VGVT vs. OVB

Last updated Aug 2, 2026

VGVT (Vanguard Government Securities Active ETF) and OVB (Overlay Shares Core Bond ETF) are both Intermediate Core Bond funds. Both are actively managed. Over the past year, VGVT returned 1.76% vs 4.28% for OVB. Their 0.71 correlation means they have sometimes moved together and sometimes differently. 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 -0.65% return, which is significantly lower than OVB's 0.93% return.

VGVT

• 1D: -0.38%
• 1M: -1.01%
• 6M: -0.94%
• YTD: -0.65%
• 1Y: 1.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.72%

OVB

• 1D: -0.14%
• 1M: -1.43%
• 6M: -0.07%
• YTD: 0.93%
• 1Y: 4.28%
• 3Y*: 5.41%
• 5Y*: -0.03%
• 10Y*: —
• ALL TIME*: 1.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
OVB Overlay Shares Core Bond ETF	$209.51K	$199.44K	$241.40K
VGVT Vanguard Government Securities Active ETF	$256.38K	$357.24K	$499.27K

VGVT vs. OVB - Yearly Performance Comparison

	2026 (YTD)	2025
VGVT Vanguard Government Securities Active ETF	-0.65%	3.56%
OVB Overlay Shares Core Bond ETF	0.93%	5.14%

Correlation

The correlation between VGVT and OVB is 0.70, 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.	0.70
Correlation (All Time) Calculated using the full available price history since Jul 9, 2025	0.71

The correlation between VGVT and OVB has been stable across timeframes, ranging from 0.70 to 0.71 - a consistent structural relationship.

Return for Risk

VGVT vs. OVB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VGVT

VGVT Risk / Return Rank: 29
VGVT Sharpe Ratio Rank: 32
VGVT Sortino Ratio Rank: 30
VGVT Omega Ratio Rank: 28
VGVT Calmar Ratio Rank: 29
VGVT Martin Ratio Rank: 27

OVB

OVB Risk / Return Rank: 43
OVB Sharpe Ratio Rank: 35
OVB Sortino Ratio Rank: 34
OVB Omega Ratio Rank: 35
OVB Calmar Ratio Rank: 59
OVB Martin Ratio Rank: 51

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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.

	VGVT	OVB	Difference
Sharpe ratio: Return per unit of total volatility	0.78	0.88	-0.11
Sortino ratio: Return per unit of downside risk	1.14	1.29	-0.15
Omega ratio: Gain probability vs. loss probability	1.13	1.17	-0.04
Calmar ratio: Return relative to maximum drawdown	0.92	2.09	-1.17
Martin ratio: Return relative to average drawdown	2.19	5.95	-3.75

VGVT vs. OVB - Sharpe Ratio Comparison

The current VGVT Sharpe Ratio is 0.78, which is comparable to the OVB Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of VGVT and OVB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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	-2.77%	-2.49%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-6.99%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-21.69%	—
Current Drawdown Current decline from peak	-2.50%	-1.97%	-0.53%
Average Drawdown Average peak-to-trough decline	-0.83%	-6.90%	+6.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	0.87%	+0.29%

Volatility

VGVT vs. OVB - Volatility Comparison

The current volatility for Vanguard Government Securities Active ETF (VGVT) is 0.99%, while Overlay Shares Core Bond ETF (OVB) has a volatility of 1.55%. This indicates that VGVT experiences smaller price fluctuations and is considered to be less risky than OVB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGVT	OVB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	1.55%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	2.54%	4.01%	-1.47%
Volatility (1Y) Calculated over the trailing 1-year period	3.28%	5.91%	-2.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.27%	7.37%	-4.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.27%	7.55%	-4.28%

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 4.40%, less than OVB's 6.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVB Overlay Shares Core Bond ETF	6.64%	6.00%	5.81%	5.20%	4.67%	4.59%	3.88%	0.58%
VGVT Vanguard Government Securities Active ETF	4.14%	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 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGVT or OVB?

OVB has higher volatility (1.55%) compared to VGVT (0.99%). In terms of maximum drawdown, VGVT dropped -2.77% vs OVB's -21.69%.

Which ETF is better, VGVT or OVB?

On 1-year performance, OVB leads with 4.28% vs 1.76% for VGVT. On fees, VGVT is cheaper at 0.10% per year. On volatility, VGVT has been the lower-risk option at 0.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VGVT or OVB?

Over the 1-year period, OVB has performed better with a 4.28% return vs 1.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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 6.64%, compared with 4.14% 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.

Which has better risk-adjusted returns?

OVB currently has the higher Sharpe Ratio (0.88 vs 0.78), 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.