Dividend comparison
OVL vs WTPI: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Overlay Shares Large Cap Equity ETF and WisdomTree Equity Premium Income Fund, side by side. Updated October 21, 2026.
OVL vs WTPI: key differences
The short answer, from the latest data on this page.
- Fees. WTPI is cheaper at 0.44% a year versus 0.79% for OVL. On $10,000 that is $35 a year less in fees.
- Income. WTPI pays more income, yielding 12.13% over the last twelve months versus 8.31% for OVL. That is about $382 more a year on $10,000. OVL pays quarterly, WTPI pays annual.
- Performance. Over the last 5 years, OVL returned 68.0% versus 39.8% for WTPI, with dividends reinvested. $10,000 would have grown to $16,803 in OVL and $13,978 in WTPI.
- Risk. OVL has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -29.2%, against -16.6% for WTPI.
- Diversification. OVL holds 11 positions and WTPI holds 6. The ten largest positions make up 99.9% of OVL and 151.6% of WTPI.
- Overlap. OVL and WTPI share no holdings, so they behave as separate building blocks.
- Dividend growth. WTPI grew its yearly payout 64.2% a year over the last 3 years, versus 1.9% for OVL.
Bottom line: OVL fits better if you care most about stronger 5-year returns and broader diversification. WTPI fits better if you care most about lower fees, more income today, smaller drawdowns and faster dividend growth.
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 | WTPI WisdomTree Equity Premium Income Fund |
|---|---|---|
| Dividend yield (TTM) | 8.31% | 12.13% |
| Dividend / share (TTM) | $4.72 | $4.02 |
| Payout frequency | Quarterly | Annual |
| Last dividend | $0.4935 on Sep 30, 2026 | $0.3316 on Sep 29, 2026 |
| Ex-dividend date | Sep 29, 2026 | Sep 25, 2026 |
| Dividend growth (CAGR) | 1.9% over 4 yrs | 64.2% over 3 yrs |
| Price | $56.86 | $33.17 |
| Dividend growth streak | 3 years | — |
| Beta | 1.13 | 0.58 |
| Max drawdown (5Y) | -29.2% | -16.6% |
| Market cap | $167.3M | $556.0M |
| Exchange | CBOE | AMEX |
| Expense ratio | 0.79% | 0.44% |
| Assets under management | $500.6M | $559.2M |
| Number of holdings | 11 | 6 |
| Top 10 concentration | 99.9% | 151.6% |
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
WTPI
$101.04/mo
$1213 /yr at 12.13% yield
Dividend history
Total dividends paid per share in each calendar year. OVL pays quarterly; WTPI pays annual.
| Year | OVL | WTPI |
|---|---|---|
| 2025 | $1.5929 | $4.3506 |
| 2024 | $1.4448 | $3.9526 |
| 2023 | $1.2552 | $2.8350 |
| 2022 | $1.1749 | $0.9825 |
| 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 $13,978 in WTPI.
| Period | OVL | WTPI |
|---|---|---|
| 1 month | 0.00% | 0.48% |
| 3 months | 1.14% | 1.10% |
| Year to date | 6.86% | 0.45% |
| 1 year | 8.41% | 0.94% |
| 3 years | 83.95% | 39.49% |
| 5 years | 68.03% | 39.78% |
- OVL
- WTPI
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
- WTPI
OVL vs WTPI holdings overlap
0% overlap by weight, with 0 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Top 10 holdings
Largest positions by portfolio weight.
WTPI6 holdings total
| Name | Weight |
|---|---|
| 912797UM7TREASURY BILL 0 11/5/2026 | 48.95% |
| 912797VT1TREASURY BILL 0 1/14/2027 | 48.56% |
| 912797RG4TREASURY BILL 0 8/6/2026 | 47.22% |
| USFRWISDOMTREE FLOATING RATE TRE | 4.45% |
| 97717Y527WISDOMTREE FLOATING RATE TRE | 4.37% |
| BYM7H5VW24SPY US 09/04/26 P755 | -0.05% |
| BYM7PBT864SPY US 10/16/26 P770 | -0.09% |
| BYM72GYK74SPY US 06/05/26 P719 | -0.19% |
| BYM74TGL54SPY US 06/18/26 P742 | -0.75% |
| BYM7RBFD84SPY US 11/06/26 P781 | -0.84% |
Quick verdict
OVL fits better if you care most about stronger 5-year returns and broader diversification. WTPI fits better if you care most about lower fees, more income today, smaller drawdowns and faster dividend growth. 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 WTPI fits with the rest of your holdings. Free to start — no credit card required for the trial.
Frequently asked questions
Is OVL or WTPI better for dividend income?
It depends on your goals. OVL currently yields 8.31% Trailing Twelve Months (TTM) while WTPI yields 12.13%. 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 WTPI?
Overlay Shares Large Cap Equity ETF (OVL) is an ETF listed on CBOE. WisdomTree Equity Premium Income Fund (WTPI) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, OVL or WTPI?
WTPI has the lower expense ratio. OVL charges 0.79% a year and WTPI charges 0.44%, a difference of $35 a year on a $10,000 investment.
Which has performed better, OVL or WTPI?
Over the last 5 years, OVL has the higher total return with dividends reinvested: OVL returned 68.0% and WTPI returned 39.8%. Past performance does not predict future returns.
Which is riskier, OVL or WTPI?
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 WTPI as much as 16.6%. Their betas are 1.13 and 0.58.
How often do OVL and WTPI pay dividends?
OVL pays quarterly and WTPI pays annual.
How much income does $10,000 in OVL vs WTPI generate?
At current TTM yields, $10,000 in OVL would generate roughly $69.24 per month ($831 annually). The same amount in WTPI would produce about $101.04 per month ($1213 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both OVL and WTPI?
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 WTPI with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how OVL and WTPI 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.