OVT vs. OVS

Last updated Jun 3, 2026

OVT (Overlay Shares Short Term Bond ETF) and OVS (Overlay Shares Small Cap Equity ETF) are both exchange-traded funds - OVT is a Corporate Bonds fund actively managed by Liquid Strategies, while OVS is a Small Cap Blend Equities fund actively managed by Liquid Strategies. Both are actively managed. Over the past 5 years, OVT returned 3.07%/yr vs 6.33%/yr for OVS. A 0.53 correlation means they provide meaningful diversification when combined. OVT charges 0.80%/yr vs 0.83%/yr for OVS.

Performance

OVT vs. OVS - 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 Small Cap Equity ETF (OVS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OVT achieves a 2.77% return, which is significantly lower than OVS's 18.80% return.

OVT

• 1D: -0.00%
• 1M: 0.40%
• YTD: 2.77%
• 6M: 3.48%
• 1Y: 9.16%
• 3Y*: 7.50%
• 5Y*: 3.07%
• 10Y*: —

OVS

• 1D: 0.82%
• 1M: 1.99%
• YTD: 18.80%
• 6M: 19.44%
• 1Y: 40.28%
• 3Y*: 16.45%
• 5Y*: 6.33%
• 10Y*: —

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

OVT vs. OVS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OVT Overlay Shares Short Term Bond ETF	2.77%	7.61%	7.44%	7.73%	-9.68%	2.07%
OVS Overlay Shares Small Cap Equity ETF	18.80%	6.15%	11.07%	17.20%	-19.99%	20.12%

Correlation

The correlation between OVT and OVS is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jan 19, 2021	0.53

The correlation between OVT and OVS has been stable across timeframes, ranging from 0.53 to 0.59 - a consistent structural relationship.

OVT vs. OVS - Sectors Allocation Comparison

Sectors	OVT	OVS
Technology	35.6%	15.3%
Financial Services	11.8%	17.0%
Communication Services	11.2%	3.6%
Consumer Cyclical	10.1%	13.4%
Healthcare	8.5%	11.0%
Industrials	8.3%	15.3%
Consumer Defensive	4.9%	3.6%
Energy	3.5%	6.0%
Utilities	2.4%	2.0%
Real Estate	1.9%	7.7%
Basic Materials	1.8%	5.2%

Return for Risk

OVT vs. OVS — Risk / Return Rank

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

OVT

OVT Risk / Return Rank: 87
OVT Sharpe Ratio Rank: 81
OVT Sortino Ratio Rank: 86
OVT Omega Ratio Rank: 86
OVT Calmar Ratio Rank: 91
OVT Martin Ratio Rank: 89

OVS

OVS Risk / Return Rank: 68
OVS Sharpe Ratio Rank: 62
OVS Sortino Ratio Rank: 62
OVS Omega Ratio Rank: 58
OVS Calmar Ratio Rank: 84
OVS Martin Ratio Rank: 76

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. OVS - 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 Small Cap Equity ETF (OVS). 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.

	OVT	OVS	Difference
Sharpe ratio Return per unit of total volatility	2.68	2.10	+0.57
Sortino ratio Return per unit of downside risk	3.94	2.96	+0.98
Omega ratio Gain probability vs. loss probability	1.53	1.36	+0.17
Calmar ratio Return relative to maximum drawdown	5.88	4.64	+1.25
Martin ratio Return relative to average drawdown	20.45	15.00	+5.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OVT vs. OVS - Sharpe Ratio Comparison

The current OVT Sharpe Ratio is 2.68, which is comparable to the OVS Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of OVT and OVS, 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

	OVT	OVS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.68	2.10	+0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.27	+0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.44	+0.25

Drawdowns

OVT vs. OVS - Drawdown Comparison

The maximum OVT drawdown since its inception was -13.59%, smaller than the maximum OVS drawdown of -45.09%. Use the drawdown chart below to compare losses from any high point for OVT and OVS.

Drawdown Indicators

	OVT	OVS	Difference
Max Drawdown Largest peak-to-trough decline	-13.59%	-45.09%	+31.50%
Max Drawdown (1Y) Largest decline over 1 year	-1.55%	-8.51%	+6.96%
Max Drawdown (3Y) Largest decline over 3 years	-3.55%	-30.49%	+26.94%
Max Drawdown (5Y) Largest decline over 5 years	-13.59%	-30.49%	+16.90%
Current Drawdown Current decline from peak	-0.25%	0.00%	-0.25%
Average Drawdown Average peak-to-trough decline	-3.39%	-11.36%	+7.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.45%	2.63%	-2.18%

Volatility

OVT vs. OVS - Volatility Comparison

The current volatility for Overlay Shares Short Term Bond ETF (OVT) is 0.88%, while Overlay Shares Small Cap Equity ETF (OVS) has a volatility of 4.60%. This indicates that OVT experiences smaller price fluctuations and is considered to be less risky than OVS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVT	OVS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	4.60%	-3.72%
Volatility (6M) Calculated over the trailing 6-month period	2.53%	12.97%	-10.44%
Volatility (1Y) Calculated over the trailing 1-year period	3.44%	19.25%	-15.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.63%	23.23%	-18.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.54%	27.47%	-22.93%

OVT vs. OVS - Expense Ratio Comparison

OVT has a 0.80% expense ratio, which is lower than OVS's 0.83% expense ratio.

Dividends

OVT vs. OVS - Dividend Comparison

OVT's dividend yield for the trailing twelve months is around 8.16%, more than OVS's 6.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVS Overlay Shares Small Cap Equity ETF	6.76%	3.69%	4.08%	3.19%	3.43%	4.05%	1.74%	0.54%
OVT Overlay Shares Short Term Bond ETF	8.16%	7.21%	6.15%	5.11%	4.12%	4.41%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OVT and OVS in my portfolio?

OVT and OVS have a correlation of 0.56, 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 OVS?

OVS has higher volatility (4.60%) compared to OVT (0.88%). In terms of maximum drawdown, OVT dropped -13.59% vs OVS's -45.09%.

Which ETF is better, OVT or OVS?

On 5-year performance, OVS leads with 6.33% vs 3.07% for OVT. On fees, OVT is cheaper at 0.80% per year. On volatility, OVT has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVT or OVS?

Over the 5-year period, OVS has performed better with a 6.33% return vs 3.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVT or OVS?

OVT is cheaper with a 0.80% expense ratio, compared with 0.83% for OVS.

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

OVT has the higher dividend yield at 8.16%, compared with 6.76% for OVS.

What is the main difference between OVT and OVS?

OVT is categorized as Corporate Bonds, while OVS is Small Cap Blend Equities. Their fees differ too: 0.80% for OVT and 0.83% for OVS.

Which has better risk-adjusted returns?

OVT currently has the higher Sharpe Ratio (2.67 vs 2.10), 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.