OPER vs. BILZ

Last updated Apr 1, 2026

Compare and contrast key facts about ClearShares Ultra-Short Maturity ETF (OPER) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ).

OPER and BILZ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. OPER is a passively managed fund by ClearShares that tracks the performance of the ICE BofA U.S. Broad Market Index. It was launched on Jul 10, 2018. BILZ is an actively managed fund by PIMCO. It was launched on Jun 21, 2023.

Performance

OPER vs. BILZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearShares Ultra-Short Maturity ETF (OPER) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ). The values are adjusted to include any dividend payments, if applicable.

OPER vs. BILZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
OPER ClearShares Ultra-Short Maturity ETF	0.90%	4.37%	5.34%	2.81%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	0.83%	4.21%	5.25%	2.33%

Returns By Period

In the year-to-date period, OPER achieves a 0.90% return, which is significantly higher than BILZ's 0.83% return.

OPER

• 1D: 0.01%
• 1M: 0.31%
• YTD: 0.90%
• 6M: 1.96%
• 1Y: 4.09%
• 3Y*: 4.88%
• 5Y*: 3.54%
• 10Y*: —

BILZ

• 1D: 0.00%
• 1M: 0.28%
• YTD: 0.83%
• 6M: 1.85%
• 1Y: 4.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OPER vs. BILZ - Expense Ratio Comparison

OPER has a 0.20% expense ratio, which is higher than BILZ's 0.14% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

OPER

ClearShares Ultra-Short Maturity ETF

BILZ

PIMCO Ultra Short Government Active Exchange-Traded Fund

Return for Risk

OPER vs. BILZ — Risk / Return Rank

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

OPER

OPER Risk / Return Rank: 100
OPER Sharpe Ratio Rank: 100
OPER Sortino Ratio Rank: 100
OPER Omega Ratio Rank: 100
OPER Calmar Ratio Rank: 100
OPER Martin Ratio Rank: 100

BILZ

BILZ Risk / Return Rank: 100
BILZ Sharpe Ratio Rank: 100
BILZ Sortino Ratio Rank: 100
BILZ Omega Ratio Rank: 100
BILZ Calmar Ratio Rank: 100
BILZ Martin Ratio Rank: 100

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.

OPER vs. BILZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearShares Ultra-Short Maturity ETF (OPER) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ). 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.

	OPER	BILZ	Difference
Sharpe ratio Return per unit of total volatility	15.57	19.30	-3.73
Sortino ratio Return per unit of downside risk	42.62	117.88	-75.26
Omega ratio Gain probability vs. loss probability	13.98	44.85	-30.87
Calmar ratio Return relative to maximum drawdown	46.97	203.30	-156.34
Martin ratio Return relative to average drawdown	387.77	1,804.32	-1,416.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OPER vs. BILZ - Sharpe Ratio Comparison

The current OPER Sharpe Ratio is 15.57, which is comparable to the BILZ Sharpe Ratio of 19.30. The chart below compares the historical Sharpe Ratios of OPER and BILZ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	OPER	BILZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	15.57	19.30	-3.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	11.24	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.24	10.37	-8.13

Correlation

The correlation between OPER and BILZ is 0.40, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

OPER vs. BILZ - Dividend Comparison

OPER's dividend yield for the trailing twelve months is around 4.15%, which matches BILZ's 4.18% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
OPER ClearShares Ultra-Short Maturity ETF	4.15%	4.32%	5.21%	5.03%	1.71%	0.36%	0.64%	2.08%	0.89%
BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund	4.18%	4.19%	4.95%	2.23%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

OPER vs. BILZ - Drawdown Comparison

The maximum OPER drawdown since its inception was -2.33%, which is greater than BILZ's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for OPER and BILZ.

Drawdown Indicators

	OPER	BILZ	Difference
Max Drawdown Largest peak-to-trough decline	-2.33%	-0.52%	-1.81%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-0.02%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-0.13%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.16%	-0.01%	-0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.00%	+0.01%

Volatility

OPER vs. BILZ - Volatility Comparison

ClearShares Ultra-Short Maturity ETF (OPER) and PIMCO Ultra Short Government Active Exchange-Traded Fund (BILZ) have volatilities of 0.05% and 0.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OPER	BILZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	0.05%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	0.18%	0.14%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	0.28%	0.21%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	0.44%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.24%	0.44%	+0.80%