PIFI vs. OVB
PIFI (ClearShares Piton Intermediate Fixed Income ETF) and OVB (Overlay Shares Core Bond ETF) are both Intermediate Core Bond funds. Both are actively managed. Over the past 5 years, PIFI returned 0.88%/yr vs -0.10%/yr for OVB. Their 0.79 correlation means they have sometimes moved together and sometimes differently. PIFI charges 0.45%/yr vs 0.79%/yr for OVB.
Performance
PIFI vs. OVB - Performance Comparison
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Returns By Period
In the year-to-date period, PIFI achieves a -0.24% return, which is significantly lower than OVB's 1.16% return.
PIFI
- 1D
- 0.15%
- 1M
- -0.55%
- 6M
- -0.17%
- YTD
- -0.24%
- 1Y
- 1.64%
- 3Y*
- 3.83%
- 5Y*
- 0.88%
- 10Y*
- —
- ALL TIME*
- 0.72%
OVB
- 1D
- 0.22%
- 1M
- -1.21%
- 6M
- 0.30%
- YTD
- 1.16%
- 1Y
- 4.51%
- 3Y*
- 5.65%
- 5Y*
- -0.10%
- 10Y*
- —
- ALL TIME*
- 1.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $364.42K | $272.74K | $267.23K | |
| $76.55K | $61.92K | $154.30K |
PIFI vs. OVB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PIFI ClearShares Piton Intermediate Fixed Income ETF | -0.24% | 6.29% | 2.52% | 4.61% | -7.15% | -1.33% | 0.07% |
OVB Overlay Shares Core Bond ETF | 1.16% | 7.72% | 4.03% | 6.89% | -16.96% | 0.71% | 1.88% |
Correlation
The correlation between PIFI and OVB is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.74 |
Correlation (3Y) Balances recent behavior with more history. | 0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2020 | 0.79 |
The correlation between PIFI and OVB has been stable across timeframes, ranging from 0.74 to 0.79 - a consistent structural relationship.
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Return for Risk
PIFI vs. OVB — Risk / Return Rank
PIFI
OVB
PIFI vs. OVB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ClearShares Piton Intermediate Fixed Income ETF (PIFI) and Overlay Shares Core Bond ETF (OVB). 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.
| PIFI | OVB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.15 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | 1.82 | -0.97 |
| Martin ratioReturn relative to average drawdown | 1.92 | 5.13 | -3.21 |
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Drawdowns
PIFI vs. OVB - Drawdown Comparison
The maximum PIFI drawdown since its inception was -10.59%, smaller than the maximum OVB drawdown of -21.69%. Use the drawdown chart below to compare losses from any high point for PIFI and OVB.
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Drawdown Indicators
| PIFI | OVB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.59% | -21.69% | +11.10% |
Max Drawdown (1Y)Largest decline over 1 year | -1.93% | -2.49% | +0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -2.71% | -6.99% | +4.28% |
Max Drawdown (5Y)Largest decline over 5 years | -10.25% | -21.69% | +11.44% |
Current DrawdownCurrent decline from peak | -1.55% | -1.75% | +0.20% |
Average DrawdownAverage peak-to-trough decline | -3.18% | -6.89% | +3.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 0.88% | -0.03% |
Volatility
PIFI vs. OVB - Volatility Comparison
The current volatility for ClearShares Piton Intermediate Fixed Income ETF (PIFI) is 0.78%, while Overlay Shares Core Bond ETF (OVB) has a volatility of 1.58%. This indicates that PIFI experiences smaller price fluctuations and is considered to be less risky than OVB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PIFI | OVB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 1.58% | -0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 2.05% | 4.01% | -1.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.53% | 5.86% | -3.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.69% | 7.37% | -3.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.47% | 7.55% | -4.08% |
PIFI vs. OVB - Expense Ratio Comparison
PIFI has a 0.45% expense ratio, which is lower than OVB's 0.79% expense ratio.
Dividends
PIFI vs. OVB - Dividend Comparison
PIFI's dividend yield for the trailing twelve months is around 4.48%, less than OVB's 6.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
OVB Overlay Shares Core Bond ETF | 6.62% | 6.00% | 5.81% | 5.20% | 4.67% | 4.59% | 3.88% | 0.58% |
PIFI ClearShares Piton Intermediate Fixed Income ETF | 4.48% | 3.16% | 2.92% | 2.29% | 1.22% | 0.25% | 0.00% | 0.00% |
Frequently Asked Questions
PIFI and OVB have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OVB has higher volatility (1.58%) compared to PIFI (0.78%). In terms of maximum drawdown, PIFI dropped -10.59% vs OVB's -21.69%.
On 5-year performance, PIFI leads with 0.88% vs -0.10% for OVB. On fees, PIFI is cheaper at 0.45% per year. On volatility, PIFI has been the lower-risk option at 0.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PIFI has performed better with a 0.88% return vs -0.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PIFI is cheaper with a 0.45% expense ratio, compared with 0.79% for OVB.
OVB has the higher dividend yield at 6.62%, compared with 4.48% for PIFI.
They also come from different issuers: ClearShares and Liquid Strategies. Their fees differ too: 0.45% for PIFI and 0.79% for OVB.
OVB currently has the higher Sharpe Ratio (0.77 vs 0.65), 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.
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