shorting

Performance

Risk-Adjusted Performance

Dividends

Drawdowns

Volatility

Diversification

shorting

Currency in USD · Last updated May 28, 2025

Asset Allocation

Position	Category/Sector	Target Weight
BTAL AGFiQ US Market Neutral Anti-Beta Fund	Long-Short	6.25%
COST Costco Wholesale Corporation	Consumer Defensive	7.50%
DOG ProShares Short Dow30	Inverse Equities	-9%
EUO ProShares UltraShort Euro	Leveraged Currency, Leveraged	6.25%
FICO Fair Isaac Corporation	Technology	7.50%
HEI HEICO Corporation	Industrials	7.50%
IAU iShares Gold Trust	Precious Metals, Gold	6.25%
LLY Eli Lilly and Company	Healthcare	13.75%
NVO Novo Nordisk A/S	Healthcare	6.25%
PGR The Progressive Corporation	Financial Services	13.75%
PSQ ProShares Short QQQ	Inverse Equities	-8.50%
SO The Southern Company	Utilities	6.25%
USD=X USD Cash		-670%
VMFXX Vanguard Federal Money Market Fund	Money Market	700%
YCS ProShares UltraShort Yen	Leveraged Currency, Leveraged	6.25%

Benchmark

S&P 500

Rebalance

Performance

Performance Chart

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

Returns By Period

As of May 28, 2025, the shorting returned 6.27% Year-To-Date and 34.39% of annualized return in the last 10 years.

	YTD	1M	6M	1Y	5Y*	10Y*
^GSPC S&P 500	0.12%	6.51%	-1.84%	10.98%	14.10%	10.82%
shorting	6.86%	-0.40%	6.72%	44.73%	44.62%	34.46%
Portfolio components:
LLY Eli Lilly and Company	-6.46%	-17.83%	-8.38%	-10.34%	37.90%	27.00%
COST Costco Wholesale Corporation	10.84%	3.67%	5.62%	25.24%	28.96%	23.81%
PGR The Progressive Corporation	17.96%	2.76%	5.92%	37.88%	31.58%	29.17%
FICO Fair Isaac Corporation	-18.63%	-16.64%	-31.18%	16.95%	32.10%	33.87%
DOG ProShares Short Dow30	1.59%	-4.22%	7.26%	-3.93%	-9.51%	-10.28%
PSQ ProShares Short QQQ	-2.79%	-8.69%	-3.62%	-10.25%	-16.56%	-17.07%
HEI HEICO Corporation	23.87%	18.98%	8.49%	38.94%	24.06%	26.13%
BTAL AGFiQ US Market Neutral Anti-Beta Fund	3.68%	-4.10%	4.64%	3.98%	-3.28%	1.16%
EUO ProShares UltraShort Euro	-14.89%	2.62%	-11.04%	-3.48%	1.62%	1.50%
IAU iShares Gold Trust	25.57%	-1.68%	24.89%	39.49%	13.46%	10.45%
SO The Southern Company	8.99%	-1.97%	-0.03%	17.63%	13.44%	11.97%
YCS ProShares UltraShort Yen	-11.14%	4.22%	-4.86%	-7.63%	17.39%	5.73%
NVO Novo Nordisk A/S	-18.97%	9.55%	-34.32%	-47.82%	17.70%	11.50%
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%	2.51%	1.72%

*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.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2025	4.75%	8.04%	-3.73%	0.54%	-2.45%								6.86%
2024	8.93%	8.15%	5.58%	3.59%	7.84%	6.95%	2.51%	10.05%	2.85%	1.82%	6.73%	-2.86%	82.02%
2023	5.58%	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%
2020	7.06%	-6.17%	-1.94%	8.65%	3.84%	1.59%	2.61%	2.74%	-0.21%	-3.48%	5.59%	5.93%	28.23%
2019	8.01%	6.69%	4.51%	2.66%	1.96%	4.81%	3.22%	3.45%	-0.56%	1.00%	4.75%	2.18%	51.65%
2018	1.73%	0.25%	1.35%	2.58%	3.84%	1.52%	5.88%	6.74%	1.21%	-1.74%	3.64%	-4.14%	24.84%
2017	1.85%	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%
2015	1.51%	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%

Go deeper with the Portfolio Analysis tool — backtest performance, assess risk, compare to benchmarks, and more

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.

