Overlay Shares Large Cap Equity ETF (OVL) Performance
OVL total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +13.9% since Dec 31, 2025
- 1 year
- +16.4% total return
- 5 years
- +12.5% a year
- Since first price
- +16.9% a year since 2019
OVL trailing returns vs SPY, QQQ, AGG
| Period | OVL total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.4% | −2.2% | −1.0% | −5.0% | +0.9% |
| 3 months | +3.3% | +0.6% | +3.2% | +1.9% | −0.4% |
| 6 months | +7.6% | +2.1% | +7.8% | +8.4% | −1.5% |
| YTD | +13.9% | +5.4% | +12.3% | +15.1% | −1.0% |
| 1 year | +16.4% | +6.8% | +14.4% | +15.9% | −1.1% |
| 3 years | +98.5%+25.7%/yr | +70.6% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +80.4%+12.5%/yr | +43.6% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionOct 1, 2019 | +201.7%+16.9%/yr | +126.8% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: OVL vs SPY
From Oct 1, 2019: OVL grew to $30,166, SPY to $28,643.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
OVL returns by calendar year
5 of 6 full years positive. Best 2021 (+32.4%), worst 2022 (−22.2%). 2026 is year to date.
OVL annual returns table
| Year | OVL | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +13.9% | −8.7% | +12.3% | +15.1% | −1.0% |
| 2025 | +17.8% | −21.7% | +17.7% | +20.8% | +7.2% |
| 2024 | +27.9% | −10.1% | +24.9% | +25.6% | +1.3% |
| 2023 | +28.0% | −12.6% | +26.2% | +54.9% | +5.7% |
| 2022 | −22.2% | −29.2% | −18.2% | −32.6% | −13.0% |
| 2021 | +32.4% | −6.3% | +28.7% | +27.4% | −1.8% |
| 2020 | +20.2% | −35.5% | +18.3% | +48.6% | +7.5% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
OVL largest drawdowns
Now 3.0% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 19, 2020 | −35.5% | Mar 20, 2020 | Aug 6, 2020 | 30 days | 6 months |
| Jan 3, 2022 | −29.2% | Sep 30, 2022 | Jan 19, 2024 | 9 months | 2.0 years |
| Feb 19, 2025 | −21.7% | Apr 8, 2025 | Jul 3, 2025 | 48 days | 4 months |
| Sep 2, 2020 | −10.3% | Sep 23, 2020 | Nov 13, 2020 | 21 days | 2 months |
| Jul 16, 2024 | −10.1% | Sep 3, 2024 | Sep 19, 2024 | 49 days | 2 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
OVL risk statistics
| Statistic | 3 years | 5 years | Since 2019 |
|---|---|---|---|
| Annualized return | +24.9% | +13.9% | +16.8% |
| Volatility (annualized) | 14.4% | 17.9% | 18.9% |
| Sharpe ratio | 1.33 | 0.62 | 0.78 |
| Sortino ratio | 2.62 | 0.97 | 1.23 |
| Best month | +11.3% | +11.3% | +13.8% |
| Worst month | −7.4% | −11.2% | −13.1% |
| Best 12 months | +44.6% | +44.6% | +63.4% |
| Worst 12 months | +6.1% | −22.2% | −22.2% |
| Positive months | 67% | 62% | 64% |
| Beta vs S&P 500 | 1.15 | 1.14 | — |
| Correlation with S&P 500 | 0.99 | 1.00 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
OVL rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 73 | −22.2% | +19.6% | +63.4% | 84% |
| 3-year (a year) | 49 | +7.4% | +12.4% | +26.5% | 100% |
| 5-year (a year) | 25 | +12.2% | +15.4% | +19.2% | 100% |
Every holding period starting at a month-end since 2019. Returns for 3 years and longer are annualized.
OVL performance overview
Overlay Shares Large Cap Equity ETF (OVL) returned +16.4% over the past year and +12.5% a year over five years, with distributions reinvested. Since its first recorded price in 2019 it has returned +16.9% a year, turning $10,000 into about $30,166. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −35.5%, from Feb 19, 2020 to Mar 20, 2020, and it took 5 months to get back to the old high. OVL finished 5 of its 6 full calendar years with a gain; the best year was 2021 (+32.4%) and the worst 2022 (−22.2%). Volatility has been 18.9% a year.
Related: OVL chart, OVL dividends. See the OVL overview for the latest quote and fund facts.
OVL performance FAQ
What is the OVL return over the past year?
OVL returned +16.4% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 6.8%.
What is the average annual return of OVL?
OVL has returned +12.5% a year over 5 years, +16.9% a year since October 1, 2019 (total return, distributions reinvested).
How much would $10,000 invested in OVL be worth?
$10,000 invested in OVL at its first recorded close on October 1, 2019 would be worth about $30,166 on October 23, 2026 with distributions reinvested.
What was the worst year for OVL?
The worst calendar year was 2022, with a total return of −22.2%. The best was 2021 at +32.4%.
What is the biggest drawdown of OVL?
The largest peak-to-trough decline was −35.5% between February 19, 2020 and March 20, 2020. It recovered to the old high on August 6, 2020, 5 months after the bottom.
How volatile is OVL?
Over the past 3 years OVL had an annualized volatility of 14.4% and a Sharpe ratio of 1.33 (excess return over 1–3 month T-bills per unit of risk).