Data as of Nov 4, 2026.
OVL vs TCAL: Dividend Yield & Total Return
Over the year to Nov 4, 2026, TCAL paid 11.4% of its price in cash against OVL’s 9.9%, though OVL returned more with it reinvested.
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Net assets: $427m on Aug 31, 2026 for Overlay Shares Large Cap Equity ETF, and $324m on Nov 3, 2026 for T. Rowe Price Capital Appreciation Premium Income ETF.
2.4 pts ahead of VOO
OVL over 1 year: paid 9.9%, price +6.6%, total +17.2%, VOO +14.8%, +2.4 pts. Data to Nov 4, 2026.
VOO
+14.8%
OVL
+17.2%
9.9% of it arrived as cash
2.4 pts ahead of VOO
Total return, distributions reinvested
2.4 pts ahead of VOO
OVL over 1 year: paid 9.9%, price +6.6%, total +17.2%, VOO +14.8%, +2.4 pts. Data to Nov 4, 2026.
VOO
+14.8%
OVL
+17.2%
9.9% cash
2.4 pts ahead of VOO
9.9% of it arrived as cash. Total return, distributions reinvested. OVL over 1 year: paid 9.9%, price +6.6%, total +17.2%, VOO +14.8%, +2.4 pts. Data to Nov 4, 2026.
Data to Nov 4, 2026.3.4 pts behind its own stocks
TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 pts. Data to Nov 4, 2026.
its own stocks
+14.6%
TCAL
+11.2%
11.4% of it arrived as cash
3.4 pts behind its own stocks
Total return, distributions reinvested
3.4 pts behind its own stocks
TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 pts. Data to Nov 4, 2026.
its own stocks
+14.6%
TCAL
+11.2%
11.4% cash
3.4 pts behind its own stocks
11.4% of it arrived as cash. Both charts share one scale, with zero at the line. TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 pts. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
TCAL costs 0.45 points a year less; their one-year returns differ by 6.0 points.
Points (pts) are percentage points.
| Measure | OVL | TCAL |
|---|---|---|
| Paid and earned | ||
| Total return, 1 year | +17.2% | +11.2% |
| Price change, 1 year | rose 6.6% | fell 1.2% |
| Return of capital, issuer estimate | 100% of the Oct 29, 2026 payment | |
| Against its benchmark | ||
| Benchmark | Vanguard S&P 500 ETF, measured through VOO | its own stocks |
| Cost and size | ||
| Expense ratio | 0.79% | 0.34% |
| Net assets, OVL as of Aug 31, 2026 and TCAL as of Nov 3, 2026 | $427m | $324m |
| Holdings | ||
| Holdings in common | 0% | |
How much of its payouts the fund's total return covered, ranked against 167 income ETFs not writing on a single company. 100 is best. How it is computed
One year only, and a ratio of two published numbers: it says nothing about where a distribution came from. All income ETFs ranked by it →
Risk and return
Apr 4, 2025 to Oct 30, 2026 · 82 weekly returnsFrom Apr 2025 to Oct 2026, OVL returned more: +57.7% to +15.2%. TCAL swung less: 8.5% to 14.8%. TCAL fell slightly less at its worst: −7.0% to −7.7%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | OVL | TCAL | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +57.7% | +15.2% | OVL | Price change plus distributions, reinvested. |
| Annualized | +33.5% | +9.4% | OVL | Total return as a yearly rate. |
| Price return | +41.2% | −3.8% | OVL | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 14.8% | 8.5% | TCAL | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 7.8% | 5.7% | TCAL | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −7.7% | −7.0% | TCAL (slight) | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 1.76 | 0.64 | OVL | Return above Treasury bills per unit of volatility. |
| Sortino | 3.33 | 0.95 | OVL | Return above Treasury bills per unit of downside deviation. |
| Calmar | 4.34 | 1.34 | OVL | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 82 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, OVL and TCAL hold 0% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Aug 31, 2026.
half
0% in common
Only in one fund ↓
Side by side
As of Nov 4, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price. Payout rate: the latest payment, annualized, over today’s price.
Window by window
| Total return | Cash paid | Against the benchmark | ||||
|---|---|---|---|---|---|---|
| Window | OVL | TCAL | OVL | TCAL | OVL | TCAL |
| 3 months | −0.5% | +5.3% | 2.6% | 2.6% | −0.4 pts | −1.8 pts |
| 6 months | +4.4% | +12.3% | 5.2% | 6.3% | −0.6 pts | −0.9 pts |
| 1 year | +17.2% | +11.2% | 9.9% | 11.4% | +2.4 pts | −3.5 pts |
| 3 years | +92.6% | – | 23.9% | – | +9.3 pts | – |
| Since launchNot the same days: OVL Oct 2019 · TCAL Mar 2025 | +204.4% | +12.0% | 51.2% | 16.9% | +14.4 pts | not measured |
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OVL
Over the year to Nov 4, 2026, OVL paid 9.9% of its starting value in cash distributions while its price rose 6.6%. With every distribution reinvested, the fund returned +17.2%. Vanguard S&P 500 ETF (VOO) returned +14.8% over the same days, so a holder was ahead by 2.4 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 10.6%, 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.
TCAL
Over the year to Nov 4, 2026, TCAL paid 11.4% of its starting value in cash distributions while its price fell 1.2%. With every distribution reinvested, the fund returned +11.2%. TCAL's own stocks, without the options (from its filed holdings, rebalanced at each filing; latest Jun 30, 2026) returned +14.6% over the same days, so a holder was behind by 3.4 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 13.0%, paid monthly.
Questions people ask
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How this is computed
It is a place in a set, not a rating or a recommendation.
Overlap adds up the smaller of the two weights for each security both funds hold.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, OVL against TCAL, data as of Nov 4, 2026. https://etfiq.com/compare/income/ovl-vs-tcal
ETFIQ. (Nov 4, 2026). OVL against TCAL. Retrieved from https://etfiq.com/compare/income/ovl-vs-tcal
[OVL against TCAL (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/income/ovl-vs-tcal)
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