OVS vs. CVSM

Last updated Jul 14, 2026

OVS (Overlay Shares Small Cap Equity ETF) and CVSM (CresAlta Small & Mid-Cap ETF) are both Small Cap Blend Equities funds. Both are actively managed. A 0.73 correlation means they provide meaningful diversification when combined. OVS charges 0.83%/yr vs 0.55%/yr for CVSM.

Performance

OVS vs. CVSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Small Cap Equity ETF (OVS) and CresAlta Small & Mid-Cap ETF (CVSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

OVS

• 1D: -0.58%
• 1M: 1.27%
• 6M: 16.27%
• YTD: 23.01%
• 1Y: 33.48%
• 3Y*: 15.82%
• 5Y*: 7.82%
• 10Y*: —

CVSM

• 1D: 0.17%
• 1M: -1.46%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

OVS vs. CVSM - Yearly Performance Comparison

	2026 (YTD)
OVS Overlay Shares Small Cap Equity ETF	8.32%
CVSM CresAlta Small & Mid-Cap ETF	3.14%

Correlation

The correlation between OVS and CVSM is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 18, 2026	0.73

Return for Risk

OVS vs. CVSM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OVS

OVS Risk / Return Rank: 74
OVS Sharpe Ratio Rank: 68
OVS Sortino Ratio Rank: 70
OVS Omega Ratio Rank: 63
OVS Calmar Ratio Rank: 87
OVS Martin Ratio Rank: 83

CVSM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

OVS vs. CVSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Small Cap Equity ETF (OVS) and CresAlta Small & Mid-Cap ETF (CVSM). 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.

	OVS	CVSM	Difference
Sharpe ratio: Return per unit of total volatility	1.74	—	—
Sortino ratio: Return per unit of downside risk	2.53	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	3.95	—	—
Martin ratio: Return relative to average drawdown	12.80	—	—

Drawdowns

OVS vs. CVSM - Drawdown Comparison

The maximum OVS drawdown since its inception was -45.09%, which is greater than CVSM's maximum drawdown of -3.36%. Use the drawdown chart below to compare losses from any high point for OVS and CVSM.

Drawdown Indicators

	OVS	CVSM	Difference
Max Drawdown Largest peak-to-trough decline	-45.09%	-3.36%	-41.73%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-30.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-30.49%	—	—
Current Drawdown Current decline from peak	-2.35%	-1.46%	-0.89%
Average Drawdown Average peak-to-trough decline	-11.20%	-1.01%	-10.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	—	—

Volatility

Volatility by Period

	OVS	CVSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.34%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.33%	11.19%	+8.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.19%	11.19%	+12.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.35%	11.19%	+16.16%

OVS vs. CVSM - Expense Ratio Comparison

OVS has a 0.83% expense ratio, which is higher than CVSM's 0.55% expense ratio.

Dividends

OVS vs. CVSM - Dividend Comparison

OVS's dividend yield for the trailing twelve months is around 6.76%, more than CVSM's 0.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CVSM CresAlta Small & Mid-Cap ETF	0.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
OVS Overlay Shares Small Cap Equity ETF	6.76%	3.69%	4.08%	3.19%	3.43%	4.05%	1.74%	0.54%

Frequently Asked Questions

Can I hold both OVS and CVSM in my portfolio?

OVS and CVSM have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, OVS or CVSM?

On fees, CVSM is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, OVS or CVSM?

CVSM is cheaper with a 0.55% expense ratio, compared with 0.83% for OVS.

Which ETF pays a higher dividend yield, OVS or CVSM?

OVS has the higher dividend yield at 6.76%, compared with 0.23% for CVSM.

What is the main difference between OVS and CVSM?

They also come from different issuers: Liquid Strategies and CresAlta. Their fees differ too: 0.83% for OVS and 0.55% for CVSM.