OPER vs. TFLO
OPER (ClearShares Ultra-Short Maturity ETF) and TFLO (iShares Treasury Floating Rate Bond ETF) are both exchange-traded funds - OPER is a Ultrashort Bond fund tracking the ICE BofA U.S. Broad Market Index, while TFLO is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Index. Both are passively managed. Over the past 5 years, OPER returned 3.69%/yr vs 3.68%/yr for TFLO. At a 0.26 correlation, their price movements are largely independent. OPER charges 0.20%/yr vs 0.15%/yr for TFLO.
Performance
OPER vs. TFLO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with OPER having a 1.75% return and TFLO slightly higher at 1.79%.
OPER
- 1D
- 0.01%
- 1M
- 0.32%
- YTD
- 1.75%
- 6M
- 1.82%
- 1Y
- 4.04%
- 3Y*
- 4.77%
- 5Y*
- 3.69%
- 10Y*
- —
TFLO
- 1D
- -0.02%
- 1M
- 0.29%
- YTD
- 1.79%
- 6M
- 1.87%
- 1Y
- 3.93%
- 3Y*
- 4.72%
- 5Y*
- 3.68%
- 10Y*
- 2.38%
OPER vs. TFLO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
OPER ClearShares Ultra-Short Maturity ETF | 1.75% | 4.37% | 5.34% | 5.09% | 1.76% | 0.37% | 0.65% | 2.15% | 0.88% |
TFLO iShares Treasury Floating Rate Bond ETF | 1.79% | 4.22% | 5.34% | 5.12% | 1.99% | -0.02% | 0.43% | 2.04% | 0.99% |
Correlation
The correlation between OPER and TFLO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2018 | 0.26 |
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Return for Risk
OPER vs. TFLO — Risk / Return Rank
OPER
TFLO
OPER vs. TFLO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ClearShares Ultra-Short Maturity ETF (OPER) and iShares Treasury Floating Rate Bond ETF (TFLO). 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 | TFLO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.01 | ||
| Sortino ratioReturn per unit of downside risk | -5.87 | ||
| Omega ratioGain probability vs. loss probability | 12.57 | 13.02 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | 60.74 | 199.14 | -138.40 |
| Martin ratioReturn relative to average drawdown | 510.88 | 788.97 | -278.09 |
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Drawdowns
OPER vs. TFLO - Drawdown Comparison
The maximum OPER drawdown since its inception was -2.33%, smaller than the maximum TFLO drawdown of -5.01%. Use the drawdown chart below to compare losses from any high point for OPER and TFLO.
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Drawdown Indicators
| OPER | TFLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.33% | -5.01% | +2.68% |
Max Drawdown (1Y)Largest decline over 1 year | -0.07% | -0.02% | -0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -0.11% | -0.04% | -0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -0.13% | -0.13% | 0.00% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.16% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.02% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -0.10% | -0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.00% | +0.01% |
Volatility
OPER vs. TFLO - Volatility Comparison
ClearShares Ultra-Short Maturity ETF (OPER) and iShares Treasury Floating Rate Bond ETF (TFLO) have volatilities of 0.09% and 0.09%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OPER | TFLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.09% | 0.09% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 0.21% | 0.20% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.27% | 0.29% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.32% | 0.36% | -0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.22% | 0.46% | +0.76% |
OPER vs. TFLO - Expense Ratio Comparison
OPER has a 0.20% expense ratio, which is higher than TFLO's 0.15% 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. TFLO - Dividend Comparison
OPER's dividend yield for the trailing twelve months is around 4.08%, more than TFLO's 3.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OPER ClearShares Ultra-Short Maturity ETF | 4.08% | 4.32% | 5.21% | 5.03% | 1.71% | 0.36% | 0.64% | 2.08% | 0.89% | 0.00% | 0.00% | 0.00% |
TFLO iShares Treasury Floating Rate Bond ETF | 3.89% | 4.16% | 5.21% | 4.88% | 1.68% | 0.00% | 0.36% | 2.08% | 1.65% | 0.86% | 0.31% | 0.15% |
Frequently Asked Questions
OPER and TFLO have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TFLO has higher volatility (0.09%) compared to OPER (0.09%). In terms of maximum drawdown, OPER dropped -2.33% vs TFLO's -5.01%.
On 5-year performance, OPER leads with 3.69% vs 3.68% for TFLO. On fees, TFLO is cheaper at 0.15% 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 3.69% return vs 3.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TFLO is cheaper with a 0.15% expense ratio, compared with 0.20% for OPER.
OPER has the higher dividend yield at 4.08%, compared with 3.89% for TFLO.
OPER is categorized as Ultrashort Bond, while TFLO is Government Bonds. OPER tracks ICE BofA U.S. Broad Market Index, while TFLO tracks Bloomberg U.S. Treasury Floating Rate Index. They also come from different issuers: ClearShares and iShares. Their fees differ too: 0.20% for OPER and 0.15% for TFLO.
OPER currently has the higher Sharpe Ratio (14.84 vs 13.84), 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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