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shorting
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility
Diversification

Asset Allocation


Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in shorting, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends. The portfolio is rebalanced every 3 months.


0.00%1,000.00%2,000.00%3,000.00%4,000.00%December2025FebruaryMarchAprilMay
3,865.40%
384.85%
shorting
Benchmark (^GSPC)
Portfolio components

The earliest data available for this chart is Sep 13, 2011, corresponding to the inception date of BTAL

Returns By Period

As of May 3, 2025, the shorting returned 9.48% Year-To-Date and 33.79% of annualized return in the last 10 years.


YTD1M6M1Y5Y*10Y*
^GSPC
S&P 500
-3.31%5.38%-0.74%10.90%14.93%10.61%
shorting9.48%2.36%13.60%55.06%44.90%33.86%
LLY
Eli Lilly and Company
6.87%4.38%0.91%12.79%40.04%28.82%
COST
Costco Wholesale Corporation
10.31%4.40%15.21%36.24%28.06%22.69%
PGR
The Progressive Corporation
20.42%-1.46%18.88%38.36%31.49%28.55%
FICO
Fair Isaac Corporation
2.88%13.72%2.98%71.68%41.02%35.71%
DOG
ProShares Short Dow30
3.45%-2.43%2.94%-2.21%-10.21%-9.91%
PSQ
ProShares Short QQQ
3.01%-9.46%-1.16%-9.45%-16.43%-16.34%
HEI
HEICO Corporation
10.41%1.22%6.76%24.25%25.21%24.16%
BTAL
AGFiQ US Market Neutral Anti-Beta Fund
6.76%-8.06%3.28%8.73%-2.74%1.54%
EUO
ProShares UltraShort Euro
-15.21%-4.73%-6.62%-5.28%0.75%2.02%
IAU
iShares Gold Trust
23.15%4.04%18.11%40.10%12.90%9.85%
SO
The Southern Company
11.54%-1.63%4.56%24.20%14.57%11.83%
YCS
ProShares UltraShort Yen
-11.03%-1.28%-6.60%-1.48%17.22%6.31%
NVO
Novo Nordisk A/S
-18.22%3.17%-37.16%-42.62%18.07%11.32%
USD=X
USD Cash
0.00%0.00%0.00%0.00%0.00%0.00%
VMFXX
Vanguard Federal Money Market Fund
0.69%0.00%1.46%4.14%2.43%1.66%
*Annualized

Monthly Returns

The table below presents the monthly returns of shorting, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.


JanFebMarAprMayJunJulAugSepOctNovDecTotal
20254.75%8.04%-3.73%0.54%-0.06%9.48%
20248.93%8.15%5.58%3.59%7.84%6.95%2.51%10.05%2.85%1.82%6.73%-2.86%82.02%
20235.58%1.23%6.94%5.56%3.52%6.98%2.73%7.60%2.42%6.12%8.67%3.95%81.35%
2022-2.18%-0.41%7.35%-2.64%2.43%-0.05%6.40%-0.45%-2.31%9.55%6.48%-0.47%25.24%
2021-0.27%-0.68%2.72%3.73%1.60%2.87%2.65%1.52%-4.32%5.73%-0.89%7.69%24.12%
20207.06%-6.17%-1.94%8.65%3.84%1.59%2.61%2.74%-0.21%-3.48%5.59%5.93%28.23%
20198.01%6.69%4.51%2.66%1.96%4.81%3.22%3.45%-0.56%1.00%4.75%2.18%51.65%
20181.73%0.25%1.35%2.58%3.84%1.52%5.88%6.74%1.21%-1.74%3.64%-4.14%24.84%
20171.85%4.89%0.06%1.94%2.27%-0.42%2.56%1.89%2.83%1.89%4.35%1.83%29.11%
2016-1.25%-0.54%4.10%-1.42%2.20%1.80%2.68%-2.42%-1.34%-2.13%1.04%4.26%6.87%
20151.51%2.80%2.41%-1.80%3.01%-0.28%3.20%-3.44%0.37%3.97%0.37%1.04%13.68%
2014-2.55%6.19%-0.65%0.28%0.38%2.53%-2.12%3.43%0.59%4.42%4.25%1.59%19.50%

Expense Ratio

shorting has an expense ratio of 0.11%, which is considered low. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.


Expense ratio chart for DOG: current value is 0.95%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
DOG: 0.95%
Expense ratio chart for PSQ: current value is 0.95%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
PSQ: 0.95%
Expense ratio chart for BTAL: current value is 2.11%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
BTAL: 2.11%
Expense ratio chart for EUO: current value is 0.99%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
EUO: 0.99%
Expense ratio chart for IAU: current value is 0.25%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
IAU: 0.25%
Expense ratio chart for YCS: current value is 1.00%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
YCS: 1.00%
Expense ratio chart for VMFXX: current value is 0.00%, compared with the broader market range of 0.00% to 2.12%.0.50%1.00%1.50%2.00%
VMFXX: 0.00%

Risk-Adjusted Performance

Risk-Adjusted Performance Rank

With an overall rank of 98, shorting is among the top 2% of portfolios on our website when it comes to balancing risk and reward. Below is a breakdown of how it compares using common performance measures.


