OVS vs. VIOO

Last updated Jun 4, 2026

OVS (Overlay Shares Small Cap Equity ETF) and VIOO (Vanguard S&P Small-Cap 600 ETF) are both Small Cap Blend Equities funds. OVS is actively managed, while VIOO is passively managed. Over the past 5 years, OVS returned 6.01%/yr vs 5.66%/yr for VIOO. With a 0.97 correlation, they move nearly in lockstep. OVS charges 0.83%/yr vs 0.10%/yr for VIOO.

Performance

OVS vs. VIOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Small Cap Equity ETF (OVS) and Vanguard S&P Small-Cap 600 ETF (VIOO). 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 VIOO's 15.34% return.

OVS

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

VIOO

• 1D: -0.88%
• 1M: 1.64%
• YTD: 15.34%
• 6M: 14.20%
• 1Y: 31.68%
• 3Y*: 14.40%
• 5Y*: 5.66%
• 10Y*: 10.67%

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

OVS vs. VIOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
OVS Overlay Shares Small Cap Equity ETF	17.65%	6.15%	11.07%	17.20%	-19.99%	30.15%	12.16%	11.51%
VIOO Vanguard S&P Small-Cap 600 ETF	15.34%	6.04%	8.48%	16.16%	-16.26%	26.79%	11.47%	10.35%

Correlation

The correlation between OVS and VIOO is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Oct 2, 2019	0.97

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

OVS vs. VIOO - Sectors Allocation Comparison

Sectors	OVS	VIOO
Financial Services	17.0%	16.9%
Technology	15.3%	15.5%
Industrials	15.3%	15.5%
Consumer Cyclical	13.4%	13.4%
Healthcare	11.0%	11.0%
Real Estate	7.7%	7.7%
Energy	6.0%	5.9%
Basic Materials	5.2%	5.1%
Communication Services	3.6%	3.6%
Consumer Defensive	3.6%	3.5%
Utilities	2.0%	2.0%

Return for Risk

OVS vs. VIOO — 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

VIOO

VIOO Risk / Return Rank: 58
VIOO Sharpe Ratio Rank: 52
VIOO Sortino Ratio Rank: 54
VIOO Omega Ratio Rank: 49
VIOO Calmar Ratio Rank: 72
VIOO Martin Ratio Rank: 65

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. VIOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Small Cap Equity ETF (OVS) and Vanguard S&P Small-Cap 600 ETF (VIOO). 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	VIOO	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.82	+0.09
Sortino ratio: Return per unit of downside risk	2.71	2.64	+0.07
Omega ratio: Gain probability vs. loss probability	1.33	1.31	+0.01
Calmar ratio: Return relative to maximum drawdown	4.29	3.63	+0.66
Martin ratio: Return relative to average drawdown	13.85	12.14	+1.71
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. VIOO - Sharpe Ratio Comparison

The current OVS Sharpe Ratio is 1.90, which is comparable to the VIOO Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of OVS and VIOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	OVS	VIOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	1.82	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.27	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.57	-0.14

Drawdowns

OVS vs. VIOO - Drawdown Comparison

The maximum OVS drawdown since its inception was -45.09%, roughly equal to the maximum VIOO drawdown of -44.15%. Use the drawdown chart below to compare losses from any high point for OVS and VIOO.

Drawdown Indicators

	OVS	VIOO	Difference
Max Drawdown Largest peak-to-trough decline	-45.09%	-44.15%	-0.94%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-8.77%	+0.26%
Max Drawdown (3Y) Largest decline over 3 years	-30.49%	-27.93%	-2.56%
Max Drawdown (5Y) Largest decline over 5 years	-30.49%	-27.93%	-2.56%
Max Drawdown (10Y) Largest decline over 10 years	—	-44.15%	—
Current Drawdown Current decline from peak	-0.98%	-0.89%	-0.09%
Average Drawdown Average peak-to-trough decline	-11.35%	-7.33%	-4.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	2.62%	+0.01%

Volatility

OVS vs. VIOO - Volatility Comparison

Overlay Shares Small Cap Equity ETF (OVS) and Vanguard S&P Small-Cap 600 ETF (VIOO) have volatilities of 4.58% and 4.40%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVS	VIOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	4.40%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	13.00%	11.71%	+1.29%
Volatility (1Y) Calculated over the trailing 1-year period	19.27%	17.59%	+1.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.23%	21.40%	+1.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.47%	22.99%	+4.48%

OVS vs. VIOO - Expense Ratio Comparison

OVS has a 0.83% expense ratio, which is higher than VIOO's 0.10% expense ratio.

Dividends

OVS vs. VIOO - Dividend Comparison

OVS's dividend yield for the trailing twelve months is around 6.83%, more than VIOO's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OVS Overlay Shares Small Cap Equity ETF	6.83%	3.69%	4.08%	3.19%	3.43%	4.05%	1.74%	0.54%	0.00%	0.00%	0.00%	0.00%
VIOO Vanguard S&P Small-Cap 600 ETF	1.18%	1.36%	1.48%	1.47%	1.51%	1.16%	1.09%	1.37%	1.32%	1.11%	1.06%	1.26%

Frequently Asked Questions

Can I hold both OVS and VIOO in my portfolio?

With a correlation of 0.99, OVS and VIOO 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 VIOO?

OVS has higher volatility (4.58%) compared to VIOO (4.40%). In terms of maximum drawdown, OVS dropped -45.09% vs VIOO's -44.15%.

Which ETF is better, OVS or VIOO?

On 5-year performance, OVS leads with 6.01% vs 5.66% for VIOO. On fees, VIOO is cheaper at 0.10% per year. On volatility, VIOO has been the lower-risk option at 4.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVS or VIOO?

Over the 5-year period, OVS has performed better with a 6.01% return vs 5.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVS or VIOO?

VIOO is cheaper with a 0.10% expense ratio, compared with 0.83% for OVS.

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

OVS has the higher dividend yield at 6.83%, compared with 1.18% for VIOO.

What is the main difference between OVS and VIOO?

They also come from different issuers: Liquid Strategies and Vanguard. Their fees differ too: 0.83% for OVS and 0.10% for VIOO.

Which has better risk-adjusted returns?

OVS currently has the higher Sharpe Ratio (1.90 vs 1.82), 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.