OVT vs. BESF

Last updated Jun 24, 2026

OVT (Overlay Shares Short Term Bond ETF) and BESF (Bastion Energy ETF) are both exchange-traded funds - OVT is a Corporate Bonds fund actively managed by Liquid Strategies, while BESF is a Energy Equities fund actively managed by Bastion. Both are actively managed. Over the past year, OVT returned 7.33% vs 61.61% for BESF. At a correlation of -0.11, they often move in opposite directions. Both charge a 0.80% expense ratio.

Performance

OVT vs. BESF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Short Term Bond ETF (OVT) and Bastion Energy ETF (BESF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OVT achieves a 1.98% return, which is significantly lower than BESF's 16.12% return.

OVT

• 1D: -0.14%
• 1M: -0.17%
• YTD: 1.98%
• 6M: 1.98%
• 1Y: 7.33%
• 3Y*: 7.26%
• 5Y*: 2.84%
• 10Y*: —

BESF

• 1D: 1.01%
• 1M: -6.28%
• YTD: 16.12%
• 6M: 15.17%
• 1Y: 61.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OVT vs. BESF - Yearly Performance Comparison

	2026 (YTD)	2025
OVT Overlay Shares Short Term Bond ETF	1.98%	6.15%
BESF Bastion Energy ETF	16.12%	38.76%

Correlation

The correlation between OVT and BESF is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Jun 4, 2025	-0.11

Return for Risk

OVT vs. BESF — Risk / Return Rank

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

OVT

OVT Risk / Return Rank: 75
OVT Sharpe Ratio Rank: 66
OVT Sortino Ratio Rank: 66
OVT Omega Ratio Rank: 72
OVT Calmar Ratio Rank: 88
OVT Martin Ratio Rank: 81

BESF

BESF Risk / Return Rank: 84
BESF Sharpe Ratio Rank: 86
BESF Sortino Ratio Rank: 83
BESF Omega Ratio Rank: 77
BESF Calmar Ratio Rank: 92
BESF Martin Ratio Rank: 83

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.

OVT vs. BESF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Short Term Bond ETF (OVT) and Bastion Energy ETF (BESF). 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.

	OVT	BESF	Difference
Sharpe ratio: Return per unit of total volatility	2.01	2.52	-0.50
Sortino ratio: Return per unit of downside risk	2.81	3.34	-0.53
Omega ratio: Gain probability vs. loss probability	1.39	1.41	-0.02
Calmar ratio: Return relative to maximum drawdown	4.74	5.64	-0.90
Martin ratio: Return relative to average drawdown	14.89	15.57	-0.68

OVT vs. BESF - Sharpe Ratio Comparison

The current OVT Sharpe Ratio is 2.01, which is comparable to the BESF Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of OVT and BESF, 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

OVT vs. BESF - Drawdown Comparison

The maximum OVT drawdown since its inception was -13.59%, which is greater than BESF's maximum drawdown of -10.97%. Use the drawdown chart below to compare losses from any high point for OVT and BESF.

Drawdown Indicators

	OVT	BESF	Difference
Max Drawdown Largest peak-to-trough decline	-13.59%	-10.97%	-2.62%
Max Drawdown (1Y) Largest decline over 1 year	-1.55%	-10.97%	+9.42%
Max Drawdown (3Y) Largest decline over 3 years	-3.55%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.59%	—	—
Current Drawdown Current decline from peak	-1.02%	-8.73%	+7.71%
Average Drawdown Average peak-to-trough decline	-3.37%	-2.74%	-0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	3.97%	-3.48%

Volatility

OVT vs. BESF - Volatility Comparison

The current volatility for Overlay Shares Short Term Bond ETF (OVT) is 1.54%, while Bastion Energy ETF (BESF) has a volatility of 6.97%. This indicates that OVT experiences smaller price fluctuations and is considered to be less risky than BESF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVT	BESF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.54%	6.97%	-5.43%
Volatility (6M) Calculated over the trailing 6-month period	2.83%	14.93%	-12.10%
Volatility (1Y) Calculated over the trailing 1-year period	3.68%	24.75%	-21.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.67%	24.39%	-19.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.56%	24.39%	-19.83%

OVT vs. BESF - Expense Ratio Comparison

Both OVT and BESF have an expense ratio of 0.80%.

Dividends

OVT vs. BESF - Dividend Comparison

OVT's dividend yield for the trailing twelve months is around 8.22%, more than BESF's 5.86% yield.

Position	TTM	2025	2024	2023	2022	2021
BESF Bastion Energy ETF	5.86%	6.39%	0.00%	0.00%	0.00%	0.00%
OVT Overlay Shares Short Term Bond ETF	8.22%	7.21%	6.15%	5.11%	4.12%	4.41%

Frequently Asked Questions

Can I hold both OVT and BESF in my portfolio?

OVT and BESF have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OVT or BESF?

BESF has higher volatility (6.97%) compared to OVT (1.54%). In terms of maximum drawdown, OVT dropped -13.59% vs BESF's -10.97%.

Which ETF is better, OVT or BESF?

On 1-year performance, BESF leads with 61.61% vs 7.33% for OVT. Both ETFs have the same 0.80% expense ratio. On volatility, OVT has been the lower-risk option at 1.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVT or BESF?

Over the 1-year period, BESF has performed better with a 61.61% return vs 7.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVT or BESF?

OVT and BESF have the same expense ratio: 0.80% per year.

Which ETF pays a higher dividend yield, OVT or BESF?

OVT has the higher dividend yield at 8.22%, compared with 5.86% for BESF.

What is the main difference between OVT and BESF?

OVT is categorized as Corporate Bonds, while BESF is Energy Equities. They also come from different issuers: Liquid Strategies and Bastion.

Which has better risk-adjusted returns?

BESF currently has the higher Sharpe Ratio (2.52 vs 2.01), 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.