OVL
Safe
High confidence
ETF Comparison
OVL vs XYLD: Sold Puts or Sold Calls on the S&P 500?
A head-to-head of Overlay Shares Large Cap Equity and Global X's S&P 500 Covered Call ETF covering how cash is made, cost, and the risk each 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.
- XYLDInvestors who are comfortable trading away most upside for a large, steady payout.
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.
XYLD
Generally safe
High confidence
Score snapshot as of . Method 1.11.
Side-by-side snapshot
| Metric |  OVL |  XYLD |
|---|---|---|
| Full name | Overlay Shares Large Cap Equity ETF | Global X S&P 500 Covered Call ETF |
| Issuer | Overlay Shares | Global X |
| Last Close | $53.22 as of November 6, 2026 | $40.19 as of November 6, 2026 |
| Distribution rate | 11.14% | 9.26% |
| Trailing 12-month yield | 9.81% | 10.55% |
| 30-day SEC yield | — | 0.48% |
| Distribution Safety Score™ | 92 | 76 |
| Safety-Adjusted Yield | 10.25% | 7.04% |
| Expense ratio | 0.79% | 0.60% |
| AUM | $510M | $3.35B |
| Distribution frequency | Monthly | Monthly |
| Underlying index | S&P 500 (VOO) | Cboe S&P 500 BuyWrite Index |
| Objective | Put-selling overlay on large cap equity exposure via VOO (Vanguard S&P 500 ETF) to generate additional income. | Seeks monthly income by tracking the Cboe S&P 500 BuyWrite Index, investing at least 80% of total assets in the index securities or instruments with similar economic characteristics. |
| Asset class | Equity | Equity |
| Inception date | 09/30/2019 | 06/21/2013 |
| Beta | 1.12 | 0.36 |
| Last dividend | $0.494 | $0.31 |
| Ex-dividend date | 10/28/2026 | 10/19/2026 |
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 lagged XYLD over the trailing twelve months, posting a 10.48% total return against 11.43%. The picture flips over 5 years, though — OVL has compounded at 10.73% a year, ahead of XYLD at 6.60%. XYLD has been the steadier holding, though — annualized volatility of 10.3% 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% |
| XYLD | 7.47% | 11.43% | 12.64% | 6.60% | 7.96% | 10.3% | 0.77 | 1.09 | -15.5% |
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.
Distribution rate and SEC yield
| Metric | OVL | XYLD |
|---|---|---|
| Forward distribution rate | 11.14% | 9.26% |
| Trailing 12-month yield | 9.81% | 10.55% |
| 30-day SEC yield | — | 0.48% |
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.
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 XYLD if you are comfortable trading away most upside for a large, steady payout. OVL and XYLD 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 XYLD's overlay can limit upside participation.
OVL vs XYLD: two large-cap income overlays
Both sell S&P 500 options for monthly cash, on opposite sides: OVL sells put spreads and keeps the upside, XYLD sells calls and gives most of it up. Which risk you would rather carry should drive the choice, not a one-date yield.
| OVL | XYLD | |
|---|---|---|
| Design | VOO plus an S&P 500 put-spread overlay | S&P 500 covered-call overwrite |
| Upside in a rally | Kept | Mostly sold |
| Issuer | Overlay Shares | Global X |
| Expense ratio | 0.79% | 0.60% |
| Distribution rate | 11.14% | 9.26% |
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. XYLD 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.
ETFs116
Total AUM$89.1B
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Global X is known for offering a diverse lineup of thematic and income-focused ETFs that cater to both traditional and alternative investment strategies. Their fund families span income generation through covered call strategies and SuperDividend funds, alongside thematic exposure in areas like digital assets, robotics, and emerging markets, complemented by bond and commodities offerings. The issuer provides broad coverage across sector-specific, risk-managed, and growth-oriented strategies, making their lineup particularly notable for investors seeking specialized exposure beyond conventional equity and fixed-income categories.
See our curated list of related YouTube videos on XYLD.
Quick verdict
OVL (Overlay Shares Large Cap Equity ETF) and XYLD (Global X S&P 500 Covered Call ETF) are both monthly-pay dividend ETFs, but they take different approaches.
OVL offers the higher yield at 11.14% vs 9.26% for XYLD. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
XYLD is cheaper with an expense ratio of 0.60% compared to 0.79%.
XYLD is the larger fund by assets ($3.35B), 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 9.26% for XYLD.
- Are comfortable with a put-selling strategy — a large payout in exchange for added losses when the underlying falls.
Choose XYLD
Global X S&P 500 Covered Call ETF
- Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
- Want to keep costs low — a 0.60% expense ratio vs 0.79% for OVL.
- Prefer lower market sensitivity — a beta of 0.36 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
XYLD 0.0% of its top-10 weight
No overlap among the top-10 disclosed holdings of OVL, XYLD. 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 XYLD would pay about $926.00 a year (about $77.17 per monthly distribution). Both pay monthly distributions.
