OVT vs. OVL

Last updated Jun 23, 2026

OVT (Overlay Shares Short Term Bond ETF) and OVL (Overlay Shares Large Cap Equity ETF) are both exchange-traded funds - OVT is a Corporate Bonds fund actively managed by Liquid Strategies, while OVL is a Derivative Income fund actively managed by Liquid Strategies. Both are actively managed. Over the past 5 years, OVT returned 2.87%/yr vs 13.81%/yr for OVL. A 0.63 correlation means they provide meaningful diversification when combined. OVT charges 0.80%/yr vs 0.79%/yr for OVL.

Performance

OVT vs. OVL - Performance Comparison

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

Returns By Period

In the year-to-date period, OVT achieves a 2.12% return, which is significantly lower than OVL's 11.57% return.

OVT

• 1D: 0.05%
• 1M: -0.04%
• YTD: 2.12%
• 6M: 2.32%
• 1Y: 7.93%
• 3Y*: 7.31%
• 5Y*: 2.87%
• 10Y*: —

OVL

• 1D: -0.40%
• 1M: -0.31%
• YTD: 11.57%
• 6M: 10.92%
• 1Y: 31.10%
• 3Y*: 23.01%
• 5Y*: 13.81%
• 10Y*: —

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

OVT vs. OVL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OVT Overlay Shares Short Term Bond ETF	2.12%	7.61%	7.44%	7.73%	-9.68%	1.73%
OVL Overlay Shares Large Cap Equity ETF	11.57%	17.81%	27.91%	28.01%	-22.18%	30.78%

Correlation

The correlation between OVT and OVL is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021	0.63

The correlation between OVT and OVL has been stable across timeframes, ranging from 0.63 to 0.69 - a consistent structural relationship.

Return for Risk

OVT vs. OVL — Risk / Return Rank

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

OVT

OVT Risk / Return Rank: 77
OVT Sharpe Ratio Rank: 69
OVT Sortino Ratio Rank: 70
OVT Omega Ratio Rank: 76
OVT Calmar Ratio Rank: 89
OVT Martin Ratio Rank: 83

OVL

OVL Risk / Return Rank: 70
OVL Sharpe Ratio Rank: 68
OVL Sortino Ratio Rank: 63
OVL Omega Ratio Rank: 67
OVL Calmar Ratio Rank: 73
OVL Martin Ratio Rank: 80

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. OVL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Short Term Bond ETF (OVT) and Overlay Shares Large Cap Equity ETF (OVL). 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	OVL	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.14	+0.03
Sortino ratio: Return per unit of downside risk	3.04	2.84	+0.20
Omega ratio: Gain probability vs. loss probability	1.43	1.38	+0.05
Calmar ratio: Return relative to maximum drawdown	5.14	3.58	+1.56
Martin ratio: Return relative to average drawdown	16.26	15.15	+1.12

OVT vs. OVL - Sharpe Ratio Comparison

The current OVT Sharpe Ratio is 2.17, which is comparable to the OVL Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of OVT and OVL, 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. OVL - Drawdown Comparison

The maximum OVT drawdown since its inception was -13.59%, smaller than the maximum OVL drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for OVT and OVL.

Drawdown Indicators

	OVT	OVL	Difference
Max Drawdown Largest peak-to-trough decline	-13.59%	-35.49%	+21.90%
Max Drawdown (1Y) Largest decline over 1 year	-1.55%	-8.73%	+7.18%
Max Drawdown (3Y) Largest decline over 3 years	-3.55%	-21.73%	+18.18%
Max Drawdown (5Y) Largest decline over 5 years	-13.59%	-29.23%	+15.64%
Current Drawdown Current decline from peak	-0.88%	-2.37%	+1.49%
Average Drawdown Average peak-to-trough decline	-3.37%	-6.69%	+3.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	2.06%	-1.57%

Volatility

OVT vs. OVL - Volatility Comparison

The current volatility for Overlay Shares Short Term Bond ETF (OVT) is 1.54%, while Overlay Shares Large Cap Equity ETF (OVL) has a volatility of 5.22%. This indicates that OVT experiences smaller price fluctuations and is considered to be less risky than OVL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVT	OVL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.54%	5.22%	-3.68%
Volatility (6M) Calculated over the trailing 6-month period	2.83%	11.32%	-8.49%
Volatility (1Y) Calculated over the trailing 1-year period	3.68%	14.60%	-10.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.67%	19.88%	-15.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.56%	22.54%	-17.98%

OVT vs. OVL - Expense Ratio Comparison

OVT has a 0.80% expense ratio, which is higher than OVL's 0.79% expense ratio.

Dividends

OVT vs. OVL - Dividend Comparison

OVT's dividend yield for the trailing twelve months is around 8.21%, more than OVL's 6.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVL Overlay Shares Large Cap Equity ETF	6.27%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%
OVT Overlay Shares Short Term Bond ETF	8.21%	7.21%	6.15%	5.11%	4.12%	4.41%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OVT and OVL in my portfolio?

OVT and OVL have a correlation of 0.68, 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 OVL?

OVL has higher volatility (5.22%) compared to OVT (1.54%). In terms of maximum drawdown, OVT dropped -13.59% vs OVL's -35.49%.

Which ETF is better, OVT or OVL?

On 5-year performance, OVL leads with 13.81% vs 2.87% for OVT. On fees, OVL is cheaper at 0.79% per year. 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 OVL?

Over the 5-year period, OVL has performed better with a 13.81% return vs 2.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVT or OVL?

OVL is cheaper with a 0.79% expense ratio, compared with 0.80% for OVT.

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

OVT has the higher dividend yield at 8.21%, compared with 6.27% for OVL.

What is the main difference between OVT and OVL?

OVT is categorized as Corporate Bonds, while OVL is Derivative Income. Their fees differ too: 0.80% for OVT and 0.79% for OVL.

Which has better risk-adjusted returns?

OVT currently has the higher Sharpe Ratio (2.17 vs 2.14), 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.