SPYvsOVLETF Comparison
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State Street SPDR S&P 500 ETF Trust (SPY) belongs to the US Large Cap segment. Overlay Shares Large Cap Equity ETF (OVL) is part of the Options Strategies segment. Both ETFs have the same top 3 sector exposures: Information Technology, Financials and Communication Services. SPY is less expensive with a Total Expense Ratio (TER) of 0.0945%, versus 0.79% for OVL. SPY is up 5.99% year-to-date (YTD) with -$11.48B in YTD flows. OVL performs better with 7.93% YTD performance, and +$35M in YTD flows. Run a side-by-side ETF comparison of SPY and OVL 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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SPY vs OVL performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 05/01/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SPY OVL | +10.01%+10.53% | +3.92%+5.16% | +5.99%+7.93% | +30.48%+35.97% | +80.18%+87.16% | +84.59%+85.09% |
| Flows | SPY OVL | +$17.88B+$42M | +$1.85B+$34M | -$11.48B+$35M | -$1.35B-$3M | +$54.93B+$3M | +$72.72B+$20M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SPY OVL | +15.31%+17.30% | +12.47%+14.34% | +14.89%+17.05% | +16.92%+18.96% |
| Max drawdown | SPY OVL | -8.87%-8.71% | -8.89%-8.71% | -18.74%-21.55% | -24.50%-28.68% |
| Max drawdown duration | SPY OVL | 70d47d | 76d47d | 126d133d | 708d745d |
Trading data
SPY | OVL | |
Last sale 5/1/2026 at 1:30 PM | $720.65 | $55.49 |
| Previous close 04/29/2026 | $718.66 | $55.37 |
| Consolidated volume 04/29/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of April 30, 2026
1-year trailing difference
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OVL
is actively managed and doesn’t replicate an indexSPY | OVL | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 5/1/2026 at 1:30 PM
Live
Closed
SPY | OVL | |
|---|---|---|
| Last price | $720.65 | $55.49 |
| 1D performance | +0.28% | +0.22% |
| AuM | $740.43 B | $224.57 M |
| E/R | 0.0945% | 0.79% |
Characteristics
SPY | OVL | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | State Street Investment Management | Overlay Shares |
| Benchmark | S&P 500 Index | - |
| N° of holdings | 478 | 478 |
| Asset class | Equities | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | January 22, 1993 | September 25, 2019 |
| ESG | No | No |
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Exposure
Countries
SPY
USA
96.95%
Other
3.05%
OVL
USA
96.79%
Other
3.21%
Sectors
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%
OVL
Information Techn.
33.91%
Financials
10.25%
Communication Ser.
10.23%
Consumer Discreti.
10.02%
Health Care
9.32%
Industrials
8.33%
Other
17.93%
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Diversification
SPY
Total weight of top 15 holdings out of 15
42.5%
OVL
Total weight of top 15 holdings out of 15
42.43%
Top 15 holdings
Data as of March 31, 2026
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%
OVL
NVIDIA
7.58%
APPLE
6.66%
MICROSOFT-T
4.92%
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
1.34%
LILLY
1.30%
EXXON
1.27%
JOHNSON&JOHNSON
1.05%
WALMART INC
0.97%
Frequently asked questions about SPY and OVL
How have the SPY and OVL ETFs performed in 2026?
As of May 1, 2026, SPY is up 5.99% year-to-date (YTD), while OVL has returned 7.93%. That puts OVL better performer ahead so far this year.
Which ETF is attracting more investor money: SPY or OVL?
Year-to-date, the SPY ETF saw -$11.48B in flows, compared to +$35M for OVL.
Which ETF is more volatile: SPY or OVL?
Over the past year, SPY had a volatility of 12.47%, while OVL experienced 14.34%.
Which ETF is bigger: SPY or OVL?
As of May 1, 2026, SPY holds $740.43 B in assets under management (AUM), while OVL manages $224.57 M.
What sectors do the SPY and OVL ETFs invest in?
SPY leans toward sectors like Information Technology, Financials and Communication Services. Meanwhile, OVL focuses on Information Technology, Financials and Communication Services.
What are the top holdings of the SPY ETF and OVL ETF?
SPY top holdings include NVIDIA, APPLE and MICROSOFT-T. OVL holds in its top three: NVIDIA, APPLE and MICROSOFT-T.
Which ETF is more diversified: SPY or OVL?
SPY holds 502 securities with 42.5% of its assets in the top 15. OVL has 503 securities and a top 15 weight of 42.43%.
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