CSHP vs. OPER

Last updated Jun 4, 2026

CSHP (iShares Enhanced Short-Term Bond Active ETF) and OPER (ClearShares Ultra-Short Maturity ETF) are both Ultrashort Bond funds. CSHP is actively managed, while OPER is passively managed. Over the past year, CSHP returned 3.96% vs 4.07% for OPER. At a 0.28 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.

Performance

CSHP vs. OPER - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Enhanced Short-Term Bond Active ETF (CSHP) and ClearShares Ultra-Short Maturity ETF (OPER). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with CSHP having a 1.63% return and OPER slightly lower at 1.55%.

CSHP

• 1D: 0.02%
• 1M: 0.27%
• YTD: 1.63%
• 6M: 1.93%
• 1Y: 3.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OPER

• 1D: 0.01%
• 1M: 0.34%
• YTD: 1.55%
• 6M: 1.88%
• 1Y: 4.07%
• 3Y*: 4.80%
• 5Y*: 3.65%
• 10Y*: —

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

CSHP vs. OPER - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CSHP iShares Enhanced Short-Term Bond Active ETF	1.63%	4.10%	2.24%
OPER ClearShares Ultra-Short Maturity ETF	1.55%	4.37%	2.31%

Correlation

The correlation between CSHP and OPER is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jul 19, 2024	0.28

Return for Risk

CSHP vs. OPER — Risk / Return Rank

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

CSHP

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

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.

CSHP vs. OPER - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Enhanced Short-Term Bond Active ETF (CSHP) 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.

	CSHP	OPER	Difference
Sharpe ratio: Return per unit of total volatility	11.91	15.45	-3.54
Sortino ratio: Return per unit of downside risk	31.26	43.90	-12.64
Omega ratio: Gain probability vs. loss probability	7.44	13.38	-5.94
Calmar ratio: Return relative to maximum drawdown	65.71	61.29	+4.42
Martin ratio: Return relative to average drawdown	432.16	519.55	-87.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSHP vs. OPER - Sharpe Ratio Comparison

The current CSHP Sharpe Ratio is 11.91, which is comparable to the OPER Sharpe Ratio of 15.45. The chart below compares the historical Sharpe Ratios of CSHP 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.

Sharpe Ratios by Period

	CSHP	OPER	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	11.91	15.45	-3.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	11.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	10.75	2.28	+8.47

Drawdowns

CSHP vs. OPER - Drawdown Comparison

The maximum CSHP drawdown since its inception was -0.08%, smaller than the maximum OPER drawdown of -2.33%. Use the drawdown chart below to compare losses from any high point for CSHP and OPER.

Drawdown Indicators

	CSHP	OPER	Difference
Max Drawdown Largest peak-to-trough decline	-0.08%	-2.33%	+2.25%
Max Drawdown (1Y) Largest decline over 1 year	-0.06%	-0.07%	+0.01%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.16%	+0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.01%	0.00%

Volatility

CSHP vs. OPER - Volatility Comparison

The current volatility for iShares Enhanced Short-Term Bond Active ETF (CSHP) is 0.07%, while ClearShares Ultra-Short Maturity ETF (OPER) has a volatility of 0.10%. This indicates that CSHP experiences smaller price fluctuations and is considered to be less risky than OPER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSHP	OPER	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	0.10%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	0.24%	0.20%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	0.33%	0.26%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.40%	0.32%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.40%	1.23%	-0.83%

CSHP vs. OPER - Expense Ratio Comparison

Both CSHP and OPER have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

CSHP vs. OPER - Dividend Comparison

CSHP's dividend yield for the trailing twelve months is around 3.92%, less than OPER's 4.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CSHP iShares Enhanced Short-Term Bond Active ETF	3.92%	5.39%	1.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
OPER ClearShares Ultra-Short Maturity ETF	4.09%	4.32%	5.21%	5.03%	1.71%	0.36%	0.64%	2.08%	0.89%

Frequently Asked Questions

Can I hold both CSHP and OPER in my portfolio?

CSHP and OPER have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSHP or OPER?

OPER has higher volatility (0.10%) compared to CSHP (0.07%). In terms of maximum drawdown, CSHP dropped -0.08% vs OPER's -2.33%.

Which ETF is better, CSHP or OPER?

On 1-year performance, OPER leads with 4.07% vs 3.96% for CSHP. Both ETFs have the same 0.20% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSHP or OPER?

Over the 1-year period, OPER has performed better with a 4.07% return vs 3.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSHP or OPER?

CSHP and OPER have the same expense ratio: 0.20% per year.

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

OPER has the higher dividend yield at 4.09%, compared with 3.92% for CSHP.

What is the main difference between CSHP and OPER?

They also come from different issuers: iShares and ClearShares.

Which has better risk-adjusted returns?

OPER currently has the higher Sharpe Ratio (15.45 vs 11.91), 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.