OPER vs. FTSM

Last updated Jun 23, 2026

OPER (ClearShares Ultra-Short Maturity ETF) and FTSM (First Trust Enhanced Short Maturity ETF) are both Ultrashort Bond funds. OPER is passively managed, while FTSM is actively managed. Over the past 5 years, OPER returned 3.68%/yr vs 3.49%/yr for FTSM. At a 0.19 correlation, their price movements are largely independent. OPER charges 0.20%/yr vs 0.44%/yr for FTSM.

Performance

OPER vs. FTSM - Performance Comparison

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

Returns By Period

In the year-to-date period, OPER achieves a 1.72% return, which is significantly higher than FTSM's 1.59% return.

OPER

• 1D: -0.01%
• 1M: 0.29%
• YTD: 1.72%
• 6M: 1.82%
• 1Y: 4.04%
• 3Y*: 4.76%
• 5Y*: 3.68%
• 10Y*: —

FTSM

• 1D: -0.01%
• 1M: 0.22%
• YTD: 1.59%
• 6M: 1.73%
• 1Y: 4.09%
• 3Y*: 4.83%
• 5Y*: 3.49%
• 10Y*: 2.57%

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

OPER vs. FTSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
OPER ClearShares Ultra-Short Maturity ETF	1.72%	4.37%	5.34%	5.09%	1.76%	0.37%	0.65%	2.15%	0.88%
FTSM First Trust Enhanced Short Maturity ETF	1.59%	4.66%	5.22%	5.12%	1.02%	-0.01%	1.12%	2.82%	0.91%

Correlation

The correlation between OPER and FTSM is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jul 11, 2018	0.19

Return for Risk

OPER vs. FTSM — 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: 99
OPER Martin Ratio Rank: 100

FTSM

FTSM Risk / Return Rank: 99
FTSM Sharpe Ratio Rank: 99
FTSM Sortino Ratio Rank: 99
FTSM Omega Ratio Rank: 99
FTSM Calmar Ratio Rank: 99
FTSM Martin Ratio Rank: 99

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. FTSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearShares Ultra-Short Maturity ETF (OPER) and First Trust Enhanced Short Maturity ETF (FTSM). 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	FTSM	Difference
Sharpe ratio: Return per unit of total volatility	14.80	8.47	+6.34
Sortino ratio: Return per unit of downside risk	42.88	19.49	+23.40
Omega ratio: Gain probability vs. loss probability	12.57	4.15	+8.42
Calmar ratio: Return relative to maximum drawdown	60.74	35.13	+25.61
Martin ratio: Return relative to average drawdown	510.87	172.78	+338.09

OPER vs. FTSM - Sharpe Ratio Comparison

The current OPER Sharpe Ratio is 14.80, which is higher than the FTSM Sharpe Ratio of 8.47. The chart below compares the historical Sharpe Ratios of OPER and FTSM, 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. FTSM - Drawdown Comparison

The maximum OPER drawdown since its inception was -2.33%, smaller than the maximum FTSM drawdown of -4.12%. Use the drawdown chart below to compare losses from any high point for OPER and FTSM.

Drawdown Indicators

	OPER	FTSM	Difference
Max Drawdown Largest peak-to-trough decline	-2.33%	-4.12%	+1.79%
Max Drawdown (1Y) Largest decline over 1 year	-0.07%	-0.12%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-0.11%	-0.15%	+0.04%
Max Drawdown (5Y) Largest decline over 5 years	-0.13%	-0.65%	+0.52%
Max Drawdown (10Y) Largest decline over 10 years	—	-4.12%	—
Current Drawdown Current decline from peak	-0.01%	-0.02%	+0.01%
Average Drawdown Average peak-to-trough decline	-0.16%	-0.22%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.02%	-0.01%

Volatility

OPER vs. FTSM - Volatility Comparison

The current volatility for ClearShares Ultra-Short Maturity ETF (OPER) is 0.10%, while First Trust Enhanced Short Maturity ETF (FTSM) has a volatility of 0.17%. This indicates that OPER experiences smaller price fluctuations and is considered to be less risky than FTSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OPER	FTSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.10%	0.17%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	0.21%	0.37%	-0.16%
Volatility (1Y) Calculated over the trailing 1-year period	0.27%	0.49%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	0.50%	-0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.23%	0.88%	+0.35%

OPER vs. FTSM - Expense Ratio Comparison

OPER has a 0.20% expense ratio, which is lower than FTSM's 0.44% expense ratio.

Dividends

OPER vs. FTSM - Dividend Comparison

OPER's dividend yield for the trailing twelve months is around 4.08%, less than FTSM's 4.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTSM First Trust Enhanced Short Maturity ETF	4.15%	4.28%	4.91%	4.62%	1.62%	0.39%	1.20%	2.38%	2.14%	1.49%	1.03%	0.48%
OPER ClearShares Ultra-Short Maturity ETF	4.08%	4.32%	5.21%	5.03%	1.71%	0.36%	0.64%	2.08%	0.89%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OPER and FTSM in my portfolio?

OPER and FTSM have a correlation of 0.27, 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 FTSM?

FTSM has higher volatility (0.17%) compared to OPER (0.10%). In terms of maximum drawdown, OPER dropped -2.33% vs FTSM's -4.12%.

Which ETF is better, OPER or FTSM?

On 5-year performance, OPER leads with 3.68% vs 3.49% for FTSM. On fees, OPER is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OPER or FTSM?

Over the 5-year period, OPER has performed better with a 3.68% return vs 3.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OPER or FTSM?

OPER is cheaper with a 0.20% expense ratio, compared with 0.44% for FTSM.

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

FTSM has the higher dividend yield at 4.15%, compared with 4.08% for OPER.

What is the main difference between OPER and FTSM?

They also come from different issuers: ClearShares and First Trust. Their fees differ too: 0.20% for OPER and 0.44% for FTSM.

Which has better risk-adjusted returns?

OPER currently has the higher Sharpe Ratio (14.80 vs 8.47), 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.