OPER vs. DARP

Last updated Jul 14, 2026

OPER (ClearShares Ultra-Short Maturity ETF) and DARP (Grizzle Growth ETF) are both exchange-traded funds - OPER is a Ultrashort Bond fund tracking the ICE BofA U.S. Broad Market Index, while DARP is a Large Cap Growth Equities fund actively managed by Grizzle. OPER is passively managed, while DARP is actively managed. Over the past year, OPER returned 3.98% vs 57.53% for DARP. At a correlation of -0.05, they often move in opposite directions. OPER charges 0.20%/yr vs 0.75%/yr for DARP.

Performance

OPER vs. DARP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearShares Ultra-Short Maturity ETF (OPER) and Grizzle Growth ETF (DARP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OPER achieves a 1.94% return, which is significantly lower than DARP's 25.59% return.

OPER

• 1D: 0.01%
• 1M: 0.29%
• 6M: 1.85%
• YTD: 1.94%
• 1Y: 3.98%
• 3Y*: 4.72%
• 5Y*: 3.72%
• 10Y*: —

DARP

• 1D: -1.86%
• 1M: -0.50%
• 6M: 19.71%
• YTD: 25.59%
• 1Y: 57.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OPER vs. DARP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
OPER ClearShares Ultra-Short Maturity ETF	1.94%	4.37%	5.34%	1.88%
DARP Grizzle Growth ETF	25.59%	40.19%	24.63%	6.25%

Correlation

The correlation between OPER and DARP is -0.12, 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	-0.12
Correlation (All Time) Calculated using the full available price history since Aug 28, 2023	-0.05

Return for Risk

OPER vs. DARP — 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

DARP

DARP Risk / Return Rank: 85
DARP Sharpe Ratio Rank: 88
DARP Sortino Ratio Rank: 77
DARP Omega Ratio Rank: 77
DARP Calmar Ratio Rank: 93
DARP Martin Ratio Rank: 91

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. DARP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearShares Ultra-Short Maturity ETF (OPER) and Grizzle Growth ETF (DARP). 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.

	OPER	DARP	Difference
Sharpe ratio: Return per unit of total volatility	14.77	2.26	+12.50
Sortino ratio: Return per unit of downside risk	42.49	2.72	+39.77
Omega ratio: Gain probability vs. loss probability	12.74	1.36	+11.38
Calmar ratio: Return relative to maximum drawdown	59.81	4.89	+54.92
Martin ratio: Return relative to average drawdown	504.61	16.55	+488.06

OPER vs. DARP - Sharpe Ratio Comparison

The current OPER Sharpe Ratio is 14.77, which is higher than the DARP Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of OPER and DARP, 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

OPER vs. DARP - Drawdown Comparison

The maximum OPER drawdown since its inception was -2.33%, smaller than the maximum DARP drawdown of -30.27%. Use the drawdown chart below to compare losses from any high point for OPER and DARP.

Drawdown Indicators

	OPER	DARP	Difference
Max Drawdown Largest peak-to-trough decline	-2.33%	-30.27%	+27.94%
Max Drawdown (1Y) Largest decline over 1 year	-0.07%	-11.82%	+11.75%
Max Drawdown (3Y) Largest decline over 3 years	-0.11%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-0.13%	—	—
Current Drawdown Current decline from peak	0.00%	-6.05%	+6.05%
Average Drawdown Average peak-to-trough decline	-0.16%	-4.64%	+4.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	3.49%	-3.48%

Volatility

OPER vs. DARP - Volatility Comparison

The current volatility for ClearShares Ultra-Short Maturity ETF (OPER) is 0.09%, while Grizzle Growth ETF (DARP) has a volatility of 10.52%. This indicates that OPER experiences smaller price fluctuations and is considered to be less risky than DARP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OPER	DARP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.09%	10.52%	-10.43%
Volatility (6M) Calculated over the trailing 6-month period	0.21%	19.99%	-19.78%
Volatility (1Y) Calculated over the trailing 1-year period	0.27%	25.59%	-25.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	26.59%	-26.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.22%	26.59%	-25.37%

OPER vs. DARP - Expense Ratio Comparison

OPER has a 0.20% expense ratio, which is lower than DARP's 0.75% expense ratio.

Dividends

OPER vs. DARP - Dividend Comparison

OPER's dividend yield for the trailing twelve months is around 4.02%, more than DARP's 0.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DARP Grizzle Growth ETF	0.35%	0.43%	1.93%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%
OPER ClearShares Ultra-Short Maturity ETF	4.02%	4.32%	5.21%	5.03%	1.71%	0.36%	0.64%	2.08%	0.89%

Frequently Asked Questions

Can I hold both OPER and DARP in my portfolio?

OPER and DARP have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OPER or DARP?

DARP has higher volatility (10.52%) compared to OPER (0.09%). In terms of maximum drawdown, OPER dropped -2.33% vs DARP's -30.27%.

Which ETF is better, OPER or DARP?

On 1-year performance, DARP leads with 57.53% vs 3.98% for OPER. On fees, OPER is cheaper at 0.20% per year. On volatility, OPER has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OPER or DARP?

Over the 1-year period, DARP has performed better with a 57.53% return vs 3.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OPER or DARP?

OPER is cheaper with a 0.20% expense ratio, compared with 0.75% for DARP.

Which ETF pays a higher dividend yield, OPER or DARP?

OPER has the higher dividend yield at 4.02%, compared with 0.35% for DARP.

What is the main difference between OPER and DARP?

OPER is categorized as Ultrashort Bond, while DARP is Large Cap Growth Equities. They also come from different issuers: ClearShares and Grizzle. Their fees differ too: 0.20% for OPER and 0.75% for DARP.

Which has better risk-adjusted returns?

OPER currently has the higher Sharpe Ratio (14.77 vs 2.26), 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.