IGHG vs. OPER
IGHG (ProShares Investment Grade-Interest Rate Hedged) and OPER (ClearShares Ultra-Short Maturity ETF) are both exchange-traded funds - IGHG is a Corporate Bonds fund tracking the Citi Corporate Investment Grade (Treasury Rate-Hedged) 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, IGHG returned 5.18%/yr vs 3.68%/yr for OPER. At a 0.01 correlation, their price movements are largely independent. IGHG charges 0.30%/yr vs 0.20%/yr for OPER.
Performance
IGHG vs. OPER - Performance Comparison
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Returns By Period
In the year-to-date period, IGHG achieves a 2.08% return, which is significantly higher than OPER's 1.72% return.
IGHG
- 1D
- 0.08%
- 1M
- -0.02%
- YTD
- 2.08%
- 6M
- 2.05%
- 1Y
- 5.77%
- 3Y*
- 8.31%
- 5Y*
- 5.18%
- 10Y*
- 4.83%
OPER
- 1D
- -0.01%
- 1M
- 0.29%
- YTD
- 1.72%
- 6M
- 1.82%
- 1Y
- 4.04%
- 3Y*
- 4.76%
- 5Y*
- 3.68%
- 10Y*
- —
IGHG vs. OPER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IGHG ProShares Investment Grade-Interest Rate Hedged | 2.08% | 5.65% | 9.20% | 11.58% | -0.90% | 0.88% | 0.61% | 12.73% | -2.22% |
OPER ClearShares Ultra-Short Maturity ETF | 1.72% | 4.37% | 5.34% | 5.09% | 1.76% | 0.37% | 0.65% | 2.15% | 0.88% |
Correlation
The correlation between IGHG and OPER is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2018 | 0.01 |
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Return for Risk
IGHG vs. OPER — Risk / Return Rank
IGHG
OPER
IGHG vs. OPER - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Investment Grade-Interest Rate Hedged (IGHG) 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.
| IGHG | OPER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -13.10 | ||
| Sortino ratioReturn per unit of downside risk | -40.31 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 12.57 | -11.25 |
| Calmar ratioReturn relative to maximum drawdown | 3.31 | 60.74 | -57.43 |
| Martin ratioReturn relative to average drawdown | 11.69 | 510.87 | -499.18 |
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Drawdowns
IGHG vs. OPER - Drawdown Comparison
The maximum IGHG drawdown since its inception was -25.16%, which is greater than OPER's maximum drawdown of -2.33%. Use the drawdown chart below to compare losses from any high point for IGHG and OPER.
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Drawdown Indicators
| IGHG | OPER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.16% | -2.33% | -22.83% |
Max Drawdown (1Y)Largest decline over 1 year | -1.75% | -0.07% | -1.68% |
Max Drawdown (3Y)Largest decline over 3 years | -3.74% | -0.11% | -3.63% |
Max Drawdown (5Y)Largest decline over 5 years | -8.75% | -0.13% | -8.62% |
Max Drawdown (10Y)Largest decline over 10 years | -25.16% | — | — |
Current DrawdownCurrent decline from peak | -0.25% | -0.01% | -0.24% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -0.16% | -2.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 0.01% | +0.48% |
Volatility
IGHG vs. OPER - Volatility Comparison
ProShares Investment Grade-Interest Rate Hedged (IGHG) has a higher volatility of 0.63% compared to ClearShares Ultra-Short Maturity ETF (OPER) at 0.10%. This indicates that IGHG'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
| IGHG | OPER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 0.10% | +0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 2.48% | 0.21% | +2.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.41% | 0.27% | +3.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.02% | 0.32% | +4.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.46% | 1.23% | +6.23% |
IGHG vs. OPER - Expense Ratio Comparison
IGHG has a 0.30% expense ratio, which is higher than OPER's 0.20% expense ratio.
Dividends
IGHG vs. OPER - Dividend Comparison
IGHG's dividend yield for the trailing twelve months is around 5.12%, more than OPER's 4.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGHG ProShares Investment Grade-Interest Rate Hedged | 5.12% | 5.14% | 5.06% | 4.99% | 3.55% | 2.50% | 2.79% | 3.48% | 4.13% | 3.36% | 3.37% | 3.65% |
OPER ClearShares Ultra-Short Maturity ETF | 4.08% | 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
IGHG and OPER have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IGHG has higher volatility (0.63%) compared to OPER (0.10%). In terms of maximum drawdown, IGHG dropped -25.16% vs OPER's -2.33%.
On 5-year performance, IGHG leads with 5.18% vs 3.68% 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, IGHG has performed better with a 5.18% return vs 3.68%. 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 0.30% for IGHG.
IGHG has the higher dividend yield at 5.12%, compared with 4.08% for OPER.
IGHG is categorized as Corporate Bonds, while OPER is Ultrashort Bond. IGHG tracks Citi Corporate Investment Grade (Treasury Rate-Hedged) Index, while OPER tracks ICE BofA U.S. Broad Market Index. They also come from different issuers: ProShares and ClearShares. Their fees differ too: 0.30% for IGHG and 0.20% for OPER.
OPER currently has the higher Sharpe Ratio (14.80 vs 1.70), 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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