TDAX vs. OVL

Last updated Jun 4, 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 Large Cap Growth Equities fund actively managed by Liquid Strategies. Both are actively managed. Their correlation of 0.93 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: -0.07%
• 1M: 13.80%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

OVL

• 1D: -0.94%
• 1M: 5.25%
• YTD: 13.20%
• 6M: 13.15%
• 1Y: 33.24%
• 3Y*: 24.25%
• 5Y*: 14.26%
• 10Y*: —

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

TDAX vs. OVL - Yearly Performance Comparison

	2026 (YTD)
TDAX TDAQ Lift ETF	21.51%
OVL Overlay Shares Large Cap Equity ETF	11.46%

Correlation

The correlation between TDAX and OVL is 0.93, 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 8, 2026	0.93

Return for Risk

TDAX vs. OVL — Risk / Return Rank

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

OVL

OVL Risk / Return Rank: 74
OVL Sharpe Ratio Rank: 72
OVL Sortino Ratio Rank: 69
OVL Omega Ratio Rank: 70
OVL Calmar Ratio Rank: 75
OVL Martin Ratio Rank: 83

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.

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

Sharpe Ratios by Period

	TDAX	OVL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.39	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.72	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.65	0.80	+1.86

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	-0.07%	-0.94%	+0.87%
Average Drawdown Average peak-to-trough decline	-3.71%	-6.71%	+3.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.96%	—

Volatility

Volatility by Period

	TDAX	OVL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.47%	—
Volatility (1Y) Calculated over the trailing 1-year period	23.71%	13.99%	+9.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.71%	19.79%	+3.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.71%	22.54%	+1.17%

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 7.40%, more than OVL's 6.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVL Overlay Shares Large Cap Equity ETF	6.18%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%
TDAX TDAQ Lift ETF	7.40%	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 0.93, 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 7.40%, compared with 6.18% for OVL.

What is the main difference between TDAX and OVL?

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