Projections assume the current yield and share price remain constant. Actual results will vary.
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 lagged SCHD over the trailing twelve months, posting a 18.66% total return against 24.24%. The picture flips over 5 years, though — OVL has compounded at 13.63% a year, ahead of SCHD at 9.12%. SCHD has been the steadier holding, though — annualized volatility of 13.2% against 18.7% for OVL. Figures are total returns: price change plus every distribution reinvested.
Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 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 Oct 2019” measures every fund from October 1, 2019 — 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.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
Put-selling overlay on large cap equity exposure via VOO (Vanguard S&P 500 ETF) to generate additional income.
Seeks to track as closely as possible, before fees and expenses, the total return of the Dow Jones U.S. Dividend 100 Index, which measures the performance of high dividend yielding stocks issued by U.S. companies with a record of consistently paying dividends, selected for fundamental strength relative to their peers based on financial ratios.
Bottom lineChoose OVL if you want large-cap equity with a put overlay and accept option-related losses. Choose SCHD if you want dividend-stock index exposure and accept equity and concentration risk. OVL's put overlay can add losses; SCHD's dividend selection does not protect principal. Distributions can change, and a higher payout is not a higher total return.
Option overlay versus dividend-stock selection
OVL adds an active put-selling overlay to large-cap equity exposure. SCHD uses a dividend-stock index. Compare the holdings and option obligations before using the distribution rate to choose between them.
OVL
SCHD
Approach
Large-cap equities with active put selling
Dow Jones U.S. Dividend 100 Index
Income review
Check distribution sources and tax notices
Check declared distributions and tax notices
Expense ratio
0.79%
0.06%
Principal risk
Equity exposure plus option-related losses
Equity exposure and stock/sector concentration
Execution
Check the actual spread and premium/discount
Check the actual spread and premium/discount
How the risk works
Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.
Capped upside and premium dependence. OVL generates income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
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.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Schwab is a major provider of low-cost, broad-based ETFs known for making investing accessible to individual investors through its discount brokerage platform. The issuer's fund lineup spans multiple categories including core index funds, dividend and income-focused strategies, factor-based approaches, international exposure, fixed income, and digital assets, with popular core holdings like SCHB (U.S. broad market) and SCHD (dividend appreciation) alongside more specialized thematic offerings. Schwab's ETF suite is characterized by its breadth across asset classes and investment styles, competitive expense ratios, and integration with its retail brokerage ecosystem.
See our curated list of related YouTube videos on SCHD.
OVL (Overlay Shares Large Cap Equity ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both dividend ETFs, but they take different approaches.
OVL offers the higher yield at 10.51% vs 3.28% for SCHD. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
SCHD is cheaper with an expense ratio of 0.06% compared to 0.79%.
They have different reference exposures: OVL is linked to S&P 500 (VOO) while SCHD is linked to Dow Jones U.S. Dividend 100 Index, which means their performance drivers differ.
SCHD is the larger fund by assets ($110B), but assets alone do not establish trading costs or liquidity.
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On a $10,000 investment, OVL would generate roughly $87.58 cash per distribution, while SCHD would produce $82.00 cash per distribution, at current distribution rates.
OVL yield10.51%
SCHD yield3.28%
Cash diff on $10K$5.58
Cost & efficiency
Over 10 years on $10,000, OVL would cost approximately $790 in fees vs $60 for SCHD (simplified, not compounded). The $730.00 difference may be offset by yield or performance.
OVL ER0.79%
SCHD ER0.06%
Strategy & risk
OVL tracks S&P 500 (VOO) with a fund of funds approach, while SCHD tracks Dow Jones U.S. Dividend 100 Index. Beta describes historical benchmark sensitivity, not a prediction of drawdown size.
OVL beta1.17
SCHD beta0.56
Fund details
OVL is managed by Overlay Shares (launched 09/30/2019) with $462M in assets. SCHD is managed by Schwab (launched 10/20/2011) with $110B in assets.
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Frequently asked questions
Does OVL's distribution rate measure the same thing as SCHD's dividend income?
No. OVL combines large-cap equities with an active put-selling overlay; its distributions can include return of capital. SCHD tracks the Dow Jones U.S. Dividend 100 Index. Check each fund's distribution definition and tax notices; neither payout rate is a total-return forecast. Return of capital alone does not prove economic loss.
Does SCHD's lower beta guarantee smaller losses than OVL?
No. Beta describes historical sensitivity to a benchmark, not guaranteed downside protection. Both funds carry equity risk. Review holdings, concentration, and performance over matching dates; OVL's put overlay adds option-related risk.
Explore related screeners
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