OPER vs. CANC
OPER (ClearShares Ultra-Short Maturity ETF) and CANC (Tema Oncology ETF) are both exchange-traded funds - OPER is a Ultrashort Bond fund tracking the ICE BofA U.S. Broad Market Index, while CANC is a Health & Biotech Equities fund actively managed by Tema. OPER is passively managed, while CANC is actively managed. Over the past 3 years, OPER returned 4.80%/yr vs 107.76%/yr for CANC. At a 0.04 correlation, their price movements are largely independent. OPER charges 0.20%/yr vs 0.75%/yr for CANC.
Performance
OPER vs. CANC - Performance Comparison
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Returns By Period
In the year-to-date period, OPER achieves a 1.55% return, which is significantly lower than CANC's 4.82% return.
OPER
- 1D
- 0.01%
- 1M
- 0.34%
- YTD
- 1.55%
- 6M
- 1.88%
- 1Y
- 4.07%
- 3Y*
- 4.80%
- 5Y*
- 3.65%
- 10Y*
- —
CANC
- 1D
- 0.08%
- 1M
- -3.73%
- YTD
- 4.82%
- 6M
- 3.86%
- 1Y
- 47.37%
- 3Y*
- 107.76%
- 5Y*
- —
- 10Y*
- —
OPER vs. CANC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
OPER ClearShares Ultra-Short Maturity ETF | 1.55% | 4.37% | 5.34% | 5.09% | 1.76% | 0.08% |
CANC Tema Oncology ETF | 4.82% | 42.92% | -5.37% | 510.51% | -85.34% | -51.82% |
Correlation
The correlation between OPER and CANC is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2021 | 0.04 |
The correlation between OPER and CANC shifts across timeframes, from -0.13 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
OPER vs. CANC — Risk / Return Rank
OPER
CANC
OPER vs. CANC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ClearShares Ultra-Short Maturity ETF (OPER) and Tema Oncology ETF (CANC). 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 | CANC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +13.39 | ||
| Sortino ratioReturn per unit of downside risk | +40.95 | ||
| Omega ratioGain probability vs. loss probability | 13.38 | 1.34 | +12.04 |
| Calmar ratioReturn relative to maximum drawdown | 61.29 | 5.49 | +55.80 |
| Martin ratioReturn relative to average drawdown | 519.55 | 14.62 | +504.92 |
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
| OPER | CANC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 15.45 | 2.06 | +13.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 11.47 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.28 | -0.04 | +2.32 |
Drawdowns
OPER vs. CANC - Drawdown Comparison
The maximum OPER drawdown since its inception was -2.33%, smaller than the maximum CANC drawdown of -97.53%. Use the drawdown chart below to compare losses from any high point for OPER and CANC.
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Drawdown Indicators
| OPER | CANC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.33% | -97.53% | +95.20% |
Max Drawdown (1Y)Largest decline over 1 year | -0.07% | -8.67% | +8.60% |
Max Drawdown (3Y)Largest decline over 3 years | -0.11% | -30.27% | +30.16% |
Max Drawdown (5Y)Largest decline over 5 years | -0.13% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -56.55% | +56.55% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -73.19% | +73.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 3.25% | -3.24% |
Volatility
OPER vs. CANC - Volatility Comparison
The current volatility for ClearShares Ultra-Short Maturity ETF (OPER) is 0.10%, while Tema Oncology ETF (CANC) has a volatility of 6.26%. This indicates that OPER experiences smaller price fluctuations and is considered to be less risky than CANC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OPER | CANC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.10% | 6.26% | -6.16% |
Volatility (6M)Calculated over the trailing 6-month period | 0.20% | 16.69% | -16.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.26% | 23.11% | -22.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.32% | 280.27% | -279.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.23% | 280.27% | -279.04% |
OPER vs. CANC - Expense Ratio Comparison
OPER has a 0.20% expense ratio, which is lower than CANC's 0.75% expense ratio.
Dividends
OPER vs. CANC - Dividend Comparison
OPER's dividend yield for the trailing twelve months is around 4.09%, more than CANC's 0.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CANC Tema Oncology ETF | 0.05% | 0.06% | 3.00% | 0.56% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
OPER ClearShares Ultra-Short Maturity ETF | 4.09% | 4.32% | 5.21% | 5.03% | 1.71% | 0.36% | 0.64% | 2.08% | 0.89% |
Frequently Asked Questions
OPER and CANC have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CANC has higher volatility (6.26%) compared to OPER (0.10%). In terms of maximum drawdown, OPER dropped -2.33% vs CANC's -97.53%.
On 3-year performance, CANC leads with 107.76% vs 4.80% for OPER. On fees, OPER is cheaper at 0.20% per year. On volatility, OPER has been the lower-risk option at 0.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CANC has performed better with a 107.76% return vs 4.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OPER is cheaper with a 0.20% expense ratio, compared with 0.75% for CANC.
OPER has the higher dividend yield at 4.09%, compared with 0.05% for CANC.
OPER is categorized as Ultrashort Bond, while CANC is Health & Biotech Equities. They also come from different issuers: ClearShares and Tema. Their fees differ too: 0.20% for OPER and 0.75% for CANC.
OPER currently has the higher Sharpe Ratio (15.45 vs 2.06), 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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