OVS vs. RB

Last updated Jun 4, 2026

OVS (Overlay Shares Small Cap Equity ETF) and RB (ProShares Russell 2000 Dynamic Daily Buffer ETF) are both exchange-traded funds - OVS is a Small Cap Blend Equities fund actively managed by Liquid Strategies, while RB is a Defined Outcome fund tracking the Russell 2000. OVS is actively managed, while RB is passively managed. A 0.75 correlation means they provide meaningful diversification when combined. OVS charges 0.83%/yr vs 0.58%/yr for RB.

Performance

OVS vs. RB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Small Cap Equity ETF (OVS) and ProShares Russell 2000 Dynamic Daily Buffer ETF (RB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OVS achieves a 17.65% return, which is significantly higher than RB's 6.76% return.

OVS

• 1D: -0.98%
• 1M: 2.07%
• YTD: 17.65%
• 6M: 16.54%
• 1Y: 36.35%
• 3Y*: 16.07%
• 5Y*: 6.01%
• 10Y*: —

RB

• 1D: -0.17%
• 1M: 1.63%
• YTD: 6.76%
• 6M: 8.48%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OVS vs. RB - Yearly Performance Comparison

	2026 (YTD)	2025
OVS Overlay Shares Small Cap Equity ETF	17.65%	12.63%
RB ProShares Russell 2000 Dynamic Daily Buffer ETF	6.76%	10.58%

Correlation

The correlation between OVS and RB is 0.75, 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 Jun 27, 2025	0.75

Return for Risk

OVS vs. RB — Risk / Return Rank

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

OVS

OVS Risk / Return Rank: 64
OVS Sharpe Ratio Rank: 56
OVS Sortino Ratio Rank: 57
OVS Omega Ratio Rank: 52
OVS Calmar Ratio Rank: 81
OVS Martin Ratio Rank: 74

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. RB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Small Cap Equity ETF (OVS) and ProShares Russell 2000 Dynamic Daily Buffer ETF (RB). 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	RB	Difference
Sharpe ratio: Return per unit of total volatility	1.90	—	—
Sortino ratio: Return per unit of downside risk	2.71	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	4.29	—	—
Martin ratio: Return relative to average drawdown	13.85	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	OVS	RB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	3.15	-2.71

Drawdowns

OVS vs. RB - Drawdown Comparison

The maximum OVS drawdown since its inception was -45.09%, which is greater than RB's maximum drawdown of -1.70%. Use the drawdown chart below to compare losses from any high point for OVS and RB.

Drawdown Indicators

	OVS	RB	Difference
Max Drawdown Largest peak-to-trough decline	-45.09%	-1.70%	-43.39%
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	-0.98%	-0.47%	-0.51%
Average Drawdown Average peak-to-trough decline	-11.35%	-0.41%	-10.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	—	—

Volatility

Volatility by Period

	OVS	RB	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.00%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.27%	6.21%	+13.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.23%	6.21%	+17.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.47%	6.21%	+21.26%

OVS vs. RB - Expense Ratio Comparison

OVS has a 0.83% expense ratio, which is higher than RB's 0.58% expense ratio.

Dividends

OVS vs. RB - Dividend Comparison

OVS's dividend yield for the trailing twelve months is around 6.83%, more than RB's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVS Overlay Shares Small Cap Equity ETF	6.83%	3.69%	4.08%	3.19%	3.43%	4.05%	1.74%	0.54%
RB ProShares Russell 2000 Dynamic Daily Buffer ETF	2.00%	1.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OVS and RB in my portfolio?

OVS and RB have a correlation of 0.75, 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 RB?

On fees, RB is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, OVS or RB?

RB is cheaper with a 0.58% expense ratio, compared with 0.83% for OVS.

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

OVS has the higher dividend yield at 6.83%, compared with 2.00% for RB.

What is the main difference between OVS and RB?

OVS is categorized as Small Cap Blend Equities, while RB is Defined Outcome. They also come from different issuers: Liquid Strategies and ProShares. Their fees differ too: 0.83% for OVS and 0.58% for RB.