PSCJ vs. OVLH
PSCJ (Pacer Swan SOS Conservative (July) ETF) and OVLH (Overlay Shares Hedged Large Cap Equity ETF) are both exchange-traded funds - PSCJ is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust, while OVLH is a Equity Hedged fund actively managed by Liquid Strategies. PSCJ is passively managed, while OVLH is actively managed. Over the past 5 years, PSCJ returned 9.02%/yr vs 8.65%/yr for OVLH. Their correlation of 0.90 means they have usually moved in the same direction. PSCJ charges 0.61%/yr vs 0.80%/yr for OVLH.
Performance
PSCJ vs. OVLH - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with PSCJ having a 5.60% return and OVLH slightly higher at 5.66%.
PSCJ
- 1D
- 0.49%
- 1M
- 0.50%
- 6M
- 4.87%
- YTD
- 5.60%
- 1Y
- 11.47%
- 3Y*
- 12.35%
- 5Y*
- 9.02%
- 10Y*
- —
- ALL TIME*
- 8.97%
OVLH
- 1D
- 0.83%
- 1M
- -0.09%
- 6M
- 4.59%
- YTD
- 5.66%
- 1Y
- 12.65%
- 3Y*
- 14.04%
- 5Y*
- 8.65%
- 10Y*
- —
- ALL TIME*
- 10.06%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.10M | $619.38K | $555.34K | |
| $6.17K | $14.58K | $11.22K |
PSCJ vs. OVLH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PSCJ Pacer Swan SOS Conservative (July) ETF | 5.60% | 12.80% | 14.74% | 18.48% | -7.48% | 3.29% |
OVLH Overlay Shares Hedged Large Cap Equity ETF | 5.66% | 15.77% | 18.44% | 16.93% | -16.16% | 8.85% |
Correlation
The correlation between PSCJ and OVLH is 0.88, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.88 |
Correlation (3Y) Balances recent behavior with more history. | 0.89 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2021 | 0.90 |
The correlation between PSCJ and OVLH has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.
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Return for Risk
PSCJ vs. OVLH — Risk / Return Rank
PSCJ
OVLH
PSCJ vs. OVLH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pacer Swan SOS Conservative (July) ETF (PSCJ) and Overlay Shares Hedged Large Cap Equity ETF (OVLH). 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.
| PSCJ | OVLH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.22 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 1.85 | +0.75 |
| Martin ratioReturn relative to average drawdown | 14.31 | 6.64 | +7.67 |
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Drawdowns
PSCJ vs. OVLH - Drawdown Comparison
The maximum PSCJ drawdown since its inception was -11.87%, smaller than the maximum OVLH drawdown of -20.69%. Use the drawdown chart below to compare losses from any high point for PSCJ and OVLH.
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Drawdown Indicators
| PSCJ | OVLH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.87% | -20.69% | +8.82% |
Max Drawdown (1Y)Largest decline over 1 year | -4.16% | -6.36% | +2.20% |
Max Drawdown (3Y)Largest decline over 3 years | -11.87% | -8.81% | -3.06% |
Max Drawdown (5Y)Largest decline over 5 years | -11.87% | -20.69% | +8.82% |
Current DrawdownCurrent decline from peak | -0.26% | -2.05% | +1.79% |
Average DrawdownAverage peak-to-trough decline | -2.13% | -4.94% | +2.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.76% | 1.77% | -1.01% |
Volatility
PSCJ vs. OVLH - Volatility Comparison
The current volatility for Pacer Swan SOS Conservative (July) ETF (PSCJ) is 1.95%, while Overlay Shares Hedged Large Cap Equity ETF (OVLH) has a volatility of 2.85%. This indicates that PSCJ experiences smaller price fluctuations and is considered to be less risky than OVLH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSCJ | OVLH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.95% | 2.85% | -0.90% |
Volatility (6M)Calculated over the trailing 6-month period | 4.28% | 7.07% | -2.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.32% | 9.22% | -3.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.67% | 11.75% | -3.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.63% | 11.78% | -3.15% |
PSCJ vs. OVLH - Expense Ratio Comparison
PSCJ has a 0.61% expense ratio, which is lower than OVLH's 0.80% expense ratio.
Dividends
PSCJ vs. OVLH - Dividend Comparison
PSCJ has not paid dividends to shareholders, while OVLH's dividend yield for the trailing twelve months is around 0.28%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
OVLH Overlay Shares Hedged Large Cap Equity ETF | 0.28% | 0.30% | 0.32% | 0.83% | 0.79% | 0.40% |
PSCJ Pacer Swan SOS Conservative (July) ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PSCJ and OVLH have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OVLH has higher volatility (2.85%) compared to PSCJ (1.95%). In terms of maximum drawdown, PSCJ dropped -11.87% vs OVLH's -20.69%.
On 5-year performance, PSCJ leads with 9.02% vs 8.65% for OVLH. On fees, PSCJ is cheaper at 0.61% per year. On volatility, PSCJ has been the lower-risk option at 1.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PSCJ has performed better with a 9.02% return vs 8.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSCJ is cheaper with a 0.61% expense ratio, compared with 0.80% for OVLH.
OVLH has the higher dividend yield at 0.28%, compared with 0.00% for PSCJ.
PSCJ is categorized as Defined Outcome, while OVLH is Equity Hedged. They also come from different issuers: Pacer and Liquid Strategies. Their fees differ too: 0.61% for PSCJ and 0.80% for OVLH.
PSCJ currently has the higher Sharpe Ratio (2.03 vs 1.27), 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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