OVL
Safe
High confidence
ETF Comparison
OVL vs OVLH: Same Shop, One Version Adds a Hedge
A head-to-head of Overlay Shares Large Cap Equity and Hedged Large Cap Equity covering how cash is made, the hedge, and cost.
Updated November 6, 2026
How these figures are calculated: methodology.
Best for
- OVLInvestors who want to maximize current income — roughly 11.14%, generated by selling options premium.
- OVLHInvestors who want equity exposure with an options overlay.
Price and total return
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Distribution Safety Score
An estimate of distribution reliability, not price or principal safety, a probability, or a guarantee. Score methodology.
OVLH
Unproven
Limited data
Score snapshot as of . Method 1.11.
Side-by-side snapshot
| Metric |  OVL | OVLH |
|---|---|---|
| Full name | Overlay Shares Large Cap Equity ETF | Overlay Shares Hedged Large Cap Equity ETF |
| Issuer | Overlay Shares | Overlay Shares |
| Last Close | $53.22 as of November 6, 2026 | $41.08 as of November 6, 2026 |
| Distribution rate | 11.14% | 0.29% |
| Trailing 12-month yield | 9.81% | 0.29% |
| Distribution Safety Score™ | 92 | 50 |
| Safety-Adjusted Yield | 10.25% | — |
| Expense ratio | 0.79% | 0.80% |
| AUM | $510M | $106M |
| Distribution frequency | Monthly | Annual |
| Underlying index | S&P 500 (VOO) | Actively managed (no tracked index recorded) |
| Objective | Put-selling overlay on large cap equity exposure via VOO (Vanguard S&P 500 ETF) to generate additional income. | Actively managed fund providing exposure to U.S. large-cap equities combined with an options overlay — a put spread and longer-dated out-of-the-money put options — designed to limit downside risk while maintaining equity participation. |
| Asset class | Equity | Equity |
| Inception date | 09/30/2019 | 01/14/2021 |
| Beta | 1.12 | 0.73 |
| Last dividend | $0.494 | $0.119 |
| Ex-dividend date | 10/28/2026 | 12/23/2025 |
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
OVL has outpaced OVLH over the trailing twelve months, posting a 10.48% total return against 4.01%. The lead holds up over 5 years too: OVL has compounded at 10.73% a year, against 7.23% for OVLH. OVLH has been the steadier holding, though — annualized volatility of 9.7% against 18.8% for OVL. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD cumulative | 1Y cumulative | 3Y annualized | 5Y annualized | Since Jan 2021 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|---|---|
| OVL | 8.89% | 10.48% | 22.12% | 10.73% | 14.12% | 18.8% | 0.85 | 1.18 | -21.7% |
| OVLH | 4.15% | 4.01% | 15.55% | 7.23% | 9.49% | 9.7% | 1.08 | 1.62 | -8.8% |
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of November 5, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Jan 2021” measures every fund from January 15, 2021 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Bottom lineChoose OVL if you want to maximize current income — roughly 11.14%, generated by selling options premium. Choose OVLH if you want equity exposure with an options overlay. OVL and OVLH both use option or derivative overlays. Their tradeoff is the underlying exposure, how each option strategy is implemented, and the yield each targets; both sell puts, so each adds losses when its underlying falls rather than capping gains.
OVL vs OVLH: overlay cash or a hedged overlay?
Same manager. OVL overlays large-cap US stocks. OVLH adds a hedge. The cushion is why the hedged version usually pays less.
| OVL | OVLH | |
|---|---|---|
| Design | Large-cap overlay | Large-cap overlay plus a hedge |
| Expense ratio | 0.79% | 0.80% |
| Distribution rate | 11.14% | 0.29% |
How the risk works
Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.
- Added downside and premium dependence. OVL generates income by selling puts, which adds losses when the underlying falls; the premium collected is the most the puts can earn. Distributions can include return of capital, and a payout the strategy cannot sustain shows up as NAV erosion over time — the big yield number is not free.
