ETCO vs. OPER
ETCO (Grayscale Ethereum Covered Call ETF) and OPER (ClearShares Ultra-Short Maturity ETF) are both exchange-traded funds - ETCO is a Cryptocurrency fund actively managed by Grayscale, while OPER is a Ultrashort Bond fund tracking the ICE BofA U.S. Broad Market Index. ETCO is actively managed, while OPER is passively managed. Their -0.07 correlation means they have often moved in opposite directions in the past. ETCO charges 0.66%/yr vs 0.20%/yr for OPER.
Performance
ETCO vs. OPER - Performance Comparison
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Returns By Period
In the year-to-date period, ETCO achieves a -34.69% return, which is significantly lower than OPER's 2.16% return.
ETCO
- 1D
- -2.50%
- 1M
- 5.77%
- 6M
- -27.08%
- YTD
- -34.69%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
OPER
- 1D
- 0.05%
- 1M
- 0.31%
- 6M
- 1.86%
- YTD
- 2.16%
- 1Y
- 3.94%
- 3Y*
- 4.71%
- 5Y*
- 3.76%
- 10Y*
- —
- ALL TIME*
- 2.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $41.84K | $37.58K | $56.92K | |
| $882.36K | $708.61K | $932.74K |
ETCO vs. OPER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ETCO Grayscale Ethereum Covered Call ETF | -34.69% | -26.08% |
OPER ClearShares Ultra-Short Maturity ETF | 2.16% | 1.37% |
Correlation
The correlation between ETCO 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 (All Time) Calculated using the full available price history since Sep 4, 2025 | -0.07 |
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Return for Risk
ETCO vs. OPER — Risk / Return Rank
ETCO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
OPER
ETCO vs. OPER - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Covered Call ETF (ETCO) 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.
| ETCO | OPER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 12.88 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 59.84 | — |
| Martin ratioReturn relative to average drawdown | — | 505.14 | — |
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Drawdowns
ETCO vs. OPER - Drawdown Comparison
The maximum ETCO drawdown since its inception was -59.43%, which is greater than OPER's maximum drawdown of -2.33%. Use the drawdown chart below to compare losses from any high point for ETCO and OPER.
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Drawdown Indicators
| ETCO | OPER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.43% | -2.33% | -57.10% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.07% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.11% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.13% | — |
Current DrawdownCurrent decline from peak | -55.22% | 0.00% | -55.22% |
Average DrawdownAverage peak-to-trough decline | -38.17% | -0.16% | -38.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.01% | — |
Volatility
ETCO vs. OPER - Volatility Comparison
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Volatility by Period
| ETCO | OPER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.07% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 0.20% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 50.60% | 0.27% | +50.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.60% | 0.32% | +50.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.60% | 1.22% | +49.38% |
ETCO vs. OPER - Expense Ratio Comparison
ETCO has a 0.66% expense ratio, which is higher than OPER's 0.20% expense ratio.
Dividends
ETCO vs. OPER - Dividend Comparison
ETCO's dividend yield for the trailing twelve months is around 153.50%, more than OPER's 3.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
ETCO Grayscale Ethereum Covered Call ETF | 153.50% | 42.29% | 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
ETCO 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.
On fees, OPER is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
OPER is cheaper with a 0.20% expense ratio, compared with 0.66% for ETCO.
ETCO has the higher dividend yield at 153.50%, compared with 3.98% for OPER.
ETCO is categorized as Cryptocurrency, while OPER is Ultrashort Bond. They also come from different issuers: Grayscale and ClearShares. Their fees differ too: 0.66% for ETCO and 0.20% for OPER.
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