RJMI vs. OVM
RJMI (RJ Eagle Municipal Income ETF) and OVM (Overlay Shares Municipal Bond ETF) are both Municipal Bonds funds. Both are actively managed. At a 0.47 correlation, their price movements are largely independent. RJMI charges 0.41%/yr vs 0.82%/yr for OVM.
Performance
RJMI vs. OVM - Performance Comparison
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Returns By Period
In the year-to-date period, RJMI achieves a 1.64% return, which is significantly lower than OVM's 3.96% return.
RJMI
- 1D
- -0.06%
- 1M
- 0.87%
- YTD
- 1.64%
- 6M
- 2.35%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OVM
- 1D
- -0.17%
- 1M
- 1.10%
- YTD
- 3.96%
- 6M
- 4.16%
- 1Y
- 11.81%
- 3Y*
- 5.37%
- 5Y*
- 1.59%
- 10Y*
- —
RJMI vs. OVM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
RJMI RJ Eagle Municipal Income ETF | 1.64% | 2.82% |
OVM Overlay Shares Municipal Bond ETF | 3.96% | 1.91% |
Correlation
The correlation between RJMI and OVM is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 3, 2025 | 0.47 |
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Return for Risk
RJMI vs. OVM — Risk / Return Rank
RJMI
OVM
RJMI vs. OVM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for RJ Eagle Municipal Income ETF (RJMI) and Overlay Shares Municipal Bond ETF (OVM). 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.
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Sharpe Ratios by Period
| RJMI | OVM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 2.85 | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.30 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.24 | 0.43 | +1.81 |
Drawdowns
RJMI vs. OVM - Drawdown Comparison
The maximum RJMI drawdown since its inception was -3.04%, smaller than the maximum OVM drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for RJMI and OVM.
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Drawdown Indicators
| RJMI | OVM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.04% | -15.58% | +12.54% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.44% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -8.20% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.58% | — |
Current DrawdownCurrent decline from peak | -0.60% | -0.17% | -0.43% |
Average DrawdownAverage peak-to-trough decline | -0.66% | -4.01% | +3.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.63% | — |
Volatility
RJMI vs. OVM - Volatility Comparison
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Volatility by Period
| RJMI | OVM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.26% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 3.36% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.08% | 4.16% | -1.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.08% | 5.39% | -2.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.08% | 6.55% | -3.47% |
RJMI vs. OVM - Expense Ratio Comparison
RJMI has a 0.41% expense ratio, which is lower than OVM's 0.82% expense ratio.
Dividends
RJMI vs. OVM - Dividend Comparison
RJMI's dividend yield for the trailing twelve months is around 1.95%, less than OVM's 6.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
OVM Overlay Shares Municipal Bond ETF | 6.11% | 5.45% | 4.91% | 4.66% | 4.21% | 6.10% | 3.97% | 0.58% |
RJMI RJ Eagle Municipal Income ETF | 1.95% | 0.61% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
RJMI and OVM have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, RJMI is cheaper at 0.41% per year. The better choice depends on whether you care most about return, fees, risk, or income.
RJMI is cheaper with a 0.41% expense ratio, compared with 0.82% for OVM.
OVM has the higher dividend yield at 6.11%, compared with 1.95% for RJMI.
They also come from different issuers: Carillon Tower Advisers and Liquid Strategies. Their fees differ too: 0.41% for RJMI and 0.82% for OVM.
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