OVL
Safe
High confidence
ETF Comparison
OVL vs VOO: Extra Cash on Large Caps, or the Index?
A head-to-head of Overlay Shares Large Cap Equity ETF and Vanguard's S&P 500 ETF covering the put overlay, cost, and the extra downside it adds.
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.
- VOOInvestors who want simple, diversified core exposure in one low-cost fund.
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.
VOO
Safe
High confidence
Score snapshot as of . Method 1.11.
Side-by-side snapshot
| Metric |  OVL |  VOO |
|---|---|---|
| Full name | Overlay Shares Large Cap Equity ETF | Vanguard S&P 500 ETF |
| Issuer | Overlay Shares | Vanguard |
| Last Close | $53.22 as of November 6, 2026 | $675.99 as of November 6, 2026 |
| Distribution rate | 11.14% | 1.08% |
| Trailing 12-month yield | 9.81% | 1.10% |
| Distribution Safety Score™ | 92 | 100 |
| Safety-Adjusted Yield | 10.25% | 1.08% |
| Expense ratio | 0.79% | 0.03% |
| AUM | $510M | $1.05T |
| Distribution frequency | Monthly | Quarterly |
| Underlying index | S&P 500 (VOO) | S&P 500 Index |
| Objective | Put-selling overlay on large cap equity exposure via VOO (Vanguard S&P 500 ETF) to generate additional income. | Track the performance of the S&P 500 Index, representing 500 of the largest U.S. companies. |
| Asset class | Equity | Equity |
| Inception date | 09/30/2019 | 09/07/2010 |
| Beta | 1.12 | 0.97 |
| Last dividend | $0.494 | $1.82 |
| Ex-dividend date | 10/28/2026 | 09/28/2026 |
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 VOO over the trailing twelve months, posting a 10.48% total return against 9.45%. The picture flips over 5 years, though — VOO has compounded at 10.92% a year, ahead of OVL at 10.73%. VOO has been the steadier holding, though — annualized volatility of 15.0% 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 Oct 2019 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|---|---|
| OVL | 8.89% | 10.48% | 22.12% | 10.73% | 16.09% | 18.8% | 0.85 | 1.18 | -21.7% |
| VOO | 8.40% | 9.45% | 20.52% | 10.92% | 15.47% | 15.0% | 0.98 | 1.40 | -18.7% |
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 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.
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 VOO if you want simple, diversified core exposure in one low-cost fund. There's no free lunch: OVL's payout comes from selling puts, which adds losses when the market falls and can erode the share price over time, while VOO has no option overlay.
OVL vs VOO: put overlay or the S&P 500?
VOO is the index. OVL holds VOO and sells S&P 500 put spreads for extra cash. Income now versus extra losses in a sell-off is the decision.
| OVL | VOO | |
|---|---|---|
| What you own | S&P 500 (VOO) | S&P 500 Index |
| Where returns come from | VOO's return plus put premium, less put losses in a sell-off | S&P 500 price change plus index dividends |
| Expense ratio | 0.79% | 0.03% |
| Distribution rate | 11.14% | 1.08% |
| Upside in a rally | Kept, like VOO | Full participation |
| In a sell-off | Deeper losses once the puts pay out | The index's own loss |
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.
ETFs116
Total AUM$4.66T
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Vanguard is one of the largest and most established ETF issuers, known for low-cost, broadly diversified fund offerings built on passive indexing principles. Their lineup spans multiple asset classes and strategies, including core equity and bond index funds, dividend-focused portfolios, ESG-screened options, factor-based strategies, sector exposure, target-date retirement funds, and international investments across developed and emerging markets. The platform is characterized by its emphasis on accessibility and cost efficiency across a comprehensive range of fund families, serving both individual investors seeking broad market exposure and those pursuing specific income, sustainability, or thematic objectives.
See our curated list of related YouTube videos on VOO.
Quick verdict
OVL (Overlay Shares Large Cap Equity ETF) and VOO (Vanguard S&P 500 ETF) are both dividend ETFs, but they take different approaches.
OVL offers the higher yield at 11.14% vs 1.08% for VOO. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
VOO is cheaper with an expense ratio of 0.03% compared to 0.79%.
VOO is the larger fund by assets ($1.05T), 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 1.08% for VOO.
- Are comfortable with a put-selling strategy — a large payout in exchange for added losses when the underlying falls.
Choose VOO
Vanguard S&P 500 ETF
- Want simple, diversified core exposure as a portfolio building block.
- Want to keep costs low — a 0.03% expense ratio vs 0.79% for OVL.
- Prefer lower market sensitivity — a beta of 0.97 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.
0 shared positions
OVL 0.0% of its top-10 weight
VOO 0.0% of its top-10 weight
No overlap among the top-10 disclosed holdings of OVL, VOO. These funds draw from largely different positions at the top of their books.
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 VOO would pay about $108.00 a year (about $27.00 per quarterly distribution).
OVL yield11.14%
VOO yield1.08%
Annual cash diff on $10K$1,006.00
Cost & efficiency
Over 10 years on $10,000, OVL would cost approximately $790 in fees vs $30 for VOO (simplified, not compounded). The $760.00 difference may be offset by yield or performance.
