Dividend comparison
OVL vs OVLH: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Overlay Shares Large Cap Equity ETF and Overlay Shares Hedged Large Cap Equity ETF, side by side. Updated October 21, 2026.
OVL vs OVLH: key differences
The short answer, from the latest data on this page.
- Fees. OVL is cheaper at 0.79% a year versus 0.80% for OVLH. On $10,000 that is $1 a year less in fees.
- Income. OVL pays more income, yielding 8.31% over the last twelve months versus 0.28% for OVLH. That is about $803 more a year on $10,000. OVL pays quarterly, OVLH pays annual.
- Performance. Over the last 5 years, OVL returned 68.0% versus 50.1% for OVLH, with dividends reinvested. $10,000 would have grown to $16,803 in OVL and $15,011 in OVLH.
- Risk. OVL has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -29.2%, against -20.7% for OVLH.
- Diversification. OVL holds 11 positions and OVLH holds 9. The ten largest positions make up 99.9% of OVL and 98.0% of OVLH.
- Overlap. 98% of the two portfolios overlap by weight, across 1 shared holdings. Owning both adds little diversification.
- Dividend growth. OVL grew its yearly payout 1.9% a year over the last 3 years, versus -15.6% for OVLH.
- Size. OVL is the larger fund with $501 million in assets, against $105 million for OVLH.
Bottom line: OVL fits better if you care most about more income today, stronger 5-year returns and faster dividend growth. OVLH fits better if you care most about smaller drawdowns. With 98% overlap, most investors would hold one or the other rather than both.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | OVL Overlay Shares Large Cap Equity ETF | OVLH Overlay Shares Hedged Large Cap Equity ETF |
|---|---|---|
| Dividend yield (TTM) | 8.31% | 0.28% |
| Dividend / share (TTM) | $4.72 | $0.12 |
| Payout frequency | Quarterly | Annual |
| Last dividend | $0.4935 on Sep 30, 2026 | $0.1186 on Dec 24, 2025 |
| Ex-dividend date | Sep 29, 2026 | Dec 23, 2025 |
| Dividend growth (CAGR) | 1.9% over 4 yrs | -15.6% over 3 yrs |
| Price | $56.86 | $42.30 |
| Dividend growth streak | 3 years | 1 year |
| Beta | 1.13 | 0.73 |
| Max drawdown (5Y) | -29.2% | -20.7% |
| Market cap | $167.3M | $85.9M |
| Exchange | CBOE | CBOE |
| Expense ratio | 0.79% | 0.80% |
| Assets under management | $500.6M | $104.7M |
| Number of holdings | 11 | 9 |
| Top 10 concentration | 99.9% | 98.0% |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
OVL
$69.24/mo
$831 /yr at 8.31% yield
OVLH
$2.34/mo
$28 /yr at 0.28% yield
Dividend history
Total dividends paid per share in each calendar year. OVL pays quarterly; OVLH pays annual.
| Year | OVL | OVLH |
|---|---|---|
| 2025 | $1.5929 | $0.1186 |
| 2024 | $1.4448 | $0.1098 |
| 2023 | $1.2552 | $0.2404 |
| 2022 | $1.1749 | $0.1971 |
| 2021 | $1.4750 | — |
Strategy: Sector and thematic
Funds that hold a single industry or theme, such as technology, semiconductors, healthcare or energy. Funds covering the same sector can still differ in concentration rules: some cap the largest positions while others let the biggest companies take a quarter of the fund. Sector funds are usually used to tilt a portfolio rather than as its core.
A single sector can fall far further than the broad market and stay down for years, and the largest names often dominate the fund.
Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $16,803 in OVL and $15,011 in OVLH.
| Period | OVL | OVLH |
|---|---|---|
| 1 month | 0.00% | 0.48% |
| 3 months | 1.14% | 1.73% |
| Year to date | 6.86% | 7.39% |
| 1 year | 8.41% | 7.83% |
| 3 years | 83.95% | 61.76% |
| 5 years | 68.03% | 50.11% |
- OVL
- OVLH
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
- OVL
- OVLH
OVL vs OVLH holdings overlap
98% overlap by weight, with 1 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
| Largest shared holdings | OVL weight | OVLH weight |
|---|---|---|
| VOOVanguard S&P 500 ETF | 99.89% | 97.96% |
Top 10 holdings
Largest positions by portfolio weight.
Quick verdict
OVL fits better if you care most about more income today, stronger 5-year returns and faster dividend growth. OVLH fits better if you care most about smaller drawdowns. With 98% overlap, most investors would hold one or the other rather than both. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
Forecast dividend income, track payouts, and see how OVL vs OVLH fits with the rest of your holdings. Free to start — no credit card required for the trial.
Frequently asked questions
Is OVL or OVLH better for dividend income?
It depends on your goals. OVL currently yields 8.31% Trailing Twelve Months (TTM) while OVLH yields 0.28%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between OVL and OVLH?
Overlay Shares Large Cap Equity ETF (OVL) is an ETF listed on CBOE. Overlay Shares Hedged Large Cap Equity ETF (OVLH) is an ETF listed on CBOE. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, OVL or OVLH?
OVL has the lower expense ratio. OVL charges 0.79% a year and OVLH charges 0.80%, a difference of $1 a year on a $10,000 investment.
Which has performed better, OVL or OVLH?
Over the last 5 years, OVL has the higher total return with dividends reinvested: OVL returned 68.0% and OVLH returned 50.1%. Past performance does not predict future returns.
Which is riskier, OVL or OVLH?
Measured by the worst peak-to-trough decline over the last five years, OVL has been riskier: OVL fell as much as 29.2% and OVLH as much as 20.7%. Their betas are 1.13 and 0.73.
How much do OVL and OVLH overlap?
About 98% of the two portfolios overlap by weight, across 1 shared holdings. The largest shared positions are VOO. Holding both adds little diversification.
How often do OVL and OVLH pay dividends?
OVL pays quarterly and OVLH pays annual.
How much income does $10,000 in OVL vs OVLH generate?
At current TTM yields, $10,000 in OVL would generate roughly $69.24 per month ($831 annually). The same amount in OVLH would produce about $2.34 per month ($28 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both OVL and OVLH?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare OVL vs OVLH with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how OVL and OVLH fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.