BERZ vs. SHRT

Last updated Apr 1, 2026

Compare and contrast key facts about MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) and Gotham Short Strategies ETF (SHRT).

BERZ and SHRT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BERZ is a passively managed fund by BMO that tracks the performance of the Solactive FANG Innovation Index. It was launched on Aug 17, 2021. SHRT is an actively managed fund by Gotham. It was launched on Jul 31, 2017.

Performance

BERZ vs. SHRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) and Gotham Short Strategies ETF (SHRT). The values are adjusted to include any dividend payments, if applicable.

BERZ vs. SHRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	19.74%	-78.81%	-65.95%	-35.57%
SHRT Gotham Short Strategies ETF	-2.73%	-0.91%	-1.44%	-5.83%

Returns By Period

In the year-to-date period, BERZ achieves a 19.74% return, which is significantly higher than SHRT's -2.73% return.

BERZ

• 1D: -14.87%
• 1M: 7.73%
• YTD: 19.74%
• 6M: -4.91%
• 1Y: -79.02%
• 3Y*: -70.51%
• 5Y*: —
• 10Y*: —

SHRT

• 1D: -1.51%
• 1M: 4.54%
• YTD: -2.73%
• 6M: -1.63%
• 1Y: -8.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BERZ vs. SHRT - Expense Ratio Comparison

BERZ has a 0.95% expense ratio, which is lower than SHRT's 1.35% expense ratio.

SHRT

Gotham Short Strategies ETF

BERZ

MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN

Return for Risk

BERZ vs. SHRT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BERZ

BERZ Risk / Return Rank: 1
BERZ Sharpe Ratio Rank: 1
BERZ Sortino Ratio Rank: 1
BERZ Omega Ratio Rank: 1
BERZ Calmar Ratio Rank: 1
BERZ Martin Ratio Rank: 4

SHRT

SHRT Risk / Return Rank: 3
SHRT Sharpe Ratio Rank: 3
SHRT Sortino Ratio Rank: 2
SHRT Omega Ratio Rank: 3
SHRT Calmar Ratio Rank: 4
SHRT Martin Ratio Rank: 5

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BERZ vs. SHRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) and Gotham Short Strategies ETF (SHRT). 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.

	BERZ	SHRT	Difference
Sharpe ratio Return per unit of total volatility	-0.84	-0.61	-0.23
Sortino ratio Return per unit of downside risk	-1.52	-0.84	-0.68
Omega ratio Gain probability vs. loss probability	0.81	0.91	-0.10
Calmar ratio Return relative to maximum drawdown	-0.88	-0.49	-0.40
Martin ratio Return relative to average drawdown	-1.00	-0.89	-0.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BERZ vs. SHRT - Sharpe Ratio Comparison

The current BERZ Sharpe Ratio is -0.84, which is lower than the SHRT Sharpe Ratio of -0.61. The chart below compares the historical Sharpe Ratios of BERZ and SHRT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BERZ	SHRT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.84	-0.61	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	-0.66	-0.36	-0.30

Correlation

The correlation between BERZ and SHRT is 0.49, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BERZ vs. SHRT - Dividend Comparison

BERZ has not paid dividends to shareholders, while SHRT's dividend yield for the trailing twelve months is around 0.07%.

	TTM	2025	2024	2023
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%	0.00%
SHRT Gotham Short Strategies ETF	0.07%	0.07%	0.85%	0.27%

Drawdowns

BERZ vs. SHRT - Drawdown Comparison

The maximum BERZ drawdown since its inception was -99.46%, which is greater than SHRT's maximum drawdown of -18.97%. Use the drawdown chart below to compare losses from any high point for BERZ and SHRT.

Drawdown Indicators

	BERZ	SHRT	Difference
Max Drawdown Largest peak-to-trough decline	-99.46%	-18.97%	-80.49%
Max Drawdown (1Y) Largest decline over 1 year	-89.01%	-17.65%	-71.36%
Current Drawdown Current decline from peak	-99.28%	-12.77%	-86.51%
Average Drawdown Average peak-to-trough decline	-70.50%	-7.21%	-63.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	78.74%	9.62%	+69.12%

Volatility

BERZ vs. SHRT - Volatility Comparison

MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a higher volatility of 29.36% compared to Gotham Short Strategies ETF (SHRT) at 6.06%. This indicates that BERZ's price experiences larger fluctuations and is considered to be riskier than SHRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BERZ	SHRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.36%	6.06%	+23.30%
Volatility (6M) Calculated over the trailing 6-month period	61.12%	10.51%	+50.61%
Volatility (1Y) Calculated over the trailing 1-year period	94.14%	14.59%	+79.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.55%	12.66%	+79.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.55%	12.66%	+79.89%