BRLN vs. OPER

Last updated Jul 12, 2026

BRLN (BlackRock Floating Rate Loan ETF) and OPER (ClearShares Ultra-Short Maturity ETF) are both exchange-traded funds - BRLN is a Bank Loan fund actively managed by BlackRock, while OPER is a Ultrashort Bond fund tracking the ICE BofA U.S. Broad Market Index. BRLN is actively managed, while OPER is passively managed. Over the past 3 years, BRLN returned 6.65%/yr vs 4.74%/yr for OPER. At a 0.00 correlation, their price movements are largely independent. BRLN charges 0.55%/yr vs 0.20%/yr for OPER.

Performance

BRLN vs. OPER - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Floating Rate Loan ETF (BRLN) and ClearShares Ultra-Short Maturity ETF (OPER). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BRLN achieves a 1.37% return, which is significantly lower than OPER's 1.93% return.

BRLN

• 1D: -0.23%
• 1M: 0.38%
• 6M: 1.32%
• YTD: 1.37%
• 1Y: 3.70%
• 3Y*: 6.65%
• 5Y*: —
• 10Y*: —

OPER

• 1D: 0.02%
• 1M: 0.28%
• 6M: 1.85%
• YTD: 1.93%
• 1Y: 3.96%
• 3Y*: 4.74%
• 5Y*: 3.72%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BRLN vs. OPER - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BRLN BlackRock Floating Rate Loan ETF	1.37%	5.38%	7.49%	13.42%	1.66%
OPER ClearShares Ultra-Short Maturity ETF	1.93%	4.37%	5.34%	5.09%	0.91%

Correlation

The correlation between BRLN and OPER is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Oct 6, 2022	0.00

The correlation between BRLN and OPER shifts across timeframes, from -0.12 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BRLN vs. OPER — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BRLN

BRLN Risk / Return Rank: 42
BRLN Sharpe Ratio Rank: 39
BRLN Sortino Ratio Rank: 39
BRLN Omega Ratio Rank: 38
BRLN Calmar Ratio Rank: 46
BRLN Martin Ratio Rank: 50

OPER

OPER Risk / Return Rank: 100
OPER Sharpe Ratio Rank: 100
OPER Sortino Ratio Rank: 100
OPER Omega Ratio Rank: 100
OPER Calmar Ratio Rank: 100
OPER Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BRLN vs. OPER - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Floating Rate Loan ETF (BRLN) 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.

	BRLN	OPER	Difference
Sharpe ratio: Return per unit of total volatility	1.13	14.83	-13.69
Sortino ratio: Return per unit of downside risk	1.67	42.81	-41.15
Omega ratio: Gain probability vs. loss probability	1.21	12.83	-11.62
Calmar ratio: Return relative to maximum drawdown	1.86	60.28	-58.42
Martin ratio: Return relative to average drawdown	6.70	508.56	-501.86

BRLN vs. OPER - Sharpe Ratio Comparison

The current BRLN Sharpe Ratio is 1.13, which is lower than the OPER Sharpe Ratio of 14.83. The chart below compares the historical Sharpe Ratios of BRLN and OPER, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BRLN vs. OPER - Drawdown Comparison

The maximum BRLN drawdown since its inception was -3.85%, which is greater than OPER's maximum drawdown of -2.33%. Use the drawdown chart below to compare losses from any high point for BRLN and OPER.

Drawdown Indicators

	BRLN	OPER	Difference
Max Drawdown Largest peak-to-trough decline	-3.85%	-2.33%	-1.52%
Max Drawdown (1Y) Largest decline over 1 year	-2.00%	-0.07%	-1.93%
Max Drawdown (3Y) Largest decline over 3 years	-3.85%	-0.11%	-3.74%
Max Drawdown (5Y) Largest decline over 5 years	—	-0.13%	—
Current Drawdown Current decline from peak	-0.49%	0.00%	-0.49%
Average Drawdown Average peak-to-trough decline	-0.33%	-0.16%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	0.01%	+0.54%

Volatility

BRLN vs. OPER - Volatility Comparison

BlackRock Floating Rate Loan ETF (BRLN) has a higher volatility of 1.40% compared to ClearShares Ultra-Short Maturity ETF (OPER) at 0.09%. This indicates that BRLN'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.

Volatility by Period

	BRLN	OPER	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.40%	0.09%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	2.65%	0.21%	+2.44%
Volatility (1Y) Calculated over the trailing 1-year period	3.29%	0.27%	+3.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.78%	0.32%	+3.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.78%	1.22%	+2.56%

BRLN vs. OPER - Expense Ratio Comparison

BRLN has a 0.55% expense ratio, which is higher than OPER's 0.20% expense ratio.

Dividends

BRLN vs. OPER - Dividend Comparison

BRLN's dividend yield for the trailing twelve months is around 6.31%, more than OPER's 4.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BRLN BlackRock Floating Rate Loan ETF	6.31%	6.50%	7.87%	9.06%	1.48%	0.00%	0.00%	0.00%	0.00%
OPER ClearShares Ultra-Short Maturity ETF	4.02%	4.32%	5.21%	5.03%	1.71%	0.36%	0.64%	2.08%	0.89%

Frequently Asked Questions

Can I hold both BRLN and OPER in my portfolio?

BRLN and OPER have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRLN or OPER?

BRLN has higher volatility (1.40%) compared to OPER (0.09%). In terms of maximum drawdown, BRLN dropped -3.85% vs OPER's -2.33%.

Which ETF is better, BRLN or OPER?

On 3-year performance, BRLN leads with 6.65% vs 4.74% for OPER. On fees, OPER is cheaper at 0.20% per year. On volatility, OPER has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRLN or OPER?

Over the 3-year period, BRLN has performed better with a 6.65% return vs 4.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRLN or OPER?

OPER is cheaper with a 0.20% expense ratio, compared with 0.55% for BRLN.

Which ETF pays a higher dividend yield, BRLN or OPER?

BRLN has the higher dividend yield at 6.31%, compared with 4.02% for OPER.

What is the main difference between BRLN and OPER?

BRLN is categorized as Bank Loan, while OPER is Ultrashort Bond. They also come from different issuers: BlackRock and ClearShares. Their fees differ too: 0.55% for BRLN and 0.20% for OPER.

Which has better risk-adjusted returns?

OPER currently has the higher Sharpe Ratio (14.83 vs 1.13), 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.