OPER vs. SGOV
OPER (ClearShares Ultra-Short Maturity ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both Ultrashort Bond funds - OPER tracks the ICE BofA U.S. Broad Market Index while SGOV tracks the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 5 years, OPER returned 3.68%/yr vs 3.58%/yr for SGOV. At a 0.40 correlation, their price movements are largely independent. OPER charges 0.20%/yr vs 0.09%/yr for SGOV.
Performance
OPER vs. SGOV - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with OPER having a 1.72% return and SGOV slightly lower at 1.70%.
OPER
- 1D
- -0.01%
- 1M
- 0.29%
- YTD
- 1.72%
- 6M
- 1.82%
- 1Y
- 4.04%
- 3Y*
- 4.76%
- 5Y*
- 3.68%
- 10Y*
- —
SGOV
- 1D
- 0.01%
- 1M
- 0.27%
- YTD
- 1.70%
- 6M
- 1.80%
- 1Y
- 3.93%
- 3Y*
- 4.68%
- 5Y*
- 3.58%
- 10Y*
- —
OPER vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
OPER ClearShares Ultra-Short Maturity ETF | 1.72% | 4.37% | 5.34% | 5.09% | 1.76% | 0.37% | 0.28% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.70% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
Correlation
The correlation between OPER and SGOV is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | 0.40 |
The correlation between OPER and SGOV shifts across timeframes, from 0.28 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
OPER vs. SGOV — Risk / Return Rank
OPER
SGOV
OPER vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ClearShares Ultra-Short Maturity ETF (OPER) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.58 | ||
| Sortino ratioReturn per unit of downside risk | -231.38 | ||
| Omega ratioGain probability vs. loss probability | 12.57 | 194.55 | -181.98 |
| Calmar ratioReturn relative to maximum drawdown | 60.74 | 396.11 | -335.37 |
| Martin ratioReturn relative to average drawdown | 510.87 | 4,438.60 | -3,927.73 |
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Drawdowns
OPER vs. SGOV - Drawdown Comparison
The maximum OPER drawdown since its inception was -2.33%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for OPER and SGOV.
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Drawdown Indicators
| OPER | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.33% | -0.03% | -2.30% |
Max Drawdown (1Y)Largest decline over 1 year | -0.07% | -0.01% | -0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -0.11% | -0.01% | -0.10% |
Max Drawdown (5Y)Largest decline over 5 years | -0.13% | -0.03% | -0.10% |
Current DrawdownCurrent decline from peak | -0.01% | 0.00% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -0.00% | -0.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.00% | +0.01% |
Volatility
OPER vs. SGOV - Volatility Comparison
ClearShares Ultra-Short Maturity ETF (OPER) has a higher volatility of 0.10% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.06%. This indicates that OPER's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OPER | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.10% | 0.06% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 0.21% | 0.13% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.27% | 0.19% | +0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.32% | 0.24% | +0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.23% | 0.24% | +0.99% |
OPER vs. SGOV - Expense Ratio Comparison
OPER has a 0.20% expense ratio, which is higher than SGOV's 0.09% 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. SGOV - Dividend Comparison
OPER's dividend yield for the trailing twelve months is around 4.08%, more than SGOV's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
OPER ClearShares Ultra-Short Maturity ETF | 4.08% | 4.32% | 5.21% | 5.03% | 1.71% | 0.36% | 0.64% | 2.08% | 0.89% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% |
Frequently Asked Questions
OPER and SGOV have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OPER has higher volatility (0.10%) compared to SGOV (0.06%). In terms of maximum drawdown, OPER dropped -2.33% vs SGOV's -0.03%.
On 5-year performance, OPER leads with 3.68% vs 3.58% for SGOV. On fees, SGOV is cheaper at 0.09% 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, OPER has performed better with a 3.68% return vs 3.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.20% for OPER.
OPER has the higher dividend yield at 4.08%, compared with 3.85% for SGOV.
OPER tracks ICE BofA U.S. Broad Market Index, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. They also come from different issuers: ClearShares and iShares. Their fees differ too: 0.20% for OPER and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.38 vs 14.80), 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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