BITW vs. OPER
BITW (Bitwise 10 Crypto Index ETF) and OPER (ClearShares Ultra-Short Maturity ETF) are both exchange-traded funds - BITW is a Cryptocurrency fund tracking the Bitwise 10 Large Cap Crypto Index, while OPER is a Ultrashort Bond fund tracking the ICE BofA U.S. Broad Market Index. Both are passively managed. Over the past 5 years, BITW returned 1.78%/yr vs 3.69%/yr for OPER. At a 0.01 correlation, their price movements are largely independent. BITW charges 0.75%/yr vs 0.20%/yr for OPER.
Performance
BITW vs. OPER - Performance Comparison
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Returns By Period
In the year-to-date period, BITW achieves a -32.35% return, which is significantly lower than OPER's 1.74% return.
BITW
- 1D
- -3.24%
- 1M
- -17.92%
- YTD
- -32.35%
- 6M
- -32.63%
- 1Y
- -35.22%
- 3Y*
- 52.08%
- 5Y*
- 1.78%
- 10Y*
- —
OPER
- 1D
- 0.02%
- 1M
- 0.31%
- YTD
- 1.74%
- 6M
- 1.85%
- 1Y
- 4.03%
- 3Y*
- 4.76%
- 5Y*
- 3.69%
- 10Y*
- —
BITW vs. OPER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BITW Bitwise 10 Crypto Index ETF | -32.35% | -2.63% | 160.69% | 331.10% | -85.92% | -36.83% | 403.25% |
OPER ClearShares Ultra-Short Maturity ETF | 1.74% | 4.37% | 5.34% | 5.09% | 1.76% | 0.37% | 0.09% |
Correlation
The correlation between BITW and OPER is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020 | 0.01 |
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Return for Risk
BITW vs. OPER — Risk / Return Rank
BITW
OPER
BITW vs. OPER - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index ETF (BITW) and ClearShares Ultra-Short Maturity ETF (OPER). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BITW | OPER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -15.49 | ||
| Sortino ratioReturn per unit of downside risk | -43.64 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 12.54 | -11.64 |
| Calmar ratioReturn relative to maximum drawdown | -0.64 | 60.59 | -61.22 |
| Martin ratioReturn relative to average drawdown | -1.08 | 509.56 | -510.65 |
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Drawdowns
BITW vs. OPER - Drawdown Comparison
The maximum BITW drawdown since its inception was -96.46%, which is greater than OPER's maximum drawdown of -2.33%. Use the drawdown chart below to compare losses from any high point for BITW and OPER.
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Drawdown Indicators
| BITW | OPER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.46% | -2.33% | -94.13% |
Max Drawdown (1Y)Largest decline over 1 year | -55.51% | -0.07% | -55.44% |
Max Drawdown (3Y)Largest decline over 3 years | -55.51% | -0.11% | -55.40% |
Max Drawdown (5Y)Largest decline over 5 years | -91.93% | -0.13% | -91.80% |
Current DrawdownCurrent decline from peak | -71.40% | 0.00% | -71.40% |
Average DrawdownAverage peak-to-trough decline | -69.56% | -0.16% | -69.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.56% | 0.01% | +32.55% |
Volatility
BITW vs. OPER - Volatility Comparison
Bitwise 10 Crypto Index ETF (BITW) has a higher volatility of 14.10% compared to ClearShares Ultra-Short Maturity ETF (OPER) at 0.10%. This indicates that BITW's price experiences larger fluctuations and is considered to be riskier than OPER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BITW | OPER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.10% | 0.10% | +14.00% |
Volatility (6M)Calculated over the trailing 6-month period | 37.34% | 0.21% | +37.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.87% | 0.27% | +49.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 65.59% | 0.32% | +65.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 108.35% | 1.22% | +107.13% |
BITW vs. OPER - Expense Ratio Comparison
BITW has a 0.75% expense ratio, which is higher than OPER's 0.20% expense ratio.
Dividends
BITW vs. OPER - Dividend Comparison
BITW has not paid dividends to shareholders, while OPER's dividend yield for the trailing twelve months is around 4.08%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BITW Bitwise 10 Crypto Index ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
OPER ClearShares Ultra-Short Maturity ETF | 4.08% | 4.32% | 5.21% | 5.03% | 1.71% | 0.36% | 0.64% | 2.08% | 0.89% |
Frequently Asked Questions
BITW and OPER have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITW has higher volatility (14.10%) compared to OPER (0.10%). In terms of maximum drawdown, BITW dropped -96.46% vs OPER's -2.33%.
On 5-year performance, OPER leads with 3.69% vs 1.78% for BITW. On fees, OPER is cheaper at 0.20% per year. On volatility, OPER has been the lower-risk option at 0.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, OPER has performed better with a 3.69% return vs 1.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OPER is cheaper with a 0.20% expense ratio, compared with 0.75% for BITW.
OPER has the higher dividend yield at 4.08%, compared with 0.00% for BITW.
BITW is categorized as Cryptocurrency, while OPER is Ultrashort Bond. BITW tracks Bitwise 10 Large Cap Crypto Index, while OPER tracks ICE BofA U.S. Broad Market Index. They also come from different issuers: Bitwise and ClearShares. Their fees differ too: 0.75% for BITW and 0.20% for OPER.
OPER currently has the higher Sharpe Ratio (14.78 vs -0.71), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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