ETF Comparison

OVL vs QDVO: Which Is the Better Pick in 2026?

A head-to-head comparison of Overlay Shares Large Cap Equity ETF and Amplify CWP Dividend & Option Income ETF covering yield, cost, risk, and income potential.

Data updated July 22, 2026

Overlay Shares

ETFs7

Total AUM$679M

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Overlay Shares operates a focused lineup of four income-focused ETFs designed to generate regular distributions for investors. The company specializes in option overlay strategies that aim to enhance yield through covered call and similar income-generating techniques, with its funds trading under tickers OVF, OVL, OVLH, and OVS. This niche approach to dividend enhancement differentiates Overlay Shares within the broader ETF marketplace, appealing to investors seeking higher current income through systematic option strategies.

See our curated list of related YouTube videos on OVL.

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Amplify ETFs

ETFs41

Total AUM$16.0B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Amplify ETFs is known for offering thematic and specialized investment solutions across 22 funds, ranging from digital assets and commodities to dividend and income-focused strategies. Their lineup emphasizes yield generation and alternative themes, with notable funds including DIVO (Amplify Dividend Rotation Fund), HACK (Amplify Cybersecurity ETF), and SWAN (Amplify BlackSwan Growth ETF), alongside crypto-related funds like BITY and SOLM. The issuer distinguishes itself through niche sector exposure and their proprietary YieldSmart technology platform designed to optimize income strategies.

See our curated list of related YouTube videos on QDVO.

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Side-by-side snapshot

	OVL	QDVO
Full name	Overlay Shares Large Cap Equity ETF	Amplify CWP Dividend & Option Income ETF
Issuer	Overlay Shares	Amplify ETFs
Last Close	$56.53 as of July 22, 2026	$29.82 as of July 22, 2026
Distribution yield	10.30%	10.70%
Distribution Safety Score™	91	79
Expense ratio	0.79%	0.56%
AUM	$331M	$742M
Distribution frequency	Monthly	Monthly
Underlying index	S&P 500 (VOO)	U.S. large-cap value / dividend equities with a covered call overlay
Objective	Put-selling overlay on large cap equity exposure via VOO (Vanguard S&P 500 ETF) to generate additional income.	Seeks to provide high monthly income with the potential for capital appreciation by investing in quality U.S. dividend-paying equities and writing covered call options on those holdings.
Asset class	Equity	Equity
Inception date	09/30/2019	08/21/2024
Beta	1.17	0.9338
Last dividend	$0.4850	$0.2660
Ex-dividend date	06/26/2026	06/29/2026

Bottom lineOVL and QDVO are nearly interchangeable — both track the S&P 500 with very similar cost and risk. The clearest tie-breaker is cost: QDVO is cheaper at 0.56% vs 0.79%.

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Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

OVL has outpaced QDVO over the trailing twelve months, posting a 23.28% total return against 17.79%. Measured from Aug 2024 — when the younger fund began trading — QDVO has compounded at 21.74% a year versus 19.23% for OVL. Figures are total returns: price change plus every distribution reinvested.

Symbol	YTD	1Y	Since Aug 2024	Volatility	Sharpe	Sortino	Max drawdown
OVL	11.56%	23.28%	19.23%	14.8%	1.11	1.58	-8.7%
QDVO	8.27%	17.79%	21.74%	13.0%	0.92	1.33	-10.2%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 21, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Aug 2024” measures every fund from August 22, 2024 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. 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 past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Quick verdict

OVL (Overlay Shares Large Cap Equity ETF) and QDVO (Amplify CWP Dividend & Option Income ETF) are both monthly-pay dividend ETFs, but they take different approaches.

QDVO offers the higher yield at 10.70% vs 10.30% for OVL. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

QDVO is cheaper with an expense ratio of 0.56% compared to 0.79%.

They track different benchmarks: OVL is linked to S&P 500 (VOO) while QDVO tracks U.S. large-cap value / dividend equities with a covered call overlay, which means their performance drivers differ.

QDVO is the larger fund by assets ($742M), which generally means tighter spreads and better liquidity.

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Deep dive

Yield & income

On a $10,000 investment, OVL would generate roughly $85.83/month, while QDVO would produce $89.17/month, at current distribution rates. Both pay monthly distributions.