The Risk-Adjusted Performance Rank of shorting is 9898
Overall Rank
The Sharpe Ratio Rank of shorting is 9898
Sharpe Ratio Rank
The Sortino Ratio Rank of shorting is 9999
Sortino Ratio Rank
The Omega Ratio Rank of shorting is 9999
Omega Ratio Rank
The Calmar Ratio Rank of shorting is 9898
Calmar Ratio Rank
The Martin Ratio Rank of shorting is 9898
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

Risk-Adjusted Performance Indicators

This table presents a comparison of risk-adjusted performance metrics for positions. 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.


The chart of Sharpe ratio for Portfolio, currently valued at 2.97, compared to the broader market-4.00-2.000.002.004.00
Portfolio: 2.97
^GSPC: 0.67
The chart of Sortino ratio for Portfolio, currently valued at 4.32, compared to the broader market-6.00-4.00-2.000.002.004.00
Portfolio: 4.32
^GSPC: 1.05
The chart of Omega ratio for Portfolio, currently valued at 1.66, compared to the broader market0.400.600.801.001.201.401.60
Portfolio: 1.66
^GSPC: 1.16
The chart of Calmar ratio for Portfolio, currently valued at 4.19, compared to the broader market0.002.004.006.00
Portfolio: 4.19
^GSPC: 0.68
The chart of Martin ratio for Portfolio, currently valued at 17.12, compared to the broader market0.005.0010.0015.0020.0025.00
Portfolio: 17.12
^GSPC: 2.70

Portfolio components
Sharpe ratioSortino ratioOmega ratioCalmar ratioMartin ratio
LLY
Eli Lilly and Company
0.140.451.060.210.41
COST
Costco Wholesale Corporation
1.331.841.251.664.88
PGR
The Progressive Corporation
1.562.081.303.097.65
FICO
Fair Isaac Corporation
1.512.071.281.673.65
DOG
ProShares Short Dow30
0.040.171.030.010.09
PSQ
ProShares Short QQQ
-0.24-0.180.98-0.06-0.57
HEI
HEICO Corporation
0.841.381.191.122.74
BTAL
AGFiQ US Market Neutral Anti-Beta Fund
0.520.921.110.401.58
EUO
ProShares UltraShort Euro
-0.21-0.180.98-0.16-0.49
IAU
iShares Gold Trust
2.112.871.384.3211.20
SO
The Southern Company
1.041.541.191.413.30
YCS
ProShares UltraShort Yen
-0.17-0.070.99-0.19-0.39
NVO
Novo Nordisk A/S
-1.14-1.670.78-0.80-1.50
USD=X
USD Cash
VMFXX
Vanguard Federal Money Market Fund
3.26

The current shorting Sharpe ratio is 2.97. This value is calculated based on the past 1 year of trading data and takes into account price changes and dividends.

Compared to the broad market, where average Sharpe ratios range from 0.55 to 1.09, this portfolio's current Sharpe ratio is in the top 25%, it signifies superior risk-adjusted performance. This means that for the level of risk undertaken, the portfolio is generating impressive returns compared to most others.

Use the chart below to compare the Sharpe ratio of shorting with the selected benchmark, providing insights into the investment's historical performance in terms of risk-adjusted returns. Go to the Sharpe ratio tool for more fine-grained control over the calculation options.


Rolling 12-month Sharpe Ratio0.002.004.006.00December2025FebruaryMarchAprilMay
2.97
0.67
shorting
Benchmark (^GSPC)
Portfolio components

Dividends

Dividend yield

shorting provided a 28.28% dividend yield over the last twelve months.


TTM20242023202220212020201920182017201620152014
Portfolio28.28%35.40%34.96%11.36%1.48%4.37%15.88%12.22%4.83%1.36%1.32%1.70%
LLY
Eli Lilly and Company
0.66%0.67%0.78%1.07%1.23%1.75%1.96%1.95%2.46%2.77%2.37%2.84%
COST
Costco Wholesale Corporation
0.47%0.49%2.87%0.76%0.54%3.38%0.86%1.08%4.81%1.09%4.06%0.97%
PGR
The Progressive Corporation
1.73%0.48%0.25%0.31%6.23%2.68%3.89%1.86%1.21%2.50%2.16%5.53%
FICO
Fair Isaac Corporation
0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.01%0.07%0.08%0.11%
DOG
ProShares Short Dow30
5.07%5.72%4.54%0.41%0.00%0.14%1.54%0.86%0.03%0.00%0.00%0.00%
PSQ
ProShares Short QQQ
6.48%7.15%6.01%0.35%0.00%0.31%1.75%0.95%0.02%0.00%0.00%0.00%
HEI
HEICO Corporation
0.08%0.09%0.11%0.12%0.12%0.12%0.12%0.14%0.08%0.22%0.28%1.02%
BTAL
AGFiQ US Market Neutral Anti-Beta Fund
3.27%3.49%6.14%1.01%0.00%0.00%0.88%0.39%0.00%0.00%0.00%0.00%
EUO
ProShares UltraShort Euro
0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
IAU
iShares Gold Trust
0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SO
The Southern Company
3.16%3.47%3.96%3.78%3.82%4.13%3.86%5.42%4.78%4.52%4.60%4.24%
YCS
ProShares UltraShort Yen
0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
NVO
Novo Nordisk A/S
2.33%1.68%1.00%1.20%1.34%1.86%2.14%2.47%2.12%3.93%1.31%1.96%
USD=X
USD Cash
0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
VMFXX
Vanguard Federal Money Market Fund
4.05%5.11%4.97%1.54%0.01%0.45%2.12%1.61%0.50%0.00%0.00%0.00%

