OVLHvsSPYETF Comparison
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Overlay Shares Hedged Large Cap Equity ETF (OVLH) belongs to the Options Strategies segment. State Street SPDR S&P 500 ETF Trust (SPY) is part of the US Large Cap segment. Both ETFs have the same top 3 sector exposures: Information Technology, Financials and Communication Services. OVLH is more expensive with a Total Expense Ratio (TER) of 0.85%, versus 0.0945% for SPY. OVLH is up 3.08% year-to-date (YTD) with -$4M in YTD flows. SPY performs better with 5.03% YTD performance, and -$15.98B in YTD flows. Run a side-by-side ETF comparison of OVLH and SPY below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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OVLH vs SPY performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 04/24/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | OVLH SPY | +6.52%+9.35% | +1.96%+3.38% | +3.08%+5.03% | +20.18%+32.12% | +57.30%+79.90% | +53.03%+83.17% |
| Flows | OVLH SPY | -$2M+$18.80B | -$4M-$1.28B | -$4M-$15.98B | +$34M-$13.62B | -$19M+$50.15B | +$66M+$72.63B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | OVLH SPY | +9.49%+15.22% | +8.19%+12.45% | +9.67%+14.95% | +11.30%+16.92% |
| Max drawdown | OVLH SPY | -6.25%-8.89% | -6.25%-8.89% | -9.59%-18.74% | -20.03%-24.50% |
| Max drawdown duration | OVLH SPY | 78d76d | 78d76d | 134d126d | 771d708d |
Trading data
OVLH | SPY | |
Last sale 4/24/2026 at 1:30 PM | $40.53 | $713.94 |
| Previous close 04/23/2026 | $40.26 | $708.45 |
| Consolidated volume 04/23/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of March 31, 2026
1-year trailing difference
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OVLH
is actively managed and doesn’t replicate an indexOVLH | SPY | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 4/24/2026 at 1:30 PM
Live
Closed
OVLH | SPY | |
|---|---|---|
| Last price | $40.53 | $713.94 |
| 1D performance | +0.67% | +0.77% |
| AuM | $102.54 M | $729.23 B |
| E/R | 0.85% | 0.0945% |
Characteristics
OVLH | SPY | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Overlay Shares | State Street Investment Management |
| Benchmark | - | S&P 500 Index |
| N° of holdings | 478 | 478 |
| Asset class | - | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | January 15, 2021 | January 22, 1993 |
| ESG | No | No |
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Exposure
Countries
OVLH
USA
91.66%
Other
8.34%
SPY
USA
96.95%
Other
3.05%
Sectors
OVLH
Information Techn.
32.12%
Financials
9.71%
Communication Ser.
9.69%
Consumer Discreti.
9.49%
Health Care
8.83%
Industrials
7.88%
Other
22.28%
SPY
Information Techn.
33.93%
Financials
10.39%
Communication Ser.
10.23%
Consumer Discreti.
10.01%
Health Care
9.32%
Industrials
8.33%
Other
17.78%
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Diversification
OVLH
Total weight of top 15 holdings out of 15
40.18%
SPY
Total weight of top 15 holdings out of 15
42.5%
Top 15 holdings
Data as of March 31, 2026
OVLH
NVIDIA
7.18%
APPLE
6.31%
MICROSOFT-T
4.65%
AMAZON.COM INC
3.45%
ALPHABET INC-CL
2.84%
BROADCOM LIMITED
2.49%
ALPHABET INC-CL
2.27%
META PLATFORMS
2.12%
TESLA
1.77%
BERKSHIRE HATHWAY
1.49%
JPMORGAN CHASE
1.27%
LILLY
1.23%
EXXON
1.20%
JOHNSON&JOHNSON
1.00%
WALMART INC
0.92%
SPY
NVIDIA
7.58%
APPLE
6.66%
MICROSOFT-T
4.91%
AMAZON.COM INC
3.64%
ALPHABET INC-CL
2.99%
BROADCOM LIMITED
2.62%
ALPHABET INC-CL
2.40%
META PLATFORMS
2.24%
TESLA
1.87%
BERKSHIRE HATHWAY
1.57%
JPMORGAN CHASE
1.42%
LILLY
1.30%
EXXON
1.27%
JOHNSON&JOHNSON
1.05%
WALMART INC
0.97%
Frequently asked questions about OVLH and SPY
How have the OVLH and SPY ETFs performed in 2026?
As of April 24, 2026, OVLH is up 3.08% year-to-date (YTD), while SPY has returned 5.03%. That puts SPY better performer ahead so far this year.
Which ETF is attracting more investor money: OVLH or SPY?
Year-to-date, the OVLH ETF saw -$4M in flows, compared to -$15.98B for SPY.
Which ETF is more volatile: OVLH or SPY?
Over the past year, OVLH had a volatility of 8.19%, while SPY experienced 12.45%.
Which ETF is bigger: OVLH or SPY?
As of April 24, 2026, OVLH holds $102.54 M in assets under management (AUM), while SPY manages $729.23 B.
What sectors do the OVLH and SPY ETFs invest in?
OVLH leans toward sectors like Information Technology, Financials and Communication Services. Meanwhile, SPY focuses on Information Technology, Financials and Communication Services.
What are the top holdings of the OVLH ETF and SPY ETF?
OVLH top holdings include NVIDIA, APPLE and MICROSOFT-T. SPY holds in its top three: NVIDIA, APPLE and MICROSOFT-T.
Which ETF is more diversified: OVLH or SPY?
OVLH holds 503 securities with 40.18% of its assets in the top 15. SPY has 502 securities and a top 15 weight of 42.5%.
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