OVL ER0.79%
VOO ER0.03%
Strategy & risk
OVL tracks S&P 500 (VOO) with a fund of funds approach, while VOO tracks S&P 500 Index with a large cap approach. Beta is 1.12 for OVL and 0.97 for VOO, making VOO the less sensitive to market moves of the two by this measure.
OVL beta1.12
VOO beta0.97
Fund details
OVL is managed by Overlay Shares (launched 09/30/2019) with $510M in assets. VOO is managed by Vanguard (launched 09/07/2010) with $1.05T in assets.
OVL AUM$510M
VOO AUM$1.05T
Frequently asked questions
What is the difference between OVL and VOO?
VOO (Vanguard S&P 500 ETF) tracks S&P 500 Index and keeps the whole price move, paying 1.08% quarterly. OVL (Overlay Shares Large Cap Equity ETF) starts with large-cap US stocks — it holds S&P 500 (VOO) — and sells S&P 500 put spreads on top for extra cash, which is why it distributes 11.14%. The puts leave the index's upside in place but add losses when the S&P 500 falls far enough for them to pay out. The overlay is also why it costs 0.79% against 0.03%. Figures as of November 2026.
What is the current distribution rate for OVL and VOO?
OVL currently distributes 11.14% and VOO 1.08%, 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 VOO 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 VOO?
Yes. Their disclosed top-10 holdings share no positions, so combining both spreads your money across different underlying names — see the holdings-overlap section above for the details. Overlap outside the disclosed top 10 can still exist.
Is OVL or VOO safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — VOO scores 100, OVL scores 92, so VOO's payout currently looks the more resilient of the two. VOO has also been less sensitive to market moves (beta 0.97 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 VOO?
OVL has an expense ratio of 0.79% while VOO charges 0.03%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in OVL vs VOO 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 VOO would pay about $108.00 a year (about $27.00 per quarterly distribution).
Which has performed better historically, OVL or VOO?
OVL has outpaced VOO over the trailing twelve months, posting a 10.48% total return against 9.45%. The picture flips over 5 years, though — VOO has compounded at 10.92% a year, ahead of OVL at 10.73%. VOO has been the steadier holding, though — annualized volatility of 15.0% 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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Dividend dates and history
OVL vs VOO — at a glance
Generated October 31, 2026.
Overview
OVL and VOO both track the S&P 500, but OVL wraps VOO itself in a put-selling strategy to generate income. The two represent opposite points on the income-versus-purity spectrum within large-cap U.S. equity exposure.
How they differ
The single biggest difference is strategy: OVL sells puts against S&P 500 exposure to generate additional income, while VOO simply holds the index with no options overlay. That gap shows up in distribution rate—OVL yields 11.14% compared to VOO's 1.08%, a difference of over 9 percentage points.
Cost structure follows: OVL's 0.79% expense ratio is 0.76% higher than VOO's 0.03%, reflecting the active put-selling management. On scale, VOO dominates with $1047B in assets versus OVL's $510M, a reflection of both VOO's 16 years history and its passive design.
Beta shows the options overlay at work: OVL's 1.12 exceeds VOO's 0.97, suggesting the put-selling strategy adds sensitivity to downside moves. That higher beta is a direct result of the short-put mechanics—the fund keeps upside exposure to the index while adding downside obligation from sold puts.
Who each is best for
- VOO: Fits investors seeking low-cost core large-cap U.S. equity exposure with minimal complexity—those who want market-tracking returns and quarterly dividend income without options mechanics or active management.
- OVL: Fits investors with moderate risk tolerance who prioritize monthly income over pure index replication and are comfortable with put-selling obligations, willing to trade upside participation for yield enhancement.
Key risks to know
- Put assignment and downside leverage. OVL's put-selling strategy means the fund can be assigned equity at prices near the strike level during sharp declines. Assignment converts the put obligation into stock holdings above market price, effectively creating downside exposure beyond simply holding the index.
- NAV erosion at elevated yields. OVL's 11.14% distribution rate substantially exceeds underlying S&P 500 dividend yield. This gap raises the question of whether distributions depend partly on return-of-capital treatment or premium compression to sustain the payout over time.
- Options market dislocation risk. Put premiums vary with implied volatility and market dislocations. During periods of elevated IV or widening bid-ask spreads, OVL's income generation may decline or become harder to execute efficiently, potentially reducing the yield advantage over VOO.
- Higher expense ratio and beta. OVL's 0.79% expense ratio and 1.12 beta both exceed VOO's, meaning OVL carries greater management costs and higher sensitivity to market downturns—offsetting some of the yield benefit in adverse markets.
Bottom line
If you prioritize low-cost index exposure and steady quarterly dividends, VOO's 0.03% expense ratio and broad asset base align with that goal. If you seek higher monthly income and accept the mechanics of put-selling and higher beta, OVL's 11.14% yield presents a different trade-off—though the sustainability of that yield relative to NAV trends warrants attention. 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.