SMAP vs. OVS

Last updated Jul 21, 2026

SMAP (Amplify Small-Mid Cap Equity ETF) and OVS (Overlay Shares Small Cap Equity ETF) are both Small Cap Blend Equities funds. Their correlation of 0.87 suggests significant overlap in exposure. SMAP charges 0.60%/yr vs 0.83%/yr for OVS.

Performance

SMAP vs. OVS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Small-Mid Cap Equity ETF (SMAP) and Overlay Shares Small Cap Equity ETF (OVS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SMAP

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

OVS

• 1D: -0.71%
• 1M: 0.92%
• 6M: 14.06%
• YTD: 22.76%
• 1Y: 34.00%
• 3Y*: 15.13%
• 5Y*: 7.61%
• 10Y*: —
• ALL TIME*: 12.04%

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

SMAP vs. OVS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMAP Amplify Small-Mid Cap Equity ETF	7.23%	3.63%	-2.93%
OVS Overlay Shares Small Cap Equity ETF	22.76%	6.15%	1.87%

Correlation

The correlation between SMAP and OVS is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (All Time) Calculated using the full available price history since Nov 1, 2024	0.87

The correlation between SMAP and OVS has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.

SMAP vs. OVS - Sectors Allocation Comparison

Sectors	SMAP	OVS
Industrials	22.3%	15.5%
Healthcare	17.5%	12.4%
Technology	13.9%	15.6%
Financial Services	13.1%	17.0%
Consumer Cyclical	11.1%	13.2%
Basic Materials	7.9%	4.6%
Energy	6.6%	4.8%
Real Estate	5.6%	7.6%
Consumer Defensive	2.0%	4.2%
Communication Services	-	3.2%
Utilities	-	1.8%

Return for Risk

SMAP vs. OVS — Risk / Return Rank

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

SMAP

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

OVS

OVS Risk / Return Rank: 79
OVS Sharpe Ratio Rank: 75
OVS Sortino Ratio Rank: 77
OVS Omega Ratio Rank: 70
OVS Calmar Ratio Rank: 90
OVS Martin Ratio Rank: 86

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.

SMAP vs. OVS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Small-Mid Cap Equity ETF (SMAP) 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.

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.

	SMAP	OVS	Difference
Sharpe ratio: Return per unit of total volatility	—	1.78	—
Sortino ratio: Return per unit of downside risk	—	2.59	—
Omega ratio: Gain probability vs. loss probability	—	1.31	—
Calmar ratio: Return relative to maximum drawdown	—	4.01	—
Martin ratio: Return relative to average drawdown	—	12.97	—

Drawdowns

Drawdown Indicators

	SMAP	OVS	Difference
Max Drawdown Largest peak-to-trough decline	—	-45.09%	—
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	—	-2.55%	—
Average Drawdown Average peak-to-trough decline	—	-11.17%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.63%	—

Volatility

Volatility by Period

	SMAP	OVS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.19%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.34%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	19.22%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	23.10%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	27.31%	—

SMAP vs. OVS - Expense Ratio Comparison

SMAP has a 0.60% expense ratio, which is lower than OVS's 0.83% expense ratio.

Dividends

SMAP vs. OVS - Dividend Comparison

SMAP's dividend yield for the trailing twelve months is around 0.32%, less than OVS's 6.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVS Overlay Shares Small Cap Equity ETF	6.78%	3.69%	4.08%	3.19%	3.43%	4.05%	1.74%	0.54%
SMAP Amplify Small-Mid Cap Equity ETF	0.32%	0.48%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMAP and OVS in my portfolio?

SMAP and OVS have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMAP or OVS?

On fees, SMAP is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMAP or OVS?

SMAP is cheaper with a 0.60% expense ratio, compared with 0.83% for OVS.

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

OVS has the higher dividend yield at 6.78%, compared with 0.32% for SMAP.

What is the main difference between SMAP and OVS?

They also come from different issuers: Amplify and Liquid Strategies. Their fees differ too: 0.60% for SMAP and 0.83% for OVS.