OPER vs. GSY
OPER (ClearShares Ultra-Short Maturity ETF) and GSY (Invesco Ultra Short Duration ETF) are both Ultrashort Bond funds. OPER is passively managed, while GSY is actively managed. Over the past 5 years, OPER returned 3.65%/yr vs 3.65%/yr for GSY. At a 0.17 correlation, their price movements are largely independent. OPER charges 0.20%/yr vs 0.22%/yr for GSY.
Performance
OPER vs. GSY - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with OPER having a 1.55% return and GSY slightly higher at 1.59%.
OPER
- 1D
- 0.01%
- 1M
- 0.34%
- YTD
- 1.55%
- 6M
- 1.88%
- 1Y
- 4.07%
- 3Y*
- 4.80%
- 5Y*
- 3.65%
- 10Y*
- —
GSY
- 1D
- 0.00%
- 1M
- 0.36%
- YTD
- 1.59%
- 6M
- 1.96%
- 1Y
- 4.54%
- 3Y*
- 5.45%
- 5Y*
- 3.65%
- 10Y*
- 2.86%
OPER vs. GSY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
OPER ClearShares Ultra-Short Maturity ETF | 1.55% | 4.37% | 5.34% | 5.09% | 1.76% | 0.37% | 0.65% | 2.15% | 0.90% |
GSY Invesco Ultra Short Duration ETF | 1.59% | 4.96% | 5.95% | 5.99% | 0.01% | 0.03% | 1.88% | 3.39% | 0.95% |
Correlation
The correlation between OPER and GSY is 0.03, 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 | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2018 | 0.17 |
The correlation between OPER and GSY shifts across timeframes, from 0.03 (1 year) to 0.19 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
OPER vs. GSY — Risk / Return Rank
OPER
GSY
OPER vs. GSY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ClearShares Ultra-Short Maturity ETF (OPER) and Invesco Ultra Short Duration ETF (GSY). 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 | GSY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.93 | ||
| Sortino ratioReturn per unit of downside risk | +14.34 | ||
| Omega ratioGain probability vs. loss probability | 13.38 | 7.01 | +6.37 |
| Calmar ratioReturn relative to maximum drawdown | 61.29 | 76.07 | -14.78 |
| Martin ratioReturn relative to average drawdown | 519.55 | 397.70 | +121.85 |
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 | GSY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 15.45 | 11.52 | +3.93 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 11.47 | 6.29 | +5.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 2.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.28 | 0.46 | +1.82 |
Drawdowns
OPER vs. GSY - Drawdown Comparison
The maximum OPER drawdown since its inception was -2.33%, smaller than the maximum GSY drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for OPER and GSY.
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Drawdown Indicators
| OPER | GSY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.33% | -12.14% | +9.81% |
Max Drawdown (1Y)Largest decline over 1 year | -0.07% | -0.06% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -0.11% | -0.18% | +0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -0.13% | -1.48% | +1.35% |
Max Drawdown (10Y)Largest decline over 10 years | — | -5.25% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -2.39% | +2.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.01% | 0.00% |
Volatility
OPER vs. GSY - Volatility Comparison
The current volatility for ClearShares Ultra-Short Maturity ETF (OPER) is 0.10%, while Invesco Ultra Short Duration ETF (GSY) has a volatility of 0.14%. This indicates that OPER experiences smaller price fluctuations and is considered to be less risky than GSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OPER | GSY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.10% | 0.14% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 0.20% | 0.29% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.26% | 0.40% | -0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.32% | 0.58% | -0.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.23% | 1.22% | +0.01% |
OPER vs. GSY - Expense Ratio Comparison
OPER has a 0.20% expense ratio, which is lower than GSY's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
OPER vs. GSY - Dividend Comparison
OPER's dividend yield for the trailing twelve months is around 4.09%, less than GSY's 4.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GSY Invesco Ultra Short Duration ETF | 4.34% | 4.56% | 5.31% | 4.95% | 1.70% | 0.58% | 1.45% | 2.71% | 2.30% | 1.80% | 1.21% | 1.17% |
OPER ClearShares Ultra-Short Maturity ETF | 4.09% | 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
OPER and GSY have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSY has higher volatility (0.14%) compared to OPER (0.10%). In terms of maximum drawdown, OPER dropped -2.33% vs GSY's -12.14%.
On 5-year performance, GSY leads with 3.65% vs 3.65% for OPER. 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.
Over the 5-year period, GSY has performed better with a 3.65% return vs 3.65%. 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 0.22% for GSY.
GSY has the higher dividend yield at 4.34%, compared with 4.09% for OPER.
They also come from different issuers: ClearShares and Invesco. Their fees differ too: 0.20% for OPER and 0.22% for GSY.
OPER currently has the higher Sharpe Ratio (15.45 vs 11.52), 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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