OPER vs. JEPI

Last updated Apr 1, 2026

Compare and contrast key facts about ClearShares Ultra-Short Maturity ETF (OPER) and JPMorgan Equity Premium Income ETF (JEPI).

OPER and JEPI 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. JEPI is an actively managed fund by JPMorgan. It was launched on May 20, 2020.

Performance

OPER vs. JEPI - Performance Comparison

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

OPER vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
OPER ClearShares Ultra-Short Maturity ETF	0.90%	4.37%	5.34%	5.09%	1.76%	0.37%	0.29%
JEPI JPMorgan Equity Premium Income ETF	0.20%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.61%

Returns By Period

In the year-to-date period, OPER achieves a 0.90% return, which is significantly higher than JEPI's 0.20% return.

OPER

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

JEPI

• 1D: 1.85%
• 1M: -4.79%
• YTD: 0.20%
• 6M: 3.11%
• 1Y: 7.84%
• 3Y*: 9.57%
• 5Y*: 8.26%
• 10Y*: —

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

OPER vs. JEPI - Expense Ratio Comparison

OPER has a 0.20% expense ratio, which is lower than JEPI's 0.35% expense ratio.

JEPI

JPMorgan Equity Premium Income ETF

OPER

ClearShares Ultra-Short Maturity ETF

Return for Risk

OPER vs. JEPI — 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

JEPI

JEPI Risk / Return Rank: 39
JEPI Sharpe Ratio Rank: 35
JEPI Sortino Ratio Rank: 34
JEPI Omega Ratio Rank: 42
JEPI Calmar Ratio Rank: 37
JEPI Martin Ratio Rank: 47

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. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearShares Ultra-Short Maturity ETF (OPER) and JPMorgan Equity Premium Income ETF (JEPI). 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	JEPI	Difference
Sharpe ratio Return per unit of total volatility	15.57	0.60	+14.97
Sortino ratio Return per unit of downside risk	42.62	0.93	+41.69
Omega ratio Gain probability vs. loss probability	13.98	1.15	+12.83
Calmar ratio Return relative to maximum drawdown	46.97	0.85	+46.12
Martin ratio Return relative to average drawdown	387.77	4.15	+383.63
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. JEPI - Sharpe Ratio Comparison

The current OPER Sharpe Ratio is 15.57, which is higher than the JEPI Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of OPER and JEPI, 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	JEPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	15.57	0.60	+14.97
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	11.24	0.75	+10.49
Sharpe Ratio (All Time) Calculated using the full available price history	2.24	1.03	+1.21

Correlation

The correlation between OPER and JEPI is -0.01. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

OPER vs. JEPI - Dividend Comparison

OPER's dividend yield for the trailing twelve months is around 4.15%, less than JEPI's 8.40% 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%
JEPI JPMorgan Equity Premium Income ETF	8.40%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%	0.00%	0.00%

Drawdowns

OPER vs. JEPI - Drawdown Comparison

The maximum OPER drawdown since its inception was -2.33%, smaller than the maximum JEPI drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for OPER and JEPI.

Drawdown Indicators

	OPER	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-2.33%	-13.71%	+11.38%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-10.28%	+10.26%
Max Drawdown (5Y) Largest decline over 5 years	-0.13%	-13.71%	+13.58%
Current Drawdown Current decline from peak	0.00%	-4.79%	+4.79%
Average Drawdown Average peak-to-trough decline	-0.16%	-2.07%	+1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	2.10%	-2.09%

Volatility

OPER vs. JEPI - Volatility Comparison

The current volatility for ClearShares Ultra-Short Maturity ETF (OPER) is 0.05%, while JPMorgan Equity Premium Income ETF (JEPI) has a volatility of 3.95%. This indicates that OPER experiences smaller price fluctuations and is considered to be less risky than JEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OPER	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	3.95%	-3.90%
Volatility (6M) Calculated over the trailing 6-month period	0.18%	6.36%	-6.18%
Volatility (1Y) Calculated over the trailing 1-year period	0.28%	13.26%	-12.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	11.06%	-10.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.24%	10.89%	-9.65%