TDAX vs. OVL

Last updated Jun 24, 2026

TDAX (TDAQ Lift ETF) and OVL (Overlay Shares Large Cap Equity ETF) are both exchange-traded funds - TDAX is a Leveraged Equities fund actively managed by TappAlpha, while OVL is a Derivative Income fund actively managed by Liquid Strategies. Both are actively managed. Their correlation of 0.92 suggests significant overlap in exposure. TDAX charges 0.98%/yr vs 0.79%/yr for OVL.

Performance

TDAX vs. OVL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TDAQ Lift ETF (TDAX) and Overlay Shares Large Cap Equity ETF (OVL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TDAX

• 1D: -4.29%
• 1M: -2.95%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

OVL

• 1D: -1.51%
• 1M: -1.82%
• YTD: 9.88%
• 6M: 8.68%
• 1Y: 27.58%
• 3Y*: 22.39%
• 5Y*: 13.33%
• 10Y*: —

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

TDAX vs. OVL - Yearly Performance Comparison

	2026 (YTD)
TDAX TDAQ Lift ETF	13.76%
OVL Overlay Shares Large Cap Equity ETF	7.80%

Correlation

The correlation between TDAX and OVL is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 7, 2026	0.92

Return for Risk

TDAX vs. OVL — Risk / Return Rank

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

TDAX

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

OVL

OVL Risk / Return Rank: 62
OVL Sharpe Ratio Rank: 59
OVL Sortino Ratio Rank: 55
OVL Omega Ratio Rank: 57
OVL Calmar Ratio Rank: 66
OVL 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.

TDAX vs. OVL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TDAQ Lift ETF (TDAX) and Overlay Shares Large Cap Equity ETF (OVL). 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.

	TDAX	OVL	Difference
Sharpe ratio: Return per unit of total volatility	—	1.89	—
Sortino ratio: Return per unit of downside risk	—	2.54	—
Omega ratio: Gain probability vs. loss probability	—	1.34	—
Calmar ratio: Return relative to maximum drawdown	—	3.17	—
Martin ratio: Return relative to average drawdown	—	13.34	—

Drawdowns

TDAX vs. OVL - Drawdown Comparison

The maximum TDAX drawdown since its inception was -14.69%, smaller than the maximum OVL drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for TDAX and OVL.

Drawdown Indicators

	TDAX	OVL	Difference
Max Drawdown Largest peak-to-trough decline	-14.69%	-35.49%	+20.80%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.73%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-21.73%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.23%	—
Current Drawdown Current decline from peak	-6.56%	-3.85%	-2.71%
Average Drawdown Average peak-to-trough decline	-3.75%	-6.69%	+2.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.07%	—

Volatility

Volatility by Period

	TDAX	OVL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.43%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.39%	—
Volatility (1Y) Calculated over the trailing 1-year period	27.01%	14.67%	+12.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.01%	19.90%	+7.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.01%	22.55%	+4.46%

TDAX vs. OVL - Expense Ratio Comparison

TDAX has a 0.98% expense ratio, which is higher than OVL's 0.79% expense ratio.

Dividends

TDAX vs. OVL - Dividend Comparison

TDAX's dividend yield for the trailing twelve months is around 8.91%, more than OVL's 6.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVL Overlay Shares Large Cap Equity ETF	6.36%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%
TDAX TDAQ Lift ETF	8.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TDAX and OVL in my portfolio?

With a correlation of 0.92, TDAX and OVL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, TDAX or OVL?

On fees, OVL is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TDAX or OVL?

OVL is cheaper with a 0.79% expense ratio, compared with 0.98% for TDAX.

Which ETF pays a higher dividend yield, TDAX or OVL?

TDAX has the higher dividend yield at 8.91%, compared with 6.36% for OVL.

What is the main difference between TDAX and OVL?

TDAX is categorized as Leveraged Equities, while OVL is Derivative Income. They also come from different issuers: TappAlpha and Liquid Strategies. Their fees differ too: 0.98% for TDAX and 0.79% for OVL.