DOG

ProShares Short Dow30

PSQ

ProShares Short QQQ

BTAL

AGFiQ US Market Neutral Anti-Beta Fund

EUO

ProShares UltraShort Euro

IAU

iShares Gold Trust

YCS

ProShares UltraShort Yen

VMFXX

Vanguard Federal Money Market Fund

Risk-Adjusted Performance

Risk-Adjusted Performance Rank

With an overall rank of 97, shorting is among the top 3% 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.

Overall Rank

Sharpe Ratio Rank

Sortino Ratio Rank

Omega Ratio Rank

Calmar Ratio Rank

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.

Portfolio components

	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Martin ratio
LLY Eli Lilly and Company	-0.27	-0.38	0.95	-0.64	-1.17
COST Costco Wholesale Corporation	1.13	1.36	1.18	1.16	3.29
PGR The Progressive Corporation	1.51	1.92	1.28	2.80	6.91
FICO Fair Isaac Corporation	0.42	0.98	1.16	0.64	1.63
DOG ProShares Short Dow30	-0.22	-0.21	0.97	-0.05	-0.54
PSQ ProShares Short QQQ	-0.40	-0.37	0.95	-0.10	-0.82
HEI HEICO Corporation	1.28	1.69	1.23	1.46	3.54
BTAL AGFiQ US Market Neutral Anti-Beta Fund	0.20	0.35	1.04	0.10	0.38
EUO ProShares UltraShort Euro	-0.21	-0.34	0.96	-0.26	-0.67
IAU iShares Gold Trust	2.16	3.34	1.43	5.23	14.12
SO The Southern Company	0.91	1.26	1.16	1.17	2.71
YCS ProShares UltraShort Yen	-0.29	-0.25	0.97	-0.34	-0.66
NVO Novo Nordisk A/S	-1.10	-1.83	0.77	-0.86	-1.48
USD=X USD Cash	—	—	—	—	—
VMFXX Vanguard Federal Money Market Fund	3.20	—	—	—	—

The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.

shorting Sharpe ratios as of May 28, 2025 (values are recalculated daily):

1-Year: 2.56
5-Year: 3.05
10-Year: 2.31
All Time: 2.21

These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns (including price changes and dividends).

Compared to the broad market, where average Sharpe ratios range from 0.55 to 1.08, this portfolio's current Sharpe ratio is in the top 25%. This signifies superior risk-adjusted performance, meaning the portfolio is delivering strong returns for the level of risk taken compared to most others.

The chart below shows the rolling Sharpe ratio of shorting compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.

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Go to the full Sharpe Ratio tool to analyze any stock or portfolio. Customize time frames, set your own risk-free rate, and more

Dividends

Dividend yield

shorting provided a 33.22% dividend yield over the last twelve months.

	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Portfolio	33.22%	35.40%	34.96%	11.36%	1.48%	4.37%	15.88%	12.22%	4.83%	1.36%	1.32%	1.70%
Portfolio components:
LLY Eli Lilly and Company	0.78%	0.67%	0.78%	1.07%	1.23%	1.75%	1.96%	1.94%	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	1.77%	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	5.16%	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	6.86%	7.15%	6.01%	0.35%	0.00%	0.31%	1.75%	0.94%	0.02%	0.00%	0.00%	0.00%
HEI HEICO Corporation	0.07%	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	3.37%	3.49%	6.14%	1.00%	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	3.29%	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	2.35%	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	4.76%	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.

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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 6.10%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-21.13%	Feb 19, 2020	24	Mar 23, 2020	49	May 29, 2020	73
-11.69%	Mar 3, 2025	27	Apr 8, 2025	—	—	—
-10.79%	Dec 4, 2018	15	Dec 24, 2018	27	Jan 30, 2019	42
-9.03%	Jul 20, 2015	27	Aug 25, 2015	46	Oct 28, 2015	73
-8.83%	Apr 8, 2022	30	May 19, 2022	45	Jul 21, 2022	75

Go to the full Drawdowns tool for more analysis options, including inflation-adjusted drawdowns, and more

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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Diversification

Diversification Metrics

Number of Effective Assets

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.

