OVS vs. FYX
Compare and contrast key facts about Overlay Shares Small Cap Equity ETF (OVS) and First Trust Small Cap Core AlphaDEX Fund (FYX).
OVS and FYX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. OVS is an actively managed fund by Liquid Strategies. It was launched on Sep 30, 2019. FYX is a passively managed fund by First Trust that tracks the performance of the Nasdaq AlphaDEX Small Cap Core Index. It was launched on May 8, 2007.
Performance
OVS vs. FYX - Performance Comparison
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OVS vs. FYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
OVS Overlay Shares Small Cap Equity ETF | 4.70% | 6.15% | 11.07% | 17.20% | -19.99% | 30.15% | 12.16% | 11.51% |
FYX First Trust Small Cap Core AlphaDEX Fund | 5.67% | 12.68% | 12.22% | 18.30% | -18.41% | 27.43% | 19.48% | 10.87% |
Returns By Period
In the year-to-date period, OVS achieves a 4.70% return, which is significantly lower than FYX's 5.67% return.
OVS
- 1D
- 3.03%
- 1M
- -3.86%
- YTD
- 4.70%
- 6M
- 6.98%
- 1Y
- 23.91%
- 3Y*
- 12.01%
- 5Y*
- 4.50%
- 10Y*
- —
FYX
- 1D
- 2.70%
- 1M
- -2.67%
- YTD
- 5.67%
- 6M
- 10.05%
- 1Y
- 33.57%
- 3Y*
- 15.33%
- 5Y*
- 6.59%
- 10Y*
- 11.34%
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OVS vs. FYX - Expense Ratio Comparison
OVS has a 0.83% expense ratio, which is higher than FYX's 0.63% expense ratio.
Return for Risk
OVS vs. FYX — Risk / Return Rank
OVS
FYX
OVS vs. FYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Small Cap Equity ETF (OVS) and First Trust Small Cap Core AlphaDEX Fund (FYX). 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.
| OVS | FYX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.96 | 1.48 | -0.52 |
Sortino ratioReturn per unit of downside risk | 1.48 | 2.14 | -0.66 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.28 | -0.08 |
Calmar ratioReturn relative to maximum drawdown | 1.56 | 2.35 | -0.80 |
Martin ratioReturn relative to average drawdown | 6.45 | 9.65 | -3.20 |
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
| OVS | FYX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.96 | 1.48 | -0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.30 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.47 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.34 | +0.03 |
Correlation
The correlation between OVS and FYX is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
OVS vs. FYX - Dividend Comparison
OVS's dividend yield for the trailing twelve months is around 6.32%, more than FYX's 0.78% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OVS Overlay Shares Small Cap Equity ETF | 6.32% | 3.69% | 4.08% | 3.19% | 3.43% | 4.05% | 1.74% | 0.54% | 0.00% | 0.00% | 0.00% | 0.00% |
FYX First Trust Small Cap Core AlphaDEX Fund | 0.78% | 0.64% | 1.62% | 1.22% | 0.95% | 0.99% | 0.65% | 1.12% | 1.08% | 0.60% | 0.94% | 0.88% |
Drawdowns
OVS vs. FYX - Drawdown Comparison
The maximum OVS drawdown since its inception was -45.09%, smaller than the maximum FYX drawdown of -61.80%. Use the drawdown chart below to compare losses from any high point for OVS and FYX.
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Drawdown Indicators
| OVS | FYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.09% | -61.80% | +16.71% |
Max Drawdown (1Y)Largest decline over 1 year | -15.95% | -13.84% | -2.11% |
Max Drawdown (5Y)Largest decline over 5 years | -30.49% | -27.91% | -2.58% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.82% | — |
Current DrawdownCurrent decline from peak | -5.40% | -4.24% | -1.16% |
Average DrawdownAverage peak-to-trough decline | -11.63% | -10.98% | -0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.85% | 3.38% | +0.47% |
Volatility
OVS vs. FYX - Volatility Comparison
Overlay Shares Small Cap Equity ETF (OVS) has a higher volatility of 6.99% compared to First Trust Small Cap Core AlphaDEX Fund (FYX) at 6.35%. This indicates that OVS's price experiences larger fluctuations and is considered to be riskier than FYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OVS | FYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.99% | 6.35% | +0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 14.80% | 13.40% | +1.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.98% | 22.79% | +2.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.35% | 22.04% | +1.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.72% | 24.21% | +3.51% |