OVS vs. SPSM
Compare and contrast key facts about Overlay Shares Small Cap Equity ETF (OVS) and SPDR Portfolio S&P 600 Small Cap ETF (SPSM).
OVS and SPSM 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. SPSM is a passively managed fund by State Street that tracks the performance of the S&P SmallCap 600 Index. It was launched on Jul 8, 2013.
Performance
OVS vs. SPSM - Performance Comparison
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OVS vs. SPSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
OVS Overlay Shares Small Cap Equity ETF | 4.70% | 6.15% | 11.07% | 17.20% | -19.99% | 30.15% | 12.16% | 11.51% |
SPSM SPDR Portfolio S&P 600 Small Cap ETF | 3.48% | 6.11% | 8.55% | 16.11% | -16.12% | 26.67% | 11.69% | 11.42% |
Returns By Period
In the year-to-date period, OVS achieves a 4.70% return, which is significantly higher than SPSM's 3.48% return.
OVS
- 1D
- 3.03%
- 1M
- -3.86%
- YTD
- 4.70%
- 6M
- 6.98%
- 1Y
- 23.91%
- 3Y*
- 12.01%
- 5Y*
- 4.50%
- 10Y*
- —
SPSM
- 1D
- 2.81%
- 1M
- -4.07%
- YTD
- 3.48%
- 6M
- 5.20%
- 1Y
- 20.56%
- 3Y*
- 10.51%
- 5Y*
- 4.16%
- 10Y*
- 10.05%
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OVS vs. SPSM - Expense Ratio Comparison
OVS has a 0.83% expense ratio, which is higher than SPSM's 0.05% expense ratio.
Return for Risk
OVS vs. SPSM — Risk / Return Rank
OVS
SPSM
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 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.
| OVS | SPSM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.96 | 0.92 | +0.05 |
Sortino ratioReturn per unit of downside risk | 1.48 | 1.41 | +0.07 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.19 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.56 | 1.42 | +0.14 |
Martin ratioReturn relative to average drawdown | 6.45 | 5.73 | +0.72 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OVS | SPSM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.96 | 0.92 | +0.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.19 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.44 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.41 | -0.04 |
Correlation
The correlation between OVS and SPSM is 0.97, 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. SPSM - Dividend Comparison
OVS's dividend yield for the trailing twelve months is around 6.32%, more than SPSM's 1.59% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OVS Overlay Shares Small Cap Equity ETF | 6.32% | 3.69% | 4.08% | 3.19% | 3.43% | 4.05% | 1.74% | 0.54% | 0.00% | 0.00% | 0.00% | 0.00% |
SPSM SPDR Portfolio S&P 600 Small Cap ETF | 1.59% | 1.62% | 1.85% | 1.61% | 1.38% | 1.40% | 1.34% | 1.58% | 1.82% | 1.51% | 1.49% | 2.37% |
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.
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Drawdown Indicators
| OVS | SPSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.09% | -42.89% | -2.20% |
Max Drawdown (1Y)Largest decline over 1 year | -15.95% | -14.82% | -1.13% |
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 DrawdownCurrent decline from peak | -5.40% | -5.81% | +0.41% |
Average DrawdownAverage peak-to-trough decline | -11.63% | -8.02% | -3.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.85% | 3.67% | +0.18% |
Volatility
OVS vs. SPSM - Volatility Comparison
Overlay Shares Small Cap Equity ETF (OVS) has a higher volatility of 6.99% compared to SPDR Portfolio S&P 600 Small Cap ETF (SPSM) at 6.26%. 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.
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Volatility by Period
| OVS | SPSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.99% | 6.26% | +0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 14.80% | 12.94% | +1.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.98% | 22.56% | +2.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.35% | 21.54% | +1.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.72% | 22.98% | +4.74% |