OVT vs. PTBD

Last updated Jun 23, 2026

OVT (Overlay Shares Short Term Bond ETF) and PTBD (Pacer Trendpilot US Bond ETF) are both exchange-traded funds - OVT is a Corporate Bonds fund actively managed by Liquid Strategies, while PTBD is a High Yield Bonds fund tracking the Pacer Trendpilot US Bond Index. OVT is actively managed, while PTBD is passively managed. Over the past 5 years, OVT returned 2.87%/yr vs -1.59%/yr for PTBD. A 0.62 correlation means they provide meaningful diversification when combined. OVT charges 0.80%/yr vs 0.60%/yr for PTBD.

Performance

OVT vs. PTBD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Short Term Bond ETF (OVT) and Pacer Trendpilot US Bond ETF (PTBD). 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 higher than PTBD's 1.32% return.

OVT

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

PTBD

• 1D: -0.01%
• 1M: 0.76%
• YTD: 1.32%
• 6M: 1.58%
• 1Y: 3.66%
• 3Y*: 5.44%
• 5Y*: -1.59%
• 10Y*: —

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

OVT vs. PTBD - 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%
PTBD Pacer Trendpilot US Bond ETF	1.32%	2.49%	4.24%	8.84%	-20.88%	0.43%

Correlation

The correlation between OVT and PTBD is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021	0.62

The correlation between OVT and PTBD has been stable across timeframes, ranging from 0.62 to 0.65 - a consistent structural relationship.

Return for Risk

OVT vs. PTBD — 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

PTBD

PTBD Risk / Return Rank: 27
PTBD Sharpe Ratio Rank: 27
PTBD Sortino Ratio Rank: 26
PTBD Omega Ratio Rank: 26
PTBD Calmar Ratio Rank: 25
PTBD Martin Ratio Rank: 32

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. PTBD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Short Term Bond ETF (OVT) and Pacer Trendpilot US Bond ETF (PTBD). 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	PTBD	Difference
Sharpe ratio: Return per unit of total volatility	2.17	0.96	+1.21
Sortino ratio: Return per unit of downside risk	3.04	1.41	+1.63
Omega ratio: Gain probability vs. loss probability	1.43	1.18	+0.25
Calmar ratio: Return relative to maximum drawdown	5.14	1.18	+3.96
Martin ratio: Return relative to average drawdown	16.26	4.45	+11.81

OVT vs. PTBD - Sharpe Ratio Comparison

The current OVT Sharpe Ratio is 2.17, which is higher than the PTBD Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of OVT and PTBD, 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. PTBD - Drawdown Comparison

The maximum OVT drawdown since its inception was -13.59%, smaller than the maximum PTBD drawdown of -26.00%. Use the drawdown chart below to compare losses from any high point for OVT and PTBD.

Drawdown Indicators

	OVT	PTBD	Difference
Max Drawdown Largest peak-to-trough decline	-13.59%	-26.00%	+12.41%
Max Drawdown (1Y) Largest decline over 1 year	-1.55%	-3.12%	+1.57%
Max Drawdown (3Y) Largest decline over 3 years	-3.55%	-3.82%	+0.27%
Max Drawdown (5Y) Largest decline over 5 years	-13.59%	-26.00%	+12.41%
Current Drawdown Current decline from peak	-0.88%	-8.58%	+7.70%
Average Drawdown Average peak-to-trough decline	-3.37%	-10.15%	+6.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	0.82%	-0.33%

Volatility

OVT vs. PTBD - Volatility Comparison

Overlay Shares Short Term Bond ETF (OVT) has a higher volatility of 1.54% compared to Pacer Trendpilot US Bond ETF (PTBD) at 1.25%. This indicates that OVT's price experiences larger fluctuations and is considered to be riskier than PTBD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVT	PTBD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.54%	1.25%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	2.83%	2.95%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	3.68%	3.84%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.67%	7.27%	-2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.56%	7.79%	-3.23%

OVT vs. PTBD - Expense Ratio Comparison

OVT has a 0.80% expense ratio, which is higher than PTBD's 0.60% expense ratio.

Dividends

OVT vs. PTBD - Dividend Comparison

OVT's dividend yield for the trailing twelve months is around 8.21%, more than PTBD's 5.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVT Overlay Shares Short Term Bond ETF	8.21%	7.21%	6.15%	5.11%	4.12%	4.41%	0.00%	0.00%
PTBD Pacer Trendpilot US Bond ETF	5.85%	5.62%	6.56%	6.55%	6.14%	2.70%	2.50%	0.62%

Frequently Asked Questions

Can I hold both OVT and PTBD in my portfolio?

OVT and PTBD have a correlation of 0.65, 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 PTBD?

OVT has higher volatility (1.54%) compared to PTBD (1.25%). In terms of maximum drawdown, OVT dropped -13.59% vs PTBD's -26.00%.

Which ETF is better, OVT or PTBD?

On 5-year performance, OVT leads with 2.87% vs -1.59% for PTBD. On fees, PTBD is cheaper at 0.60% per year. On volatility, PTBD has been the lower-risk option at 1.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVT or PTBD?

Over the 5-year period, OVT has performed better with a 2.87% return vs -1.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVT or PTBD?

PTBD is cheaper with a 0.60% expense ratio, compared with 0.80% for OVT.

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

OVT has the higher dividend yield at 8.21%, compared with 5.85% for PTBD.

What is the main difference between OVT and PTBD?

OVT is categorized as Corporate Bonds, while PTBD is High Yield Bonds. They also come from different issuers: Liquid Strategies and Pacer. Their fees differ too: 0.80% for OVT and 0.60% for PTBD.

Which has better risk-adjusted returns?

OVT currently has the higher Sharpe Ratio (2.17 vs 0.96), 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.