Which is cheaper, OVLH or PCOV?

OVLH charges 0.80% a year and PCOV charges 0.34%, so PCOV is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

OVLH vs PCOV: Dividend Yield & Total Return

OVLH and PCOV both write options for income.

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Net assets: $109m on Aug 31, 2026 for Overlay Shares Hedged Large Cap Equity ETF, and $10m on Nov 2, 2026 for Principal Equity Premium Income ETF.

OVLH on its own →PCOV on its own →

At a glance

0.3%

OVLH cash paid, 1 year

1.9%

PCOV cash paid, since launch, Aug 19, 2026

+7.0%

OVLH total return, 1 year

−0.1%

PCOV total return, since launch, Aug 19, 2026

OVLH · 1 year to Nov 4, 2026 7.8 pts behind VOO

OVLH

+7.0%

VOO

+14.8%

7.8 pts behind VOO

OVLH over 1 year: paid 0.3%, price +6.7%, total +7.0%, VOO +14.8%, −7.8 pts. Data to Nov 4, 2026.

VOO

+14.8%

OVLH

+7.0%

7.8 pts behind VOO

Total return, distributions reinvested

7.8 pts behind VOO

OVLH over 1 year: paid 0.3%, price +6.7%, total +7.0%, VOO +14.8%, −7.8 pts. Data to Nov 4, 2026.

VOO

+14.8%

OVLH

+7.0%

7.8 pts behind VOO

0.3% of it arrived as cash. Total return, distributions reinvested. OVLH over 1 year: paid 0.3%, price +6.7%, total +7.0%, VOO +14.8%, −7.8 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

PCOV · since launch to Nov 4, 2026 Not measured

PCOV

−0.1%

none

Not measured

PCOV since launch: paid 1.9%, price −2.0%, total −0.1%, not measured against a benchmark. Data to Nov 4, 2026.

PCOV

−0.1%

Total return, distributions reinvested

Not measured

PCOV since launch: paid 1.9%, price −2.0%, total −0.1%, not measured against a benchmark. Data to Nov 4, 2026.

PCOV

−0.1%

1.9% of it arrived as cash. Both charts share one scale, with zero at the line. PCOV since launch: paid 1.9%, price −2.0%, total −0.1%, not measured against a benchmark. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

PCOV costs 0.46 points a year less.

Points (pts) are percentage points.

OVLH vs PCOV: Dividend Yield & Total Return
Measure	OVLH	PCOV
Paid and earned
Measure	OVLH	PCOV
Total return, 1 year	+7.0%	not published
Price change	rose 6.7% (1 year)	fell 2.0% (since Aug 19, 2026)
Return of capital, issuer estimate	38% of the Dec 29, 2023 payment
Against its benchmark
Measure	OVLH	PCOV
Benchmark	Vanguard S&P 500 ETF, measured through VOO	not published
Cost and size
Measure	OVLH	PCOV
Expense ratio	0.80%	0.34%
Net assets, OVLH as of Aug 31, 2026 and PCOV as of Nov 2, 2026	$109m	$10m
Holdings
Measure	OVLH	PCOV
Holdings in common	not published

Method

Side by side

OVLH Overlay Shares Hedged Large Cap Equity ETF · Put-selling overlay, hedged on VOO, paying annually PCOV Principal Equity Premium Income ETF · Covered call

Issuer Overlay Shares Principal

Strategy put-selling overlay, hedged covered call

Benchmark Vanguard S&P 500 ETF (VOO) none

Pays annual not established

Payout rate, annualized 0.3% 7.2%

Expense ratio 0.80% 0.34%

Cash paid, 1 year 0.3% 1.9% (since launch, Aug 19, 2026)

Price change, 1 year +6.7% −2.0% (since launch, Aug 19, 2026)

Total return, 1 year +7.0% −0.1% (since launch, Aug 19, 2026)

Benchmark return, 1 year +14.8% not published

Ahead or behind −7.8 pts not available

Return of capital, latest estimate 38% not published

Age 5.8 years 77 days

Net assets, OVLH as of Aug 31, 2026 and PCOV as of Nov 2, 2026 $109m $10m

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

Window by window: OVLH vs PCOV: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	OVLH	PCOV	OVLH	PCOV	OVLH	PCOV
3 months	−1.4%	–	0.0%	–	−1.3 pts	–
6 months	+1.6%	–	0.0%	–	−3.5 pts	–
1 year	+7.0%	–	0.3%	–	−7.8 pts	–
3 years	+58.6%	–	1.7%	–	−24.8 pts	–
Since launchNot the same days: OVLH Jan 2021 · PCOV Aug 2026	+73.9%	−0.1%	3.2%	1.9%	−47.2 pts	not measured

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Alert

About each fund

OVLH

Over the year to Nov 4, 2026, OVLH paid 0.3% of its starting value in cash distributions while its price rose 6.7%. With every distribution reinvested, the fund returned +7.0%. Vanguard S&P 500 ETF (VOO) returned +14.8% over the same days, so a holder was behind by 7.8 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 0.3%, paid annually. Overlay Shares estimates that 38% of the distribution paid Dec 29, 2023 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.

PCOV

Over the period from its first trade on Aug 19, 2026 to Nov 4, 2026, PCOV paid 1.9% of its starting value in cash distributions while its price fell 2.0%. With every distribution reinvested, the fund returned −0.1%. At its price on Nov 4, 2026 the latest distribution annualizes to 7.2%, paid periodically.

Questions people ask

Which is cheaper, OVLH or PCOV?: OVLH charges 0.80% a year and PCOV charges 0.34%, so PCOV is cheaper. Fees come from each fund's prospectus.

Other comparisons

OVLH vs XVSP OVLH vs PAPI OVLH vs QQDH OVLH vs RECI PCOV vs XIDE PCOV vs TPAY PCOV vs XPAY PCOV vs XIJN

Where to next

Vanguard S&P 500 ETF (VOO) →All income ETFs ranked by the Distribution Coverage Score →How the scores are computed →OVLH on its own →PCOV on its own →OVLH dividend history →OVLH holdings →PCOV dividend history →Method →Standards and sources →

Sources and dates

OVLH filings on SEC EDGAR ↗

OVLH prospectus with the expense ratio (SEC) ↗

OVLH 19a-1 distribution notice ↗

Overlay Shares website ↗

PCOV filings on SEC EDGAR ↗

PCOV prospectus with the expense ratio (SEC) ↗

Principal website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, OVLH against PCOV, data as of Nov 4, 2026. https://etfiq.com/compare/income/ovlh-vs-pcov

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.