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.


-20.00%-15.00%-10.00%-5.00%0.00%December2025FebruaryMarchAprilMay
-3.27%
-7.45%
shorting
Benchmark (^GSPC)
Portfolio components

Worst Drawdowns

The table below displays the maximum drawdowns of the shorting. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the shorting was 21.13%, occurring on Mar 23, 2020. Recovery took 49 trading sessions.

The current shorting drawdown is 3.27%.


Depth

Start

To Bottom

Bottom

To Recover

End

Total

-21.13%Feb 19, 202024Mar 23, 202049May 29, 202073
-11.69%Mar 3, 202527Apr 8, 2025
-10.79%Dec 4, 201815Dec 24, 201827Jan 30, 201942
-9.03%Jul 20, 201527Aug 25, 201546Oct 28, 201573
-8.83%Apr 8, 202230May 19, 202245Jul 21, 202275

Volatility

Volatility Chart

The current shorting volatility is 9.46%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.


2.00%4.00%6.00%8.00%10.00%12.00%14.00%December2025FebruaryMarchAprilMay
9.46%
14.17%
shorting
Benchmark (^GSPC)
Portfolio components

Diversification

Diversification Metrics


Number of Effective Assets
2.004.006.008.0010.0012.0014.00
Effective Assets: 0.01

The portfolio contains 15 assets, with an effective number of assets of 0.01, reflecting the diversification based on asset allocation. This number of effective assets suggests a highly concentrated portfolio, where a few assets dominate the allocation, potentially increasing the portfolio's risk due to lack of diversification.

Asset Correlations Table

The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.

^GSPCUSD=XVMFXXIAUEUOYCSSOBTALNVOLLYPGRCOSTHEIFICOPSQDOGPortfolio
^GSPC1.000.00-0.010.04-0.160.210.28-0.510.390.430.480.560.550.62-0.90-0.920.76
USD=X0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
VMFXX-0.010.001.00-0.010.01-0.010.000.040.00-0.01-0.00-0.010.000.00-0.000.020.16
IAU0.040.00-0.011.00-0.39-0.410.120.010.090.01-0.010.020.030.04-0.04-0.020.04
EUO-0.160.000.01-0.391.000.37-0.110.11-0.17-0.01-0.04-0.06-0.08-0.100.140.15-0.02
YCS0.210.00-0.01-0.410.371.00-0.07-0.140.050.100.150.080.130.11-0.17-0.210.23
SO0.280.000.000.12-0.11-0.071.000.070.140.250.280.260.170.17-0.16-0.300.37
BTAL-0.510.000.040.010.11-0.140.071.00-0.13-0.11-0.12-0.17-0.32-0.300.450.46-0.23
NVO0.390.000.000.09-0.170.050.14-0.131.000.400.220.240.200.29-0.37-0.350.50
LLY0.430.00-0.010.01-0.010.100.25-0.110.401.000.300.300.220.27-0.38-0.400.64
PGR0.480.00-0.00-0.01-0.040.150.28-0.120.220.301.000.330.360.33-0.35-0.520.64
COST0.560.00-0.010.02-0.060.080.26-0.170.240.300.331.000.300.37-0.52-0.520.56
HEI0.550.000.000.03-0.080.130.17-0.320.200.220.360.301.000.45-0.45-0.550.58
FICO0.620.000.000.04-0.100.110.17-0.300.290.270.330.370.451.00-0.60-0.540.62
PSQ-0.900.00-0.00-0.040.14-0.17-0.160.45-0.37-0.38-0.35-0.52-0.45-0.601.000.74-0.67
DOG-0.920.000.02-0.020.15-0.21-0.300.46-0.35-0.40-0.52-0.52-0.55-0.540.741.00-0.73
Portfolio0.760.000.160.04-0.020.230.37-0.230.500.640.640.560.580.62-0.67-0.731.00
The correlation results are calculated based on daily price changes starting from Sep 14, 2011