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OVB vs PAYR

Overlay Shares Core Bond ETF

OVBBCboe

Federated Hermes Enhanced Income ETF

PAYRACboe

Overlap

Expense ratio

PAYR −0.39pt a year

OVB0.79%PAYR0.40%

Avg volume · 30D

PAYR 1.6×the volume

OVB11.6KPAYR18.1K

OVB vs PAYR Performance

Oct 31, 2025 – Nov 2, 2026

+1.5%OVB+26.0%PAYR

Oct 31, 2025 to Nov 2, 2026. OVB +1.5%. PAYR +26.0%. Use the arrow keys to read each point.5%10%15%20%Oct 2025May 2026Nov 2026
Expense ratio
OVB 0.79%
PAYR 0.40%, better
Fund size
OVB $48M
PAYR $91M
1Y total return
OVB +1.5%
PAYR +26.0%, better
Yield (12M)
OVB 6.72%
PAYR 7.84%, better
Holdings
OVB 1
PAYR 57
Avg volume (30D)
OVB 11.6K sh
PAYR 18.1K sh, better
NAV per share
OVB $19.67
PAYR $56.52
52W range

ETF.net Grade

OVB: Cost 65, Risk 67, Mission not scored, Tradability 45, Holdings 37, Durability 67. PAYR: Cost 92, Risk 75, Mission not scored, Tradability 56, Holdings 73, Durability 55.
Pillar letters and Scores for OVB, PAYR, with each pillar’s weight
PillarOVBPAYR
Cost30% weightB65A92Higher
Mission25% weightNot scoredNot scored
Risk15% weightB67A75Higher
Tradability15% weightC45B56Higher
Holdings10% weightD37A73Higher
Durability5% weightB67HigherB55

Rank among Active Option Income funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. OVB and PAYR are both graded against the same 50 Active Option Income funds, so their Grades compare head to head.

Active Option Income⁠

Category · 50 funds
See all 50 ›

PAYR ranks 4th and OVB 18th of 50 funds in the Active Option Income Category.

  1. Rank 1ARECIColumbia Research Enhanced Core Premium Income ETScore 83
  2. Rank 2ATCALT. Rowe Price Capital Appreciation Premium Income ETFScore 80
  3. Rank 2AYLDEFranklin ClearBridge Enhanced Income ETFScore 80
  4. Rank 4APAYRFederated Hermes Enhanced Income ETFScore 76
  5. Rank 4ARDVIFT Vest Rising Dividend Achievers Target Income ETFScore 76
  6. Rank 16BHBTAHorizon Expedition Plus ETFScore 58
  7. Rank 18BOVBOverlay Shares Core Bond ETFScore 57
  8. Rank 19BBUYWMain BuyWrite ETFScore 56

Our read on each fund

ETF.net Research

OVBBOverlay Shares Core Bond ETF

PAYRAFederated Hermes Enhanced Income ETF

In short

OVB Core bonds with a twist: investment-grade U.S. debt measured against the Bloomberg U.S. Aggregate, plus a listed short-put overlay run for income. An active spin on the most commoditized corner of the bond market.

PAYR No data

Stated mandate

OVB The Fund seeks total return through exposure to investment-grade, U.S.-dollar-denominated, fixed-rate taxable bonds. It also uses listed short-term put options in an overlay intended to generate income.

PAYR No data

Why people hold it

  • OVB The overlay is the point: a conventional investment-grade bond sleeve, with listed short-term put options sold on top as an income mechanism. Few core bond funds bolt that on.
  • The bond side stays in familiar territory: dollar-denominated, fixed-rate, taxable investment-grade debt, benchmarked to the Bloomberg U.S. Aggregate Bond Index.
  • Actively managed inside a standard 1940 Act fund wrapper, and trading since 2019, so the strategy has operated across sharply different rate environments.

PAYR No data

Worth knowing

  • OVB Cost is the trade-off: 0.79% a year against a 0.36% category median, while index Agg funds like AGG, BND and SPAB charge 0.03%. One of the priciest routes to core bond exposure here.
  • Small fund, lightly traded. Spreads can run wider than the giant core bond ETFs, so limit orders matter more here.
  • Selling puts collects premium in exchange for taking on downside if the underlying market drops, and distributions arrive on an irregular schedule rather than a fixed cadence.

PAYR No data

Full OVB profile⁠

Full PAYR profile⁠

OVB vs PAYR Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

OVB vs PAYR Cost

Overpaying OVB vs PAYR

$7,084

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • OVB 0.79%

    $15,174

  • PAYR 0.40%

    $8,090

$10,000
30 years

Cost over time

  • OVB 0.79%
  • PAYR 0.40%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530OVB $15,174PAYR $8,090

Year by year

YearOVBPAYROverpaying
10$1,405$723$682
20$5,331$2,793$2,538
30$15,174$8,090$7,084

Expense ratio

  • 0.79%OVB
  • 0.40%PAYR, cheaper
  • Middle half of Active Option Income funds
  • Median 0.95%

PAYR 5th cheapest of 50 funds

OVB 17th cheapest of 50 funds

OVB vs PAYR Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
OVB 6.72%
PAYR 7.84%, better
Payout (12M)
OVB $1.32
PAYR $4.48
Last payment
OVB $0.10
PAYR $0.29
Ex-dividend
OVB Oct 28, 2026
PAYR Oct 30, 2026
Paid on
OVB Oct 29, 2026
PAYR Nov 2, 2026
Frequency
OVB Monthly
PAYR Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

OVBMonthly · 22 paymentsAll OVB payments⁠
One bar per payment. 22 payments from 2023 to 2026 YTD. Apr 4, 2023 $0.26; Jul 5, 2023 $0.26; Oct 3, 2023 $0.27; Dec 27, 2023 $0.28; Apr 3, 2024 $0.28; Jul 3, 2024 $0.28; Oct 3, 2024 $0.30; Dec 24, 2024 $0.30; Apr 3, 2025 $0.29; Jul 3, 2025 $0.31; Oct 3, 2025 $0.31; Dec 23, 2025 $0.31; Jan 28, 2026 $0.10; Feb 25, 2026 $0.08; Mar 27, 2026 $0.10; Apr 28, 2026 $0.11; May 27, 2026 $0.10; Jun 26, 2026 $0.10; Jul 29, 2026 $0.10; Aug 27, 2026 $0.10; Sep 29, 2026 $0.10; Oct 28, 2026 $0.10. Use the arrow keys to read each point.$0$0.5020232026YTD
PAYRMonthly · 13 paymentsAll PAYR payments⁠
One bar per payment. 13 payments from 2023 to 2026 YTD. Oct 31, 2025 $0.16; Nov 28, 2025 $0.43; Dec 31, 2025 $0.41; Jan 30, 2026 $0.29; Feb 27, 2026 $0.33; Mar 31, 2026 $0.57; Apr 30, 2026 $0.18; May 29, 2026 $0.49; Jun 30, 2026 $0.46; Jul 31, 2026 $0.33; Aug 31, 2026 $0.32; Sep 30, 2026 $0.38; Oct 30, 2026 $0.29. Use the arrow keys to read each point.$0$0.5020232026YTD

OVB vs PAYR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
OVB 6.9%PAYR 14.6%since Nov 2025
Return per unit of riskSharpe ratio, 3 years
OVB 0.49PAYR 1.36since Nov 2025
Worst fallMax drawdown, 5 years
OVB −21.3%PAYR −7.0%since Oct 2025
Market sensitivityBeta, 5 years
OVB 1.29PAYR 0.01

Popular comparisons

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