharpe Ratio (2.56 vs 1.82), 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.
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