OPER vs. NUSB

Last updated Aug 2, 2026

OPER (ClearShares Ultra-Short Maturity ETF) and NUSB (Nuveen Ultra Short Income ETF) are both Ultrashort Bond funds. OPER is passively managed, while NUSB is actively managed. Over the past year, OPER returned 3.94% vs 4.07% for NUSB. Their 0.16 correlation means their historical movements had little consistent relationship. OPER charges 0.20%/yr vs 0.17%/yr for NUSB.

Performance

OPER vs. NUSB - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with OPER having a 2.16% return and NUSB slightly lower at 2.15%.

OPER

• 1D: 0.05%
• 1M: 0.31%
• 6M: 1.86%
• YTD: 2.16%
• 1Y: 3.94%
• 3Y*: 4.71%
• 5Y*: 3.76%
• 10Y*: —
• ALL TIME*: 2.81%

NUSB

• 1D: 0.04%
• 1M: 0.32%
• 6M: 1.79%
• YTD: 2.15%
• 1Y: 4.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.74%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NUSB Nuveen Ultra Short Income ETF	$13.47K	$14.07K	$14.74K
OPER ClearShares Ultra-Short Maturity ETF	$882.36K	$708.61K	$932.74K

OPER vs. NUSB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OPER ClearShares Ultra-Short Maturity ETF	2.16%	4.37%	4.33%
NUSB Nuveen Ultra Short Income ETF	2.15%	4.71%	4.48%

Correlation

The correlation between OPER and NUSB is 0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.09
Correlation (All Time) Calculated using the full available price history since Mar 6, 2024	0.16

Return for Risk

OPER vs. NUSB — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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

NUSB

NUSB Risk / Return Rank: 100
NUSB Sharpe Ratio Rank: 100
NUSB Sortino Ratio Rank: 100
NUSB Omega Ratio Rank: 100
NUSB Calmar Ratio Rank: 100
NUSB Martin Ratio Rank: 100

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

OPER vs. NUSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearShares Ultra-Short Maturity ETF (OPER) and Nuveen Ultra Short Income ETF (NUSB). 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	NUSB	Difference
Sharpe ratio: Return per unit of total volatility	14.80	12.86	+1.94
Sortino ratio: Return per unit of downside risk	42.55	36.71	+5.84
Omega ratio: Gain probability vs. loss probability	12.88	10.33	+2.55
Calmar ratio: Return relative to maximum drawdown	59.84	70.84	-11.00
Martin ratio: Return relative to average drawdown	505.14	468.32	+36.82

OPER vs. NUSB - Sharpe Ratio Comparison

The current OPER Sharpe Ratio is 14.80, which is comparable to the NUSB Sharpe Ratio of 12.86. The chart below compares the historical Sharpe Ratios of OPER and NUSB, 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. NUSB - Drawdown Comparison

The maximum OPER drawdown since its inception was -2.33%, which is greater than NUSB's maximum drawdown of -0.16%. Use the drawdown chart below to compare losses from any high point for OPER and NUSB.

Drawdown Indicators

	OPER	NUSB	Difference
Max Drawdown Largest peak-to-trough decline	-2.33%	-0.16%	-2.17%
Max Drawdown (1Y) Largest decline over 1 year	-0.07%	-0.06%	-0.01%
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%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.16%	0.00%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.01%	0.00%

Volatility

OPER vs. NUSB - Volatility Comparison

The current volatility for ClearShares Ultra-Short Maturity ETF (OPER) is 0.07%, while Nuveen Ultra Short Income ETF (NUSB) has a volatility of 0.08%. This indicates that OPER experiences smaller price fluctuations and is considered to be less risky than NUSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OPER	NUSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	0.08%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.20%	0.23%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	0.27%	0.33%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	0.38%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.22%	0.38%	+0.84%

OPER vs. NUSB - Expense Ratio Comparison

OPER has a 0.20% expense ratio, which is higher than NUSB's 0.17% expense ratio. However, 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. NUSB - Dividend Comparison

OPER's dividend yield for the trailing twelve months is around 3.98%, less than NUSB's 4.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
NUSB Nuveen Ultra Short Income ETF	3.89%	4.51%	3.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
OPER ClearShares Ultra-Short Maturity ETF	3.98%	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 NUSB in my portfolio?

OPER and NUSB have a correlation of 0.09, 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 NUSB?

NUSB has higher volatility (0.08%) compared to OPER (0.07%). In terms of maximum drawdown, OPER dropped -2.33% vs NUSB's -0.16%.

Which ETF is better, OPER or NUSB?

On 1-year performance, NUSB leads with 4.07% vs 3.94% for OPER. On fees, NUSB is cheaper at 0.17% 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 NUSB?

Over the 1-year period, NUSB has performed better with a 4.07% return vs 3.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OPER or NUSB?

NUSB is cheaper with a 0.17% expense ratio, compared with 0.20% for OPER.

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

OPER has the higher dividend yield at 3.98%, compared with 3.89% for NUSB.

What is the main difference between OPER and NUSB?

They also come from different issuers: ClearShares and Nuveen. Their fees differ too: 0.20% for OPER and 0.17% for NUSB.

Which has better risk-adjusted returns?

OPER currently has the higher Sharpe Ratio (14.80 vs 12.86), 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.