OPER vs. SPTU

Last updated Jun 4, 2026

OPER (ClearShares Ultra-Short Maturity ETF) and SPTU (State Street SPDR Portfolio Ultra Short T-Bill ETF) are both Ultrashort Bond funds - OPER tracks the ICE BofA U.S. Broad Market Index while SPTU tracks the ICE BofA US Treasury Bill Index. Both are passively managed. At a 0.35 correlation, their price movements are largely independent. OPER charges 0.20%/yr vs 0.05%/yr for SPTU.

Performance

OPER vs. SPTU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearShares Ultra-Short Maturity ETF (OPER) and State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). 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 1.55% return and SPTU slightly lower at 1.48%.

OPER

• 1D: 0.01%
• 1M: 0.34%
• YTD: 1.55%
• 6M: 1.88%
• 1Y: 4.07%
• 3Y*: 4.80%
• 5Y*: 3.65%
• 10Y*: —

SPTU

• 1D: 0.00%
• 1M: 0.31%
• YTD: 1.48%
• 6M: 1.81%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OPER vs. SPTU - Yearly Performance Comparison

	2026 (YTD)	2025
OPER ClearShares Ultra-Short Maturity ETF	1.55%	0.97%
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	1.48%	0.92%

Correlation

The correlation between OPER and SPTU is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 9, 2025	0.35

Return for Risk

OPER vs. SPTU — 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

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. SPTU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearShares Ultra-Short Maturity ETF (OPER) and State Street SPDR Portfolio Ultra Short T-Bill ETF (SPTU). 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	SPTU	Difference
Sharpe ratio: Return per unit of total volatility	15.45	—	—
Sortino ratio: Return per unit of downside risk	43.90	—	—
Omega ratio: Gain probability vs. loss probability	13.38	—	—
Calmar ratio: Return relative to maximum drawdown	61.29	—	—
Martin ratio: Return relative to average drawdown	519.55	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	OPER	SPTU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	15.45	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	11.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.28	11.82	-9.54

Drawdowns

OPER vs. SPTU - Drawdown Comparison

The maximum OPER drawdown since its inception was -2.33%, which is greater than SPTU's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for OPER and SPTU.

Drawdown Indicators

	OPER	SPTU	Difference
Max Drawdown Largest peak-to-trough decline	-2.33%	-0.04%	-2.29%
Max Drawdown (1Y) Largest decline over 1 year	-0.07%	—	—
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%	—	—

Volatility

Volatility by Period

	OPER	SPTU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.10%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.20%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.26%	0.32%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	0.32%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.23%	0.32%	+0.91%

OPER vs. SPTU - Expense Ratio Comparison

OPER has a 0.20% expense ratio, which is higher than SPTU's 0.05% 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. SPTU - Dividend Comparison

OPER's dividend yield for the trailing twelve months is around 4.09%, more than SPTU's 2.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
OPER ClearShares Ultra-Short Maturity ETF	4.09%	4.32%	5.21%	5.03%	1.71%	0.36%	0.64%	2.08%	0.89%
SPTU State Street SPDR Portfolio Ultra Short T-Bill ETF	2.36%	0.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OPER and SPTU in my portfolio?

OPER and SPTU have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, OPER or SPTU?

On fees, SPTU is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, OPER or SPTU?

SPTU is cheaper with a 0.05% expense ratio, compared with 0.20% for OPER.

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

OPER has the higher dividend yield at 4.09%, compared with 2.36% for SPTU.

What is the main difference between OPER and SPTU?

OPER tracks ICE BofA U.S. Broad Market Index, while SPTU tracks ICE BofA US Treasury Bill Index. They also come from different issuers: ClearShares and State Street. Their fees differ too: 0.20% for OPER and 0.05% for SPTU.