PTBD vs. OVT
PTBD (Pacer Trendpilot US Bond ETF) and OVT (Overlay Shares Short Term Bond ETF) are both exchange-traded funds - PTBD is a High Yield Bonds fund tracking the Pacer Trendpilot US Bond Index, while OVT is a Corporate Bonds fund actively managed by Liquid Strategies. PTBD is passively managed, while OVT is actively managed. Over the past 5 years, PTBD returned -1.58%/yr vs 3.01%/yr for OVT. A 0.62 correlation means they provide meaningful diversification when combined. PTBD charges 0.60%/yr vs 0.80%/yr for OVT.
Performance
PTBD vs. OVT - Performance Comparison
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Returns By Period
In the year-to-date period, PTBD achieves a 0.78% return, which is significantly lower than OVT's 2.61% return.
PTBD
- 1D
- -0.18%
- 1M
- 0.49%
- YTD
- 0.78%
- 6M
- 0.48%
- 1Y
- 3.56%
- 3Y*
- 4.95%
- 5Y*
- -1.58%
- 10Y*
- —
OVT
- 1D
- -0.16%
- 1M
- 0.55%
- YTD
- 2.61%
- 6M
- 3.07%
- 1Y
- 8.92%
- 3Y*
- 7.44%
- 5Y*
- 3.01%
- 10Y*
- —
PTBD vs. OVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PTBD Pacer Trendpilot US Bond ETF | 0.78% | 2.49% | 4.24% | 8.84% | -20.88% | 0.95% |
OVT Overlay Shares Short Term Bond ETF | 2.61% | 7.61% | 7.44% | 7.73% | -9.68% | 2.07% |
Correlation
The correlation between PTBD and OVT is 0.66, 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 | 0.66 |
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 19, 2021 | 0.62 |
The correlation between PTBD and OVT has been stable across timeframes, ranging from 0.62 to 0.66 - a consistent structural relationship.
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Return for Risk
PTBD vs. OVT — Risk / Return Rank
PTBD
OVT
PTBD vs. OVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pacer Trendpilot US Bond ETF (PTBD) and Overlay Shares Short Term Bond ETF (OVT). 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.
| PTBD | OVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -2.43 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.51 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | 5.78 | -4.63 |
| Martin ratioReturn relative to average drawdown | 4.34 | 20.00 | -15.66 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PTBD | OVT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.96 | 2.60 | -1.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.22 | 0.65 | -0.87 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.11 | 0.69 | -0.58 |
Drawdowns
PTBD vs. OVT - Drawdown Comparison
The maximum PTBD drawdown since its inception was -26.00%, which is greater than OVT's maximum drawdown of -13.59%. Use the drawdown chart below to compare losses from any high point for PTBD and OVT.
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Drawdown Indicators
| PTBD | OVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.00% | -13.59% | -12.41% |
Max Drawdown (1Y)Largest decline over 1 year | -3.12% | -1.55% | -1.57% |
Max Drawdown (3Y)Largest decline over 3 years | -3.82% | -3.55% | -0.27% |
Max Drawdown (5Y)Largest decline over 5 years | -26.00% | -13.59% | -12.41% |
Current DrawdownCurrent decline from peak | -9.06% | -0.41% | -8.65% |
Average DrawdownAverage peak-to-trough decline | -10.16% | -3.39% | -6.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 0.45% | +0.37% |
Volatility
PTBD vs. OVT - Volatility Comparison
Pacer Trendpilot US Bond ETF (PTBD) has a higher volatility of 1.25% compared to Overlay Shares Short Term Bond ETF (OVT) at 0.83%. This indicates that PTBD's price experiences larger fluctuations and is considered to be riskier than OVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PTBD | OVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 0.83% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 2.83% | 2.52% | +0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.72% | 3.44% | +0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.25% | 4.63% | +2.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.81% | 4.54% | +3.27% |
PTBD vs. OVT - Expense Ratio Comparison
PTBD has a 0.60% expense ratio, which is lower than OVT's 0.80% expense ratio.
Dividends
PTBD vs. OVT - Dividend Comparison
PTBD's dividend yield for the trailing twelve months is around 5.88%, less than OVT's 8.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
OVT Overlay Shares Short Term Bond ETF | 8.17% | 7.21% | 6.15% | 5.11% | 4.12% | 4.41% | 0.00% | 0.00% |
PTBD Pacer Trendpilot US Bond ETF | 5.88% | 5.62% | 6.56% | 6.55% | 6.14% | 2.70% | 2.50% | 0.62% |
Frequently Asked Questions
PTBD and OVT have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PTBD has higher volatility (1.25%) compared to OVT (0.83%). In terms of maximum drawdown, PTBD dropped -26.00% vs OVT's -13.59%.
On 5-year performance, OVT leads with 3.01% vs -1.58% for PTBD. On fees, PTBD is cheaper at 0.60% per year. On volatility, OVT has been the lower-risk option at 0.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, OVT has performed better with a 3.01% return vs -1.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PTBD is cheaper with a 0.60% expense ratio, compared with 0.80% for OVT.
OVT has the higher dividend yield at 8.17%, compared with 5.88% for PTBD.
PTBD is categorized as High Yield Bonds, while OVT is Corporate Bonds. They also come from different issuers: Pacer and Liquid Strategies. Their fees differ too: 0.60% for PTBD and 0.80% for OVT.
OVT currently has the higher Sharpe Ratio (2.60 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.
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