VGVT vs. OVB

Last updated Jun 4, 2026

VGVT (Vanguard Government Securities Active ETF) and OVB (Overlay Shares Core Bond ETF) are both Intermediate Core Bond funds. Both are actively managed. A 0.72 correlation means they provide meaningful diversification when combined. VGVT charges 0.10%/yr vs 0.79%/yr for OVB.

Performance

VGVT vs. OVB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Government Securities Active ETF (VGVT) and Overlay Shares Core Bond ETF (OVB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGVT achieves a 0.11% return, which is significantly lower than OVB's 2.58% return.

VGVT

• 1D: -0.15%
• 1M: 0.17%
• YTD: 0.11%
• 6M: 0.10%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

OVB

• 1D: -0.33%
• 1M: 0.69%
• YTD: 2.58%
• 6M: 2.47%
• 1Y: 9.55%
• 3Y*: 5.95%
• 5Y*: 0.74%
• 10Y*: —

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

VGVT vs. OVB - Yearly Performance Comparison

	2026 (YTD)	2025
VGVT Vanguard Government Securities Active ETF	0.11%	3.28%
OVB Overlay Shares Core Bond ETF	2.58%	4.62%

Correlation

The correlation between VGVT and OVB is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.72

Return for Risk

VGVT vs. OVB — Risk / Return Rank

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

OVB

OVB Risk / Return Rank: 59
OVB Sharpe Ratio Rank: 48
OVB Sortino Ratio Rank: 50
OVB Omega Ratio Rank: 52
OVB Calmar Ratio Rank: 76
OVB Martin Ratio Rank: 68

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.

VGVT vs. OVB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Government Securities Active ETF (VGVT) and Overlay Shares Core Bond ETF (OVB). 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

	VGVT	OVB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.65	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	0.26	+0.91

Drawdowns

VGVT vs. OVB - Drawdown Comparison

The maximum VGVT drawdown since its inception was -2.77%, smaller than the maximum OVB drawdown of -21.69%. Use the drawdown chart below to compare losses from any high point for VGVT and OVB.

Drawdown Indicators

	VGVT	OVB	Difference
Max Drawdown Largest peak-to-trough decline	-2.77%	-21.69%	+18.92%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.49%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-8.18%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-21.69%	—
Current Drawdown Current decline from peak	-1.76%	-0.37%	-1.39%
Average Drawdown Average peak-to-trough decline	-0.67%	-7.04%	+6.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.76%	—

Volatility

Volatility by Period

	VGVT	OVB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.49%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.69%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.22%	5.80%	-2.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.22%	7.31%	-4.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.22%	7.58%	-4.36%

VGVT vs. OVB - Expense Ratio Comparison

VGVT has a 0.10% expense ratio, which is lower than OVB's 0.79% expense ratio.

Dividends

VGVT vs. OVB - Dividend Comparison

VGVT's dividend yield for the trailing twelve months is around 3.99%, less than OVB's 6.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVB Overlay Shares Core Bond ETF	6.96%	6.00%	5.81%	5.20%	4.67%	4.59%	3.88%	0.58%
VGVT Vanguard Government Securities Active ETF	3.99%	2.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VGVT and OVB in my portfolio?

VGVT and OVB have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VGVT or OVB?

On fees, VGVT is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VGVT or OVB?

VGVT is cheaper with a 0.10% expense ratio, compared with 0.79% for OVB.

Which ETF pays a higher dividend yield, VGVT or OVB?

OVB has the higher dividend yield at 6.96%, compared with 3.99% for VGVT.

What is the main difference between VGVT and OVB?

They also come from different issuers: Vanguard and Liquid Strategies. Their fees differ too: 0.10% for VGVT and 0.79% for OVB.