	^GSPC	USD=X	VMFXX	IAU	EUO	YCS	SO	BTAL	NVO	LLY	PGR	COST	HEI	FICO	PSQ	DOG	Portfolio
^GSPC	1.00	0.00	-0.01	0.04	-0.16	0.21	0.28	-0.51	0.39	0.43	0.48	0.56	0.55	0.61	-0.90	-0.92	0.76
USD=X	0.00	0.00	0.00	0.00	0.00	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	-0.01	0.00	1.00	-0.01	0.01	-0.01	0.00	0.04	0.00	-0.01	-0.00	-0.01	0.00	0.00	-0.00	0.02	0.16
IAU	0.04	0.00	-0.01	1.00	-0.40	-0.41	0.12	0.01	0.09	0.01	-0.01	0.02	0.03	0.04	-0.03	-0.02	0.04
EUO	-0.16	0.00	0.01	-0.40	1.00	0.37	-0.11	0.10	-0.16	-0.01	-0.05	-0.06	-0.08	-0.10	0.13	0.14	-0.02
YCS	0.21	0.00	-0.01	-0.41	0.37	1.00	-0.07	-0.15	0.05	0.10	0.15	0.08	0.14	0.11	-0.17	-0.22	0.23
SO	0.28	0.00	0.00	0.12	-0.11	-0.07	1.00	0.07	0.14	0.25	0.28	0.26	0.17	0.17	-0.16	-0.30	0.37
BTAL	-0.51	0.00	0.04	0.01	0.10	-0.15	0.07	1.00	-0.13	-0.11	-0.12	-0.17	-0.32	-0.29	0.45	0.46	-0.22
NVO	0.39	0.00	0.00	0.09	-0.16	0.05	0.14	-0.13	1.00	0.40	0.21	0.24	0.20	0.29	-0.37	-0.35	0.50
LLY	0.43	0.00	-0.01	0.01	-0.01	0.10	0.25	-0.11	0.40	1.00	0.30	0.31	0.22	0.27	-0.38	-0.40	0.64
PGR	0.48	0.00	-0.00	-0.01	-0.05	0.15	0.28	-0.12	0.21	0.30	1.00	0.33	0.36	0.33	-0.35	-0.52	0.64
COST	0.56	0.00	-0.01	0.02	-0.06	0.08	0.26	-0.17	0.24	0.31	0.33	1.00	0.30	0.37	-0.52	-0.52	0.56
HEI	0.55	0.00	0.00	0.03	-0.08	0.14	0.17	-0.32	0.20	0.22	0.36	0.30	1.00	0.46	-0.45	-0.55	0.58
FICO	0.61	0.00	0.00	0.04	-0.10	0.11	0.17	-0.29	0.29	0.27	0.33	0.37	0.46	1.00	-0.60	-0.54	0.62
PSQ	-0.90	0.00	-0.00	-0.03	0.13	-0.17	-0.16	0.45	-0.37	-0.38	-0.35	-0.52	-0.45	-0.60	1.00	0.74	-0.67
DOG	-0.92	0.00	0.02	-0.02	0.14	-0.22	-0.30	0.46	-0.35	-0.40	-0.52	-0.52	-0.55	-0.54	0.74	1.00	-0.73
Portfolio	0.76	0.00	0.16	0.04	-0.02	0.23	0.37	-0.22	0.50	0.64	0.64	0.56	0.58	0.62	-0.67	-0.73	1.00

The correlation results are calculated based on daily price changes starting from Sep 14, 2011

Go to the full Correlations tool for more customization options

Performance Analysis

Risk Analysis

Optimization

Factor Model

shorting

Asset Allocation

Performance

Performance Chart

Returns By Period

Monthly Returns

Expense Ratio

Risk-Adjusted Performance

Risk-Adjusted Performance Rank

Risk-Adjusted Performance Indicators

Dividends

Dividend yield

Drawdowns

Drawdowns Chart

Worst Drawdowns

Volatility

Volatility Chart

Diversification

Diversification Metrics

Number of Effective Assets

Asset Correlations Table

Performance Analysis

Risk Analysis

Optimization

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