TSPY vs. OVL
TSPY (TappAlpha S&P 500 Growth & Daily Income ETF) and OVL (Overlay Shares Large Cap Equity ETF) are both exchange-traded funds - TSPY is a Derivative Income fund actively managed by TappAlpha, while OVL is a Large Cap Growth Equities fund actively managed by Liquid Strategies. Both are actively managed. Over the past year, TSPY returned 23.65% vs 29.22% for OVL. Their correlation of 0.89 suggests significant overlap in exposure. TSPY charges 0.68%/yr vs 0.79%/yr for OVL.
Performance
TSPY vs. OVL - Performance Comparison
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Returns By Period
In the year-to-date period, TSPY achieves a 6.27% return, which is significantly lower than OVL's 10.47% return.
TSPY
- 1D
- 0.24%
- 1M
- 0.11%
- YTD
- 6.27%
- 6M
- 6.48%
- 1Y
- 23.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OVL
- 1D
- 0.14%
- 1M
- -0.14%
- YTD
- 10.47%
- 6M
- 10.55%
- 1Y
- 29.22%
- 3Y*
- 23.11%
- 5Y*
- 13.78%
- 10Y*
- —
TSPY vs. OVL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TSPY TappAlpha S&P 500 Growth & Daily Income ETF | 6.27% | 17.29% | 6.59% |
OVL Overlay Shares Large Cap Equity ETF | 10.47% | 17.81% | 8.53% |
Correlation
The correlation between TSPY 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 (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024 | 0.89 |
The correlation between TSPY and OVL has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.
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Return for Risk
TSPY vs. OVL — Risk / Return Rank
TSPY
OVL
TSPY vs. OVL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) 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.
| TSPY | OVL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.37 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | 3.36 | -0.89 |
| Martin ratioReturn relative to average drawdown | 10.91 | 14.80 | -3.89 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TSPY | OVL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.99 | 2.06 | -0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.70 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.05 | 0.78 | +0.27 |
Drawdowns
TSPY vs. OVL - Drawdown Comparison
The maximum TSPY drawdown since its inception was -18.02%, smaller than the maximum OVL drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for TSPY and OVL.
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Drawdown Indicators
| TSPY | OVL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.02% | -35.49% | +17.47% |
Max Drawdown (1Y)Largest decline over 1 year | -9.63% | -8.73% | -0.90% |
Max Drawdown (3Y)Largest decline over 3 years | — | -21.73% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.23% | — |
Current DrawdownCurrent decline from peak | -2.82% | -3.33% | +0.51% |
Average DrawdownAverage peak-to-trough decline | -2.52% | -6.70% | +4.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.17% | 1.98% | +0.19% |
Volatility
TSPY vs. OVL - Volatility Comparison
The current volatility for TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) is 3.54%, while Overlay Shares Large Cap Equity ETF (OVL) has a volatility of 4.23%. This indicates that TSPY experiences smaller price fluctuations and is considered to be less risky than OVL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSPY | OVL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.54% | 4.23% | -0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 9.15% | 10.95% | -1.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.94% | 14.31% | -2.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.13% | 19.84% | -3.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.13% | 22.55% | -6.42% |
TSPY vs. OVL - Expense Ratio Comparison
TSPY has a 0.68% expense ratio, which is lower than OVL's 0.79% expense ratio.
Dividends
TSPY vs. OVL - Dividend Comparison
TSPY's dividend yield for the trailing twelve months is around 14.06%, more than OVL's 6.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
OVL Overlay Shares Large Cap Equity ETF | 6.33% | 2.99% | 3.10% | 3.33% | 3.85% | 3.63% | 2.43% | 0.50% |
TSPY TappAlpha S&P 500 Growth & Daily Income ETF | 14.06% | 13.69% | 3.45% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.92, TSPY 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.
OVL has higher volatility (4.23%) compared to TSPY (3.54%). In terms of maximum drawdown, TSPY dropped -18.02% vs OVL's -35.49%.
On 1-year performance, OVL leads with 29.22% vs 23.65% for TSPY. On fees, TSPY is cheaper at 0.68% per year. On volatility, TSPY has been the lower-risk option at 3.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, OVL has performed better with a 29.22% return vs 23.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TSPY is cheaper with a 0.68% expense ratio, compared with 0.79% for OVL.
TSPY has the higher dividend yield at 14.06%, compared with 6.33% for OVL.
TSPY is categorized as Derivative Income, while OVL is Large Cap Growth Equities. They also come from different issuers: TappAlpha and Liquid Strategies. Their fees differ too: 0.68% for TSPY and 0.79% for OVL.
OVL currently has the higher Sharpe Ratio (2.06 vs 1.99), 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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