OGSP vs. TBUX

Last updated Jun 23, 2026

OGSP (Obra High Grade Structured Products ETF) and TBUX (T. Rowe Price Ultra Short-Term Bond ETF) are both exchange-traded funds - OGSP is a Multisector Bonds fund actively managed by Obra, while TBUX is a Ultrashort Bond fund actively managed by T. Rowe Price. Both are actively managed. Over the past year, OGSP returned 5.52% vs 4.64% for TBUX. At a 0.13 correlation, their price movements are largely independent. OGSP charges 0.90%/yr vs 0.17%/yr for TBUX.

Performance

OGSP vs. TBUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Obra High Grade Structured Products ETF (OGSP) and T. Rowe Price Ultra Short-Term Bond ETF (TBUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OGSP achieves a 1.94% return, which is significantly higher than TBUX's 1.79% return.

OGSP

• 1D: -0.10%
• 1M: 0.48%
• YTD: 1.94%
• 6M: 2.18%
• 1Y: 5.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TBUX

• 1D: -0.04%
• 1M: 0.27%
• YTD: 1.79%
• 6M: 1.95%
• 1Y: 4.64%
• 3Y*: 5.82%
• 5Y*: —
• 10Y*: —

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

OGSP vs. TBUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OGSP Obra High Grade Structured Products ETF	1.94%	6.22%	5.15%
TBUX T. Rowe Price Ultra Short-Term Bond ETF	1.79%	5.37%	4.43%

Correlation

The correlation between OGSP and TBUX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (All Time) Calculated using the full available price history since Apr 10, 2024	0.13

Return for Risk

OGSP vs. TBUX — Risk / Return Rank

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

OGSP

OGSP Risk / Return Rank: 96
OGSP Sharpe Ratio Rank: 94
OGSP Sortino Ratio Rank: 96
OGSP Omega Ratio Rank: 98
OGSP Calmar Ratio Rank: 97
OGSP Martin Ratio Rank: 96

TBUX

TBUX Risk / Return Rank: 99
TBUX Sharpe Ratio Rank: 99
TBUX Sortino Ratio Rank: 99
TBUX Omega Ratio Rank: 99
TBUX Calmar Ratio Rank: 99
TBUX Martin Ratio Rank: 99

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.

OGSP vs. TBUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Obra High Grade Structured Products ETF (OGSP) and T. Rowe Price Ultra Short-Term Bond ETF (TBUX). 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.

	OGSP	TBUX	Difference
Sharpe ratio: Return per unit of total volatility	3.29	6.93	-3.64
Sortino ratio: Return per unit of downside risk	5.16	13.50	-8.34
Omega ratio: Gain probability vs. loss probability	2.10	2.97	-0.87
Calmar ratio: Return relative to maximum drawdown	11.18	46.48	-35.30
Martin ratio: Return relative to average drawdown	34.18	170.53	-136.36

OGSP vs. TBUX - Sharpe Ratio Comparison

The current OGSP Sharpe Ratio is 3.29, which is lower than the TBUX Sharpe Ratio of 6.93. The chart below compares the historical Sharpe Ratios of OGSP and TBUX, 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

OGSP vs. TBUX - Drawdown Comparison

The maximum OGSP drawdown since its inception was -0.82%, smaller than the maximum TBUX drawdown of -1.82%. Use the drawdown chart below to compare losses from any high point for OGSP and TBUX.

Drawdown Indicators

	OGSP	TBUX	Difference
Max Drawdown Largest peak-to-trough decline	-0.82%	-1.82%	+1.00%
Max Drawdown (1Y) Largest decline over 1 year	-0.50%	-0.10%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.33%	—
Current Drawdown Current decline from peak	-0.10%	-0.07%	-0.03%
Average Drawdown Average peak-to-trough decline	-0.10%	-0.28%	+0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.16%	0.03%	+0.13%

Volatility

OGSP vs. TBUX - Volatility Comparison

Obra High Grade Structured Products ETF (OGSP) has a higher volatility of 0.33% compared to T. Rowe Price Ultra Short-Term Bond ETF (TBUX) at 0.24%. This indicates that OGSP's price experiences larger fluctuations and is considered to be riskier than TBUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OGSP	TBUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	0.24%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	0.77%	0.48%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	1.69%	0.67%	+1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.92%	1.06%	+0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.92%	1.06%	+0.86%

OGSP vs. TBUX - Expense Ratio Comparison

OGSP has a 0.90% expense ratio, which is higher than TBUX's 0.17% expense ratio.

Dividends

OGSP vs. TBUX - Dividend Comparison

OGSP's dividend yield for the trailing twelve months is around 5.84%, more than TBUX's 4.48% yield.

Position	TTM	2025	2024	2023	2022	2021
OGSP Obra High Grade Structured Products ETF	5.84%	5.88%	4.55%	0.00%	0.00%	0.00%
TBUX T. Rowe Price Ultra Short-Term Bond ETF	4.48%	4.67%	5.39%	4.66%	2.58%	0.27%

Frequently Asked Questions

Can I hold both OGSP and TBUX in my portfolio?

OGSP and TBUX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OGSP or TBUX?

OGSP has higher volatility (0.33%) compared to TBUX (0.24%). In terms of maximum drawdown, OGSP dropped -0.82% vs TBUX's -1.82%.

Which ETF is better, OGSP or TBUX?

On 1-year performance, OGSP leads with 5.52% vs 4.64% for TBUX. On fees, TBUX is cheaper at 0.17% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OGSP or TBUX?

Over the 1-year period, OGSP has performed better with a 5.52% return vs 4.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OGSP or TBUX?

TBUX is cheaper with a 0.17% expense ratio, compared with 0.90% for OGSP.

Which ETF pays a higher dividend yield, OGSP or TBUX?

OGSP has the higher dividend yield at 5.84%, compared with 4.48% for TBUX.

What is the main difference between OGSP and TBUX?

OGSP is categorized as Multisector Bonds, while TBUX is Ultrashort Bond. They also come from different issuers: Obra and T. Rowe Price. Their fees differ too: 0.90% for OGSP and 0.17% for TBUX.

Which has better risk-adjusted returns?

TBUX currently has the higher Sharpe Ratio (6.93 vs 3.29), 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.