OPER vs. TUSB

Last updated Aug 2, 2026

OPER (ClearShares Ultra-Short Maturity ETF) and TUSB (Thrivent Ultra Short Bond ETF) are both Ultrashort Bond funds. OPER is passively managed, while TUSB is actively managed. Over the past year, OPER returned 3.94% vs 4.55% for TUSB. Their 0.15 correlation means their historical movements had little consistent relationship. Both charge a 0.20% expense ratio.

Performance

OPER vs. TUSB - Performance Comparison

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

Returns By Period

In the year-to-date period, OPER achieves a 2.16% return, which is significantly lower than TUSB's 2.58% return.

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%

TUSB

• 1D: 0.06%
• 1M: 0.47%
• 6M: 2.07%
• YTD: 2.58%
• 1Y: 4.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.76%

*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)
OPER ClearShares Ultra-Short Maturity ETF	$882.36K	$708.61K	$932.74K
TUSB Thrivent Ultra Short Bond ETF	$669.76K	$810.48K	$941.31K

OPER vs. TUSB - Yearly Performance Comparison

	2026 (YTD)	2025
OPER ClearShares Ultra-Short Maturity ETF	2.16%	3.78%
TUSB Thrivent Ultra Short Bond ETF	2.58%	4.25%

Correlation

The correlation between OPER and TUSB is 0.15, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.15
Correlation (All Time) Calculated using the full available price history since Feb 19, 2025	0.15

Return for Risk

OPER vs. TUSB — 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

TUSB

TUSB Risk / Return Rank: 99
TUSB Sharpe Ratio Rank: 98
TUSB Sortino Ratio Rank: 99
TUSB Omega Ratio Rank: 98
TUSB Calmar Ratio Rank: 99
TUSB Martin Ratio Rank: 99

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. TUSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearShares Ultra-Short Maturity ETF (OPER) and Thrivent Ultra Short Bond ETF (TUSB). 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	TUSB	Difference
Sharpe ratio: Return per unit of total volatility	14.80	4.80	+10.00
Sortino ratio: Return per unit of downside risk	42.55	8.41	+34.14
Omega ratio: Gain probability vs. loss probability	12.88	2.15	+10.73
Calmar ratio: Return relative to maximum drawdown	59.84	18.79	+41.05
Martin ratio: Return relative to average drawdown	505.14	74.19	+430.95

OPER vs. TUSB - Sharpe Ratio Comparison

The current OPER Sharpe Ratio is 14.80, which is higher than the TUSB Sharpe Ratio of 4.80. The chart below compares the historical Sharpe Ratios of OPER and TUSB, 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. TUSB - Drawdown Comparison

The maximum OPER drawdown since its inception was -2.33%, which is greater than TUSB's maximum drawdown of -0.51%. Use the drawdown chart below to compare losses from any high point for OPER and TUSB.

Drawdown Indicators

	OPER	TUSB	Difference
Max Drawdown Largest peak-to-trough decline	-2.33%	-0.51%	-1.82%
Max Drawdown (1Y) Largest decline over 1 year	-0.07%	-0.25%	+0.18%
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%	-0.06%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.06%	-0.05%

Volatility

OPER vs. TUSB - Volatility Comparison

The current volatility for ClearShares Ultra-Short Maturity ETF (OPER) is 0.07%, while Thrivent Ultra Short Bond ETF (TUSB) has a volatility of 0.26%. This indicates that OPER experiences smaller price fluctuations and is considered to be less risky than TUSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OPER	TUSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	0.26%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	0.20%	0.72%	-0.52%
Volatility (1Y) Calculated over the trailing 1-year period	0.27%	0.97%	-0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	1.23%	-0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.22%	1.23%	-0.01%

OPER vs. TUSB - Expense Ratio Comparison

Both OPER and TUSB have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

OPER vs. TUSB - Dividend Comparison

OPER's dividend yield for the trailing twelve months is around 3.98%, less than TUSB's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
OPER ClearShares Ultra-Short Maturity ETF	3.98%	4.32%	5.21%	5.03%	1.71%	0.36%	0.64%	2.08%	0.89%
TUSB Thrivent Ultra Short Bond ETF	4.26%	3.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OPER and TUSB in my portfolio?

OPER and TUSB have a correlation of 0.15, 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 TUSB?

TUSB has higher volatility (0.26%) compared to OPER (0.07%). In terms of maximum drawdown, OPER dropped -2.33% vs TUSB's -0.51%.

Which ETF is better, OPER or TUSB?

On 1-year performance, TUSB leads with 4.55% vs 3.94% for OPER. Both ETFs have the same 0.20% expense ratio. On volatility, OPER has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OPER or TUSB?

Over the 1-year period, TUSB has performed better with a 4.55% 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 TUSB?

OPER and TUSB have the same expense ratio: 0.20% per year.

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

TUSB has the higher dividend yield at 4.26%, compared with 3.98% for OPER.

What is the main difference between OPER and TUSB?

They also come from different issuers: ClearShares and Thrivent.

Which has better risk-adjusted returns?

OPER currently has the higher Sharpe Ratio (14.80 vs 4.80), 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.