OVL vs SPDN

Comparison between OVERLAY SHARES LARGE CAP EQUITY ETF (OVL, ETF) and DIREXION DAILY S&P 500 (R) BEAR 1X SHARES (SPDN, ETF).

5-Year PerformanceOVL has outperformed SPDN, delivering a return of +13.7% compared to -8.5%

OVL vs SPDN - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	OVL(ETF)	SPDN(ETF)
Net Assets	$221M	$220M
Expense Ratio	0.79%	0.48%
Max Drawdown	35.49%	79.61%
Sharpe Ratio	1.65	-1.56
5Y Beta	1.12	-0.97
5Y Dividends CAGR	28.91%	89.77%

Net Assets

Winner

OVL

$221M

SPDN

$220M

Expense Ratio

OVL

0.79%

Winner

SPDN

0.48%

Max Drawdown

Winner

OVL

35.49%

SPDN

79.61%

Sharpe Ratio

Winner

OVL

1.65

SPDN

-1.56

5Y Beta

OVL

1.12

Winner

SPDN

-0.97

5Y Dividends CAGR

OVL

28.91%

Winner

SPDN

89.77%

OVL vs SPDN - Historical Returns

Returns include dividend reinvestment.

Period	OVL	SPDN
1 month	+1.74%	-1.56%
3 months	+9.29%	-6.77%
6 months	+10.03%	-5.22%
1 year	+30.63%	-15.66%
5 years(CAGR)	+13.68%	-8.47%
10 years(CAGR)	N/A	-12.33%
Max(CAGR)	+17.41%	-12.33%

Winner

OVL

+1.74%

SPDN

-1.56%

Winner

OVL

+9.29%

SPDN

-6.77%

Winner

OVL

+10.03%

SPDN

-5.22%

Winner

OVL

+30.63%

SPDN

-15.66%

5Y(CAGR)

Winner

OVL

+13.68%

SPDN

-8.47%

10Y(CAGR)

OVL

N/A

SPDN

-12.33%

Max(CAGR)

Winner

OVL

+17.41%

SPDN

-12.33%

OVL vs SPDN - Annual Returns (2016 - 2026)

Returns include dividend reinvestment.

Year	OVL	SPDN
2026	+9.97%	-5.78%
2025	+18.52%	-11.32%
2024	+28.94%	-13.44%
2023	+28.57%	-15.40%
2022	-23.37%	+19.39%
2021	+34.48%	-24.71%
2020	+18.56%	-23.87%
2019	+10.84%	-21.99%
2018	N/A	+6.21%
2017	N/A	-16.49%
2016	N/A	-6.92%

OVL vs SPDN Drawdown Comparison

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

The maximum drawdown for SPDN was -75.30%, occurring on Jun 2, 2026. This drawdown has not yet recovered.

The current OVL drawdown is -3.47%. The current SPDN drawdown is -74.61%.

Rank	OVL	SPDN
#1	-35.49% Feb 19, 2020 - Aug 6, 2020	-75.30% Jun 27, 2016 - Jun 2, 2026
#2	-29.24% Jan 3, 2022 - Jan 19, 2024	-2.37% Jun 16, 2016 - Jun 24, 2016
#3	-21.69% Feb 19, 2025 - Jul 3, 2025	N/A
#4	-10.29% Sep 2, 2020 - Nov 13, 2020	N/A
#5	-10.10% Jul 16, 2024 - Sep 19, 2024	N/A
#6	-8.73% Jan 28, 2026 - Apr 14, 2026	N/A
#7	-7.39% Mar 28, 2024 - May 15, 2024	N/A
#8	-6.38% Oct 29, 2025 - Dec 10, 2025	N/A
#9	-6.28% Sep 3, 2021 - Oct 21, 2021	N/A
#10	-5.47% Dec 6, 2024 - Jan 23, 2025	N/A
#11	-4.72% Feb 17, 2021 - Mar 11, 2021	N/A
#12	-4.25% Jan 17, 2020 - Feb 6, 2020	N/A
#13	-4.15% May 7, 2021 - Jun 4, 2021	N/A
#14	-3.98% Jan 21, 2021 - Feb 4, 2021	N/A
#15	-3.82% Nov 18, 2021 - Dec 8, 2021	N/A