QGRD vs. OVL

Last updated Aug 2, 2026

QGRD (Horizon NASDAQ-100 Defined Risk ETF) and OVL (Overlay Shares Large Cap Equity ETF) are both exchange-traded funds - QGRD is a Equity Hedged fund actively managed by Horizon, while OVL is a Derivative Income fund actively managed by Liquid Strategies. Both are actively managed. Over the past year, QGRD returned 17.17% vs 24.78% for OVL. Their correlation of 0.89 means they have usually moved in the same direction. QGRD charges 0.85%/yr vs 0.79%/yr for OVL.

Performance

QGRD vs. OVL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon NASDAQ-100 Defined Risk ETF (QGRD) and Overlay Shares Large Cap Equity ETF (OVL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QGRD achieves a 8.03% return, which is significantly lower than OVL's 11.72% return.

QGRD

• 1D: 0.40%
• 1M: -2.87%
• 6M: 6.57%
• YTD: 8.03%
• 1Y: 17.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.86%

OVL

• 1D: 0.87%
• 1M: -0.03%
• 6M: 9.54%
• YTD: 11.72%
• 1Y: 24.78%
• 3Y*: 20.77%
• 5Y*: 12.90%
• 10Y*: —
• ALL TIME*: 16.88%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
OVL Overlay Shares Large Cap Equity ETF	$8.43M	$7.51M	$6.20M
QGRD Horizon NASDAQ-100 Defined Risk ETF	$4.82M	$2.43M	$1.27M

QGRD vs. OVL - Yearly Performance Comparison

	2026 (YTD)	2025
QGRD Horizon NASDAQ-100 Defined Risk ETF	8.03%	8.15%
OVL Overlay Shares Large Cap Equity ETF	11.72%	11.07%

Correlation

The correlation between QGRD and OVL is 0.90, 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.	0.90
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.89

The correlation between QGRD and OVL has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

Return for Risk

QGRD vs. OVL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QGRD

QGRD Risk / Return Rank: 40
QGRD Sharpe Ratio Rank: 40
QGRD Sortino Ratio Rank: 38
QGRD Omega Ratio Rank: 38
QGRD Calmar Ratio Rank: 45
QGRD Martin Ratio Rank: 41

OVL

OVL Risk / Return Rank: 68
OVL Sharpe Ratio Rank: 65
OVL Sortino Ratio Rank: 61
OVL Omega Ratio Rank: 62
OVL Calmar Ratio Rank: 74
OVL Martin Ratio Rank: 79

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QGRD vs. OVL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon NASDAQ-100 Defined Risk ETF (QGRD) and Overlay Shares Large Cap Equity ETF (OVL). 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.

	QGRD	OVL	Difference
Sharpe ratio: Return per unit of total volatility	1.01	1.48	-0.47
Sortino ratio: Return per unit of downside risk	1.43	2.04	-0.61
Omega ratio: Gain probability vs. loss probability	1.18	1.26	-0.08
Calmar ratio: Return relative to maximum drawdown	1.62	2.57	-0.94
Martin ratio: Return relative to average drawdown	4.52	9.98	-5.46

QGRD vs. OVL - Sharpe Ratio Comparison

The current QGRD Sharpe Ratio is 1.01, which is lower than the OVL Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of QGRD and OVL, 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

QGRD vs. OVL - Drawdown Comparison

The maximum QGRD drawdown since its inception was -9.41%, smaller than the maximum OVL drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for QGRD and OVL.

Drawdown Indicators

	QGRD	OVL	Difference
Max Drawdown Largest peak-to-trough decline	-9.41%	-35.49%	+26.08%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-8.73%	-0.68%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.73%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.23%	—
Current Drawdown Current decline from peak	-6.25%	-2.24%	-4.01%
Average Drawdown Average peak-to-trough decline	-2.40%	-6.62%	+4.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	2.25%	+1.12%

Volatility

QGRD vs. OVL - Volatility Comparison

Horizon NASDAQ-100 Defined Risk ETF (QGRD) has a higher volatility of 5.01% compared to Overlay Shares Large Cap Equity ETF (OVL) at 4.27%. This indicates that QGRD's price experiences larger fluctuations and is considered to be riskier than OVL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QGRD	OVL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	4.27%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	11.98%	11.44%	+0.54%
Volatility (1Y) Calculated over the trailing 1-year period	15.15%	15.13%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.75%	19.91%	-5.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.75%	22.44%	-7.69%

QGRD vs. OVL - Expense Ratio Comparison

QGRD has a 0.85% expense ratio, which is higher than OVL's 0.79% expense ratio.

Dividends

QGRD vs. OVL - Dividend Comparison

QGRD's dividend yield for the trailing twelve months is around 1.45%, less than OVL's 7.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVL Overlay Shares Large Cap Equity ETF	7.41%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.45%	1.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QGRD and OVL in my portfolio?

QGRD and OVL have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QGRD or OVL?

QGRD has higher volatility (5.01%) compared to OVL (4.27%). In terms of maximum drawdown, QGRD dropped -9.41% vs OVL's -35.49%.

Which ETF is better, QGRD or OVL?

On 1-year performance, OVL leads with 24.78% vs 17.17% for QGRD. On fees, OVL is cheaper at 0.79% per year. On volatility, OVL has been the lower-risk option at 4.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QGRD or OVL?

Over the 1-year period, OVL has performed better with a 24.78% return vs 17.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QGRD or OVL?

OVL is cheaper with a 0.79% expense ratio, compared with 0.85% for QGRD.

Which ETF pays a higher dividend yield, QGRD or OVL?

OVL has the higher dividend yield at 7.41%, compared with 1.45% for QGRD.

What is the main difference between QGRD and OVL?

QGRD is categorized as Equity Hedged, while OVL is Derivative Income. They also come from different issuers: Horizon and Liquid Strategies. Their fees differ too: 0.85% for QGRD and 0.79% for OVL.

Which has better risk-adjusted returns?

OVL currently has the higher Sharpe Ratio (1.48 vs 1.01), 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.