Data as of Oct 28, 2026.
IVV vs OVL: Differences, Returns & Fees
Over the year to Oct 28, 2026, IVV returned +13.7% to OVL's +15.7%, and IVV charges 0.03% to OVL's 0.79%.
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Net assets: $885.1bn on Oct 27, 2026 for iShares Core S&P 500 ETF, and $427m on Aug 31, 2026 for Overlay Shares Large Cap Equity ETF.
Pair scorecard
IVV costs 0.76 points a year less; their one-year returns differ by 2.0 points.
| Measure | IVV | OVL |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.7% | +15.7% |
| Price change, 1 year | rose 12.4% | rose 5.3% |
| Latest payout, annualized | 10.5% | |
| Return of capital, issuer estimate | 100% of the Oct 29, 2026 payment | |
| Benchmark | ||
| What it tracks | S&P 500 | Benchmark: Vanguard S&P 500 ETF, measured through VOO |
| Cost and size | ||
| Expense ratio | 0.03% | 0.79% |
| Net assets, IVV as of Oct 27, 2026 and OVL as of Aug 31, 2026 | $885.1bn | $427m |
| Holdings | ||
| Holdings in common | 0% | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 38.1% | |
Holdings in common uses holdings dated Aug 31, 2026 and Oct 27, 2026. Method
Risk and return
Oct 11, 2019 to Oct 23, 2026 · 367 weekly returnsEach against its own benchmark: IVV against SPY, May 26, 2000 to Oct 23, 2026; OVL against VOO, Oct 11, 2019 to Oct 23, 2026.
OVL returned slightly more: +198.4% to +184.3%. IVV swung less: 18.6% to 21.1%. IVV fell slightly less at its worst: −31.8% to −35.2%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | IVV | OVL | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +184.3% | +198.4% | OVL (slight) | Price change plus distributions, reinvested. |
| Annualized | +16.0% | +16.8% | OVL (slight) | Total return as a yearly rate. |
| Price return | +156.2% | +124.3% | IVV | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 18.6% | 21.1% | IVV | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 12.9% | 14.5% | IVV | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −31.8% | −35.2% | IVV (slight) | Deepest fall from a high to the low after it. |
| Upside capture | 99.3% | 121.3% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 99.7% | 108.8% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.99 | 1.13 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 1.00 | 0.99 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.73 | 0.70 | IVV (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 1.06 | 1.02 | IVV (slight) | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.081 | 0.131 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.50 | 0.48 | IVV (slight) | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | SPY | VOO | The ETF each fund is measured against. | |
| Alpha | +0.1% a year | −0.6% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.33 | −0.64 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −0.4% to +0.5% | −2.4% to +1.2% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.00 | 0.35 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 1.2% | 3.4% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 367 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, IVV and OVL hold 0% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026 and Oct 27, 2026.
half
0% in common
Only in one fund ↓
Side by side
IVV and OVL on the fields both publish, as of Oct 28, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price.
IVV and OVL do different jobs. What does each one do in a portfolio?
- What each follows. IVV follows S&P 500 and OVL is measured against Vanguard S&P 500 ETF through VOO.
- Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 27, 2026 and Aug 31, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 IVV returned +13.7% and OVL +15.7% with distributions reinvested, a gap of 2.0 points.
Data as of Oct 28, 2026.
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IVV
IVV tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.7% with distributions reinvested, against +13.6% for its benchmark, the S&P 500. The prospectus expense ratio is 0.03% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 505 positions, with the top ten at 38.1%.
OVL
Over the year to Oct 28, 2026, OVL paid 9.7% of its starting value in cash distributions while its price rose 5.3%. With every distribution reinvested, the fund returned +15.7%. Vanguard S&P 500 ETF (VOO) returned +13.7% over the same days, so a holder was ahead by 2.0 pts. At its price on Oct 28, 2026 the latest distribution annualizes to 10.5%, paid monthly. Overlay Shares estimates that 100% of the distribution paid Oct 29, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.
Questions people ask
- Are IVV and OVL in the same category?
- IVV is a stock ETF and OVL is an option-income ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, IVV or OVL?
- In the year to Oct 28, 2026, with distributions reinvested, IVV returned +13.7% and OVL +15.7%.
- Which is cheaper, IVV or OVL?
- IVV is cheaper, by 0.76 percentage points a year. That is about $76 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, IVV against OVL, data as of Oct 28, 2026. https://etfiq.com/compare/any/ivv-vs-ovl
ETFIQ. (Oct 28, 2026). IVV against OVL. Retrieved from https://etfiq.com/compare/any/ivv-vs-ovl
[IVV against OVL (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/ivv-vs-ovl)
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