CEFD vs. SHRT

Last updated Jul 17, 2026

CEFD (ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN) and SHRT (Gotham Short Strategies ETF) are both exchange-traded funds - CEFD is a fund fund tracking the S-Network Composite Closed-End Fund Index (150%), while SHRT is a Inverse Equities fund actively managed by Gotham. CEFD is passively managed, while SHRT is actively managed. Over the past year, CEFD returned 14.82% vs -17.31% for SHRT. At a correlation of -0.45, they often move in opposite directions. CEFD charges 0.95%/yr vs 1.35%/yr for SHRT.

Performance

CEFD vs. SHRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) and Gotham Short Strategies ETF (SHRT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CEFD achieves a 7.86% return, which is significantly higher than SHRT's -15.36% return.

CEFD

• 1D: -0.71%
• 1M: 0.68%
• 6M: 5.57%
• YTD: 7.86%
• 1Y: 14.82%
• 3Y*: 14.53%
• 5Y*: 3.37%
• 10Y*: —

SHRT

• 1D: -0.23%
• 1M: -0.84%
• 6M: -11.10%
• YTD: -15.36%
• 1Y: -17.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CEFD vs. SHRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN	7.86%	14.15%	20.06%	8.70%
SHRT Gotham Short Strategies ETF	-15.36%	-0.91%	-1.44%	-5.51%

Correlation

The correlation between CEFD and SHRT is -0.40, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.40
Correlation (All Time) Calculated using the full available price history since Nov 6, 2023	-0.45

Return for Risk

CEFD vs. SHRT — Risk / Return Rank

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

CEFD

CEFD Risk / Return Rank: 37
CEFD Sharpe Ratio Rank: 37
CEFD Sortino Ratio Rank: 36
CEFD Omega Ratio Rank: 40
CEFD Calmar Ratio Rank: 29
CEFD Martin Ratio Rank: 42

SHRT

SHRT Risk / Return Rank: 1
SHRT Sharpe Ratio Rank: 0
SHRT Sortino Ratio Rank: 1
SHRT Omega Ratio Rank: 1
SHRT Calmar Ratio Rank: 2
SHRT Martin Ratio Rank: 0

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.

CEFD vs. SHRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) 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.

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.

	CEFD	SHRT	Difference
Sharpe ratio: Return per unit of total volatility	1.10	-1.24	+2.34
Sortino ratio: Return per unit of downside risk	1.61	-1.81	+3.42
Omega ratio: Gain probability vs. loss probability	1.22	0.80	+0.41
Calmar ratio: Return relative to maximum drawdown	1.19	-0.82	+2.01
Martin ratio: Return relative to average drawdown	5.44	-1.85	+7.29

CEFD vs. SHRT - Sharpe Ratio Comparison

The current CEFD Sharpe Ratio is 1.10, which is higher than the SHRT Sharpe Ratio of -1.24. The chart below compares the historical Sharpe Ratios of CEFD and SHRT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CEFD vs. SHRT - Drawdown Comparison

The maximum CEFD drawdown since its inception was -36.95%, which is greater than SHRT's maximum drawdown of -27.84%. Use the drawdown chart below to compare losses from any high point for CEFD and SHRT.

Drawdown Indicators

	CEFD	SHRT	Difference
Max Drawdown Largest peak-to-trough decline	-36.95%	-27.84%	-9.11%
Max Drawdown (1Y) Largest decline over 1 year	-12.51%	-21.19%	+8.68%
Max Drawdown (3Y) Largest decline over 3 years	-21.76%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-36.95%	—	—
Current Drawdown Current decline from peak	-1.21%	-24.09%	+22.88%
Average Drawdown Average peak-to-trough decline	-11.52%	-8.83%	-2.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	9.53%	-6.80%

Volatility

CEFD vs. SHRT - Volatility Comparison

The current volatility for ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN (CEFD) is 3.74%, while Gotham Short Strategies ETF (SHRT) has a volatility of 5.37%. This indicates that CEFD experiences smaller price fluctuations and is considered to be less risky than SHRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CEFD	SHRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	5.37%	-1.63%
Volatility (6M) Calculated over the trailing 6-month period	12.00%	11.94%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	13.48%	14.02%	-0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.03%	12.97%	+5.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.26%	12.97%	+4.29%

CEFD vs. SHRT - Expense Ratio Comparison

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

Dividends

CEFD vs. SHRT - Dividend Comparison

CEFD's dividend yield for the trailing twelve months is around 14.71%, more than SHRT's 0.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CEFD ETRACS Monthly Pay 1.5x Leveraged Closed-End Fund Index ETN	14.71%	14.88%	13.90%	14.76%	16.56%	10.31%	5.37%
SHRT Gotham Short Strategies ETF	0.08%	0.07%	0.85%	0.27%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CEFD and SHRT in my portfolio?

CEFD and SHRT have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CEFD or SHRT?

SHRT has higher volatility (5.37%) compared to CEFD (3.74%). In terms of maximum drawdown, CEFD dropped -36.95% vs SHRT's -27.84%.

Which ETF is better, CEFD or SHRT?

On 1-year performance, CEFD leads with 14.82% vs -17.31% for SHRT. On fees, CEFD is cheaper at 0.95% per year. On volatility, CEFD has been the lower-risk option at 3.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CEFD or SHRT?

Over the 1-year period, CEFD has performed better with a 14.82% return vs -17.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CEFD or SHRT?

CEFD is cheaper with a 0.95% expense ratio, compared with 1.35% for SHRT.

Which ETF pays a higher dividend yield, CEFD or SHRT?

CEFD has the higher dividend yield at 14.71%, compared with 0.08% for SHRT.

What is the main difference between CEFD and SHRT?

They also come from different issuers: UBS and Gotham. Their fees differ too: 0.95% for CEFD and 1.35% for SHRT.

Which has better risk-adjusted returns?

CEFD currently has the higher Sharpe Ratio (1.10 vs -1.24), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.