- Issuer
- Gotham
- Inception Date
- Jul 31, 2017
- Category
- Inverse Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $12M
Share Price Chart
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Performance
SHRT Performance Chart
Gotham Short Strategies ETF (SHRT) is down 16.2% since the beginning of the year. SHRT is currently trading at $6 per share.
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Returns By Period
Gotham Short Strategies ETF (SHRT) has returned -16.24% so far this year and -21.59% over the past 12 months.
Gotham Short Strategies ETF
- 1D
- -0.19%
- 1M
- -0.38%
- YTD
- -16.24%
- 6M
- -15.19%
- 1Y
- -21.59%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
SHRT Monthly Returns History
Based on dividend-adjusted daily data since Nov 6, 2023, SHRT's average daily return is -0.04%, while the average monthly return is -0.74%.
Historically, 41% of months were positive and 59% were negative. The best month was Jul 2024 with a return of +5.9%, while the worst month was Apr 2026 at -10.6%. The longest winning streak lasted 4 consecutive months, and the longest losing streak was 5 months.
On a daily basis, SHRT closed higher 46% of trading days. The best single day was Apr 15, 2025 with a return of +4.4%, while the worst single day was Nov 6, 2024 at -4.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -3.02% | -4.06% | 4.54% | -10.62% | -2.86% | -0.82% | -16.24% | ||||||
| 2025 | 1.69% | 0.64% | 3.37% | -1.84% | 1.56% | -1.23% | -4.56% | -0.66% | -0.79% | -3.38% | 1.86% | 2.77% | -0.91% |
| 2024 | 3.18% | -1.38% | 1.21% | 1.63% | -1.85% | -3.22% | 5.93% | -0.35% | 1.61% | -3.53% | -7.12% | 3.14% | -1.44% |
| 2023 | -1.82% | -3.76% | -5.51% |
Benchmark Metrics
Gotham Short Strategies ETF has an annualized alpha of 0.95%, beta of -0.46, and R2 of 0.30 versus S&P 500 Index. Calculated based on daily prices since November 06, 2023.
- This ETF tended to rise when S&P 500 Index fell (downside capture of -27.31%), but participation in market rallies was also limited (-29.77%) - a profile typical of counter-cyclical assets.
- Beta of -0.46 may look defensive, but with R2 of 0.30 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.30 means the benchmark explains less than half of this ETF's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 0.95%
- Beta
- -0.46
- R²
- 0.30
- Upside Capture
- -29.77%
- Downside Capture
- -27.31%
Expense Ratio
SHRT has a high expense ratio of 1.35%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
SHRT ranks 0 for risk / return — in the bottom 0% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Gotham Short Strategies ETF (SHRT) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SHRT | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.64 | ||
| Sortino ratioReturn per unit of downside risk | -5.15 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.37 | -0.62 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 2.78 | -3.75 |
| Martin ratioReturn relative to average drawdown | -1.94 | 12.44 | -14.38 |
Dividends
Dividend History
Gotham Short Strategies ETF provided a 0.08% dividend yield over the last twelve months, with an annual payout of $0.01 per share.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $0.01 | $0.01 | $0.07 | $0.02 |
Dividend yield | 0.08% | 0.07% | 0.85% | 0.27% |
Monthly Dividends
The table displays the monthly dividend distributions for Gotham Short Strategies ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.01 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.07 | $0.07 |
| 2023 | $0.02 | $0.02 |
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 Gotham Short Strategies ETF. 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 Gotham Short Strategies ETF was 25.98%, occurring on Jun 2, 2026. The portfolio has not yet recovered.
The current Gotham Short Strategies ETF drawdown is 24.88%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -25.98%Jun 2026 | 1y 10mo | — | 1y 10moAug 2024 - now |
2024 pullback2024 | -7.34%Jul 2024 | 2mo 17d | 28d | 3mo 15dApr 2024 - Aug 2024 |
2023 pullback2023 | -6.52%Dec 2023 | 1mo 21d | 3mo 23d | 5mo 14dNov 2023 - Apr 2024 |
Drawdown Indicators
| SHRT | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.98% | -56.78% | +30.80% |
Max Drawdown (1Y)Largest decline over 1 year | -22.49% | -9.10% | -13.39% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -24.88% | -1.80% | -23.08% |
Average DrawdownAverage peak-to-trough decline | -8.41% | -10.71% | +2.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.40% | 2.03% | +9.37% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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