PIFI vs. OPER
PIFI (ClearShares Piton Intermediate Fixed Income ETF) and OPER (ClearShares Ultra-Short Maturity ETF) are both exchange-traded funds - PIFI is a Intermediate Core Bond fund actively managed by ClearShares, while OPER is a Ultrashort Bond fund tracking the ICE BofA U.S. Broad Market Index. PIFI is actively managed, while OPER is passively managed. Over the past 5 years, PIFI returned 0.88%/yr vs 3.76%/yr for OPER. Their 0.04 correlation means their historical movements had little consistent relationship. PIFI charges 0.45%/yr vs 0.20%/yr for OPER.
Performance
PIFI vs. OPER - Performance Comparison
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Returns By Period
In the year-to-date period, PIFI achieves a -0.24% return, which is significantly lower than OPER's 2.15% return.
PIFI
- 1D
- 0.15%
- 1M
- -0.55%
- 6M
- -0.17%
- YTD
- -0.24%
- 1Y
- 1.64%
- 3Y*
- 3.83%
- 5Y*
- 0.88%
- 10Y*
- —
- ALL TIME*
- 0.72%
OPER
- 1D
- -0.01%
- 1M
- 0.30%
- 6M
- 1.86%
- YTD
- 2.15%
- 1Y
- 3.93%
- 3Y*
- 4.69%
- 5Y*
- 3.76%
- 10Y*
- —
- ALL TIME*
- 2.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $981.13K | $752.94K | $935.22K | |
| $76.55K | $61.92K | $154.30K |
PIFI vs. OPER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
PIFI ClearShares Piton Intermediate Fixed Income ETF | -0.24% | 6.29% | 2.52% | 4.61% | -7.15% | -1.33% | 0.07% |
OPER ClearShares Ultra-Short Maturity ETF | 2.15% | 4.37% | 5.34% | 5.09% | 1.76% | 0.37% | 0.11% |
Correlation
The correlation between PIFI and OPER is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.05 |
Correlation (3Y) Balances recent behavior with more history. | 0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.03 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2020 | 0.04 |
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Return for Risk
PIFI vs. OPER — Risk / Return Rank
PIFI
OPER
PIFI vs. OPER - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ClearShares Piton Intermediate Fixed Income ETF (PIFI) and ClearShares Ultra-Short Maturity ETF (OPER). 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.
| PIFI | OPER | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -13.98 | ||
| Sortino ratioReturn per unit of downside risk | -41.05 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 12.52 | -11.41 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | 59.19 | -58.34 |
| Martin ratioReturn relative to average drawdown | 1.92 | 498.96 | -497.04 |
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Drawdowns
PIFI vs. OPER - Drawdown Comparison
The maximum PIFI drawdown since its inception was -10.59%, which is greater than OPER's maximum drawdown of -2.33%. Use the drawdown chart below to compare losses from any high point for PIFI and OPER.
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Drawdown Indicators
| PIFI | OPER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.59% | -2.33% | -8.26% |
Max Drawdown (1Y)Largest decline over 1 year | -1.93% | -0.07% | -1.86% |
Max Drawdown (3Y)Largest decline over 3 years | -2.71% | -0.11% | -2.60% |
Max Drawdown (5Y)Largest decline over 5 years | -10.25% | -0.13% | -10.12% |
Current DrawdownCurrent decline from peak | -1.55% | -0.01% | -1.54% |
Average DrawdownAverage peak-to-trough decline | -3.18% | -0.16% | -3.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 0.01% | +0.84% |
Volatility
PIFI vs. OPER - Volatility Comparison
ClearShares Piton Intermediate Fixed Income ETF (PIFI) has a higher volatility of 0.78% compared to ClearShares Ultra-Short Maturity ETF (OPER) at 0.08%. This indicates that PIFI's price experiences larger fluctuations and is considered to be riskier than OPER based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PIFI | OPER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 0.08% | +0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 2.05% | 0.20% | +1.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.53% | 0.27% | +2.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.69% | 0.32% | +3.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.47% | 1.22% | +2.25% |
PIFI vs. OPER - Expense Ratio Comparison
PIFI has a 0.45% expense ratio, which is higher than OPER's 0.20% expense ratio.
Dividends
PIFI vs. OPER - Dividend Comparison
PIFI's dividend yield for the trailing twelve months is around 4.48%, more than OPER's 3.98% 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% |
PIFI ClearShares Piton Intermediate Fixed Income ETF | 4.48% | 3.16% | 2.92% | 2.29% | 1.22% | 0.25% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PIFI and OPER have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PIFI has higher volatility (0.78%) compared to OPER (0.08%). In terms of maximum drawdown, PIFI dropped -10.59% vs OPER's -2.33%.
On 5-year performance, OPER leads with 3.76% vs 0.88% for PIFI. 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, OPER has performed better with a 3.76% return vs 0.88%. 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 0.45% for PIFI.
PIFI has the higher dividend yield at 4.48%, compared with 3.98% for OPER.
PIFI is categorized as Intermediate Core Bond, while OPER is Ultrashort Bond. Their fees differ too: 0.45% for PIFI and 0.20% for OPER.
OPER currently has the higher Sharpe Ratio (14.63 vs 0.65), 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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