OVLH: Overlay Shares Hedged Large Cap Equity ETF

Overlay Shares (Liquid Strategies) · Buffer / Defined Outcome

$41.08

Price (November 6, 2026)

0.3%

12-month yield

Forward rate –

+4.9%

1-year total return

Price +4.6%

999%+

Earned % (1 year)

–

DT Score

–

Momentum

Growth of $100

Green is what an investor who reinvested every payout would have; red is the price alone. The gap between them is the income. If the red line keeps falling, the payouts are partly your own money coming back.

Total return (payouts reinvested)Price onlySPY total return

Was the payout earned?

Over the last year OVLH paid 0.3% and returned +4.9% in total, so the payout was fully earned and the fund also kept (or grew) its value.

Earned % (3 months)	–
Earned % (1 year)	999%+
Earned % (full history, up to 5 yrs)	999%+

Earned % = total return ÷ payouts. 100% means every dollar paid out was earned; below 100% means part of it came from the fund's own value. This is an economic measure based on market price, not the tax label on the payout.

Risk

Sortino ratio (1Y)	0.02
Sharpe ratio (1Y)	0.02
Steadiness vs S&P 500	140%
Beta to S&P 500	0.69
Correlation to S&P 500	0.96
Max drop (1Y)	-6.4%
Max drop (up to 5 yrs)	-20.7%
Trend	Mixed
History	5.0 yrs

Vs. SPY (what it's built on)

Upside capture	70%
Downside capture	73%
Capture ratio	0.95
Beta	0.69
Correlation	0.96
Tracking	–

On days SPY rose, OVLH caught 70% of the gain; on days it fell, OVLH took 73% of the loss.

Payout history

Each bar is one payout (last 5 shown). Pays Quarterly.

Ex-date	Amount
2025-12-23	$0.1190
2024-12-24	$0.1100
2023-12-27	$0.2400
2022-12-28	$0.1970
2021-12-29	$0.1190

Funds that track the same thing

Other S&P 500 / US Large Cap income funds, ranked by DT Score. See them all · Compare OVLH with the top 3

Fund	Category	Fwd rate	12m yield	1Y total ret.	Earned % 1Y	Upside capt.	Downside capt.	Tracking	DT Score	Momentum	Trend
XYLD Global X S&P 500 Covered Call ETF	Index Covered Call / Option Income	10.2%	10.6%	+11.7%	107%	52%	43%	Loosely	76	58	Downtrend
PBP Invesco S&P 500 BuyWrite ETF	Index Covered Call / Option Income	9.6%	12.5%	+12.7%	99%	52%	42%	Loosely	75	58	Downtrend
GPIX Goldman Sachs S&P 500 Premium Income ETF	Index Covered Call / Option Income	8.9%	7.9%	+10.9%	123%	87%	85%	Closely	75	46	Downtrend
SPHD Invesco S&P 500 High Dividend Low Volatility ETF	Equity Income / Dividend Growth	5.0%	4.8%	+16.1%	304%	15%	-4%	Weakly	74	78	Mixed
APRH Innovator Premium Income 20 Barrier ETF - April	Buffer / Defined Outcome	8.4%	7.5%	+7.1%	97%	13%	5%	Weakly	73	69	Downtrend
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	Equity Income / Dividend Growth	4.2%	4.2%	+21.9%	444%	31%	8%	Weakly	73	83	Uptrend
BALI iShares U.S. Large Cap Premium Income Active ETF	Index Covered Call / Option Income	6.5%	7.5%	+12.6%	150%	82%	77%	Closely	73	41	Downtrend
JANH Innovator U.S. Equity Premium Income 20 Barrier ETF - January	Buffer / Defined Outcome	6.3%	6.2%	+5.9%	95%	22%	17%	Loosely	72	72	Downtrend
ADX Adams Diversified Equity Fund	CEF - Equity	8.2%	7.8%	+15.5%	161%	103%	99%	Loosely	72	35	Downtrend
JEPI JPMorgan Equity Premium Income ETF	Index Covered Call / Option Income	7.2%	7.5%	+7.8%	99%	42%	37%	Loosely	72	60	Downtrend

About OVLH

Issuer	Overlay Shares (Liquid Strategies)
Structure	ETF
Category	Buffer / Defined Outcome
Strategy	Large-cap exposure with put hedge; objective changed 2025-12-31 to capital appreciation with market-risk mitigation (no more put selling for income)
Underlying	Large-cap equity ETFs
Exposure	S&P 500 / US Large Cap
Index linkage	Partial - options/overlay on index
Pays	Quarterly
Expense ratio	0.80%
Launched	2021-01
Uses leverage	No
Upside capped	Yes
Rate sensitivity	Low
Return of capital common	No
Tax notes	Mostly capital gains; limited distributions

Research notes: No longer income-focused after 2025-12-31 change.