OOSP vs. OGSP

Last updated Jun 23, 2026

OOSP (Obra Opportunistic Structured Products ETF) and OGSP (Obra High Grade Structured Products ETF) are both Multisector Bonds funds from Obra. Both are actively managed. Over the past year, OOSP returned 6.71% vs 5.52% for OGSP. At a 0.05 correlation, their price movements are largely independent. Both charge a 0.90% expense ratio.

Performance

OOSP vs. OGSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Obra Opportunistic Structured Products ETF (OOSP) and Obra High Grade Structured Products ETF (OGSP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OOSP achieves a 2.66% return, which is significantly higher than OGSP's 1.94% return.

OOSP

• 1D: 0.00%
• 1M: 0.36%
• YTD: 2.66%
• 6M: 2.87%
• 1Y: 6.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OGSP

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

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

OOSP vs. OGSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OOSP Obra Opportunistic Structured Products ETF	2.66%	7.41%	6.27%
OGSP Obra High Grade Structured Products ETF	1.94%	6.22%	5.15%

Correlation

The correlation between OOSP and OGSP is 0.06, 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	0.06
Correlation (All Time) Calculated using the full available price history since Apr 10, 2024	0.05

Return for Risk

OOSP vs. OGSP — Risk / Return Rank

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

OOSP

OOSP Risk / Return Rank: 72
OOSP Sharpe Ratio Rank: 56
OOSP Sortino Ratio Rank: 59
OOSP Omega Ratio Rank: 68
OOSP Calmar Ratio Rank: 89
OOSP Martin Ratio Rank: 89

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

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.

OOSP vs. OGSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Obra Opportunistic Structured Products ETF (OOSP) and Obra High Grade Structured Products ETF (OGSP). 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.

	OOSP	OGSP	Difference
Sharpe ratio: Return per unit of total volatility	1.85	3.29	-1.44
Sortino ratio: Return per unit of downside risk	2.68	5.16	-2.48
Omega ratio: Gain probability vs. loss probability	1.39	2.10	-0.71
Calmar ratio: Return relative to maximum drawdown	5.13	11.18	-6.05
Martin ratio: Return relative to average drawdown	19.00	34.18	-15.17

OOSP vs. OGSP - Sharpe Ratio Comparison

The current OOSP Sharpe Ratio is 1.85, which is lower than the OGSP Sharpe Ratio of 3.29. The chart below compares the historical Sharpe Ratios of OOSP and OGSP, 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

OOSP vs. OGSP - Drawdown Comparison

The maximum OOSP drawdown since its inception was -1.31%, which is greater than OGSP's maximum drawdown of -0.82%. Use the drawdown chart below to compare losses from any high point for OOSP and OGSP.

Drawdown Indicators

	OOSP	OGSP	Difference
Max Drawdown Largest peak-to-trough decline	-1.31%	-0.82%	-0.49%
Max Drawdown (1Y) Largest decline over 1 year	-1.31%	-0.50%	-0.81%
Current Drawdown Current decline from peak	0.00%	-0.10%	+0.10%
Average Drawdown Average peak-to-trough decline	-0.20%	-0.10%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.16%	+0.19%

Volatility

OOSP vs. OGSP - Volatility Comparison

Obra Opportunistic Structured Products ETF (OOSP) has a higher volatility of 0.44% compared to Obra High Grade Structured Products ETF (OGSP) at 0.33%. This indicates that OOSP's price experiences larger fluctuations and is considered to be riskier than OGSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OOSP	OGSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.44%	0.33%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	2.18%	0.77%	+1.41%
Volatility (1Y) Calculated over the trailing 1-year period	3.66%	1.69%	+1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.32%	1.92%	+1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.32%	1.92%	+1.40%

OOSP vs. OGSP - Expense Ratio Comparison

Both OOSP and OGSP have an expense ratio of 0.90%.

Dividends

OOSP vs. OGSP - Dividend Comparison

OOSP's dividend yield for the trailing twelve months is around 6.45%, more than OGSP's 5.84% yield.

Position	TTM	2025	2024
OGSP Obra High Grade Structured Products ETF	5.84%	5.88%	4.55%
OOSP Obra Opportunistic Structured Products ETF	6.45%	6.71%	5.42%

Frequently Asked Questions

Can I hold both OOSP and OGSP in my portfolio?

OOSP and OGSP have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OOSP or OGSP?

OOSP has higher volatility (0.44%) compared to OGSP (0.33%). In terms of maximum drawdown, OOSP dropped -1.31% vs OGSP's -0.82%.

Which ETF is better, OOSP or OGSP?

On 1-year performance, OOSP leads with 6.71% vs 5.52% for OGSP. Both ETFs have the same 0.90% expense ratio. On volatility, OGSP has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OOSP or OGSP?

Over the 1-year period, OOSP has performed better with a 6.71% return vs 5.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OOSP or OGSP?

OOSP and OGSP have the same expense ratio: 0.90% per year.

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

OOSP has the higher dividend yield at 6.45%, compared with 5.84% for OGSP.

Which has better risk-adjusted returns?

OGSP currently has the higher Sharpe Ratio (3.29 vs 1.84), 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.