TBIL vs. OPER
Compare and contrast key facts about US Treasury 3 Month Bill ETF (TBIL) and ClearShares Ultra-Short Maturity ETF (OPER).
TBIL and OPER are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBIL is a passively managed fund by US Benchmark Series that tracks the performance of the ICE BofA US Treasury Bill 3 Month Index. It was launched on Aug 8, 2022. OPER is a passively managed fund by ClearShares that tracks the performance of the ICE BofA U.S. Broad Market Index. It was launched on Jul 10, 2018. Both TBIL and OPER are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
TBIL vs. OPER - Performance Comparison
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TBIL vs. OPER - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TBIL US Treasury 3 Month Bill ETF | 0.87% | 4.19% | 5.15% | 5.12% | 1.30% |
OPER ClearShares Ultra-Short Maturity ETF | 0.90% | 4.37% | 5.34% | 5.09% | 1.29% |
Returns By Period
The year-to-date returns for both investments are quite close, with TBIL having a 0.87% return and OPER slightly higher at 0.90%.
TBIL
- 1D
- 0.00%
- 1M
- 0.32%
- YTD
- 0.87%
- 6M
- 1.89%
- 1Y
- 4.05%
- 3Y*
- 4.71%
- 5Y*
- —
- 10Y*
- —
OPER
- 1D
- 0.01%
- 1M
- 0.31%
- YTD
- 0.90%
- 6M
- 1.96%
- 1Y
- 4.09%
- 3Y*
- 4.88%
- 5Y*
- 3.54%
- 10Y*
- —
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TBIL vs. OPER - Expense Ratio Comparison
TBIL has a 0.15% expense ratio, which is lower than OPER's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
TBIL vs. OPER — Risk / Return Rank
TBIL
OPER
TBIL vs. OPER - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Treasury 3 Month Bill ETF (TBIL) 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.
| TBIL | OPER | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 14.34 | 15.57 | -1.23 |
Sortino ratioReturn per unit of downside risk | 63.08 | 42.62 | +20.46 |
Omega ratioGain probability vs. loss probability | 19.16 | 13.98 | +5.18 |
Calmar ratioReturn relative to maximum drawdown | 204.06 | 46.97 | +157.09 |
Martin ratioReturn relative to average drawdown | 1,017.13 | 387.77 | +629.36 |
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
| TBIL | OPER | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 14.34 | 15.57 | -1.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 11.24 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 14.17 | 2.24 | +11.93 |
Correlation
The correlation between TBIL and OPER is 0.26, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
TBIL vs. OPER - Dividend Comparison
TBIL's dividend yield for the trailing twelve months is around 4.28%, more than OPER's 4.15% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TBIL US Treasury 3 Month Bill ETF | 4.28% | 4.07% | 5.02% | 5.00% | 1.10% | 0.00% | 0.00% | 0.00% | 0.00% |
OPER ClearShares Ultra-Short Maturity ETF | 4.15% | 4.32% | 5.21% | 5.03% | 1.71% | 0.36% | 0.64% | 2.08% | 0.89% |
Drawdowns
TBIL vs. OPER - Drawdown Comparison
The maximum TBIL drawdown since its inception was -0.10%, smaller than the maximum OPER drawdown of -2.33%. Use the drawdown chart below to compare losses from any high point for TBIL and OPER.
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Drawdown Indicators
| TBIL | OPER | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.10% | -2.33% | +2.23% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -0.02% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.13% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | 0.00% | -0.16% | +0.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.01% | -0.01% |
Volatility
TBIL vs. OPER - Volatility Comparison
US Treasury 3 Month Bill ETF (TBIL) has a higher volatility of 0.09% compared to ClearShares Ultra-Short Maturity ETF (OPER) at 0.05%. This indicates that TBIL'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
| TBIL | OPER | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.09% | 0.05% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 0.19% | 0.18% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.28% | 0.28% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.32% | 0.32% | 0.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.32% | 1.24% | -0.92% |