OPER vs. USFR
OPER (ClearShares Ultra-Short Maturity ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - OPER is a Ultrashort Bond fund tracking the ICE BofA U.S. Broad Market Index, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. Both are passively managed. Over the past 5 years, OPER returned 3.65%/yr vs 3.66%/yr for USFR. At a 0.18 correlation, their price movements are largely independent. OPER charges 0.20%/yr vs 0.15%/yr for USFR.
Performance
OPER vs. USFR - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with OPER having a 1.55% return and USFR slightly higher at 1.60%.
OPER
- 1D
- 0.01%
- 1M
- 0.34%
- YTD
- 1.55%
- 6M
- 1.88%
- 1Y
- 4.07%
- 3Y*
- 4.80%
- 5Y*
- 3.65%
- 10Y*
- —
USFR
- 1D
- 0.02%
- 1M
- 0.29%
- YTD
- 1.60%
- 6M
- 1.98%
- 1Y
- 4.03%
- 3Y*
- 4.76%
- 5Y*
- 3.66%
- 10Y*
- 2.47%
OPER vs. USFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
OPER ClearShares Ultra-Short Maturity ETF | 1.55% | 4.37% | 5.34% | 5.09% | 1.76% | 0.37% | 0.65% | 2.15% | 0.90% |
USFR WisdomTree Floating Rate Treasury Fund | 1.60% | 4.23% | 5.47% | 5.18% | 1.98% | -0.03% | 0.56% | 2.02% | 0.95% |
Correlation
The correlation between OPER and USFR is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2018 | 0.18 |
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Return for Risk
OPER vs. USFR — Risk / Return Rank
OPER
USFR
OPER vs. USFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ClearShares Ultra-Short Maturity ETF (OPER) and WisdomTree Floating Rate Treasury Fund (USFR). 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 | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | -6.74 | ||
| Omega ratioGain probability vs. loss probability | 13.38 | 13.43 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 61.29 | 203.42 | -142.13 |
| Martin ratioReturn relative to average drawdown | 519.55 | 787.84 | -268.29 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OPER | USFR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 15.45 | 15.11 | +0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 11.47 | 9.26 | +2.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 3.07 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.28 | 1.60 | +0.68 |
Drawdowns
OPER vs. USFR - Drawdown Comparison
The maximum OPER drawdown since its inception was -2.33%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for OPER and USFR.
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Drawdown Indicators
| OPER | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.33% | -1.36% | -0.97% |
Max Drawdown (1Y)Largest decline over 1 year | -0.07% | -0.02% | -0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -0.11% | -0.06% | -0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -0.13% | -0.18% | +0.05% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.80% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -0.16% | 0.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.01% | 0.00% |
Volatility
OPER vs. USFR - Volatility Comparison
ClearShares Ultra-Short Maturity ETF (OPER) has a higher volatility of 0.10% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.06%. This indicates that OPER's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OPER | USFR | 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 | 0.20% | 0.18% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.26% | 0.27% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.32% | 0.40% | -0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.23% | 0.81% | +0.42% |
OPER vs. USFR - Expense Ratio Comparison
OPER has a 0.20% expense ratio, which is higher than USFR'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. USFR - Dividend Comparison
OPER's dividend yield for the trailing twelve months is around 4.09%, more than USFR's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
OPER ClearShares Ultra-Short Maturity ETF | 4.09% | 4.32% | 5.21% | 5.03% | 1.71% | 0.36% | 0.64% | 2.08% | 0.89% | 0.00% | 0.00% |
USFR WisdomTree Floating Rate Treasury Fund | 3.91% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% |
Frequently Asked Questions
OPER and USFR have a correlation of 0.27, 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 USFR (0.06%). In terms of maximum drawdown, OPER dropped -2.33% vs USFR's -1.36%.
On 5-year performance, USFR leads with 3.66% vs 3.65% for OPER. On fees, USFR 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, USFR has performed better with a 3.66% return vs 3.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USFR is cheaper with a 0.15% expense ratio, compared with 0.20% for OPER.
OPER has the higher dividend yield at 4.09%, compared with 3.91% for USFR.
OPER is categorized as Ultrashort Bond, while USFR is Government Bonds. OPER tracks ICE BofA U.S. Broad Market Index, while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index. They also come from different issuers: ClearShares and WisdomTree. Their fees differ too: 0.20% for OPER and 0.15% for USFR.
OPER currently has the higher Sharpe Ratio (15.45 vs 15.11), 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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