Only First Part of Formula Working

I have rewritten this formula in every way I can and it continues to only allow the first result. For instance, with this formula

=IF([Ship Date]@row = "", "Red", =IF([Ship Date]@row > [Date Received]@row, "Yellow", "Green"))

only the "Red" result would generate. I have this exact formula in another sheet that works without issue, however, in this sheet it is returning an #Invalid Operation result.

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