OVS vs. OVL

Last updated Jun 19, 2026

OVS (Overlay Shares Small Cap Equity ETF) and OVL (Overlay Shares Large Cap Equity ETF) are both exchange-traded funds - OVS is a Small Cap Blend Equities fund actively managed by Liquid Strategies, while OVL is a Large Cap Growth Equities fund actively managed by Liquid Strategies. Both are actively managed. Over the past 5 years, OVS returned 7.56%/yr vs 14.36%/yr for OVL. A 0.78 correlation means they provide meaningful diversification when combined. OVS charges 0.83%/yr vs 0.79%/yr for OVL.

Performance

OVS vs. OVL - Performance Comparison

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

Returns By Period

In the year-to-date period, OVS achieves a 21.64% return, which is significantly higher than OVL's 12.02% return.

OVS

• 1D: 2.01%
• 1M: 7.82%
• YTD: 21.64%
• 6M: 20.11%
• 1Y: 40.98%
• 3Y*: 16.51%
• 5Y*: 7.56%
• 10Y*: —

OVL

• 1D: 1.19%
• 1M: 1.83%
• YTD: 12.02%
• 6M: 13.57%
• 1Y: 31.40%
• 3Y*: 22.52%
• 5Y*: 14.36%
• 10Y*: —

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

OVS vs. OVL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
OVS Overlay Shares Small Cap Equity ETF	21.64%	6.15%	11.07%	17.20%	-19.99%	30.15%	12.16%	9.35%
OVL Overlay Shares Large Cap Equity ETF	12.02%	17.81%	27.91%	28.01%	-22.18%	32.40%	20.17%	8.73%

Correlation

The correlation between OVS and OVL is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019	0.78

The correlation between OVS and OVL has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.

OVS vs. OVL - Sectors Allocation Comparison

Sectors	OVS	OVL
Technology	17.5%	35.7%
Financial Services	16.4%	11.6%
Industrials	15.1%	8.3%
Consumer Cyclical	13.1%	10.2%
Healthcare	10.9%	8.5%
Real Estate	7.5%	1.9%
Energy	5.4%	3.5%
Basic Materials	5.0%	1.8%
Communication Services	3.7%	11.2%
Consumer Defensive	3.7%	4.9%
Utilities	1.9%	2.4%

Return for Risk

OVS vs. OVL — Risk / Return Rank

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

OVS

OVS Risk / Return Rank: 75
OVS Sharpe Ratio Rank: 70
OVS Sortino Ratio Rank: 70
OVS Omega Ratio Rank: 63
OVS Calmar Ratio Rank: 88
OVS Martin Ratio Rank: 83

OVL

OVL Risk / Return Rank: 74
OVL Sharpe Ratio Rank: 73
OVL Sortino Ratio Rank: 67
OVL Omega Ratio Rank: 71
OVL Calmar Ratio Rank: 76
OVL Martin Ratio Rank: 82

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. OVL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Small Cap Equity ETF (OVS) and Overlay Shares Large Cap Equity ETF (OVL). 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	OVL	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.17	-0.05
Sortino ratio: Return per unit of downside risk	2.97	2.87	+0.11
Omega ratio: Gain probability vs. loss probability	1.36	1.39	-0.03
Calmar ratio: Return relative to maximum drawdown	4.84	3.61	+1.23
Martin ratio: Return relative to average drawdown	15.72	15.33	+0.38

OVS vs. OVL - Sharpe Ratio Comparison

The current OVS Sharpe Ratio is 2.12, which is comparable to the OVL Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of OVS and OVL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

OVS vs. OVL - Drawdown Comparison

The maximum OVS drawdown since its inception was -45.09%, which is greater than OVL's maximum drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for OVS and OVL.

Drawdown Indicators

	OVS	OVL	Difference
Max Drawdown Largest peak-to-trough decline	-45.09%	-35.49%	-9.60%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-8.73%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	-30.49%	-21.73%	-8.76%
Max Drawdown (5Y) Largest decline over 5 years	-30.49%	-29.23%	-1.26%
Current Drawdown Current decline from peak	-0.02%	-1.97%	+1.95%
Average Drawdown Average peak-to-trough decline	-11.29%	-6.69%	-4.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	2.05%	+0.56%

Volatility

OVS vs. OVL - Volatility Comparison

Overlay Shares Small Cap Equity ETF (OVS) and Overlay Shares Large Cap Equity ETF (OVL) have volatilities of 5.52% and 5.28%, 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.

Volatility by Period

	OVS	OVL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.52%	5.28%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	13.44%	11.43%	+2.01%
Volatility (1Y) Calculated over the trailing 1-year period	19.46%	14.57%	+4.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.25%	19.89%	+3.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.44%	22.55%	+4.89%

OVS vs. OVL - Expense Ratio Comparison

OVS has a 0.83% expense ratio, which is higher than OVL's 0.79% expense ratio.

Dividends

OVS vs. OVL - Dividend Comparison

OVS's dividend yield for the trailing twelve months is around 6.60%, more than OVL's 6.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVL Overlay Shares Large Cap Equity ETF	6.24%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%
OVS Overlay Shares Small Cap Equity ETF	6.60%	3.69%	4.08%	3.19%	3.43%	4.05%	1.74%	0.54%

Frequently Asked Questions

Can I hold both OVS and OVL in my portfolio?

OVS and OVL have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OVS or OVL?

OVS has higher volatility (5.52%) compared to OVL (5.28%). In terms of maximum drawdown, OVS dropped -45.09% vs OVL's -35.49%.

Which ETF is better, OVS or OVL?

On 5-year performance, OVL leads with 14.36% vs 7.56% for OVS. On fees, OVL is cheaper at 0.79% per year. On volatility, OVL has been the lower-risk option at 5.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVS or OVL?

Over the 5-year period, OVL has performed better with a 14.36% return vs 7.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVS or OVL?

OVL is cheaper with a 0.79% expense ratio, compared with 0.83% for OVS.

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

OVS has the higher dividend yield at 6.60%, compared with 6.24% for OVL.

What is the main difference between OVS and OVL?

OVS is categorized as Small Cap Blend Equities, while OVL is Large Cap Growth Equities. Their fees differ too: 0.83% for OVS and 0.79% for OVL.

Which has better risk-adjusted returns?

OVL currently has the higher Sharpe Ratio (2.17 vs 2.12), 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.