Learn the mechanics: Return of capital, explained · NAV erosion, explained
Income calculator
See how much monthly income a hypothetical investment would generate in each ETF at current yields.
ETFs8
Total AUM$898M
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Overlay Shares specializes in option overlay strategies built on puts rather than covered calls: its funds, trading under tickers OVF, OVL, OVLH and OVS, hold a core equity or bond portfolio and add an S&P 500 put overlay. The sold put spreads add income and leave the core portfolio's upside in place, but they add losses when the market falls sharply; OVLH also buys longer-dated puts to limit that downside.
See our curated list of related YouTube videos on OVL and OVLH.
Quick verdict
OVL (Overlay Shares Large Cap Equity ETF) and OVLH (Overlay Shares Hedged Large Cap Equity ETF) are both dividend ETFs, but they take different approaches.
OVL offers the higher yield at 11.14% vs 0.29% for OVLH. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
OVL is cheaper with an expense ratio of 0.79% compared to 0.80%.
OVL is the larger fund by assets ($510M), but assets alone do not establish trading costs or liquidity.
Who should choose each?
Choose OVL
Overlay Shares Large Cap Equity ETF
- Want to maximize current income — OVL distributes roughly 11.14% from selling options premium, vs 0.29% for OVLH.
- Are comfortable with a put-selling strategy — a large payout in exchange for added losses when the underlying falls.
- Want to keep costs low — a 0.79% expense ratio vs 0.80% for OVLH.
Choose OVLH
Overlay Shares Hedged Large Cap Equity ETF
- Want equity exposure with an options overlay.
- Prefer lower market sensitivity — a beta of 0.73 vs 1.12 for OVL.
Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.
Top-holdings overlap
Positions that appear in every fund's top 10. Issuers disclose only the largest weights, so this captures the overlap of the concentrated end of each book — not the full portfolios.
2 shared positions
OVL 102.3% of its top-10 weight
OVLH 93.6% of its top-10 weight
| Position | OVL | OVLH |
|---|---|---|
| VOO Vanguard S&P 500 ETF | ||
| FGXXX First American Funds Inc. - Government Obligations Fund |
Deep dive
Yield & income
On a $10,000 investment at current distribution rates, OVL would pay about $1,114.00 a year (about $92.83 per monthly distribution), while OVLH would pay about $29.00 a year.
OVL yield11.14%
OVLH yield0.29%
Annual cash diff on $10K$1,085.00
Cost & efficiency
Over 10 years on $10,000, OVL would cost approximately $790 in fees vs $800 for OVLH (simplified, not compounded). The $10.00 difference may be offset by yield or performance.
OVL ER0.79%
OVLH ER0.80%
Strategy & risk
OVL tracks S&P 500 (VOO) with a fund of funds approach, while OVLH is an actively managed ETF built around a hedged strategy. Beta is 1.12 for OVL and 0.73 for OVLH, making OVLH the less sensitive to market moves of the two by this measure.
OVL beta1.12
OVLH beta0.73
Fund details
OVL is managed by Overlay Shares (launched 09/30/2019) with $510M in assets. OVLH is managed by Overlay Shares (launched 01/14/2021) with $106M in assets.
OVL AUM$510M
OVLH AUM$106M
Frequently asked questions
What is the difference between OVL and OVLH?
Same manager, one extra sleeve. OVL (Overlay Shares Large Cap Equity ETF) overlays large-cap US stocks and pays 11.14% monthly. OVLH (Overlay Shares Hedged Large Cap Equity ETF) adds a hedge to that idea and distributes 0.29%. Cost is 0.79% versus 0.80% as of November 2026. The hedge is why OVLH usually pays less and lags in a sharp rally. Compare what you give up for the cushion.
What is the current distribution rate for OVL and OVLH?
OVL currently distributes 11.14% and OVLH 0.29%, based on fund data updated November 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is OVL or OVLH better for dividend income?
It depends on your goals. OVL currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
Can I hold both OVL and OVLH?
Yes. Their disclosed top-10 holdings share only 2 positions, so combining both adds mostly distinct underlying names — see the holdings-overlap section above. Overlap outside the disclosed top 10 can still exist.
