OCIO vs. PIFI

Last updated Aug 2, 2026

OCIO (ClearShares OCIO ETF) and PIFI (ClearShares Piton Intermediate Fixed Income ETF) are both exchange-traded funds - OCIO is a Diversified Portfolio fund actively managed by ClearShares, while PIFI is a Intermediate Core Bond fund actively managed by ClearShares. Both are actively managed. Over the past 5 years, OCIO returned 6.76%/yr vs 0.86%/yr for PIFI. Their 0.22 correlation means their historical movements had little consistent relationship. OCIO charges 0.61%/yr vs 0.45%/yr for PIFI.

Performance

OCIO vs. PIFI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearShares OCIO ETF (OCIO) and ClearShares Piton Intermediate Fixed Income ETF (PIFI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OCIO achieves a 6.90% return, which is significantly higher than PIFI's -0.39% return.

OCIO

• 1D: -0.06%
• 1M: -1.14%
• 6M: 4.87%
• YTD: 6.90%
• 1Y: 15.24%
• 3Y*: 11.71%
• 5Y*: 6.76%
• 10Y*: —
• ALL TIME*: 7.60%

PIFI

• 1D: -0.18%
• 1M: -0.70%
• 6M: -0.45%
• YTD: -0.39%
• 1Y: 1.49%
• 3Y*: 3.86%
• 5Y*: 0.86%
• 10Y*: —
• ALL TIME*: 0.69%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
OCIO ClearShares OCIO ETF	$27.53K	$27.13K	$321.99K
PIFI ClearShares Piton Intermediate Fixed Income ETF	$69.32K	$59.55K	$150.85K

OCIO vs. PIFI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
OCIO ClearShares OCIO ETF	6.90%	12.68%	12.76%	12.03%	-12.49%	13.20%	8.47%
PIFI ClearShares Piton Intermediate Fixed Income ETF	-0.39%	6.29%	2.52%	4.61%	-7.15%	-1.33%	0.07%

Correlation

The correlation between OCIO and PIFI is 0.29, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.29
Correlation (3Y) Balances recent behavior with more history.	0.26
Correlation (5Y) Shows whether the relationship held over a longer period.	0.23
Correlation (All Time) Calculated using the full available price history since Oct 2, 2020	0.22

Return for Risk

OCIO vs. PIFI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

OCIO

OCIO Risk / Return Rank: 56
OCIO Sharpe Ratio Rank: 52
OCIO Sortino Ratio Rank: 51
OCIO Omega Ratio Rank: 51
OCIO Calmar Ratio Rank: 58
OCIO Martin Ratio Rank: 66

PIFI

PIFI Risk / Return Rank: 33
PIFI Sharpe Ratio Rank: 35
PIFI Sortino Ratio Rank: 33
PIFI Omega Ratio Rank: 31
PIFI Calmar Ratio Rank: 34
PIFI Martin Ratio Rank: 30

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

OCIO vs. PIFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearShares OCIO ETF (OCIO) and ClearShares Piton Intermediate Fixed Income ETF (PIFI). 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.

	OCIO	PIFI	Difference
Sharpe ratio: Return per unit of total volatility	1.27	0.85	+0.42
Sortino ratio: Return per unit of downside risk	1.83	1.26	+0.57
Omega ratio: Gain probability vs. loss probability	1.23	1.15	+0.08
Calmar ratio: Return relative to maximum drawdown	2.06	1.15	+0.91
Martin ratio: Return relative to average drawdown	8.07	2.62	+5.45

OCIO vs. PIFI - Sharpe Ratio Comparison

The current OCIO Sharpe Ratio is 1.27, which is higher than the PIFI Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of OCIO and PIFI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

OCIO vs. PIFI - Drawdown Comparison

The maximum OCIO drawdown since its inception was -24.21%, which is greater than PIFI's maximum drawdown of -10.59%. Use the drawdown chart below to compare losses from any high point for OCIO and PIFI.

Drawdown Indicators

	OCIO	PIFI	Difference
Max Drawdown Largest peak-to-trough decline	-24.21%	-10.59%	-13.62%
Max Drawdown (1Y) Largest decline over 1 year	-6.98%	-1.93%	-5.05%
Max Drawdown (3Y) Largest decline over 3 years	-13.32%	-2.71%	-10.61%
Max Drawdown (5Y) Largest decline over 5 years	-18.75%	-10.35%	-8.40%
Current Drawdown Current decline from peak	-2.82%	-1.70%	-1.12%
Average Drawdown Average peak-to-trough decline	-4.39%	-3.18%	-1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	0.85%	+0.93%

Volatility

OCIO vs. PIFI - Volatility Comparison

ClearShares OCIO ETF (OCIO) has a higher volatility of 3.89% compared to ClearShares Piton Intermediate Fixed Income ETF (PIFI) at 0.77%. This indicates that OCIO's price experiences larger fluctuations and is considered to be riskier than PIFI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OCIO	PIFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.89%	0.77%	+3.12%
Volatility (6M) Calculated over the trailing 6-month period	9.59%	2.05%	+7.54%
Volatility (1Y) Calculated over the trailing 1-year period	11.33%	2.62%	+8.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.90%	3.69%	+7.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.45%	3.47%	+7.98%

OCIO vs. PIFI - Expense Ratio Comparison

OCIO has a 0.61% expense ratio, which is higher than PIFI's 0.45% expense ratio.

Dividends

OCIO vs. PIFI - Dividend Comparison

OCIO's dividend yield for the trailing twelve months is around 9.91%, more than PIFI's 4.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
OCIO ClearShares OCIO ETF	9.91%	10.27%	1.87%	2.32%	3.21%	2.83%	2.90%	2.22%	0.01%	1.68%
PIFI ClearShares Piton Intermediate Fixed Income ETF	4.49%	3.16%	2.92%	2.29%	1.22%	0.25%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OCIO and PIFI in my portfolio?

OCIO and PIFI have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OCIO or PIFI?

OCIO has higher volatility (3.89%) compared to PIFI (0.77%). In terms of maximum drawdown, OCIO dropped -24.21% vs PIFI's -10.59%.

Which ETF is better, OCIO or PIFI?

On 5-year performance, OCIO leads with 6.76% vs 0.86% for PIFI. On fees, PIFI is cheaper at 0.45% per year. On volatility, PIFI has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OCIO or PIFI?

Over the 5-year period, OCIO has performed better with a 6.76% return vs 0.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OCIO or PIFI?

PIFI is cheaper with a 0.45% expense ratio, compared with 0.61% for OCIO.

Which ETF pays a higher dividend yield, OCIO or PIFI?

OCIO has the higher dividend yield at 9.91%, compared with 4.49% for PIFI.

What is the main difference between OCIO and PIFI?

OCIO is categorized as Diversified Portfolio, while PIFI is Intermediate Core Bond. Their fees differ too: 0.61% for OCIO and 0.45% for PIFI.

Which has better risk-adjusted returns?

OCIO currently has the higher Sharpe Ratio (1.27 vs 0.85), 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.