Data as of Nov 4, 2026.
OVL vs TPAY: Dividend Yield & Total Return
OVL and TPAY both write options for income.
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Net assets: $427m on Aug 31, 2026 for Overlay Shares Large Cap Equity ETF, and $2.1m on Nov 4, 2026 for Roundhill S&P 500 Target 10 Managed Distribution 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, 2026.1 pt behind VOO
TPAY since launch: paid 6.6%, price +4.6%, total +11.6%, VOO +12.6%, −1.0 pts. Data to Nov 4, 2026.
VOO
+12.6%
TPAY
+11.6%
6.6% of it arrived as cash
1 pt behind VOO
Total return, distributions reinvested
1 pt behind VOO
TPAY since launch: paid 6.6%, price +4.6%, total +11.6%, VOO +12.6%, −1.0 pts. Data to Nov 4, 2026.
VOO
+12.6%
TPAY
+11.6%
1 pt behind VOO
6.6% of it arrived as cash. Both charts share one scale, 0 to +17.2%. TPAY since launch: paid 6.6%, price +4.6%, total +11.6%, VOO +12.6%, −1.0 pts. Data to Nov 4, 2026.
Both charts share one scale, 0 to +17.2%. Data to Nov 4, 2026.Pair scorecard
TPAY costs 0.30 points a year less.
Points (pts) are percentage points.
| Measure | OVL | TPAY |
|---|---|---|
| Paid and earned | ||
| Total return, 1 year | +17.2% | not published |
| Price change | rose 6.6% (1 year) | rose 4.6% (since Feb 18, 2026) |
| Return of capital, issuer estimate | 100% of the Oct 29, 2026 payment | 100% of the Oct 15, 2026 payment |
| Against its benchmark | ||
| Benchmark | Vanguard S&P 500 ETF, measured through VOO | Vanguard S&P 500 ETF, measured through VOO |
| Against its benchmark, same days | ahead by 2.4 pts | behind by 1.0 pts |
| Cost and size | ||
| Expense ratio | 0.79% | 0.49% |
| Net assets, OVL as of Aug 31, 2026 and TPAY as of Nov 4, 2026 | $427m | $2.1m |
| Holdings | ||
| Holdings in common | 0% | |
What they share
By the books each fund has filed, OVL and TPAY hold 0% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026 and Nov 4, 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 | TPAY | OVL | TPAY | OVL | TPAY |
| 3 months | −0.5% | −0.8% | 2.6% | 2.3% | −0.4 pts | −0.7 pts |
| 6 months | +4.4% | +4.2% | 5.2% | 4.7% | −0.6 pts | −0.8 pts |
| 1 year | +17.2% | – | 9.9% | – | +2.4 pts | – |
| 3 years | +92.6% | – | 23.9% | – | +9.3 pts | – |
| Since launchNot the same days: OVL Oct 2019 · TPAY Feb 2026 | +204.4% | +11.6% | 51.2% | 6.6% | +14.4 pts | −1.1 pts |
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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.
TPAY
Over the period from its first trade on Feb 18, 2026 to Nov 4, 2026, TPAY paid 6.6% of its starting value in cash distributions while its price rose 4.6%. With every distribution reinvested, the fund returned +11.6%. Vanguard S&P 500 ETF (VOO) returned +12.6% over the same days, so a holder was behind by 1.0 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 9.5%, paid monthly. Roundhill estimates that 100% of the distribution paid Oct 15, 2026 was a return of capital (its 19a-1 notice).
Questions people ask
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How this is computed
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 TPAY, data as of Nov 4, 2026. https://etfiq.com/compare/income/ovl-vs-tpay
ETFIQ. (Nov 4, 2026). OVL against TPAY. Retrieved from https://etfiq.com/compare/income/ovl-vs-tpay
[OVL against TPAY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/income/ovl-vs-tpay)
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