QGRD vs. OVLH

Last updated Jun 6, 2026

QGRD (Horizon NASDAQ-100 Defined Risk ETF) and OVLH (Overlay Shares Hedged Large Cap Equity ETF) are both Equity Hedged funds. Both are actively managed. Their correlation of 0.91 suggests significant overlap in exposure. QGRD charges 0.85%/yr vs 0.80%/yr for OVLH.

Performance

QGRD vs. OVLH - 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 Hedged Large Cap Equity ETF (OVLH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QGRD achieves a 10.11% return, which is significantly higher than OVLH's 5.48% return.

QGRD

• 1D: -3.94%
• 1M: 1.47%
• YTD: 10.11%
• 6M: 7.90%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

OVLH

• 1D: -1.88%
• 1M: 0.16%
• YTD: 5.48%
• 6M: 4.99%
• 1Y: 17.00%
• 3Y*: 16.17%
• 5Y*: 9.32%
• 10Y*: —

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

QGRD vs. OVLH - Yearly Performance Comparison

	2026 (YTD)	2025
QGRD Horizon NASDAQ-100 Defined Risk ETF	10.11%	8.34%
OVLH Overlay Shares Hedged Large Cap Equity ETF	5.48%	6.45%

Correlation

The correlation between QGRD and OVLH is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 11, 2025	0.91

Return for Risk

QGRD vs. OVLH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OVLH

OVLH Risk / Return Rank: 61
OVLH Sharpe Ratio Rank: 61
OVLH Sortino Ratio Rank: 63
OVLH Omega Ratio Rank: 61
OVLH Calmar Ratio Rank: 57
OVLH Martin Ratio Rank: 64

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.

QGRD vs. OVLH - 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 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	QGRD	OVLH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.97	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.59	0.90	+0.70

Drawdowns

QGRD vs. OVLH - Drawdown Comparison

The maximum QGRD drawdown since its inception was -9.41%, smaller than the maximum OVLH drawdown of -20.69%. Use the drawdown chart below to compare losses from any high point for QGRD and OVLH.

Drawdown Indicators

	QGRD	OVLH	Difference
Max Drawdown Largest peak-to-trough decline	-9.41%	-20.69%	+11.28%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.36%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-9.57%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.69%	—
Current Drawdown Current decline from peak	-4.45%	-2.22%	-2.23%
Average Drawdown Average peak-to-trough decline	-2.19%	-5.02%	+2.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.55%	—

Volatility

Volatility by Period

	QGRD	OVLH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.78%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.56%	8.67%	+4.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.56%	11.73%	+1.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.56%	11.81%	+1.75%

QGRD vs. OVLH - Expense Ratio Comparison

QGRD has a 0.85% expense ratio, which is higher than OVLH's 0.80% expense ratio.

Dividends

QGRD vs. OVLH - Dividend Comparison

QGRD's dividend yield for the trailing twelve months is around 1.42%, more than OVLH's 0.29% yield.

Position	TTM	2025	2024	2023	2022	2021
OVLH Overlay Shares Hedged Large Cap Equity ETF	0.29%	0.30%	0.32%	0.83%	0.79%	0.40%
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.42%	1.57%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QGRD and OVLH in my portfolio?

With a correlation of 0.91, QGRD and OVLH move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, QGRD or OVLH?

On fees, OVLH is cheaper at 0.80% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QGRD or OVLH?

OVLH is cheaper with a 0.80% expense ratio, compared with 0.85% for QGRD.

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

QGRD has the higher dividend yield at 1.42%, compared with 0.29% for OVLH.

What is the main difference between QGRD and OVLH?

They also come from different issuers: Horizon and Liquid Strategies. Their fees differ too: 0.85% for QGRD and 0.80% for OVLH.