SMLL vs. OVS

Last updated Aug 2, 2026

SMLL (Harbor Active Small Cap ETF) and OVS (Overlay Shares Small Cap Equity ETF) are both Small Cap Blend Equities funds. Both are actively managed. Over the past year, SMLL returned 5.80% vs 38.98% for OVS. Their correlation of 0.85 means they have usually moved in the same direction. SMLL charges 0.80%/yr vs 0.83%/yr for OVS.

Performance

SMLL vs. OVS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Active Small Cap ETF (SMLL) 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, SMLL achieves a 7.95% return, which is significantly lower than OVS's 23.16% return.

SMLL

• 1D: 0.06%
• 1M: 0.10%
• 6M: 5.67%
• YTD: 7.95%
• 1Y: 5.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.30%

OVS

• 1D: 0.06%
• 1M: -0.72%
• 6M: 16.06%
• YTD: 23.16%
• 1Y: 38.98%
• 3Y*: 14.61%
• 5Y*: 7.56%
• 10Y*: —
• ALL TIME*: 12.04%

*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)
OVS Overlay Shares Small Cap Equity ETF	$632.13K	$526.77K	$451.76K
SMLL Harbor Active Small Cap ETF	$12.67K	$15.57K	$37.20K

SMLL vs. OVS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMLL Harbor Active Small Cap ETF	7.95%	-6.31%	11.18%
OVS Overlay Shares Small Cap Equity ETF	23.16%	6.15%	0.93%

Correlation

The correlation between SMLL and OVS is 0.81, 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.	0.81
Correlation (All Time) Calculated using the full available price history since Aug 29, 2024	0.85

The correlation between SMLL and OVS has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

SMLL vs. OVS - Sectors Allocation Comparison

Sectors	SMLL	OVS
Industrials	31.6%	15.5%
Financial Services	19.7%	17.0%
Technology	15.7%	15.6%
Consumer Cyclical	9.6%	13.2%
Real Estate	6.0%	7.6%
Energy	5.6%	4.8%
Healthcare	5.4%	12.4%
Basic Materials	5.1%	4.6%
Consumer Defensive	0.9%	4.2%
Utilities	0.5%	1.8%
Communication Services	-	3.2%

Return for Risk

SMLL vs. OVS — Risk / Return Rank

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

SMLL

SMLL Risk / Return Rank: 15
SMLL Sharpe Ratio Rank: 15
SMLL Sortino Ratio Rank: 15
SMLL Omega Ratio Rank: 15
SMLL Calmar Ratio Rank: 15
SMLL Martin Ratio Rank: 14

OVS

OVS Risk / Return Rank: 85
OVS Sharpe Ratio Rank: 82
OVS Sortino Ratio Rank: 84
OVS Omega Ratio Rank: 79
OVS Calmar Ratio Rank: 92
OVS Martin Ratio Rank: 90

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.

SMLL vs. OVS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Active Small Cap ETF (SMLL) 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.

	SMLL	OVS	Difference
Sharpe ratio: Return per unit of total volatility	0.19	1.91	-1.71
Sortino ratio: Return per unit of downside risk	0.41	2.74	-2.33
Omega ratio: Gain probability vs. loss probability	1.05	1.33	-0.28
Calmar ratio: Return relative to maximum drawdown	0.22	4.30	-4.08
Martin ratio: Return relative to average drawdown	0.44	14.13	-13.69

SMLL vs. OVS - Sharpe Ratio Comparison

The current SMLL Sharpe Ratio is 0.19, which is lower than the OVS Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of SMLL and OVS, 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

SMLL vs. OVS - Drawdown Comparison

The maximum SMLL drawdown since its inception was -23.56%, smaller than the maximum OVS drawdown of -45.09%. Use the drawdown chart below to compare losses from any high point for SMLL and OVS.

Drawdown Indicators

	SMLL	OVS	Difference
Max Drawdown Largest peak-to-trough decline	-23.56%	-45.09%	+21.53%
Max Drawdown (1Y) Largest decline over 1 year	-15.53%	-8.51%	-7.02%
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	-6.17%	-2.23%	-3.94%
Average Drawdown Average peak-to-trough decline	-8.64%	-11.12%	+2.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.74%	2.59%	+5.15%

Volatility

SMLL vs. OVS - Volatility Comparison

Harbor Active Small Cap ETF (SMLL) has a higher volatility of 5.20% compared to Overlay Shares Small Cap Equity ETF (OVS) at 4.16%. This indicates that SMLL's price experiences larger fluctuations and is considered to be riskier than OVS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMLL	OVS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.20%	4.16%	+1.04%
Volatility (6M) Calculated over the trailing 6-month period	12.09%	12.91%	-0.82%
Volatility (1Y) Calculated over the trailing 1-year period	17.56%	19.22%	-1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.09%	23.08%	-2.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.09%	27.26%	-7.17%

SMLL vs. OVS - Expense Ratio Comparison

SMLL has a 0.80% expense ratio, which is lower than OVS's 0.83% expense ratio.

Dividends

SMLL vs. OVS - Dividend Comparison

SMLL's dividend yield for the trailing twelve months is around 2.19%, less than OVS's 7.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVS Overlay Shares Small Cap Equity ETF	7.69%	3.69%	4.08%	3.19%	3.43%	4.05%	1.74%	0.54%
SMLL Harbor Active Small Cap ETF	2.19%	2.37%	0.52%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMLL and OVS in my portfolio?

SMLL and OVS have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMLL or OVS?

SMLL has higher volatility (5.20%) compared to OVS (4.16%). In terms of maximum drawdown, SMLL dropped -23.56% vs OVS's -45.09%.

Which ETF is better, SMLL or OVS?

On 1-year performance, OVS leads with 38.98% vs 5.80% for SMLL. On fees, SMLL is cheaper at 0.80% per year. On volatility, OVS has been the lower-risk option at 4.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMLL or OVS?

Over the 1-year period, OVS has performed better with a 38.98% return vs 5.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMLL or OVS?

SMLL is cheaper with a 0.80% expense ratio, compared with 0.83% for OVS.

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

OVS has the higher dividend yield at 7.69%, compared with 2.19% for SMLL.

What is the main difference between SMLL and OVS?

They also come from different issuers: Harbor and Liquid Strategies. Their fees differ too: 0.80% for SMLL and 0.83% for OVS.

Which has better risk-adjusted returns?

OVS currently has the higher Sharpe Ratio (1.91 vs 0.19), 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.