OVM vs. MLN
Compare and contrast key facts about Overlay Shares Municipal Bond ETF (OVM) and VanEck Long Muni ETF (MLN).
OVM and MLN 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. MLN is a passively managed fund by VanEck that tracks the performance of the Bloomberg AMT-Free Long Continuous. It was launched on Jan 2, 2008.
Performance
OVM vs. MLN - Performance Comparison
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OVM vs. MLN - 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% |
MLN VanEck Long Muni ETF | 0.10% | 1.82% | 1.54% | 8.05% | -17.20% | 2.20% | 6.22% | 0.41% |
Returns By Period
In the year-to-date period, OVM achieves a 1.20% return, which is significantly higher than MLN's 0.10% return.
OVM
- 1D
- 0.57%
- 1M
- -1.86%
- YTD
- 1.20%
- 6M
- 3.29%
- 1Y
- 7.50%
- 3Y*
- 4.29%
- 5Y*
- 1.47%
- 10Y*
- —
MLN
- 1D
- 0.35%
- 1M
- -1.74%
- YTD
- 0.10%
- 6M
- 1.65%
- 1Y
- 4.19%
- 3Y*
- 2.56%
- 5Y*
- -0.92%
- 10Y*
- 1.55%
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OVM vs. MLN - Expense Ratio Comparison
OVM has a 0.82% expense ratio, which is higher than MLN's 0.24% expense ratio.
Return for Risk
OVM vs. MLN — Risk / Return Rank
OVM
MLN
OVM vs. MLN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Municipal Bond ETF (OVM) and VanEck Long Muni ETF (MLN). 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 | MLN | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.33 | 0.62 | +0.71 |
Sortino ratioReturn per unit of downside risk | 1.86 | 0.82 | +1.04 |
Omega ratioGain probability vs. loss probability | 1.29 | 1.15 | +0.14 |
Calmar ratioReturn relative to maximum drawdown | 2.05 | 0.78 | +1.26 |
Martin ratioReturn relative to average drawdown | 8.19 | 2.06 | +6.13 |
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 | MLN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.33 | 0.62 | +0.71 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.27 | -0.13 | +0.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.18 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.31 | +0.06 |
Correlation
The correlation between OVM and MLN is 0.56, 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. MLN - Dividend Comparison
OVM's dividend yield for the trailing twelve months is around 6.76%, more than MLN's 3.78% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
MLN VanEck Long Muni ETF | 3.78% | 3.73% | 3.59% | 3.19% | 2.67% | 2.52% | 2.69% | 2.98% | 3.09% | 2.91% | 3.16% | 3.38% |
Drawdowns
OVM vs. MLN - Drawdown Comparison
The maximum OVM drawdown since its inception was -15.58%, smaller than the maximum MLN drawdown of -28.36%. Use the drawdown chart below to compare losses from any high point for OVM and MLN.
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Drawdown Indicators
| OVM | MLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.58% | -28.36% | +12.78% |
Max Drawdown (1Y)Largest decline over 1 year | -3.89% | -5.88% | +1.99% |
Max Drawdown (5Y)Largest decline over 5 years | -15.58% | -24.46% | +8.88% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.46% | — |
Current DrawdownCurrent decline from peak | -1.86% | -8.25% | +6.39% |
Average DrawdownAverage peak-to-trough decline | -4.11% | -5.71% | +1.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 2.24% | -1.27% |
Volatility
OVM vs. MLN - Volatility Comparison
Overlay Shares Municipal Bond ETF (OVM) and VanEck Long Muni ETF (MLN) have volatilities of 1.98% and 1.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OVM | MLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.98% | 1.95% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 3.35% | 2.81% | +0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.68% | 6.83% | -1.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.37% | 7.28% | -1.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.60% | 8.88% | -2.28% |