OVL vs XVOL
Overlay Shares Large Cap Equity ETF vs Acruence Active Hedge US Equity ETF
Which is better, OVL or XVOL?
OVL has been ahead.
OVL has a lower expense ratio. OVL led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.91.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | OVL | XVOL |
|---|---|---|
| Expense Ratio | 0.79%Best | 0.83% |
| AUM | $497M | $2M |
| Dividend Yield | 9.13% | 2.00% |
| Holdings | 16 | 83 |
| Volatility (annualized) | 17.8% | 16.5%Best |
| Max Drawdown | -29.2% | -25.8%Best |
| $10,000 over 5 years | $18,028Best | $12,636 |
| Fund Family | Overlay Shares | Acruence Capital, LLC |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Sep 30, 2019 | Apr 21, 2021 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 181 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. OVL has data through Oct 14, 2026 and XVOL through Apr 16, 2026.
Volatility and max drawdown, and the $10,000 over 5 years row, are measured over the window both funds cover: Apr 22, 2021 to Apr 16, 2026 (5 years).
Risk: Volatility and Drawdowns
OVL has been the more volatile fund, with annualized monthly volatility of 17.8% compared with 16.5% for XVOL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -29.2% for OVL and -25.8% for XVOL. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
OVL charges 0.79% per year while XVOL charges 0.83%. On a $10,000 position that is $79 vs $83 annually, a gap of $4 per year that compounds over a long holding period. On income, OVL currently yields 9.13% against 2.00% for XVOL.
Holdings Overlap
At least 0.1% of XVOL's money is in holdings OVL also owns.
Stated as a floor: for OVL, our book for it covers 100.2% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
We cannot see either book well enough to say how much of this pair is duplicated.
The two holdings books were reported 275 days apart, OVL as of Oct 2, 2026 and XVOL as of Dec 31, 2025, so some of the difference between them is the time between the two reports rather than the funds.
1 positions in common, counted across the 2 positions we hold weights for in OVL and 81 in XVOL, against full books of 16 and 83.
Top Shared Holdings
| Stock | Weight in OVL | Weight in XVOL | Difference |
|---|---|---|---|
| FGXXXFirst American Government Obligations Fund | 0.35% | 0.09% | 0.26% |
You are not choosing between two funds in isolation.
Whichever of OVL and XVOL you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, OVL or XVOL?
OVL has an expense ratio of 0.79% while XVOL charges 0.83%. OVL is the cheaper option, by $4 a year on a $10,000 investment.
Which is riskier, OVL or XVOL?
OVL has been the more volatile fund at 17.8% annualized versus 16.5% for XVOL. Worst drawdown: OVL -29.2% vs XVOL -25.8%.
Should I hold both OVL and XVOL?
OVL and XVOL have a monthly-return correlation of 0.91, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, OVL or XVOL?
OVL yields 9.13% while XVOL yields 2.00%, so OVL currently pays the higher dividend yield.
Is XVOL better than OVL?
OVL has a lower expense ratio. OVL led over 1Y and the full window. The two have moved almost in lockstep, correlation 0.91. Which one suits a particular account depends on what it is for. This is information, not a recommendation.