OVS vs. SPSM

Last updated Jul 30, 2026

OVS (Overlay Shares Small Cap Equity ETF) and SPSM (State Street SPDR Portfolio S&P 600 Small Cap ETF) are both Small Cap Blend Equities funds. OVS is actively managed, while SPSM is passively managed. Over the past 5 years, OVS returned 7.27%/yr vs 7.30%/yr for SPSM. Their 0.97 correlation means they have historically moved very closely together. OVS charges 0.83%/yr vs 0.03%/yr for SPSM.

Performance

OVS vs. SPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Small Cap Equity ETF (OVS) and State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with OVS having a 21.53% return and SPSM slightly lower at 20.57%.

OVS

• 1D: -1.78%
• 1M: -2.56%
• 6M: 14.42%
• YTD: 21.53%
• 1Y: 32.00%
• 3Y*: 14.28%
• 5Y*: 7.27%
• 10Y*: —
• ALL TIME*: 11.83%

SPSM

• 1D: -1.39%
• 1M: -2.06%
• 6M: 14.12%
• YTD: 20.57%
• 1Y: 30.24%
• 3Y*: 13.29%
• 5Y*: 7.30%
• 10Y*: 10.70%
• ALL TIME*: 9.98%

*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)
OVS Overlay Shares Small Cap Equity ETF	$572.68K	$521.97K	$441.49K
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF	$90.04M	$100.52M	$95.21M

OVS vs. SPSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
OVS Overlay Shares Small Cap Equity ETF	21.53%	6.15%	11.07%	17.20%	-19.99%	30.15%	12.16%	9.35%
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF	20.57%	6.11%	8.55%	16.11%	-16.12%	26.67%	11.69%	9.31%

Correlation

The correlation between OVS and SPSM is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.99
Correlation (3Y) Balances recent behavior with more history.	0.99
Correlation (5Y) Shows whether the relationship held over a longer period.	0.99
Correlation (All Time) Calculated using the full available price history since Oct 1, 2019	0.97

The correlation between OVS and SPSM has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

OVS vs. SPSM - Sectors Allocation Comparison

Sectors	OVS	SPSM
Financial Services	17.0%	17.1%
Technology	15.6%	15.5%
Industrials	15.5%	15.6%
Consumer Cyclical	13.2%	13.2%
Healthcare	12.4%	12.4%
Real Estate	7.6%	7.6%
Energy	4.8%	4.7%
Basic Materials	4.6%	4.7%
Consumer Defensive	4.2%	4.2%
Communication Services	3.2%	3.2%
Utilities	1.8%	1.8%

Return for Risk

OVS vs. SPSM — Risk / Return Rank

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

OVS

OVS Risk / Return Rank: 80
OVS Sharpe Ratio Rank: 75
OVS Sortino Ratio Rank: 77
OVS Omega Ratio Rank: 70
OVS Calmar Ratio Rank: 90
OVS Martin Ratio Rank: 87

SPSM

SPSM Risk / Return Rank: 81
SPSM Sharpe Ratio Rank: 77
SPSM Sortino Ratio Rank: 80
SPSM Omega Ratio Rank: 74
SPSM Calmar Ratio Rank: 87
SPSM Martin Ratio Rank: 85

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. SPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Small Cap Equity ETF (OVS) and State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM). 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	SPSM	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.76	-0.08
Sortino ratio: Return per unit of downside risk	2.45	2.60	-0.15
Omega ratio: Gain probability vs. loss probability	1.29	1.31	-0.02
Calmar ratio: Return relative to maximum drawdown	3.78	3.48	+0.30
Martin ratio: Return relative to average drawdown	12.39	11.91	+0.48

OVS vs. SPSM - Sharpe Ratio Comparison

The current OVS Sharpe Ratio is 1.67, which is comparable to the SPSM Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of OVS and SPSM, 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. SPSM - Drawdown Comparison

The maximum OVS drawdown since its inception was -45.09%, which is greater than SPSM's maximum drawdown of -42.89%. Use the drawdown chart below to compare losses from any high point for OVS and SPSM.

Drawdown Indicators

	OVS	SPSM	Difference
Max Drawdown Largest peak-to-trough decline	-45.09%	-42.89%	-2.20%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-8.72%	+0.21%
Max Drawdown (3Y) Largest decline over 3 years	-30.49%	-27.94%	-2.55%
Max Drawdown (5Y) Largest decline over 5 years	-30.49%	-27.94%	-2.55%
Max Drawdown (10Y) Largest decline over 10 years	—	-42.89%	—
Current Drawdown Current decline from peak	-3.53%	-2.72%	-0.81%
Average Drawdown Average peak-to-trough decline	-11.13%	-7.84%	-3.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	2.55%	+0.05%

Volatility

OVS vs. SPSM - Volatility Comparison

Overlay Shares Small Cap Equity ETF (OVS) has a higher volatility of 4.10% compared to State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) at 3.43%. This indicates that OVS's price experiences larger fluctuations and is considered to be riskier than SPSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVS	SPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	3.43%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	12.88%	11.64%	+1.24%
Volatility (1Y) Calculated over the trailing 1-year period	19.22%	17.30%	+1.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.08%	21.28%	+1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.27%	22.94%	+4.33%

OVS vs. SPSM - Expense Ratio Comparison

OVS has a 0.83% expense ratio, which is higher than SPSM's 0.03% expense ratio.

Dividends

OVS vs. SPSM - Dividend Comparison

OVS's dividend yield for the trailing twelve months is around 7.80%, more than SPSM's 1.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OVS Overlay Shares Small Cap Equity ETF	7.80%	3.69%	4.08%	3.19%	3.43%	4.05%	1.74%	0.54%	0.00%	0.00%	0.00%	0.00%
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF	1.40%	1.62%	1.85%	1.61%	1.38%	1.40%	1.34%	1.58%	1.82%	1.51%	1.49%	2.37%

Frequently Asked Questions

Can I hold both OVS and SPSM in my portfolio?

With a correlation of 0.99, OVS and SPSM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, OVS or SPSM?

OVS has higher volatility (4.10%) compared to SPSM (3.43%). In terms of maximum drawdown, OVS dropped -45.09% vs SPSM's -42.89%.

Which ETF is better, OVS or SPSM?

On 5-year performance, SPSM leads with 7.30% vs 7.27% for OVS. On fees, SPSM is cheaper at 0.03% per year. On volatility, SPSM has been the lower-risk option at 3.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVS or SPSM?

Over the 5-year period, SPSM has performed better with a 7.30% return vs 7.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVS or SPSM?

SPSM is cheaper with a 0.03% expense ratio, compared with 0.83% for OVS.

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

OVS has the higher dividend yield at 7.80%, compared with 1.40% for SPSM.

What is the main difference between OVS and SPSM?

They also come from different issuers: Liquid Strategies and State Street. Their fees differ too: 0.83% for OVS and 0.03% for SPSM.

Which has better risk-adjusted returns?

SPSM currently has the higher Sharpe Ratio (1.76 vs 1.67), 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.