SPIB vs. OVT
SPIB (SPDR Portfolio Intermediate Term Corporate Bond ETF) and OVT (Overlay Shares Short Term Bond ETF) are both Corporate Bonds funds. SPIB is passively managed, while OVT is actively managed. Over the past 5 years, SPIB returned 1.62%/yr vs 2.83%/yr for OVT. Their 0.66 correlation means they have sometimes moved together and sometimes differently. SPIB charges 0.04%/yr vs 0.80%/yr for OVT.
Performance
SPIB vs. OVT - Performance Comparison
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Returns By Period
In the year-to-date period, SPIB achieves a 0.68% return, which is significantly lower than OVT's 2.73% return.
SPIB
- 1D
- 0.33%
- 1M
- -0.19%
- 6M
- 0.47%
- YTD
- 0.68%
- 1Y
- 3.10%
- 3Y*
- 5.77%
- 5Y*
- 1.62%
- 10Y*
- 2.73%
- ALL TIME*
- 3.78%
OVT
- 1D
- 0.30%
- 1M
- 0.24%
- 6M
- 2.10%
- YTD
- 2.73%
- 1Y
- 6.03%
- 3Y*
- 7.15%
- 5Y*
- 2.83%
- 10Y*
- —
- ALL TIME*
- 2.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $505.96K | $370.12K | $305.03K | |
| $206.12M | $185.13M | $231.03M |
SPIB vs. OVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPIB SPDR Portfolio Intermediate Term Corporate Bond ETF | 0.68% | 7.91% | 4.28% | 7.27% | -9.65% | -0.76% |
OVT Overlay Shares Short Term Bond ETF | 2.73% | 7.61% | 7.44% | 7.73% | -9.68% | 1.73% |
Correlation
The correlation between SPIB and OVT is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.68 |
Correlation (3Y) Balances recent behavior with more history. | 0.62 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021 | 0.66 |
The correlation between SPIB and OVT has been stable across timeframes, ranging from 0.62 to 0.68 - a consistent structural relationship.
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Return for Risk
SPIB vs. OVT — Risk / Return Rank
SPIB
OVT
SPIB vs. OVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB) and Overlay Shares Short Term Bond ETF (OVT). 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.
| SPIB | OVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.31 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.54 | 3.90 | -2.36 |
| Martin ratioReturn relative to average drawdown | 4.74 | 10.72 | -5.98 |
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Drawdowns
SPIB vs. OVT - Drawdown Comparison
The maximum SPIB drawdown since its inception was -14.94%, which is greater than OVT's maximum drawdown of -13.59%. Use the drawdown chart below to compare losses from any high point for SPIB and OVT.
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Drawdown Indicators
| SPIB | OVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.94% | -13.59% | -1.35% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -1.55% | -0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -2.90% | -3.55% | +0.65% |
Max Drawdown (5Y)Largest decline over 5 years | -14.60% | -13.59% | -1.01% |
Max Drawdown (10Y)Largest decline over 10 years | -14.94% | — | — |
Current DrawdownCurrent decline from peak | -0.56% | -0.29% | -0.27% |
Average DrawdownAverage peak-to-trough decline | -1.89% | -3.31% | +1.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.56% | +0.10% |
Volatility
SPIB vs. OVT - Volatility Comparison
The current volatility for SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB) is 0.84%, while Overlay Shares Short Term Bond ETF (OVT) has a volatility of 1.22%. This indicates that SPIB experiences smaller price fluctuations and is considered to be less risky than OVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPIB | OVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 1.22% | -0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 2.31% | 2.78% | -0.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.79% | 3.71% | -0.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.49% | 4.69% | -0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.60% | 4.54% | +0.06% |
SPIB vs. OVT - Expense Ratio Comparison
SPIB has a 0.04% expense ratio, which is lower than OVT's 0.80% expense ratio.
Dividends
SPIB vs. OVT - Dividend Comparison
SPIB's dividend yield for the trailing twelve months is around 4.49%, less than OVT's 7.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OVT Overlay Shares Short Term Bond ETF | 7.62% | 7.21% | 6.15% | 5.11% | 4.12% | 4.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPIB SPDR Portfolio Intermediate Term Corporate Bond ETF | 4.49% | 4.42% | 4.41% | 3.84% | 2.65% | 1.58% | 2.18% | 3.03% | 3.04% | 2.79% | 2.68% | 2.69% |
Frequently Asked Questions
SPIB and OVT have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OVT has higher volatility (1.22%) compared to SPIB (0.84%). In terms of maximum drawdown, SPIB dropped -14.94% vs OVT's -13.59%.
On 5-year performance, OVT leads with 2.83% vs 1.62% for SPIB. On fees, SPIB is cheaper at 0.04% per year. On volatility, SPIB has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, OVT has performed better with a 2.83% return vs 1.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPIB is cheaper with a 0.04% expense ratio, compared with 0.80% for OVT.
OVT has the higher dividend yield at 7.62%, compared with 4.49% for SPIB.
They also come from different issuers: State Street and Liquid Strategies. Their fees differ too: 0.04% for SPIB and 0.80% for OVT.
OVT currently has the higher Sharpe Ratio (1.63 vs 1.12), 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.
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