OVM vs. TAXT
OVM (Overlay Shares Municipal Bond ETF) and TAXT (Northern Trust Tax-Exempt Bond ETF) are both Municipal Bonds funds. OVM is actively managed, while TAXT is passively managed. Their 0.66 correlation means they have sometimes moved together and sometimes differently. OVM charges 0.82%/yr vs 0.05%/yr for TAXT.
Performance
OVM vs. TAXT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, OVM achieves a 2.26% return, which is significantly higher than TAXT's 0.32% return.
OVM
- 1D
- 0.80%
- 1M
- -1.88%
- 6M
- 1.00%
- YTD
- 2.26%
- 1Y
- 7.80%
- 3Y*
- 4.39%
- 5Y*
- 1.01%
- 10Y*
- —
- ALL TIME*
- 2.45%
TAXT
- 1D
- -0.08%
- 1M
- -1.57%
- 6M
- -0.46%
- YTD
- 0.32%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $294.19K | $270.99K | $329.94K | |
| $101.60K | $96.04K | $143.38K |
OVM vs. TAXT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
OVM Overlay Shares Municipal Bond ETF | 2.26% | 5.07% |
TAXT Northern Trust Tax-Exempt Bond ETF | 0.32% | 3.91% |
Correlation
The correlation between OVM and TAXT is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025 | 0.66 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
OVM vs. TAXT — Risk / Return Rank
OVM
TAXT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
OVM vs. TAXT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Municipal Bond ETF (OVM) and Northern Trust Tax-Exempt Bond ETF (TAXT). 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 | TAXT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.32 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | — | — |
| Martin ratioReturn relative to average drawdown | 10.05 | — | — |
Loading charts...
Drawdowns
OVM vs. TAXT - Drawdown Comparison
The maximum OVM drawdown since its inception was -15.58%, which is greater than TAXT's maximum drawdown of -2.49%. Use the drawdown chart below to compare losses from any high point for OVM and TAXT.
Loading charts...
Drawdown Indicators
| OVM | TAXT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.58% | -2.49% | -13.09% |
Max Drawdown (1Y)Largest decline over 1 year | -2.88% | — | — |
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 | -2.10% | -1.72% | -0.38% |
Average DrawdownAverage peak-to-trough decline | -3.94% | -0.52% | -3.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | — | — |
Volatility
OVM vs. TAXT - Volatility Comparison
Loading charts...
Volatility by Period
| OVM | TAXT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.73% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.57% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.56% | 2.57% | +1.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.45% | 2.57% | +2.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.52% | 2.57% | +3.95% |
OVM vs. TAXT - Expense Ratio Comparison
OVM has a 0.82% expense ratio, which is higher than TAXT's 0.05% expense ratio.
Dividends
OVM vs. TAXT - Dividend Comparison
OVM's dividend yield for the trailing twelve months is around 5.82%, more than TAXT's 2.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
OVM Overlay Shares Municipal Bond ETF | 5.82% | 5.45% | 4.91% | 4.66% | 4.21% | 6.10% | 3.97% | 0.58% |
TAXT Northern Trust Tax-Exempt Bond ETF | 2.86% | 1.23% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OVM and TAXT have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXT is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXT is cheaper with a 0.05% expense ratio, compared with 0.82% for OVM.
OVM has the higher dividend yield at 5.82%, compared with 2.86% for TAXT.
They also come from different issuers: Liquid Strategies and Northern Trust. Their fees differ too: 0.82% for OVM and 0.05% for TAXT.
Find the right allocation for OVM and TAXT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer