OVS vs. QQQS

Last updated Apr 1, 2026

Compare and contrast key facts about Overlay Shares Small Cap Equity ETF (OVS) and Invesco NASDAQ Future Gen 200 ETF (QQQS).

OVS and QQQS 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. QQQS is a passively managed fund by Invesco that tracks the performance of the Nasdaq Innovators Completion Cap Total Return Index. It was launched on Oct 13, 2022.

Performance

OVS vs. QQQS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Small Cap Equity ETF (OVS) and Invesco NASDAQ Future Gen 200 ETF (QQQS). The values are adjusted to include any dividend payments, if applicable.

OVS vs. QQQS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OVS Overlay Shares Small Cap Equity ETF	4.70%	6.15%	11.07%	17.20%	4.54%
QQQS Invesco NASDAQ Future Gen 200 ETF	-0.97%	23.03%	10.20%	-1.94%	6.56%

Returns By Period

In the year-to-date period, OVS achieves a 4.70% return, which is significantly higher than QQQS's -0.97% return.

OVS

• 1D: 3.03%
• 1M: -3.86%
• YTD: 4.70%
• 6M: 6.98%
• 1Y: 23.91%
• 3Y*: 12.01%
• 5Y*: 4.50%
• 10Y*: —

QQQS

• 1D: 4.87%
• 1M: -6.39%
• YTD: -0.97%
• 6M: 2.84%
• 1Y: 49.21%
• 3Y*: 8.27%
• 5Y*: —
• 10Y*: —

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

OVS vs. QQQS - Expense Ratio Comparison

OVS has a 0.83% expense ratio, which is higher than QQQS's 0.20% expense ratio.

OVS

Overlay Shares Small Cap Equity ETF

QQQS

Invesco NASDAQ Future Gen 200 ETF

Return for Risk

OVS vs. QQQS — Risk / Return Rank

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

OVS

OVS Risk / Return Rank: 56
OVS Sharpe Ratio Rank: 52
OVS Sortino Ratio Rank: 56
OVS Omega Ratio Rank: 51
OVS Calmar Ratio Rank: 60
OVS Martin Ratio Rank: 63

QQQS

QQQS Risk / Return Rank: 84
QQQS Sharpe Ratio Rank: 84
QQQS Sortino Ratio Rank: 85
QQQS Omega Ratio Rank: 76
QQQS Calmar Ratio Rank: 89
QQQS Martin Ratio Rank: 86

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. QQQS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Small Cap Equity ETF (OVS) and Invesco NASDAQ Future Gen 200 ETF (QQQS). 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	QQQS	Difference
Sharpe ratio Return per unit of total volatility	0.96	1.61	-0.65
Sortino ratio Return per unit of downside risk	1.48	2.20	-0.72
Omega ratio Gain probability vs. loss probability	1.20	1.28	-0.08
Calmar ratio Return relative to maximum drawdown	1.56	2.81	-1.25
Martin ratio Return relative to average drawdown	6.45	9.71	-3.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OVS vs. QQQS - Sharpe Ratio Comparison

The current OVS Sharpe Ratio is 0.96, which is lower than the QQQS Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of OVS and QQQS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	OVS	QQQS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.96	1.61	-0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.36	+0.01

Correlation

The correlation between OVS and QQQS is 0.84, 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. QQQS - Dividend Comparison

OVS's dividend yield for the trailing twelve months is around 6.32%, more than QQQS's 3.51% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
OVS Overlay Shares Small Cap Equity ETF	6.32%	3.69%	4.08%	3.19%	3.43%	4.05%	1.74%	0.54%
QQQS Invesco NASDAQ Future Gen 200 ETF	3.51%	3.48%	0.80%	0.68%	0.04%	0.00%	0.00%	0.00%

Drawdowns

OVS vs. QQQS - Drawdown Comparison

The maximum OVS drawdown since its inception was -45.09%, which is greater than QQQS's maximum drawdown of -38.06%. Use the drawdown chart below to compare losses from any high point for OVS and QQQS.

Drawdown Indicators

	OVS	QQQS	Difference
Max Drawdown Largest peak-to-trough decline	-45.09%	-38.06%	-7.03%
Max Drawdown (1Y) Largest decline over 1 year	-15.95%	-16.53%	+0.58%
Max Drawdown (5Y) Largest decline over 5 years	-30.49%	—	—
Current Drawdown Current decline from peak	-5.40%	-9.42%	+4.02%
Average Drawdown Average peak-to-trough decline	-11.63%	-13.84%	+2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	4.78%	-0.93%

Volatility

OVS vs. QQQS - Volatility Comparison

The current volatility for Overlay Shares Small Cap Equity ETF (OVS) is 6.99%, while Invesco NASDAQ Future Gen 200 ETF (QQQS) has a volatility of 10.32%. This indicates that OVS experiences smaller price fluctuations and is considered to be less risky than QQQS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVS	QQQS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.99%	10.32%	-3.33%
Volatility (6M) Calculated over the trailing 6-month period	14.80%	19.93%	-5.13%
Volatility (1Y) Calculated over the trailing 1-year period	24.98%	30.79%	-5.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.35%	28.42%	-5.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.72%	28.42%	-0.70%