RB vs. OVS

Last updated Jun 4, 2026

RB (ProShares Russell 2000 Dynamic Daily Buffer ETF) and OVS (Overlay Shares Small Cap Equity ETF) are both exchange-traded funds - RB is a Defined Outcome fund tracking the Russell 2000, while OVS is a Small Cap Blend Equities fund actively managed by Liquid Strategies. RB is passively managed, while OVS is actively managed. A 0.75 correlation means they provide meaningful diversification when combined. RB charges 0.58%/yr vs 0.83%/yr for OVS.

Performance

RB vs. OVS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Russell 2000 Dynamic Daily Buffer ETF (RB) and Overlay Shares Small Cap Equity ETF (OVS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RB achieves a 6.76% return, which is significantly lower than OVS's 17.65% return.

RB

• 1D: -0.17%
• 1M: 1.63%
• YTD: 6.76%
• 6M: 8.48%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

OVS

• 1D: -0.98%
• 1M: 2.07%
• YTD: 17.65%
• 6M: 16.54%
• 1Y: 36.35%
• 3Y*: 16.07%
• 5Y*: 6.01%
• 10Y*: —

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

RB vs. OVS - Yearly Performance Comparison

	2026 (YTD)	2025
RB ProShares Russell 2000 Dynamic Daily Buffer ETF	6.76%	10.58%
OVS Overlay Shares Small Cap Equity ETF	17.65%	12.63%

Correlation

The correlation between RB and OVS is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 27, 2025	0.75

Return for Risk

RB vs. OVS — Risk / Return Rank

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

OVS

OVS Risk / Return Rank: 64
OVS Sharpe Ratio Rank: 56
OVS Sortino Ratio Rank: 57
OVS Omega Ratio Rank: 52
OVS Calmar Ratio Rank: 81
OVS Martin Ratio Rank: 74

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.

RB vs. OVS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Russell 2000 Dynamic Daily Buffer ETF (RB) and Overlay Shares Small Cap Equity ETF (OVS). 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

	RB	OVS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.90	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.15	0.43	+2.71

Drawdowns

RB vs. OVS - Drawdown Comparison

The maximum RB drawdown since its inception was -1.70%, smaller than the maximum OVS drawdown of -45.09%. Use the drawdown chart below to compare losses from any high point for RB and OVS.

Drawdown Indicators

	RB	OVS	Difference
Max Drawdown Largest peak-to-trough decline	-1.70%	-45.09%	+43.39%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.51%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-30.49%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-30.49%	—
Current Drawdown Current decline from peak	-0.47%	-0.98%	+0.51%
Average Drawdown Average peak-to-trough decline	-0.41%	-11.35%	+10.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.63%	—

Volatility

Volatility by Period

	RB	OVS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.58%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.00%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.21%	19.27%	-13.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.21%	23.23%	-17.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.21%	27.47%	-21.26%

RB vs. OVS - Expense Ratio Comparison

RB has a 0.58% expense ratio, which is lower than OVS's 0.83% expense ratio.

Dividends

RB vs. OVS - Dividend Comparison

RB's dividend yield for the trailing twelve months is around 2.00%, less than OVS's 6.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVS Overlay Shares Small Cap Equity ETF	6.83%	3.69%	4.08%	3.19%	3.43%	4.05%	1.74%	0.54%
RB ProShares Russell 2000 Dynamic Daily Buffer ETF	2.00%	1.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RB and OVS in my portfolio?

RB and OVS have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RB or OVS?

On fees, RB is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RB or OVS?

RB is cheaper with a 0.58% expense ratio, compared with 0.83% for OVS.

Which ETF pays a higher dividend yield, RB or OVS?

OVS has the higher dividend yield at 6.83%, compared with 2.00% for RB.

What is the main difference between RB and OVS?

RB is categorized as Defined Outcome, while OVS is Small Cap Blend Equities. They also come from different issuers: ProShares and Liquid Strategies. Their fees differ too: 0.58% for RB and 0.83% for OVS.