OVM vs. OVF
OVM (Overlay Shares Municipal Bond ETF) and OVF (Overlay Shares Foreign Equity ETF) are both exchange-traded funds - OVM is a Municipal Bonds fund actively managed by Liquid Strategies, while OVF is a Foreign Large Cap Equities fund actively managed by Liquid Strategies. Both are actively managed. Over the past 5 years, OVM returned 0.99%/yr vs 9.02%/yr for OVF. Their 0.48 correlation means their historical movements had little consistent relationship. OVM charges 0.82%/yr vs 0.95%/yr for OVF.
Performance
OVM vs. OVF - Performance Comparison
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Returns By Period
In the year-to-date period, OVM achieves a 2.46% return, which is significantly lower than OVF's 14.33% return.
OVM
- 1D
- 0.19%
- 1M
- -1.69%
- 6M
- 0.80%
- YTD
- 2.46%
- 1Y
- 8.01%
- 3Y*
- 4.69%
- 5Y*
- 0.99%
- 10Y*
- —
- ALL TIME*
- 2.47%
OVF
- 1D
- 0.48%
- 1M
- 0.37%
- 6M
- 7.11%
- YTD
- 14.33%
- 1Y
- 29.76%
- 3Y*
- 19.48%
- 5Y*
- 9.02%
- 10Y*
- —
- ALL TIME*
- 9.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $899.09K | $736.19K | $585.89K | |
| $290.25K | $299.51K | $339.65K |
OVM vs. OVF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
OVM Overlay Shares Municipal Bond ETF | 2.46% | 4.14% | 3.42% | 7.35% | -11.26% | 4.22% | 6.17% | 1.61% |
OVF Overlay Shares Foreign Equity ETF | 14.33% | 33.03% | 6.40% | 15.25% | -17.64% | 9.56% | 2.65% | 5.76% |
Correlation
The correlation between OVM and OVF is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.64 |
Correlation (3Y) Balances recent behavior with more history. | 0.56 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.53 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019 | 0.49 |
The correlation between OVM and OVF shifts across timeframes, from 0.48 (all time) to 0.64 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
OVM vs. OVF — Risk / Return Rank
OVM
OVF
OVM vs. OVF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Municipal Bond ETF (OVM) and Overlay Shares Foreign Equity ETF (OVF). 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 | OVF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.30 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | 2.57 | +0.22 |
| Martin ratioReturn relative to average drawdown | 10.19 | 9.57 | +0.63 |
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Drawdowns
OVM vs. OVF - Drawdown Comparison
The maximum OVM drawdown since its inception was -15.58%, smaller than the maximum OVF drawdown of -30.07%. Use the drawdown chart below to compare losses from any high point for OVM and OVF.
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Drawdown Indicators
| OVM | OVF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.58% | -30.07% | +14.49% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | -11.64% | +8.76% |
Max Drawdown (3Y)Largest decline over 3 years | -8.20% | -15.89% | +7.69% |
Max Drawdown (5Y)Largest decline over 5 years | -15.58% | -30.07% | +14.49% |
Current DrawdownCurrent decline from peak | -1.91% | -1.34% | -0.57% |
Average DrawdownAverage peak-to-trough decline | -3.94% | -7.32% | +3.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 3.12% | -2.33% |
Volatility
OVM vs. OVF - Volatility Comparison
The current volatility for Overlay Shares Municipal Bond ETF (OVM) is 1.74%, while Overlay Shares Foreign Equity ETF (OVF) has a volatility of 6.02%. This indicates that OVM experiences smaller price fluctuations and is considered to be less risky than OVF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OVM | OVF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.74% | 6.02% | -4.28% |
Volatility (6M)Calculated over the trailing 6-month period | 3.57% | 15.98% | -12.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.57% | 18.39% | -13.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.46% | 16.21% | -10.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.52% | 17.26% | -10.74% |
OVM vs. OVF - Expense Ratio Comparison
OVM has a 0.82% expense ratio, which is lower than OVF's 0.95% expense ratio.
Dividends
OVM vs. OVF - Dividend Comparison
OVM's dividend yield for the trailing twelve months is around 5.80%, less than OVF's 9.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
OVF Overlay Shares Foreign Equity ETF | 9.75% | 6.32% | 5.13% | 5.17% | 4.50% | 4.88% | 2.55% | 2.12% |
OVM Overlay Shares Municipal Bond ETF | 5.80% | 5.45% | 4.91% | 4.66% | 4.21% | 6.10% | 3.97% | 0.58% |
Frequently Asked Questions
OVM and OVF have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OVF has higher volatility (6.02%) compared to OVM (1.74%). In terms of maximum drawdown, OVM dropped -15.58% vs OVF's -30.07%.
On 5-year performance, OVF leads with 9.02% vs 0.99% for OVM. On fees, OVM is cheaper at 0.82% per year. On volatility, OVM has been the lower-risk option at 1.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, OVF has performed better with a 9.02% return vs 0.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OVM is cheaper with a 0.82% expense ratio, compared with 0.95% for OVF.
OVF has the higher dividend yield at 9.75%, compared with 5.80% for OVM.
OVM is categorized as Municipal Bonds, while OVF is Foreign Large Cap Equities. Their fees differ too: 0.82% for OVM and 0.95% for OVF.
OVM currently has the higher Sharpe Ratio (1.76 vs 1.63), 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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