OOSP vs. IBMP
OOSP (Obra Opportunistic Structured Products ETF) and IBMP (iShares iBonds Dec 2027 Term Muni Bond ETF) are both exchange-traded funds - OOSP is a Multisector Bonds fund actively managed by Obra, while IBMP is a Municipal Bonds fund tracking the S&P AMT-Free Municipal Callable Factor Adjusted 2027 Series Index. OOSP is actively managed, while IBMP is passively managed. Over the past year, OOSP returned 6.66% vs 3.02% for IBMP. At a 0.04 correlation, their price movements are largely independent. OOSP charges 0.90%/yr vs 0.18%/yr for IBMP.
Performance
OOSP vs. IBMP - Performance Comparison
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Returns By Period
In the year-to-date period, OOSP achieves a 2.41% return, which is significantly higher than IBMP's 0.93% return.
OOSP
- 1D
- 0.00%
- 1M
- 0.51%
- YTD
- 2.41%
- 6M
- 2.82%
- 1Y
- 6.66%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBMP
- 1D
- 0.04%
- 1M
- 0.21%
- YTD
- 0.93%
- 6M
- 1.30%
- 1Y
- 3.02%
- 3Y*
- 2.93%
- 5Y*
- 0.60%
- 10Y*
- —
OOSP vs. IBMP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
OOSP Obra Opportunistic Structured Products ETF | 2.41% | 7.41% | 6.43% |
IBMP iShares iBonds Dec 2027 Term Muni Bond ETF | 0.93% | 3.52% | 2.57% |
Correlation
The correlation between OOSP and IBMP is -0.15, 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 | -0.15 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2024 | 0.04 |
The correlation between OOSP and IBMP shifts across timeframes, from -0.15 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
OOSP vs. IBMP — Risk / Return Rank
OOSP
IBMP
OOSP vs. IBMP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Obra Opportunistic Structured Products ETF (OOSP) and iShares iBonds Dec 2027 Term Muni Bond ETF (IBMP). 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.
| OOSP | IBMP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | -1.74 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.60 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 5.09 | 5.10 | -0.01 |
| Martin ratioReturn relative to average drawdown | 18.85 | 14.14 | +4.71 |
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
| OOSP | IBMP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.80 | 2.81 | -1.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.23 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.28 | 0.38 | +1.90 |
Drawdowns
OOSP vs. IBMP - Drawdown Comparison
The maximum OOSP drawdown since its inception was -1.31%, smaller than the maximum IBMP drawdown of -15.24%. Use the drawdown chart below to compare losses from any high point for OOSP and IBMP.
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Drawdown Indicators
| OOSP | IBMP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.31% | -15.24% | +13.93% |
Max Drawdown (1Y)Largest decline over 1 year | -1.31% | -0.59% | -0.72% |
Max Drawdown (3Y)Largest decline over 3 years | — | -2.63% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -10.00% | — |
Current DrawdownCurrent decline from peak | -0.18% | 0.00% | -0.18% |
Average DrawdownAverage peak-to-trough decline | -0.20% | -2.72% | +2.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | 0.21% | +0.14% |
Volatility
OOSP vs. IBMP - Volatility Comparison
Obra Opportunistic Structured Products ETF (OOSP) has a higher volatility of 1.17% compared to iShares iBonds Dec 2027 Term Muni Bond ETF (IBMP) at 0.27%. This indicates that OOSP's price experiences larger fluctuations and is considered to be riskier than IBMP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OOSP | IBMP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 0.27% | +0.90% |
Volatility (6M)Calculated over the trailing 6-month period | 2.23% | 0.79% | +1.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.71% | 1.08% | +2.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.35% | 2.56% | +0.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.35% | 5.00% | -1.65% |
OOSP vs. IBMP - Expense Ratio Comparison
OOSP has a 0.90% expense ratio, which is higher than IBMP's 0.18% expense ratio.
Dividends
OOSP vs. IBMP - Dividend Comparison
OOSP's dividend yield for the trailing twelve months is around 6.47%, more than IBMP's 2.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IBMP iShares iBonds Dec 2027 Term Muni Bond ETF | 2.50% | 2.47% | 2.35% | 2.05% | 1.26% | 0.86% | 1.16% | 1.06% |
OOSP Obra Opportunistic Structured Products ETF | 6.47% | 6.71% | 5.42% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OOSP and IBMP have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OOSP has higher volatility (1.17%) compared to IBMP (0.27%). In terms of maximum drawdown, OOSP dropped -1.31% vs IBMP's -15.24%.
On 1-year performance, OOSP leads with 6.66% vs 3.02% for IBMP. On fees, IBMP is cheaper at 0.18% per year. On volatility, IBMP has been the lower-risk option at 0.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, OOSP has performed better with a 6.66% return vs 3.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBMP is cheaper with a 0.18% expense ratio, compared with 0.90% for OOSP.
OOSP has the higher dividend yield at 6.47%, compared with 2.50% for IBMP.
OOSP is categorized as Multisector Bonds, while IBMP is Municipal Bonds. They also come from different issuers: Obra and iShares. Their fees differ too: 0.90% for OOSP and 0.18% for IBMP.
IBMP currently has the higher Sharpe Ratio (2.81 vs 1.80), 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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