FCA vs. OPER
FCA (First Trust China AlphaDEX Fund) and OPER (ClearShares Ultra-Short Maturity ETF) are both exchange-traded funds - FCA is a China Equities fund tracking the NASDAQ AlphaDEX China 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, FCA returned 5.02%/yr vs 3.65%/yr for OPER. At a correlation of -0.01, they often move in opposite directions. FCA charges 0.80%/yr vs 0.20%/yr for OPER.
Performance
FCA vs. OPER - Performance Comparison
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Returns By Period
In the year-to-date period, FCA achieves a 11.53% return, which is significantly higher than OPER's 1.54% return.
FCA
- 1D
- 2.01%
- 1M
- -4.08%
- YTD
- 11.53%
- 6M
- 9.85%
- 1Y
- 44.90%
- 3Y*
- 20.06%
- 5Y*
- 5.02%
- 10Y*
- 9.89%
OPER
- 1D
- 0.02%
- 1M
- 0.34%
- YTD
- 1.54%
- 6M
- 1.88%
- 1Y
- 4.07%
- 3Y*
- 4.80%
- 5Y*
- 3.65%
- 10Y*
- —
FCA vs. OPER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FCA First Trust China AlphaDEX Fund | 11.53% | 45.20% | 14.07% | -8.28% | -17.61% | -0.65% | 11.80% | 18.72% | -13.82% |
OPER ClearShares Ultra-Short Maturity ETF | 1.54% | 4.37% | 5.34% | 5.09% | 1.76% | 0.37% | 0.65% | 2.15% | 0.90% |
Correlation
The correlation between FCA and OPER is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2018 | -0.01 |
The correlation between FCA and OPER shifts across timeframes, from -0.20 (1 year) to -0.01 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FCA vs. OPER — Risk / Return Rank
FCA
OPER
FCA vs. OPER - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust China AlphaDEX Fund (FCA) 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.
| FCA | OPER | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.02 | 15.42 | -13.40 |
Sortino ratioReturn per unit of downside risk | 2.58 | 43.85 | -41.26 |
Omega ratioGain probability vs. loss probability | 1.34 | 13.36 | -12.02 |
Calmar ratioReturn relative to maximum drawdown | 4.19 | 61.27 | -57.08 |
Martin ratioReturn relative to average drawdown | 12.06 | 520.46 | -508.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FCA | OPER | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.02 | 15.42 | -13.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 11.47 | -11.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.13 | 2.28 | -2.15 |
Drawdowns
FCA vs. OPER - Drawdown Comparison
The maximum FCA drawdown since its inception was -45.56%, which is greater than OPER's maximum drawdown of -2.33%. Use the drawdown chart below to compare losses from any high point for FCA and OPER.
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Drawdown Indicators
| FCA | OPER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -2.33% | -43.23% |
Max Drawdown (1Y)Largest decline over 1 year | -11.13% | -0.07% | -11.06% |
Max Drawdown (3Y)Largest decline over 3 years | -26.13% | -0.11% | -26.02% |
Max Drawdown (5Y)Largest decline over 5 years | -42.47% | -0.13% | -42.34% |
Max Drawdown (10Y)Largest decline over 10 years | -42.47% | — | — |
Current DrawdownCurrent decline from peak | -8.87% | 0.00% | -8.87% |
Average DrawdownAverage peak-to-trough decline | -21.62% | -0.16% | -21.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.87% | 0.01% | +3.86% |
Volatility
FCA vs. OPER - Volatility Comparison
First Trust China AlphaDEX Fund (FCA) has a higher volatility of 8.36% compared to ClearShares Ultra-Short Maturity ETF (OPER) at 0.10%. This indicates that FCA'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
| FCA | OPER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.36% | 0.10% | +8.26% |
Volatility (6M)Calculated over the trailing 6-month period | 16.57% | 0.20% | +16.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.31% | 0.26% | +22.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.59% | 0.32% | +27.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.63% | 1.23% | +25.40% |
FCA vs. OPER - Expense Ratio Comparison
FCA has a 0.80% expense ratio, which is higher than OPER's 0.20% expense ratio.
Dividends
FCA vs. OPER - Dividend Comparison
FCA's dividend yield for the trailing twelve months is around 2.31%, less than OPER's 4.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCA First Trust China AlphaDEX Fund | 2.31% | 2.67% | 5.17% | 5.70% | 6.00% | 4.91% | 4.12% | 3.73% | 3.10% | 2.30% | 2.51% | 4.13% |
OPER ClearShares Ultra-Short Maturity ETF | 4.09% | 4.32% | 5.21% | 5.03% | 1.71% | 0.36% | 0.64% | 2.08% | 0.89% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FCA and OPER have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FCA has higher volatility (8.36%) compared to OPER (0.10%). In terms of maximum drawdown, FCA dropped -45.56% vs OPER's -2.33%.
On 5-year performance, FCA leads with 5.02% vs 3.65% for OPER. 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, FCA has performed better with a 5.02% return vs 3.65%. 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 0.80% for FCA.
OPER has the higher dividend yield at 4.09%, compared with 2.31% for FCA.
FCA is categorized as China Equities, while OPER is Ultrashort Bond. FCA tracks NASDAQ AlphaDEX China Index, while OPER tracks ICE BofA U.S. Broad Market Index. They also come from different issuers: First Trust and ClearShares. Their fees differ too: 0.80% for FCA and 0.20% for OPER.
OPER currently has the higher Sharpe Ratio (15.42 vs 2.02), 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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