OVL yield10.30%

QDVO yield10.70%

Monthly diff on $10K$3.33

Cost & efficiency

Over 10 years on $10,000, OVL would cost approximately $790 in fees vs $560 for QDVO (simplified, not compounded). The $230.00 difference may be offset by yield or performance.

OVL ER0.79%

QDVO ER0.56%

Strategy & risk

OVL tracks S&P 500 (VOO) with a fund of funds approach, while QDVO tracks U.S. large-cap value / dividend equities with a covered call overlay with an active approach. Beta is 1.17 for OVL and 0.9338 for QDVO, indicating QDVO is less volatile relative to the market.

OVL beta1.17

QDVO beta0.9338

Fund details

OVL is managed by Overlay Shares (launched 09/30/2019) with $331M in assets. QDVO is managed by Amplify ETFs (launched 08/21/2024) with $742M in assets.

OVL AUM$331M

QDVO AUM$742M

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Frequently asked questions

Is OVL or QDVO better for dividend income?

It depends on your goals. QDVO 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.

What is the difference between OVL and QDVO?

OVL (Overlay Shares Large Cap Equity ETF) tracks S&P 500 (VOO) with a fund of funds approach, while QDVO (Amplify CWP Dividend & Option Income ETF) tracks U.S. large-cap value / dividend equities with a covered call overlay with an active approach. They are issued by Overlay Shares and Amplify ETFs respectively.

Can I hold both OVL and QDVO?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Which has lower fees, OVL or QDVO?

OVL has an expense ratio of 0.79% while QDVO charges 0.56%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in OVL vs QDVO generate?

At current rates, $10,000 in OVL would generate roughly $85.83 per month ($1,030.00 annually). The same in QDVO would produce about $89.17 per month ($1,070.00 annually).

Which has performed better historically, OVL or QDVO?

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OVL vs QDVO — at a glance

Generated July 2026 from current fund data.

Overview

OVL and QDVO are both monthly-paying equity income ETFs that bolt an options strategy onto large-cap stocks, but they start from different places. OVL holds the S&P 500 through VOO and layers a put-selling overlay on top for income, keeping broad-index exposure intact. QDVO instead owns an actively chosen basket of quality U.S. dividend-paying stocks and writes covered calls against them, so its income leans on both dividends and call premium.

How they differ

The biggest split is what the options overlay does to your upside. OVL's put-selling overlay sits on full S&P 500 exposure, so it keeps most of the index's growth — and its 1.17 beta shows it moves a bit more than the market, not less. QDVO's covered calls cap gains above the strike price, and its 0.9338 beta reflects that dampening. Income comes from different places too: OVL layers premium onto a passive index, while QDVO blends real dividends with call premium to reach a 10.83% distribution rate versus OVL's 10.38%, both paid monthly. QDVO is also cheaper at 0.56% versus 0.79%, and larger at $742M versus $331M. OVL has the longer record, trading since September 2019, while QDVO launched in August 2024.

Who each is best for

OVL: Fits investors who want to stay fully invested in the S&P 500 and collect extra income from an overlay, and who can stomach above-market volatility to keep the index's upside.
QDVO: Fits investors who want monthly income from a hand-picked dividend-stock basket with a smoother ride, accepting capped upside in exchange for the below-market beta.

Key risks to know

Short-put tail risk (OVL). The put-selling overlay adds downside exposure on top of the index, so a sharp selloff can amplify losses — consistent with OVL's above-market 1.17 beta.
Capped upside (QDVO). Selling calls forecloses gains above the strike, so in a strong large-cap rally QDVO is likely to trail the dividend stocks it holds outright.
Distribution durability. Both pay roughly 10-11% yields drawn partly from option premium. If volatility compresses or markets fall, part of the payout may arrive as return of capital and NAV can erode over time.
Volatility dependence. Premium income on both sides rises and falls with implied volatility, so a prolonged low-volatility stretch can pressure distributions.
Limited history for QDVO. With an August 2024 inception, QDVO has not yet been tested through a full drawdown, unlike OVL's longer record.

Bottom line

If you value keeping the S&P 500's full growth with an income kicker and can accept a bit more volatility, OVL's overlay stands out; if you prioritize a lower-beta ride and a slightly higher monthly yield from a selected dividend basket, consider QDVO. Both depend on the options market to sustain double-digit payouts, so distributions and NAV can move with volatility. Past performance doesn't predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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