OPER vs. XES
OPER (ClearShares Ultra-Short Maturity ETF) and XES (SPDR S&P Oil & Gas Equipment & Services ETF) are both exchange-traded funds - OPER is a Ultrashort Bond fund tracking the ICE BofA U.S. Broad Market Index, while XES is a Energy Equities fund tracking the S&P Oil & Gas Equipment & Services Select Industry Index. Both are passively managed. Over the past 5 years, OPER returned 3.74%/yr vs 17.34%/yr for XES. At a 0.03 correlation, their price movements are largely independent. OPER charges 0.20%/yr vs 0.35%/yr for XES.
Performance
OPER vs. XES - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, OPER achieves a 2.01% return, which is significantly lower than XES's 37.79% return.
OPER
- 1D
- 0.01%
- 1M
- 0.33%
- 6M
- 1.82%
- YTD
- 2.01%
- 1Y
- 4.00%
- 3Y*
- 4.73%
- 5Y*
- 3.74%
- 10Y*
- —
XES
- 1D
- 0.73%
- 1M
- -2.53%
- 6M
- 22.89%
- YTD
- 37.79%
- 1Y
- 76.31%
- 3Y*
- 9.07%
- 5Y*
- 17.34%
- 10Y*
- -3.69%
OPER vs. XES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
OPER ClearShares Ultra-Short Maturity ETF | 2.01% | 4.37% | 5.34% | 5.09% | 1.76% | 0.37% | 0.65% | 2.15% | 0.88% |
XES SPDR S&P Oil & Gas Equipment & Services ETF | 37.79% | 5.89% | -5.44% | 6.68% | 62.03% | 12.00% | -43.38% | -9.00% | -48.26% |
Correlation
The correlation between OPER and XES is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2018 | 0.03 |
The correlation between OPER and XES shifts across timeframes, from -0.13 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
OPER vs. XES — Risk / Return Rank
OPER
XES
OPER vs. XES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ClearShares Ultra-Short Maturity ETF (OPER) and SPDR S&P Oil & Gas Equipment & Services ETF (XES). 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 | XES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +12.31 | ||
| Sortino ratioReturn per unit of downside risk | +39.58 | ||
| Omega ratioGain probability vs. loss probability | 12.80 | 1.39 | +11.42 |
| Calmar ratioReturn relative to maximum drawdown | 60.14 | 3.71 | +56.43 |
| Martin ratioReturn relative to average drawdown | 507.39 | 12.77 | +494.62 |
Loading charts...
Drawdowns
OPER vs. XES - Drawdown Comparison
The maximum OPER drawdown since its inception was -2.33%, smaller than the maximum XES drawdown of -95.65%. Use the drawdown chart below to compare losses from any high point for OPER and XES.
Loading charts...
Drawdown Indicators
| OPER | XES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.33% | -95.65% | +93.32% |
Max Drawdown (1Y)Largest decline over 1 year | -0.07% | -20.69% | +20.62% |
Max Drawdown (3Y)Largest decline over 3 years | -0.11% | -45.95% | +45.84% |
Max Drawdown (5Y)Largest decline over 5 years | -0.13% | -45.95% | +45.82% |
Max Drawdown (10Y)Largest decline over 10 years | — | -91.23% | — |
Current DrawdownCurrent decline from peak | 0.00% | -73.39% | +73.39% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -54.46% | +54.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 6.00% | -5.99% |
Volatility
OPER vs. XES - Volatility Comparison
The current volatility for ClearShares Ultra-Short Maturity ETF (OPER) is 0.08%, while SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a volatility of 8.65%. This indicates that OPER experiences smaller price fluctuations and is considered to be less risky than XES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| OPER | XES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 8.65% | -8.57% |
Volatility (6M)Calculated over the trailing 6-month period | 0.21% | 21.20% | -20.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.27% | 30.61% | -30.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.32% | 38.74% | -38.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.22% | 44.84% | -43.62% |
OPER vs. XES - Expense Ratio Comparison
OPER has a 0.20% expense ratio, which is lower than XES's 0.35% expense ratio.
Dividends
OPER vs. XES - Dividend Comparison
OPER's dividend yield for the trailing twelve months is around 4.02%, more than XES's 1.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
OPER ClearShares Ultra-Short Maturity ETF | 4.02% | 4.32% | 5.21% | 5.03% | 1.71% | 0.36% | 0.64% | 2.08% | 0.89% | 0.00% | 0.00% | 0.00% |
XES SPDR S&P Oil & Gas Equipment & Services ETF | 1.16% | 1.69% | 1.31% | 0.66% | 0.36% | 1.81% | 1.33% | 1.43% | 1.14% | 1.68% | 0.64% | 2.47% |
Frequently Asked Questions
OPER and XES have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XES has higher volatility (8.65%) compared to OPER (0.08%). In terms of maximum drawdown, OPER dropped -2.33% vs XES's -95.65%.
On 5-year performance, XES leads with 17.34% vs 3.74% for OPER. On fees, OPER is cheaper at 0.20% per year. On volatility, OPER has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, XES has performed better with a 17.34% return vs 3.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OPER is cheaper with a 0.20% expense ratio, compared with 0.35% for XES.
OPER has the higher dividend yield at 4.02%, compared with 1.16% for XES.
OPER is categorized as Ultrashort Bond, while XES is Energy Equities. OPER tracks ICE BofA U.S. Broad Market Index, while XES tracks S&P Oil & Gas Equipment & Services Select Industry Index. They also come from different issuers: ClearShares and State Street. Their fees differ too: 0.20% for OPER and 0.35% for XES.
OPER currently has the higher Sharpe Ratio (14.82 vs 2.51), 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.
Find the right allocation for OPER and XES
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer