GLNK vs. OPER

Last updated Jun 4, 2026

GLNK (Grayscale Chainlink Trust ETF) and OPER (ClearShares Ultra-Short Maturity ETF) are both exchange-traded funds - GLNK is a Cryptocurrency fund tracking the Chainlink (LINK), while OPER is a Ultrashort Bond fund tracking the ICE BofA U.S. Broad Market Index. Both are passively managed. Over the past 3 years, GLNK returned -10.96%/yr vs 4.80%/yr for OPER. At a correlation of -0.03, they often move in opposite directions. GLNK charges 2.50%/yr vs 0.20%/yr for OPER.

Performance

GLNK vs. OPER - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Chainlink Trust ETF (GLNK) 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, GLNK achieves a -33.27% return, which is significantly lower than OPER's 1.55% return.

GLNK

• 1D: -3.84%
• 1M: -12.83%
• YTD: -33.27%
• 6M: -43.25%
• 1Y: -59.50%
• 3Y*: -10.96%
• 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)

GLNK vs. OPER - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GLNK Grayscale Chainlink Trust ETF	-33.27%	-87.10%	38.45%	840.06%	-17.85%
OPER ClearShares Ultra-Short Maturity ETF	1.55%	4.37%	5.34%	5.09%	1.61%

Correlation

The correlation between GLNK and OPER is -0.10, 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	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (All Time) Calculated using the full available price history since May 20, 2022	-0.03

Return for Risk

GLNK vs. OPER — Risk / Return Rank

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

GLNK

GLNK Risk / Return Rank: 4
GLNK Sharpe Ratio Rank: 4
GLNK Sortino Ratio Rank: 5
GLNK Omega Ratio Rank: 5
GLNK Calmar Ratio Rank: 3
GLNK Martin Ratio Rank: 5

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.

GLNK vs. OPER - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Chainlink Trust ETF (GLNK) 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.

	GLNK	OPER	Difference
Sharpe ratio Return per unit of total volatility	-0.55	15.45	-16.00
Sortino ratio Return per unit of downside risk	-0.42	43.90	-44.33
Omega ratio Gain probability vs. loss probability	0.95	13.38	-12.43
Calmar ratio Return relative to maximum drawdown	-0.68	61.29	-61.96
Martin ratio Return relative to average drawdown	-0.89	519.55	-520.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLNK vs. OPER - Sharpe Ratio Comparison

The current GLNK Sharpe Ratio is -0.55, which is lower than the OPER Sharpe Ratio of 15.45. The chart below compares the historical Sharpe Ratios of GLNK 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

	GLNK	OPER	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.55	15.45	-16.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	11.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	2.28	-2.29

Drawdowns

GLNK vs. OPER - Drawdown Comparison

The maximum GLNK drawdown since its inception was -95.82%, which is greater than OPER's maximum drawdown of -2.33%. Use the drawdown chart below to compare losses from any high point for GLNK and OPER.

Drawdown Indicators

	GLNK	OPER	Difference
Max Drawdown Largest peak-to-trough decline	-95.82%	-2.33%	-93.49%
Max Drawdown (1Y) Largest decline over 1 year	-88.29%	-0.07%	-88.22%
Max Drawdown (3Y) Largest decline over 3 years	-95.82%	-0.11%	-95.71%
Max Drawdown (5Y) Largest decline over 5 years	—	-0.13%	—
Current Drawdown Current decline from peak	-95.71%	0.00%	-95.71%
Average Drawdown Average peak-to-trough decline	-55.70%	-0.16%	-55.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	66.68%	0.01%	+66.67%

Volatility

GLNK vs. OPER - Volatility Comparison

Grayscale Chainlink Trust ETF (GLNK) has a higher volatility of 15.43% compared to ClearShares Ultra-Short Maturity ETF (OPER) at 0.10%. This indicates that GLNK'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

	GLNK	OPER	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.43%	0.10%	+15.33%
Volatility (6M) Calculated over the trailing 6-month period	46.79%	0.20%	+46.59%
Volatility (1Y) Calculated over the trailing 1-year period	109.57%	0.26%	+109.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	164.87%	0.32%	+164.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	164.87%	1.23%	+163.64%

GLNK vs. OPER - Expense Ratio Comparison

GLNK has a 2.50% expense ratio, which is higher than OPER's 0.20% expense ratio.

Dividends

GLNK vs. OPER - Dividend Comparison

GLNK has not paid dividends to shareholders, while OPER's dividend yield for the trailing twelve months is around 4.09%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
GLNK Grayscale Chainlink Trust ETF	0.00%	0.00%	0.00%	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 GLNK and OPER in my portfolio?

GLNK and OPER have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLNK or OPER?

GLNK has higher volatility (15.43%) compared to OPER (0.10%). In terms of maximum drawdown, GLNK dropped -95.82% vs OPER's -2.33%.

Which ETF is better, GLNK or OPER?

On 3-year performance, OPER leads with 4.80% vs -10.96% for GLNK. 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.

Which ETF has performed better, GLNK or OPER?

Over the 3-year period, OPER has performed better with a 4.80% return vs -10.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLNK or OPER?

OPER is cheaper with a 0.20% expense ratio, compared with 2.50% for GLNK.

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

OPER has the higher dividend yield at 4.09%, compared with 0.00% for GLNK.

What is the main difference between GLNK and OPER?

GLNK is categorized as Cryptocurrency, while OPER is Ultrashort Bond. GLNK tracks Chainlink (LINK), while OPER tracks ICE BofA U.S. Broad Market Index. They also come from different issuers: Grayscale and ClearShares. Their fees differ too: 2.50% for GLNK and 0.20% for OPER.

Which has better risk-adjusted returns?

OPER currently has the higher Sharpe Ratio (15.45 vs -0.55), 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.