SCIO vs. OOSP

Last updated Jun 4, 2026

SCIO (First Trust Structured Credit Income Opportunities ETF) and OOSP (Obra Opportunistic Structured Products ETF) are both Multisector Bonds funds. Both are actively managed. Over the past year, SCIO returned 7.23% vs 6.71% for OOSP. At a 0.12 correlation, their price movements are largely independent. SCIO charges 0.70%/yr vs 0.90%/yr for OOSP.

Performance

SCIO vs. OOSP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Structured Credit Income Opportunities ETF (SCIO) and Obra Opportunistic Structured Products ETF (OOSP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCIO achieves a 1.43% return, which is significantly lower than OOSP's 2.41% return.

SCIO

• 1D: 0.00%
• 1M: 0.33%
• YTD: 1.43%
• 6M: 1.90%
• 1Y: 7.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OOSP

• 1D: 0.00%
• 1M: 0.91%
• YTD: 2.41%
• 6M: 2.51%
• 1Y: 6.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SCIO vs. OOSP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SCIO First Trust Structured Credit Income Opportunities ETF	1.43%	10.17%	5.74%
OOSP Obra Opportunistic Structured Products ETF	2.41%	7.41%	6.43%

Correlation

The correlation between SCIO and OOSP is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (All Time) Calculated using the full available price history since Apr 11, 2024	0.12

Return for Risk

SCIO vs. OOSP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SCIO

SCIO Risk / Return Rank: 70
SCIO Sharpe Ratio Rank: 58
SCIO Sortino Ratio Rank: 65
SCIO Omega Ratio Rank: 74
SCIO Calmar Ratio Rank: 82
SCIO Martin Ratio Rank: 75

OOSP

OOSP Risk / Return Rank: 68
OOSP Sharpe Ratio Rank: 52
OOSP Sortino Ratio Rank: 54
OOSP Omega Ratio Rank: 61
OOSP Calmar Ratio Rank: 88
OOSP Martin Ratio Rank: 87

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SCIO vs. OOSP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Structured Credit Income Opportunities ETF (SCIO) and Obra Opportunistic Structured Products ETF (OOSP). 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.

	SCIO	OOSP	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.82	+0.10
Sortino ratio: Return per unit of downside risk	2.94	2.64	+0.30
Omega ratio: Gain probability vs. loss probability	1.43	1.38	+0.06
Calmar ratio: Return relative to maximum drawdown	4.22	5.13	-0.91
Martin ratio: Return relative to average drawdown	14.02	19.01	-4.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SCIO vs. OOSP - Sharpe Ratio Comparison

The current SCIO Sharpe Ratio is 1.92, which is comparable to the OOSP Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of SCIO and OOSP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SCIO	OOSP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	1.82	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	2.51	2.29	+0.22

Drawdowns

SCIO vs. OOSP - Drawdown Comparison

The maximum SCIO drawdown since its inception was -1.72%, which is greater than OOSP's maximum drawdown of -1.31%. Use the drawdown chart below to compare losses from any high point for SCIO and OOSP.

Drawdown Indicators

	SCIO	OOSP	Difference
Max Drawdown Largest peak-to-trough decline	-1.72%	-1.31%	-0.41%
Max Drawdown (1Y) Largest decline over 1 year	-1.72%	-1.31%	-0.41%
Current Drawdown Current decline from peak	-0.25%	-0.18%	-0.07%
Average Drawdown Average peak-to-trough decline	-0.31%	-0.20%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	0.35%	+0.17%

Volatility

SCIO vs. OOSP - Volatility Comparison

The current volatility for First Trust Structured Credit Income Opportunities ETF (SCIO) is 0.85%, while Obra Opportunistic Structured Products ETF (OOSP) has a volatility of 1.23%. This indicates that SCIO experiences smaller price fluctuations and is considered to be less risky than OOSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCIO	OOSP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	1.23%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	1.70%	2.23%	-0.53%
Volatility (1Y) Calculated over the trailing 1-year period	3.78%	3.71%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.20%	3.35%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.20%	3.35%	-0.15%

SCIO vs. OOSP - Expense Ratio Comparison

SCIO has a 0.70% expense ratio, which is lower than OOSP's 0.90% expense ratio.

Dividends

SCIO vs. OOSP - Dividend Comparison

SCIO's dividend yield for the trailing twelve months is around 5.99%, less than OOSP's 6.47% yield.

Position	TTM	2025	2024
OOSP Obra Opportunistic Structured Products ETF	6.47%	6.71%	5.42%
SCIO First Trust Structured Credit Income Opportunities ETF	5.99%	6.31%	6.02%

Frequently Asked Questions

Can I hold both SCIO and OOSP in my portfolio?

SCIO and OOSP have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCIO or OOSP?

OOSP has higher volatility (1.23%) compared to SCIO (0.85%). In terms of maximum drawdown, SCIO dropped -1.72% vs OOSP's -1.31%.

Which ETF is better, SCIO or OOSP?

On 1-year performance, SCIO leads with 7.23% vs 6.71% for OOSP. On fees, SCIO is cheaper at 0.70% per year. On volatility, SCIO has been the lower-risk option at 0.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCIO or OOSP?

Over the 1-year period, SCIO has performed better with a 7.23% return vs 6.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCIO or OOSP?

SCIO is cheaper with a 0.70% expense ratio, compared with 0.90% for OOSP.

Which ETF pays a higher dividend yield, SCIO or OOSP?

OOSP has the higher dividend yield at 6.47%, compared with 5.99% for SCIO.

What is the main difference between SCIO and OOSP?

They also come from different issuers: First Trust and Obra. Their fees differ too: 0.70% for SCIO and 0.90% for OOSP.

Which has better risk-adjusted returns?

SCIO currently has the higher Sharpe Ratio (1.92 vs 1.82), 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.