OVL vs NCA

Comparison between OVERLAY SHARES LARGE CAP EQUITY ETF (OVL, ETF) and Nuveen California Municipal Value Fund. (NCA, ETF).

5-Year PerformanceOVL has outperformed NCA, delivering a return of +13.2% compared to +1.2%

OVL vs NCA - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	OVL(ETF)	NCA(ETF)
Net Assets	$308M	$308M
Expense Ratio	0.79%	N/A
Max Drawdown	35.49%	31.70%
Sharpe Ratio	1.25	0.70
5Y Beta	1.11	0.14
5Y Dividends CAGR	32.24%	3.86%

Net Assets

Winner

OVL

$308M

NCA

$308M

Expense Ratio

OVL

0.79%

NCA

N/A

Max Drawdown

OVL

35.49%

Winner

NCA

31.70%

Sharpe Ratio

Winner

OVL

1.25

NCA

0.70

5Y Beta

OVL

1.11

Winner

NCA

0.14

5Y Dividends CAGR

Winner

OVL

32.24%

NCA

3.86%

OVL vs NCA - Historical Returns

Returns include dividend reinvestment.

Period	OVL	NCA
1 month	+0.31%	+0.98%
3 months	+6.39%	+0.86%
6 months	+11.20%	-0.01%
1 year	+23.29%	+13.13%
5 years(CAGR)	+13.22%	+1.22%
10 years(CAGR)	N/A	+1.82%
Max(CAGR)	+17.31%	+4.91%

OVL

+0.31%

Winner

NCA

+0.98%

Winner

OVL

+6.39%

NCA

+0.86%

Winner

OVL

+11.20%

NCA

-0.01%

Winner

OVL

+23.29%

NCA

+13.13%

5Y(CAGR)

Winner

OVL

+13.22%

NCA

+1.22%

10Y(CAGR)

OVL

N/A

NCA

+1.82%

Max(CAGR)

Winner

OVL

+17.31%

NCA

+4.91%

OVL vs NCA - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	OVL	NCA
2026	+11.57%	+4.86%
2025	+18.52%	+10.13%
2024	+28.94%	-0.80%
2023	+28.57%	+8.96%
2022	-23.37%	-13.22%
2021	+34.48%	-2.16%
2020	+18.56%	+4.73%
2019	+10.84%	+19.52%
2018	N/A	-7.83%
2017	N/A	+1.75%
2016	N/A	+0.41%
2015	N/A	+8.06%
2014	N/A	+19.53%
2013	N/A	-5.95%
2012	N/A	+10.54%
2011	N/A	+16.12%
2010	N/A	+0.45%
2009	N/A	+10.05%
2008	N/A	-3.00%
2007	N/A	-5.56%
2006	N/A	+12.17%
2005	N/A	+9.35%
2004	N/A	+6.39%
2003	N/A	+3.67%
2002	N/A	+1.42%
2001	N/A	+11.60%
2000	N/A	+21.02%
1999	N/A	-8.03%

OVL vs NCA Drawdown Comparison

The maximum drawdown for OVL was -35.49%, occurring on Mar 20, 2020. Recovery took 118 trading sessions.

The maximum drawdown for NCA was -23.58%, occurring on Oct 10, 2008. Recovery took 580 trading sessions.

The current OVL drawdown is -2.07%. The current NCA drawdown is -4.02%.

Rank	OVL	NCA
#1	-35.49% Feb 19, 2020 - Aug 6, 2020	-23.58% May 15, 2007 - Sep 1, 2009
#2	-29.24% Jan 3, 2022 - Jan 19, 2024	-22.97% Sep 16, 2021 - Jan 7, 2026
#3	-21.69% Feb 19, 2025 - Jul 3, 2025	-19.28% Mar 3, 2020 - Sep 14, 2020
#4	-10.29% Sep 2, 2020 - Nov 13, 2020	-14.95% Jan 24, 2013 - Apr 25, 2014
#5	-10.10% Jul 16, 2024 - Sep 19, 2024	-14.28% Sep 2, 2010 - Nov 9, 2011
#6	-8.73% Jan 28, 2026 - Apr 14, 2026	-13.49% Sep 22, 2016 - Jul 9, 2019
#7	-7.39% Mar 28, 2024 - May 15, 2024	-13.48% Nov 2, 1999 - Mar 30, 2000
#8	-6.38% Oct 29, 2025 - Dec 10, 2025	-12.31% Jun 26, 2003 - Feb 12, 2004
#9	-6.28% Sep 3, 2021 - Oct 21, 2021	-12.29% Feb 17, 2004 - Nov 16, 2004
#10	-5.47% Dec 6, 2024 - Jan 23, 2025	-10.28% Sep 30, 2002 - Jun 12, 2003
#11	-5.24% Jun 2, 2026 - Jun 10, 2026	-9.19% Jan 20, 2021 - Jul 29, 2021
#12	-4.72% Feb 17, 2021 - Mar 11, 2021	-8.33% Mar 30, 2000 - Jun 9, 2000
#13	-4.25% Jan 17, 2020 - Feb 6, 2020	-7.94% Mar 7, 2001 - Jul 23, 2001
#14	-4.15% May 7, 2021 - Jun 4, 2021	-7.88% Mar 1, 2012 - May 4, 2012
#15	-3.98% Jan 21, 2021 - Feb 4, 2021	-7.72% Aug 10, 2000 - Jan 4, 2001

Correlation

Correlation between OVL and NCA is 0.50 which considered as a weak positive correlation - the stocks show a slight tendency to move together.

0.50

-101

Dividend Comparison (2000 - 2026)

OVL vs NCA dividend yield comparison.

Year	OVL	NCA
2026	5.00%	2.25%
2025	2.99%	3.89%
2024	3.10%	4.12%
2023	3.33%	3.88%
2022	3.85%	3.66%
2021	3.63%	3.02%
2020	2.43%	2.98%
2019	0.50%	3.21%
2018	0.00%	3.79%
2017	0.00%	5.33%
2016	0.00%	4.36%
2015	0.00%	4.34%
2014	0.00%	4.45%
2013	0.00%	5.11%
2012	0.00%	4.69%
2011	0.00%	4.81%
2010	0.00%	5.32%
2009	0.00%	5.03%
2008	0.00%	6.90%
2007	0.00%	5.13%
2006	0.00%	4.78%
2005	0.00%	5.39%
2004	0.00%	6.01%
2003	0.00%	5.97%
2002	0.00%	5.49%
2001	0.00%	5.17%
2000	0.00%	2.31%