OVL yield11.14%
XYLD yield9.26%
Annual cash diff on $10K$188.00
Cost & efficiency
Over 10 years on $10,000, OVL would cost approximately $790 in fees vs $600 for XYLD (simplified, not compounded). The $190.00 difference may be offset by yield or performance.
OVL ER0.79%
XYLD ER0.60%
Strategy & risk
OVL tracks S&P 500 (VOO) with a fund of funds approach, while XYLD tracks Cboe S&P 500 BuyWrite Index with an index covered-call approach. Beta is 1.12 for OVL and 0.36 for XYLD, making XYLD the less sensitive to market moves of the two by this measure.
OVL beta1.12
XYLD beta0.36
Fund details
OVL is managed by Overlay Shares (launched 09/30/2019) with $510M in assets. XYLD is managed by Global X (launched 06/21/2013) with $3.35B in assets.
OVL AUM$510M
XYLD AUM$3.35B
Frequently asked questions
What is the difference between OVL and XYLD?
Both sell S&P 500 options for monthly cash, on opposite sides. OVL (Overlay Shares Large Cap Equity ETF) holds VOO and sells put spreads, keeping the index's upside and adding losses in a sell-off. XYLD (Global X S&P 500 Covered Call ETF) writes covered calls on the S&P 500, giving up most of a rally. Cost is 0.79% versus 0.60%; distributions are 11.14% and 9.26% as of November 2026. Overlay design, not which yield is larger on one date, is the decision.
What is the current distribution rate for OVL and XYLD?
OVL currently distributes 11.14% and XYLD 9.26%, 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 XYLD 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 XYLD?
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 XYLD 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, XYLD scores 76, so OVL's payout currently looks the more resilient of the two. XYLD has also been less sensitive to market moves (beta 0.36 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 XYLD?
OVL has an expense ratio of 0.79% while XYLD charges 0.60%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in OVL vs XYLD 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 XYLD would pay about $926.00 a year (about $77.17 per monthly distribution).
Which has performed better historically, OVL or XYLD?
OVL has lagged XYLD over the trailing twelve months, posting a 10.48% total return against 11.43%. The picture flips over 5 years, though — OVL has compounded at 10.73% a year, ahead of XYLD at 6.60%. XYLD has been the steadier holding, though — annualized volatility of 10.3% 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 XYLD — at a glance
Generated October 31, 2026.
Overview
Both OVL and XYLD are monthly-paying ETFs that use S&P 500 index exposure and options strategies to generate income above the underlying equity yield. The key distinction is their approach: OVL keeps full upside but accepts put assignment risk to boost yield, while XYLD caps gains by writing calls but avoids downside amplification.
How they differ
OVL distributes at 11.14% versus XYLD's 9.26%—a 1.69 percentage-point gap—because put selling on top of long equity exposure can generate more premium than covered calls alone. OVL's 1.12 beta suggests amplified moves in both directions, while XYLD's 0.36 beta indicates dampened market sensitivity, consistent with call capping. On cost, XYLD charges 0.60% versus OVL's 0.79%, a 19 basis point difference.
Who each is best for
OVL: Fits investors who can tolerate put assignment (potentially owning 500 shares at a strike price if the market falls sharply) and seek the highest yield available from S&P 500 strategies, accepting that large downturns could trigger significant cash deployment.
XYLD: Fits investors who prioritize stability of principal over maximum income and are willing to miss some upside gains above call strikes; suits those drawn to lower expense drag and established fund scale.
Key risks to know
- Put assignment and capital deployment (OVL): If the market falls below OVL's put strikes, assignment forces purchase of 500 shares per contract, potentially straining cash reserves and forcing margin use or asset sales. Puts also amplify downside—a sharp market decline hits both the long equity position and written puts simultaneously.
- Call capping vs. downside amplification (XYLD vs. OVL): XYLD's covered-call structure caps gains on rallies above call strikes but leaves full downside exposure intact. OVL's put-selling approach reverses this: it keeps upside but doubles down in downturns, making its 1.12 a reflection of that asymmetry.
- Distribution sustainability at elevated yields: OVL's 11.14% yield and XYLD's 9.26% rely on sustained volatility and option premium. If realized volatility falls or interest rates compress implied volatility, both funds' ability to sustain current payouts may weaken, risking NAV erosion or distribution cuts.
- Regulatory or index methodology risk: XYLD depends on the Cboe BuyWrite Index's rule-based call-writing algorithm; changes to index construction or S&P 500 composition could shift income patterns. OVL's put-selling protocol, while more flexible, carries operational discretion risk.
Bottom line
If you seek the highest yield and can tolerate two-way leverage from put selling, OVL's 11.14% offers the higher payout; if you prioritize lower fees (0.60% vs. 0.79%), larger scale ($3.35B), and dampened downside sensitivity (0.36 vs. 1.12), XYLD's call-capped approach presents different tradeoffs. Neither replaces the S&P 500 itself—both sacrifice some upside or add downside leverage for income. 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.
Learn the method
The metrics behind this comparison, explained in the Academy.
These comparisons follow the Dividend Vision methodology.