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 outpaced SPY over the trailing twelve months, posting a 18.66% total return against 16.15%. The lead holds up over 5 years too: OVL has compounded at 13.63% a year, against 13.41% for SPY. 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.
Bottom lineChoose OVL if you want an equity put overlay and accept its added complexity and risk. Choose SPY if you want S&P 500 index exposure and accept equity-market losses. Distributions can change and may include return of capital. A payout rate is not total return, and tax character alone does not establish economic loss.
Active option overlay versus index tracking
SPY seeks to track the S&P 500. OVL combines large-cap equity exposure with an active put-selling overlay seeking additional income. OVL's objective and option obligations differ from simply holding an S&P 500 index fund.
OVL
SPY
Approach
Large-cap equities plus active put selling
S&P 500 index tracking
Risk review
Equity losses plus option-related losses
Equity and large-company concentration
Expense ratio
0.79%
0.0945%
Portfolio fit
Review combined holdings and weights
Review combined holdings and weights
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.
State Street Global Advisors (SSGA) is one of the largest ETF providers globally, known for its flagship SPDR suite of exchange-traded products that serve both institutional and retail investors across a broad range of asset classes. Their 88-fund lineup spans diverse strategies including sector exposure (Select Sector SPDR), income generation (Income and Select Sector SPDR Premium Income families), commodities (including the widely-held GLD gold ETF), bonds, ESG-focused investments, and thematic allocations, with popular tickers like DIA (Diamonds Trust), FEZ (Eurozone exposure), and JNK (high-yield bonds) among their most recognized funds. The issuer is characterized by its comprehensive coverage across multiple market segments and its emphasis on both traditional index-based products and specialized strategies like covered call income funds and factor-based investing.
See our curated list of related YouTube videos on SPY.
OVL (Overlay Shares Large Cap Equity ETF) and SPY (SPDR S&P 500 ETF Trust) are both dividend ETFs, but they take different approaches.
OVL offers the higher yield at 10.51% vs 0.99% for SPY. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
SPY is cheaper with an expense ratio of 0.0945% compared to 0.79%.
They have different reference exposures: OVL is linked to S&P 500 (VOO) while SPY is linked to S&P 500 Index, which means their performance drivers differ.
SPY is the larger fund by assets ($817B), 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 SPY would produce $24.75 cash per distribution, at current distribution rates.
OVL yield10.51%
SPY yield0.99%
Cash diff on $10K$62.83
Cost & efficiency
Over 10 years on $10,000, OVL would cost approximately $790 in fees vs $95 for SPY (simplified, not compounded). The $695.50 difference may be offset by yield or performance.
OVL ER0.79%
SPY ER0.0945%
Strategy & risk
SPY seeks to track the S&P 500. OVL combines large-cap equity exposure with an active put-selling overlay seeking additional income. OVL's objective and option obligations differ from simply holding an S&P 500 index fund. Beta describes historical benchmark sensitivity, not guaranteed downside protection.
OVL beta1.17
SPY beta1.0
Fund details
OVL is managed by Overlay Shares (launched 09/30/2019) with $462M in assets. SPY is managed by State Street (launched 01/22/1993) with $817B in assets.
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Frequently asked questions
Does OVL's larger payout prove it is earning more than SPY?
No. A distribution rate measures cash paid under its stated calculation, not investment profit. Compare total returns over matching dates, including reinvested distributions, and review distribution-source notices. OVL's put overlay can add losses; SPY also retains equity-market risk.
What is the difference between OVL and SPY?
SPY (SPDR S&P 500 ETF Trust) tracks the S&P 500 and keeps the index's upside and downside. OVL (Overlay Shares Large Cap Equity ETF) overlays large-cap equities with sold calls, trading some rally for premium. Cost is 0.79% versus 0.0945%. Distributions are 10.51% and 0.99% as of September 2026. Compare net total return over matching dates; a higher cash yield is not a better index result.
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