Is OVL or OVLH safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — OVL scores 92, OVLH scores 50, so OVL's payout currently looks the more resilient of the two. OVLH has also been less sensitive to market moves (beta 0.73 vs 1.12 for OVL). No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.
Which has lower fees, OVL or OVLH?
OVL has an expense ratio of 0.79% while OVLH charges 0.80%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in OVL vs OVLH generate?
At current distribution rates, $10,000 in OVL would pay about $1,114.00 a year (about $92.83 per monthly distribution). $10,000 in OVLH would pay about $29.00 a year.
Which has performed better historically, OVL or OVLH?
OVL has outpaced OVLH over the trailing twelve months, posting a 10.48% total return against 4.01%. The lead holds up over 5 years too: OVL has compounded at 10.73% a year, against 7.23% for OVLH. OVLH has been the steadier holding, though — annualized volatility of 9.7% against 18.8% for OVL. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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OVL vs OVLH — at a glance
Generated October 31, 2026.
Overview
OVL and OVLH are both options-overlay equity ETFs from Overlay Shares, but they pursue opposite income objectives. OVLH, by contrast, layers a put spread and longer-dated downside hedges on large-cap equity exposure, sacrificing income (0.29% yield) to dampen volatility and limit drawdowns. The core tradeoff is income-focused leverage versus downside protection.
How they differ
The fundamental difference lies in their option strategies. OVL uses naked put-selling on S&P 500 holdings to create income; OVLH uses put spreads and protective puts to hedge equity risk. That structural choice cascades through their risk profiles: OVL's beta of 1.12 exceeds its S&P 500 benchmark (implying amplified upside and downside), while OVLH's 0.73 beta signals dampened equity sensitivity.
Income generation is the second major gulf. OVL distributes 11.14%, a 10.85 percentage-point gap fueled by put premiums; OVLH's 0.29% reflects its focus on capital preservation over yield.
Who each is best for
- OVL: Fits investors prioritizing monthly income and willing to accept elevated downside capture in exchange for enhanced option premium harvesting. Suits those comfortable with equity volatility spikes and seeking aggressive yield above traditional dividend strategies.
- OVLH: Fits investors who want large-cap equity exposure with a structural hedge against sharp losses, accepting minimal income in return for lower beta and capped drawdown risk. Suits those focused on capital stability over yield generation.
Key risks to know
- NAV erosion at extreme yields. OVL's 11.14% distribution rate—10.85 percentage points above OVLH—may imply distributions exceeding underlying equity returns and underlying option payoff growth, raising the possibility of gradual principal erosion over time. A multi-year period of flat or declining equity prices could stress this dynamic.
- Put assignment and forced equity sales. OVL's naked put-selling creates a liability if equity prices fall sharply: short puts expire in-the-money, triggering cash outflows and forced purchases at depressed prices. OVLH's put spreads cap that loss but constrain upside participation when markets rally.
- Hedging drag on OVLH in rising markets. OVLH's protective puts and spreads reduce total return in sustained bull markets; investors pay for downside insurance whether or not it's needed. The lower 0.73 versus OVL's 1.12 reflects this persistent friction.
- Overlapping holdings and crowded option mechanics. Both funds operate on S&P 500 or large-cap equity underlyings, so portfolio overlaps are near-total. A sharp widening of option-implied volatility (IV crush after spikes, or IV expansion during calm) affects both funds' put pricing and premium collection.
Bottom line
If you prioritize monthly income and accept equity-like downside, OVL's 11.14% yield and 1.12 beta align with a put-selling strategy. If you want to retain large-cap equity exposure while dampening volatility and limiting losses, OVLH's 0.73 beta and hedging structure trade income for defensive characteristics. Both carry options-specific risks: OVL faces potential NAV erosion if yields exceed underlying gains over a long horizon, while OVLH's hedges cost performance in bull markets. Past performance does not predict future results.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
Learn the method
The metrics behind this comparison, explained in the Academy.
These comparisons follow the Dividend Vision methodology.