OVS vs. OVLH

Last updated Aug 2, 2026

OVS (Overlay Shares Small Cap Equity ETF) and OVLH (Overlay Shares Hedged Large Cap Equity ETF) are both exchange-traded funds - OVS is a Small Cap Blend Equities fund actively managed by Liquid Strategies, while OVLH is a Equity Hedged fund actively managed by Liquid Strategies. Both are actively managed. Over the past 5 years, OVS returned 7.56%/yr vs 8.65%/yr for OVLH. Their 0.76 correlation means they have sometimes moved together and sometimes differently. OVS charges 0.83%/yr vs 0.80%/yr for OVLH.

Performance

OVS vs. OVLH - 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 Hedged Large Cap Equity ETF (OVLH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OVS achieves a 23.16% return, which is significantly higher than OVLH's 5.66% return.

OVS

• 1D: 0.06%
• 1M: -0.72%
• 6M: 16.06%
• YTD: 23.16%
• 1Y: 38.98%
• 3Y*: 14.61%
• 5Y*: 7.56%
• 10Y*: —
• ALL TIME*: 12.04%

OVLH

• 1D: 0.83%
• 1M: -0.09%
• 6M: 4.59%
• YTD: 5.66%
• 1Y: 12.65%
• 3Y*: 14.04%
• 5Y*: 8.65%
• 10Y*: —
• ALL TIME*: 10.06%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
OVLH Overlay Shares Hedged Large Cap Equity ETF	$1.10M	$619.38K	$555.34K
OVS Overlay Shares Small Cap Equity ETF	$632.13K	$526.77K	$451.76K

OVS vs. OVLH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OVS Overlay Shares Small Cap Equity ETF	23.16%	6.15%	11.07%	17.20%	-19.99%	17.93%
OVLH Overlay Shares Hedged Large Cap Equity ETF	5.66%	15.77%	18.44%	16.93%	-16.16%	19.70%

Correlation

The correlation between OVS and OVLH is 0.73, 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.	0.73
Correlation (3Y) Balances recent behavior with more history.	0.75
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021	0.76

The correlation between OVS and OVLH has been stable across timeframes, ranging from 0.73 to 0.77 - a consistent structural relationship.

OVS vs. OVLH - Sectors Allocation Comparison

Sectors	OVS	OVLH
Financial Services	17.0%	10.9%
Technology	15.6%	39.1%
Industrials	15.5%	7.8%
Consumer Cyclical	13.2%	9.9%
Healthcare	12.4%	8.3%
Real Estate	7.6%	1.8%
Energy	4.8%	3.1%
Basic Materials	4.6%	1.7%
Consumer Defensive	4.2%	4.5%
Communication Services	3.2%	10.7%
Utilities	1.8%	2.1%

Return for Risk

OVS vs. OVLH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

OVS

OVS Risk / Return Rank: 85
OVS Sharpe Ratio Rank: 82
OVS Sortino Ratio Rank: 84
OVS Omega Ratio Rank: 79
OVS Calmar Ratio Rank: 92
OVS Martin Ratio Rank: 90

OVLH

OVLH Risk / Return Rank: 52
OVLH Sharpe Ratio Rank: 52
OVLH Sortino Ratio Rank: 51
OVLH Omega Ratio Rank: 49
OVLH Calmar Ratio Rank: 51
OVLH Martin Ratio Rank: 55

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

OVS vs. OVLH - 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 Hedged Large Cap Equity ETF (OVLH). 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	OVLH	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.27	+0.63
Sortino ratio: Return per unit of downside risk	2.74	1.83	+0.92
Omega ratio: Gain probability vs. loss probability	1.33	1.22	+0.11
Calmar ratio: Return relative to maximum drawdown	4.30	1.85	+2.45
Martin ratio: Return relative to average drawdown	14.13	6.64	+7.49

OVS vs. OVLH - Sharpe Ratio Comparison

The current OVS Sharpe Ratio is 1.91, which is higher than the OVLH Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of OVS and OVLH, 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. OVLH - Drawdown Comparison

The maximum OVS drawdown since its inception was -45.09%, which is greater than OVLH's maximum drawdown of -20.69%. Use the drawdown chart below to compare losses from any high point for OVS and OVLH.

Drawdown Indicators

	OVS	OVLH	Difference
Max Drawdown Largest peak-to-trough decline	-45.09%	-20.69%	-24.40%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-6.36%	-2.15%
Max Drawdown (3Y) Largest decline over 3 years	-30.49%	-8.81%	-21.68%
Max Drawdown (5Y) Largest decline over 5 years	-30.49%	-20.69%	-9.80%
Current Drawdown Current decline from peak	-2.23%	-2.05%	-0.18%
Average Drawdown Average peak-to-trough decline	-11.12%	-4.94%	-6.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	1.77%	+0.82%

Volatility

OVS vs. OVLH - Volatility Comparison

Overlay Shares Small Cap Equity ETF (OVS) has a higher volatility of 4.16% compared to Overlay Shares Hedged Large Cap Equity ETF (OVLH) at 2.85%. This indicates that OVS's price experiences larger fluctuations and is considered to be riskier than OVLH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVS	OVLH	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	2.85%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	12.91%	7.07%	+5.84%
Volatility (1Y) Calculated over the trailing 1-year period	19.22%	9.22%	+10.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.08%	11.75%	+11.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.26%	11.78%	+15.48%

OVS vs. OVLH - Expense Ratio Comparison

OVS has a 0.83% expense ratio, which is higher than OVLH's 0.80% expense ratio.

Dividends

OVS vs. OVLH - Dividend Comparison

OVS's dividend yield for the trailing twelve months is around 7.69%, more than OVLH's 0.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVLH Overlay Shares Hedged Large Cap Equity ETF	0.28%	0.30%	0.32%	0.83%	0.79%	0.40%	0.00%	0.00%
OVS Overlay Shares Small Cap Equity ETF	7.69%	3.69%	4.08%	3.19%	3.43%	4.05%	1.74%	0.54%

Frequently Asked Questions

Can I hold both OVS and OVLH in my portfolio?

OVS and OVLH 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 is riskier, OVS or OVLH?

OVS has higher volatility (4.16%) compared to OVLH (2.85%). In terms of maximum drawdown, OVS dropped -45.09% vs OVLH's -20.69%.

Which ETF is better, OVS or OVLH?

On 5-year performance, OVLH leads with 8.65% vs 7.56% for OVS. On fees, OVLH is cheaper at 0.80% per year. On volatility, OVLH has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVS or OVLH?

Over the 5-year period, OVLH has performed better with a 8.65% 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 OVLH?

OVLH is cheaper with a 0.80% expense ratio, compared with 0.83% for OVS.

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

OVS has the higher dividend yield at 7.69%, compared with 0.28% for OVLH.

What is the main difference between OVS and OVLH?

OVS is categorized as Small Cap Blend Equities, while OVLH is Equity Hedged. Their fees differ too: 0.83% for OVS and 0.80% for OVLH.

Which has better risk-adjusted returns?

OVS currently has the higher Sharpe Ratio (1.91 vs 1.27), 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.