OVLH vs SPY
Overlay Shares Hedged Large Cap Equity ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, OVLH 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 0.97.
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 | OVLH | SPY |
|---|---|---|
| Expense Ratio | 0.80% | 0.09%Best |
| AUM | $108M | $811.2B |
| Dividend Yield | 0.28% | 0.98% |
| Holdings | 18 | 1,515 |
| YTD Return | +8.57% | +14.85%Best |
| 1Y Return | +9.31% | +17.26%Best |
| 3Y Return (annualized) | +16.70% | +22.95%Best |
| 5Y Return (annualized) | +9.39% | +13.89%Best |
| Volatility (annualized) | 11.3%Best | 15.0% |
| Max Drawdown | -20.7%Best | -24.5% |
| $10,000 over 5 years | $15,663 | $19,161Best |
| Fund Family | Overlay Shares | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 14, 2021 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 15, 2021 to Oct 9, 2026 (5.7 years).
OVLH 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 5.7 years both funds cover.
OVLH vs SPY Performance
Overlay Shares Hedged Large Cap Equity ETF (OVLH) 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 OVLH returned +9.31% while SPY returned +17.26%. Year to date, OVLH is up 8.57% versus a gain of 14.85% for SPY.
Over three years, OVLH compounded at +16.70% per year against +22.95% for SPY; over five years the annualized figures are +9.39% and +13.89% respectively. Across the full 6-year window we track, SPY has the edge at +15.09% annualized vs +10.38%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.0% compared with 11.3% for OVLH. 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 -20.7% for OVLH and -24.5% 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 0.97. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
OVLH charges 0.80% per year while SPY charges 0.09%. On a $10,000 position that is $80 vs $9 annually, a gap of $71 per year that compounds over a long holding period. On income, OVLH currently yields 0.28% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 1 holding in OVLH and 504 in SPY, totalling 97.8% and 99.8% 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 1 positions we hold weights for in OVLH and 504 in SPY, against full books of 18 and 1,515.
You are not choosing between two funds in isolation.
Whichever of OVLH 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, OVLH or SPY?
OVLH has an expense ratio of 0.80% while SPY charges 0.09%. SPY is the cheaper option, by $71 a year on a $10,000 investment.
Which performed better, OVLH or SPY?
Over the past year OVLH returned +9.31% vs +17.26% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (6 years), OVLH annualized +10.38% vs +15.09% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, OVLH or SPY?
SPY has been the more volatile fund at 15.0% annualized versus 11.3% for OVLH. Worst drawdown: OVLH -20.7% vs SPY -24.5%.
Should I hold both OVLH and SPY?
OVLH and SPY have a monthly-return correlation of 0.97, 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, OVLH or SPY?
OVLH yields 0.28% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than OVLH?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.97. Which one suits a particular account depends on what it is for. This is information, not a recommendation.