Data as of .
OVL vs TCAL: which paid, and which earned it?
Over the year TCAL paid 11.4% of its price in cash against OVL’s 8.9%, though OVL returned more with it reinvested.
ETFIQ Return Stability Score: OVL scores higher
Was the payout funded by returns, or by your own capital?
A percentile among the 173 income ETFs writing on an index or proxy. It is a position in a set, not a rating, and neither end of it is a recommendation. All income ETFs ranked by it · How it is computed
What they hold in common
By the books each fund has filed, OVL and TCAL hold 0% of their money in the same securities at the same weight.
| Only in OVL | Only in TCAL |
|---|---|
| Vanguard S&P 500 ETF 100.00% | DANAHER CORP 2.01% |
| WATERS CORP 1.97% | |
| VERALTO CORP 1.87% | |
| WASTE CONNECTIONS INC 1.80% | |
| YUM BRANDS INC 1.72% | |
| MCDONALD S CORP 1.70% | |
| VISA INC-CLASS A SHARES 1.69% | |
| LINDE PLC 1.63% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Jun 30, 2026 and May 31, 2026.
Performance, window by window
| Window | Total return | Cash paid | Against the benchmark | |||
|---|---|---|---|---|---|---|
| OVL | TCAL | OVL | TCAL | OVL | TCAL | |
| 3 months | +2.3% | +4.2% | 2.6% | 3.5% | 0.0 pts | +1.9 pts |
| 6 months | +18.8% | +5.3% | 5.7% | 6.3% | +0.7 pts | −12.7 pts |
| 1 year | +19.2% | +3.0% | 8.9% | 11.4% | +2.6 pts | −13.5 pts |
| 3 years | +86.2% | not published | 21.1% | not published | +7.8 pts | not published |
| Since launch | +203.4% | +3.9% | 47.2% | 15.2% | +16.1 pts | −32.7 pts |
| OVL Overlay Shares Large Cap Equity ETF Put-selling overlay on SPY, paying monthly | TCAL T. Rowe Price Capital Appreciation Premium Income ETF Covered call on SPY, paying monthly | |
|---|---|---|
| Issuer | Overlay Shares | T. Rowe Price |
| Strategy | put-selling overlay | covered call |
| Benchmark | S&P 500 (SPY) | S&P 500 (SPY), used as a default proxy |
| Pays | monthly | monthly |
| Payout rate, annualized | 10.4% | 9.4% |
| Expense ratio | not published | 0.34% |
| Cash paid, 1 year | 8.9% | 11.4% |
| Price change, 1 year | +9.4% | −8.6% |
| Total return, 1 year | +19.2% | +3.0% |
| Benchmark return, 1 year | +16.6% | +16.6% |
| Ahead or behind | +2.6 pts | −13.5 pts |
| Return of capital, latest estimate | not published | not published |
| Age | 2544 days | 540 days |
| Net assets | $276m | $276m |
OVL in plain words
Over the year to Sep 18, 2026, OVL paid 8.9% of its starting value in cash distributions while its price rose 9.4%. With every distribution reinvested, the fund returned +19.2%. S&P 500 (SPY) returned +16.6% over the same days, so a holder was ahead by 2.6 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 10.4%, paid monthly.
TCAL in plain words
Over the year to Sep 18, 2026, TCAL paid 11.4% of its starting value in cash distributions while its price fell 8.6%. With every distribution reinvested, the fund returned +3.0%. S&P 500 (SPY), used as a default proxy returned +16.6% over the same days, so a holder was behind by 13.5 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 9.4%, paid monthly.
Questions people ask
- Which paid more, OVL or TCAL?
- Over the year to Sep 18, 2026, OVL paid 8.9% of its starting price in cash and TCAL paid 11.4%, so TCAL paid more. Cash paid is not the same as money made: the price change matters too.
- Which returned more once distributions are counted, OVL or TCAL?
- With every distribution reinvested, OVL returned +19.2% and TCAL returned +3.0% over the year to Sep 18, 2026, so OVL returned more.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, OVL against TCAL, data as of Sep 18, 2026. https://etfiq.com/compare/income/ovl-vs-tcal Free to use with attribution; the underlying files are at Open data.