OVL
Safe
High confidence
ETF Comparison
OVL vs TSPY: Which Is the Better Pick in 2026?
A head-to-head comparison of Overlay Shares Large Cap Equity ETF and TappAlpha S&P 500 Growth & Daily Income ETF covering yield, cost, risk, and income potential.
Updated November 6, 2026
How these figures are calculated: methodology.
Best for
- OVLInvestors who are comfortable taking losses from sold puts when the market falls, in exchange for a large payout.
- TSPYInvestors who want to maximize current income — roughly 14.85%, generated by selling options premium.
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.
TSPY
Safe
High confidence
Score snapshot as of . Method 1.11.
Side-by-side snapshot
| Metric |  OVL |  TSPY |
|---|---|---|
| Full name | Overlay Shares Large Cap Equity ETF | TappAlpha S&P 500 Growth & Daily Income ETF |
| Issuer | Overlay Shares | TappAlpha |
| Last Close | $53.22 as of November 6, 2026 | $23.99 as of November 6, 2026 |
| Distribution rate | 11.14% | 14.85% |
| Trailing 12-month yield | 9.81% | 14.83% |
| 30-day SEC yield | — | 0.34% |
| Distribution Safety Score™ | 92 | 84 |
| Safety-Adjusted Yield | 10.25% | 12.47% |
| Expense ratio | 0.79% | 0.68% |
| AUM | $510M | $403M |
| Distribution frequency | Monthly | Monthly |
| Underlying index | S&P 500 (VOO) | SPDR S&P 500 ETF Trust (SPY) |
| Objective | Put-selling overlay on large cap equity exposure via VOO (Vanguard S&P 500 ETF) to generate additional income. | The TappAlpha S&P 500 Growth & Daily Income ETF (the "Fund") seeks current income while maintaining prospects for capital appreciation. The Fund’s secondary investment objective is to seek exposure to the performance of the SPDR S&P 500 ETF Trust ("SPY"), subject to a limit on potential investment gains. |
| Asset class | Equity | Equity |
| Inception date | 09/30/2019 | 08/14/2024 |
| Beta | 1.12 | 0.935 |
| Last dividend | $0.494 | $0.2968 |
| Ex-dividend date | 10/28/2026 | 11/03/2026 |
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 TSPY over the trailing twelve months, posting a 10.48% total return against 8.14%. Measured from Aug 2024 — the start of shared available history — OVL has compounded at 15.20% a year versus 13.64% for TSPY. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD cumulative | 1Y cumulative | Since Aug 2024 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|
| OVL | 8.89% | 10.48% | 15.20% | 16.2% | 0.37 | 0.50 | -8.7% |
| TSPY | 6.74% | 8.14% | 13.64% | 13.3% | 0.28 | 0.39 | -9.6% |
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 Aug 2024” measures every fund from August 15, 2024 — 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 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.
Distribution rate and SEC yield
| Metric | OVL | TSPY |
|---|---|---|
| Forward distribution rate | 11.14% | 14.85% |
| Trailing 12-month yield | 9.81% | 14.83% |
| 30-day SEC yield | — | 0.34% |
Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.
Total return against the stated underlying is on OVL vs VOO, TSPY vs SPY.
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 are comfortable taking losses from sold puts when the market falls, in exchange for a large payout. Choose TSPY if you want to maximize current income — roughly 14.85%, generated by selling options premium. OVL and TSPY both use option or derivative overlays. Their tradeoff is the underlying exposure, how each option strategy is implemented, and the yield each targets; OVL sells puts, which adds losses in a decline, while TSPY's overlay can limit upside participation.
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.
- Capped upside and premium dependence. TSPY 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.
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.
ETFs5
Total AUM$1.01B
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
The company's fund offerings span growth-oriented strategies and daily income approaches, with ticker symbols including TDAQ, TDAX, TSPY, and TSYX that target investors seeking regular income generation or equity growth exposure. As a smaller, specialized ETF provider, TappAlpha positions itself in a niche segment of the ETF market focused on daily income strategies and differentiated growth approaches.
See our curated list of related YouTube videos on TSPY.
Quick verdict
OVL (Overlay Shares Large Cap Equity ETF) and TSPY (TappAlpha S&P 500 Growth & Daily Income ETF) are both monthly-pay dividend ETFs, but they take different approaches.
TSPY offers the higher yield at 14.85% vs 11.14% for OVL. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
TSPY is cheaper with an expense ratio of 0.68% compared to 0.79%.
OVL is the larger fund by assets ($510M), but assets alone do not establish trading costs or liquidity.
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
TSPY 100.2% of its top-10 weight
| Position | OVL | TSPY |
|---|---|---|
| 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 TSPY would pay about $1,485.00 a year (about $123.75 per monthly distribution). Both pay monthly distributions.
OVL yield11.14%
TSPY yield14.85%
Annual cash diff on $10K$371.00
Cost & efficiency
Over 10 years on $10,000, OVL would cost approximately $790 in fees vs $680 for TSPY (simplified, not compounded). The $110.00 difference may be offset by yield or performance.
OVL ER0.79%
TSPY ER0.68%
Strategy & risk
OVL tracks S&P 500 (VOO) with a fund of funds approach, while TSPY tracks SPDR S&P 500 ETF Trust (SPY) with a growth approach. Beta is 1.12 for OVL and 0.935 for TSPY, making TSPY the less sensitive to market moves of the two by this measure.
OVL beta1.12
TSPY beta0.935
Fund details
OVL is managed by Overlay Shares (launched 09/30/2019) with $510M in assets. TSPY is managed by TappAlpha (launched 08/14/2024) with $403M in assets.
OVL AUM$510M
TSPY AUM$403M
Frequently asked questions
What is the current distribution rate for OVL and TSPY?
OVL currently distributes 11.14% and TSPY 14.85%, 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 TSPY better for dividend income?
It depends on your goals. TSPY 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 TSPY?
OVL (Overlay Shares Large Cap Equity ETF) tracks S&P 500 (VOO) with a fund of funds approach, while TSPY (TappAlpha S&P 500 Growth & Daily Income ETF) tracks SPDR S&P 500 ETF Trust (SPY) with a growth approach. They are issued by Overlay Shares and TappAlpha respectively.
Can I hold both OVL and TSPY?
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 TSPY 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, TSPY scores 84, so OVL's payout currently looks the more resilient of the two. TSPY has also been less sensitive to market moves (beta 0.94 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 TSPY?
OVL has an expense ratio of 0.79% while TSPY charges 0.68%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in OVL vs TSPY 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 TSPY would pay about $1,485.00 a year (about $123.75 per monthly distribution).
Which has performed better historically, OVL or TSPY?
OVL has outpaced TSPY over the trailing twelve months, posting a 10.48% total return against 8.14%. Measured from Aug 2024 — the start of shared available history — OVL has compounded at 15.20% a year versus 13.64% for TSPY. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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Learn the method
The metrics behind this comparison, explained in the Academy.
These comparisons follow the Dividend Vision methodology.