Overlay Shares Hedged Large Cap Equity ETF (OVLH) Performance
OVLH total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +6.6% since Dec 31, 2025
- 1 year
- +7.5% total return
- 5 years
- +8.3% a year
- Since first price
- +10.0% a year since 2021
OVLH trailing returns vs SPY, QQQ, AGG
| Period | OVLH total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −0.8% | −0.8% | −1.0% | −5.0% | +0.9% |
| 3 months | +1.9% | +1.9% | +3.2% | +1.9% | −0.4% |
| 6 months | +4.3% | +4.3% | +7.8% | +8.4% | −1.5% |
| YTD | +6.6% | +6.6% | +12.3% | +15.1% | −1.0% |
| 1 year | +7.5% | +7.2% | +14.4% | +15.9% | −1.1% |
| 3 years | +61.8%+17.4%/yr | +59.5% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +49.2%+8.3%/yr | +45.4% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionJan 15, 2021 | +73.2%+10.0%/yr | +68.8% | — | — | — |
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: OVLH vs SPY
From Jan 15, 2021: OVLH grew to $17,325, SPY to $21,839.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
OVLH returns by calendar year
3 of 4 full years positive. Best 2024 (+18.4%), worst 2022 (−16.2%). 2026 is year to date.
OVLH annual returns table
| Year | OVLH | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +6.6% | −6.4% | +12.3% | +15.1% | −1.0% |
| 2025 | +15.8% | −8.8% | +17.7% | +20.8% | +7.2% |
| 2024 | +18.4% | −5.2% | +24.9% | +25.6% | +1.3% |
| 2023 | +16.9% | −9.6% | +26.2% | +54.9% | +5.7% |
| 2022 | −16.2% | −20.4% | −18.2% | −32.6% | −13.0% |
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.
OVLH largest drawdowns
Now 2.5% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 27, 2021 | −20.7% | Oct 11, 2022 | Feb 2, 2024 | 9 months | 2.1 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
OVLH risk statistics
| Statistic | 3 years | 5 years | Since 2021 |
|---|---|---|---|
| Annualized return | +16.9% | +9.3% | +10.4% |
| Volatility (annualized) | 9.5% | 11.7% | 11.4% |
| Sharpe ratio | 1.24 | 0.52 | 0.65 |
| Sortino ratio | 2.50 | 0.78 | 1.00 |
| Best month | +8.1% | +8.1% | +8.1% |
| Worst month | −3.8% | −8.2% | −8.2% |
| Best 12 months | +30.6% | +30.6% | +30.6% |
| Worst 12 months | +6.6% | −16.2% | −16.2% |
| Positive months | 64% | 58% | 62% |
| Beta vs S&P 500 | 0.73 | 0.72 | — |
| Correlation with S&P 500 | 0.95 | 0.97 | — |
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.
OVLH rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 58 | −16.2% | +13.6% | +30.6% | 79% |
| 3-year (a year) | 34 | +4.5% | +12.2% | +18.0% | 100% |
| 5-year (a year) | 10 | +8.0% | +9.1% | +10.5% | 100% |
Every holding period starting at a month-end since 2021. Returns for 3 years and longer are annualized.
OVLH performance overview
Overlay Shares Hedged Large Cap Equity ETF (OVLH) returned +7.5% over the past year and +8.3% a year over five years, with distributions reinvested. Since its first recorded price in 2021 it has returned +10.0% a year, turning $10,000 into about $17,325. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −20.7%, from Dec 27, 2021 to Oct 11, 2022, and it took 1.3 years to get back to the old high. OVLH finished 3 of its 4 full calendar years with a gain; the best year was 2024 (+18.4%) and the worst 2022 (−16.2%). Volatility has been 11.4% a year.
Related: OVLH chart, OVLH dividends. See the OVLH overview for the latest quote and fund facts.
OVLH performance FAQ
What is the OVLH return over the past year?
OVLH returned +7.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 7.2%.
What is the average annual return of OVLH?
OVLH has returned +8.3% a year over 5 years, +10.0% a year since January 15, 2021 (total return, distributions reinvested).
How much would $10,000 invested in OVLH be worth?
$10,000 invested in OVLH at its first recorded close on January 15, 2021 would be worth about $17,325 on October 23, 2026 with distributions reinvested.
What was the worst year for OVLH?
The worst calendar year was 2022, with a total return of −16.2%. The best was 2024 at +18.4%.
What is the biggest drawdown of OVLH?
The largest peak-to-trough decline was −20.7% between December 27, 2021 and October 11, 2022. It recovered to the old high on February 2, 2024, 1.3 years after the bottom.
How volatile is OVLH?
Over the past 3 years OVLH had an annualized volatility of 9.5% and a Sharpe ratio of 1.24 (excess return over 1–3 month T-bills per unit of risk).