COYY vs. OPER

Last updated Aug 6, 2026

COYY (GraniteShares YieldBOOST COIN ETF) and OPER (ClearShares Ultra-Short Maturity ETF) are both exchange-traded funds - COYY is a Derivative Income fund actively managed by GraniteShares, while OPER is a Ultrashort Bond fund tracking the ICE BofA U.S. Broad Market Index. COYY is actively managed, while OPER is passively managed. Over the past year, COYY returned -53.98% vs 3.93% for OPER. Their -0.07 correlation means they have often moved in opposite directions in the past. COYY charges 1.07%/yr vs 0.20%/yr for OPER.

Performance

COYY vs. OPER - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares YieldBOOST COIN ETF (COYY) 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, COYY achieves a -32.81% return, which is significantly lower than OPER's 2.18% return.

COYY

• 1D: -0.77%
• 1M: -2.05%
• 6M: -14.94%
• YTD: -32.81%
• 1Y: -53.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -59.04%

OPER

• 1D: 0.00%
• 1M: 0.28%
• 6M: 1.85%
• YTD: 2.18%
• 1Y: 3.93%
• 3Y*: 4.70%
• 5Y*: 3.77%
• 10Y*: —
• ALL TIME*: 2.81%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
COYY GraniteShares YieldBOOST COIN ETF	$320.40K	$292.32K	$563.90K
OPER ClearShares Ultra-Short Maturity ETF	$976.44K	$725.89K	$904.54K

COYY vs. OPER - Yearly Performance Comparison

	2026 (YTD)	2025
COYY GraniteShares YieldBOOST COIN ETF	-32.81%	-40.04%
OPER ClearShares Ultra-Short Maturity ETF	2.18%	1.81%

Correlation

The correlation between COYY and OPER is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.07
Correlation (All Time) Calculated using the full available price history since Jul 29, 2025	-0.07

Return for Risk

COYY vs. OPER — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

COYY

COYY Risk / Return Rank: 1
COYY Sharpe Ratio Rank: 0
COYY Sortino Ratio Rank: 0
COYY Omega Ratio Rank: 0
COYY Calmar Ratio Rank: 1
COYY Martin Ratio Rank: 2

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) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

COYY vs. OPER - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares YieldBOOST COIN ETF (COYY) 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.

	COYY	OPER	Difference
Sharpe ratio: Return per unit of total volatility	-1.67	14.57	-16.24
Sortino ratio: Return per unit of downside risk	-2.81	41.93	-44.74
Omega ratio: Gain probability vs. loss probability	0.67	12.35	-11.68
Calmar ratio: Return relative to maximum drawdown	-0.91	59.19	-60.10
Martin ratio: Return relative to average drawdown	-1.26	498.57	-499.83

COYY vs. OPER - Sharpe Ratio Comparison

The current COYY Sharpe Ratio is -1.67, which is lower than the OPER Sharpe Ratio of 14.57. The chart below compares the historical Sharpe Ratios of COYY 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

COYY vs. OPER - Drawdown Comparison

The maximum COYY drawdown since its inception was -60.85%, which is greater than OPER's maximum drawdown of -2.33%. Use the drawdown chart below to compare losses from any high point for COYY and OPER.

Drawdown Indicators

	COYY	OPER	Difference
Max Drawdown Largest peak-to-trough decline	-60.85%	-2.33%	-58.52%
Max Drawdown (1Y) Largest decline over 1 year	-59.62%	-0.07%	-59.55%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.11%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.13%	—
Current Drawdown Current decline from peak	-60.44%	0.00%	-60.44%
Average Drawdown Average peak-to-trough decline	-39.14%	-0.16%	-38.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.83%	0.01%	+42.82%

Volatility

COYY vs. OPER - Volatility Comparison

GraniteShares YieldBOOST COIN ETF (COYY) has a higher volatility of 5.44% compared to ClearShares Ultra-Short Maturity ETF (OPER) at 0.07%. This indicates that COYY'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

	COYY	OPER	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.44%	0.07%	+5.37%
Volatility (6M) Calculated over the trailing 6-month period	18.18%	0.20%	+17.98%
Volatility (1Y) Calculated over the trailing 1-year period	33.05%	0.27%	+32.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.92%	0.32%	+33.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.92%	1.22%	+32.70%

COYY vs. OPER - Expense Ratio Comparison

COYY has a 1.07% expense ratio, which is higher than OPER's 0.20% expense ratio.

Dividends

COYY vs. OPER - Dividend Comparison

COYY's dividend yield for the trailing twelve months is around 444.47%, more than OPER's 3.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
COYY GraniteShares YieldBOOST COIN ETF	444.47%	132.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
OPER ClearShares Ultra-Short Maturity ETF	3.98%	4.32%	5.21%	5.03%	1.71%	0.36%	0.64%	2.08%	0.89%

Frequently Asked Questions

Can I hold both COYY and OPER in my portfolio?

COYY and OPER have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COYY or OPER?

COYY has higher volatility (5.44%) compared to OPER (0.07%). In terms of maximum drawdown, COYY dropped -60.85% vs OPER's -2.33%.

Which ETF is better, COYY or OPER?

On 1-year performance, OPER leads with 3.93% vs -53.98% for COYY. On fees, OPER is cheaper at 0.20% per year. On volatility, OPER has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COYY or OPER?

Over the 1-year period, OPER has performed better with a 3.93% return vs -53.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COYY or OPER?

OPER is cheaper with a 0.20% expense ratio, compared with 1.07% for COYY.

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

COYY has the higher dividend yield at 444.47%, compared with 3.98% for OPER.

What is the main difference between COYY and OPER?

COYY is categorized as Derivative Income, while OPER is Ultrashort Bond. They also come from different issuers: GraniteShares and ClearShares. Their fees differ too: 1.07% for COYY and 0.20% for OPER.

Which has better risk-adjusted returns?

OPER currently has the higher Sharpe Ratio (14.57 vs -1.67), 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.