OVS vs. RYLD

Last updated Jun 24, 2026

OVS (Overlay Shares Small Cap Equity ETF) and RYLD (Global X Russell 2000 Covered Call ETF) are both exchange-traded funds - OVS is a Small Cap Blend Equities fund actively managed by Liquid Strategies, while RYLD is a Derivative Income fund tracking the CBOE Russell 2000 BuyWrite Index. OVS is actively managed, while RYLD is passively managed. Over the past 5 years, OVS returned 6.48%/yr vs 2.45%/yr for RYLD. Their correlation of 0.84 suggests significant overlap in exposure. OVS charges 0.83%/yr vs 0.60%/yr for RYLD.

Performance

OVS vs. RYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Small Cap Equity ETF (OVS) and Global X Russell 2000 Covered Call ETF (RYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OVS achieves a 20.91% return, which is significantly higher than RYLD's 9.51% return.

OVS

• 1D: -0.41%
• 1M: 3.73%
• YTD: 20.91%
• 6M: 18.05%
• 1Y: 38.42%
• 3Y*: 17.64%
• 5Y*: 6.48%
• 10Y*: —

RYLD

• 1D: -0.50%
• 1M: 2.12%
• YTD: 9.51%
• 6M: 8.37%
• 1Y: 20.74%
• 3Y*: 8.72%
• 5Y*: 2.45%
• 10Y*: —

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

OVS vs. RYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
OVS Overlay Shares Small Cap Equity ETF	20.91%	6.15%	11.07%	17.20%	-19.99%	30.15%	12.16%	9.35%
RYLD Global X Russell 2000 Covered Call ETF	9.51%	5.65%	10.13%	0.27%	-13.03%	22.13%	-0.44%	5.08%

Correlation

The correlation between OVS and RYLD is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019	0.84

The correlation between OVS and RYLD has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

OVS vs. RYLD - Sectors Allocation Comparison

Sectors	OVS	RYLD
Technology	17.5%	19.0%
Financial Services	16.4%	15.5%
Industrials	15.1%	18.0%
Consumer Cyclical	13.1%	8.0%
Healthcare	10.9%	16.3%
Real Estate	7.5%	5.9%
Energy	5.4%	5.4%
Basic Materials	5.0%	4.7%
Communication Services	3.7%	2.4%
Consumer Defensive	3.7%	2.3%
Utilities	1.9%	2.8%

Return for Risk

OVS vs. RYLD — Risk / Return Rank

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

OVS

OVS Risk / Return Rank: 71
OVS Sharpe Ratio Rank: 65
OVS Sortino Ratio Rank: 66
OVS Omega Ratio Rank: 60
OVS Calmar Ratio Rank: 86
OVS Martin Ratio Rank: 80

RYLD

RYLD Risk / Return Rank: 68
RYLD Sharpe Ratio Rank: 62
RYLD Sortino Ratio Rank: 62
RYLD Omega Ratio Rank: 73
RYLD Calmar Ratio Rank: 69
RYLD 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. RYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Small Cap Equity ETF (OVS) and Global X Russell 2000 Covered Call ETF (RYLD). 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	RYLD	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.96	+0.03
Sortino ratio: Return per unit of downside risk	2.82	2.76	+0.06
Omega ratio: Gain probability vs. loss probability	1.34	1.41	-0.07
Calmar ratio: Return relative to maximum drawdown	4.54	3.31	+1.23
Martin ratio: Return relative to average drawdown	14.73	13.37	+1.36

OVS vs. RYLD - Sharpe Ratio Comparison

The current OVS Sharpe Ratio is 1.99, which is comparable to the RYLD Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of OVS and RYLD, 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. RYLD - Drawdown Comparison

The maximum OVS drawdown since its inception was -45.09%, which is greater than RYLD's maximum drawdown of -41.53%. Use the drawdown chart below to compare losses from any high point for OVS and RYLD.

Drawdown Indicators

	OVS	RYLD	Difference
Max Drawdown Largest peak-to-trough decline	-45.09%	-41.53%	-3.56%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-6.29%	-2.22%
Max Drawdown (3Y) Largest decline over 3 years	-30.49%	-19.05%	-11.44%
Max Drawdown (5Y) Largest decline over 5 years	-30.49%	-21.33%	-9.16%
Current Drawdown Current decline from peak	-0.63%	-0.50%	-0.13%
Average Drawdown Average peak-to-trough decline	-11.27%	-8.78%	-2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	1.55%	+1.06%

Volatility

OVS vs. RYLD - Volatility Comparison

Overlay Shares Small Cap Equity ETF (OVS) has a higher volatility of 5.30% compared to Global X Russell 2000 Covered Call ETF (RYLD) at 2.00%. This indicates that OVS's price experiences larger fluctuations and is considered to be riskier than RYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVS	RYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	2.00%	+3.30%
Volatility (6M) Calculated over the trailing 6-month period	13.42%	7.80%	+5.62%
Volatility (1Y) Calculated over the trailing 1-year period	19.47%	10.66%	+8.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.24%	14.05%	+9.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.42%	17.15%	+10.27%

OVS vs. RYLD - Expense Ratio Comparison

OVS has a 0.83% expense ratio, which is higher than RYLD's 0.60% expense ratio.

Dividends

OVS vs. RYLD - Dividend Comparison

OVS's dividend yield for the trailing twelve months is around 6.64%, less than RYLD's 11.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVS Overlay Shares Small Cap Equity ETF	6.64%	3.69%	4.08%	3.19%	3.43%	4.05%	1.74%	0.54%
RYLD Global X Russell 2000 Covered Call ETF	11.73%	12.00%	12.03%	12.64%	13.49%	12.35%	10.76%	6.43%

Frequently Asked Questions

Can I hold both OVS and RYLD in my portfolio?

OVS and RYLD have a correlation of 0.82, 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 RYLD?

OVS has higher volatility (5.30%) compared to RYLD (2.00%). In terms of maximum drawdown, OVS dropped -45.09% vs RYLD's -41.53%.

Which ETF is better, OVS or RYLD?

On 5-year performance, OVS leads with 6.48% vs 2.45% for RYLD. On fees, RYLD is cheaper at 0.60% per year. On volatility, RYLD has been the lower-risk option at 2.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVS or RYLD?

Over the 5-year period, OVS has performed better with a 6.48% return vs 2.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVS or RYLD?

RYLD is cheaper with a 0.60% expense ratio, compared with 0.83% for OVS.

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

RYLD has the higher dividend yield at 11.73%, compared with 6.64% for OVS.

What is the main difference between OVS and RYLD?

OVS is categorized as Small Cap Blend Equities, while RYLD is Derivative Income. They also come from different issuers: Liquid Strategies and Global X. Their fees differ too: 0.83% for OVS and 0.60% for RYLD.

Which has better risk-adjusted returns?

OVS currently has the higher Sharpe Ratio (1.99 vs 1.96), 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.