OVL vs SPY
Overlay Shares Large Cap Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, OVL or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.99.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | OVL | SPY |
|---|---|---|
| Expense Ratio | 0.79% | 0.09%Best |
| AUM | $428M | $804.7B |
| Dividend Yield | 8.14% | 0.98% |
| Holdings | 11 | 505 |
| YTD Return | +6.52% | +12.09%Best |
| 1Y Return | +10.31% | +16.29%Best |
| 3Y Return (annualized) | +19.89% | +21.20%Best |
| 5Y Return (annualized) | +11.96% | +13.37%Best |
| Volatility (annualized) | 18.9% | 16.8%Best |
| Max Drawdown | -35.5% | -34.1%Best |
| $10,000 over 5 years | $17,592 | $18,728Best |
| Fund Family | Overlay Shares | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Sep 30, 2019 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Oct 1, 2019 to Sep 18, 2026 (7 years).
OVL vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 7 years both funds cover.
OVL vs SPY Performance
Overlay Shares Large Cap Equity ETF (OVL) is an ETF from Overlay Shares and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year OVL returned +10.31% while SPY returned +16.29%. Year to date, OVL is up 6.52% versus a gain of 12.09% for SPY.
Over three years, OVL compounded at +19.89% per year against +21.20% for SPY; over five years the annualized figures are +11.96% and +13.37% respectively. Across the full 7-year window we track, SPY has the edge at +15.92% annualized vs +15.89%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
OVL has been the more volatile fund, with annualized monthly volatility of 18.9% compared with 16.8% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -35.5% for OVL and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.99. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
OVL charges 0.79% per year while SPY charges 0.09%. On a $10,000 position that is $79 vs $9 annually, a gap of $70 per year that compounds over a long holding period. On income, OVL currently yields 8.14% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 2 holdings in OVL and 504 in SPY, totalling 100.2% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 2 positions we hold weights for in OVL and 504 in SPY, against full books of 11 and 505.
You are not choosing between two funds in isolation.
Whichever of OVL and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, OVL or SPY?
OVL has an expense ratio of 0.79% while SPY charges 0.09%. SPY is the cheaper option, by $70 a year on a $10,000 investment.
Which performed better, OVL or SPY?
Over the past year OVL returned +10.31% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (7 years), OVL annualized +15.89% vs +15.92% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, OVL or SPY?
OVL has been the more volatile fund at 18.9% annualized versus 16.8% for SPY. Worst drawdown: OVL -35.5% vs SPY -34.1%.
Should I hold both OVL and SPY?
OVL and SPY have a monthly-return correlation of 0.99, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, OVL or SPY?
OVL yields 8.14% while SPY yields 0.98%, so OVL currently pays the higher dividend yield.
Is SPY better than OVL?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.99. Which one suits a particular account depends on what it is for. This is information, not a recommendation.