EUO vs. SHRT

Last updated Jun 24, 2026

EUO (ProShares UltraShort Euro) and SHRT (Gotham Short Strategies ETF) are both exchange-traded funds - EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while SHRT is a Inverse Equities fund actively managed by Gotham. EUO is passively managed, while SHRT is actively managed. Over the past year, EUO returned 8.88% vs -21.39% for SHRT. At a 0.09 correlation, their price movements are largely independent. EUO charges 0.99%/yr vs 1.35%/yr for SHRT.

Performance

EUO vs. SHRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Euro (EUO) 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, EUO achieves a 9.04% return, which is significantly higher than SHRT's -16.28% return.

EUO

• 1D: 0.82%
• 1M: 4.61%
• YTD: 9.04%
• 6M: 9.78%
• 1Y: 8.88%
• 3Y*: 1.93%
• 5Y*: 5.59%
• 10Y*: 2.41%

SHRT

• 1D: -0.05%
• 1M: -0.43%
• YTD: -16.28%
• 6M: -15.63%
• 1Y: -21.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EUO vs. SHRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EUO ProShares UltraShort Euro	9.04%	-18.87%	19.79%	-5.02%
SHRT Gotham Short Strategies ETF	-16.28%	-0.91%	-1.44%	-5.51%

Correlation

The correlation between EUO and SHRT is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (All Time) Calculated using the full available price history since Nov 6, 2023	0.09

Return for Risk

EUO vs. SHRT — Risk / Return Rank

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

EUO

EUO Risk / Return Rank: 21
EUO Sharpe Ratio Rank: 21
EUO Sortino Ratio Rank: 20
EUO Omega Ratio Rank: 20
EUO Calmar Ratio Rank: 24
EUO Martin Ratio Rank: 22

SHRT

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

EUO vs. SHRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Euro (EUO) 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.

	EUO	SHRT	Difference
Sharpe ratio: Return per unit of total volatility	0.70	-1.60	+2.30
Sortino ratio: Return per unit of downside risk	1.06	-2.37	+3.43
Omega ratio: Gain probability vs. loss probability	1.13	0.75	+0.38
Calmar ratio: Return relative to maximum drawdown	1.11	-0.97	+2.07
Martin ratio: Return relative to average drawdown	2.59	-1.96	+4.55

EUO vs. SHRT - Sharpe Ratio Comparison

The current EUO Sharpe Ratio is 0.70, which is higher than the SHRT Sharpe Ratio of -1.60. The chart below compares the historical Sharpe Ratios of EUO 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

EUO vs. SHRT - Drawdown Comparison

The maximum EUO drawdown since its inception was -38.58%, which is greater than SHRT's maximum drawdown of -25.98%. Use the drawdown chart below to compare losses from any high point for EUO and SHRT.

Drawdown Indicators

	EUO	SHRT	Difference
Max Drawdown Largest peak-to-trough decline	-38.58%	-25.98%	-12.60%
Max Drawdown (1Y) Largest decline over 1 year	-8.05%	-22.21%	+14.16%
Max Drawdown (3Y) Largest decline over 3 years	-24.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.28%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-29.61%	—	—
Current Drawdown Current decline from peak	-14.93%	-24.92%	+9.99%
Average Drawdown Average peak-to-trough decline	-18.50%	-8.43%	-10.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	11.24%	-7.79%

Volatility

EUO vs. SHRT - Volatility Comparison

The current volatility for ProShares UltraShort Euro (EUO) is 3.28%, while Gotham Short Strategies ETF (SHRT) has a volatility of 4.21%. This indicates that EUO 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

	EUO	SHRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	4.21%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	9.09%	11.34%	-2.25%
Volatility (1Y) Calculated over the trailing 1-year period	12.71%	13.44%	-0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.56%	12.82%	+2.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.79%	12.82%	+1.97%

EUO vs. SHRT - Expense Ratio Comparison

EUO has a 0.99% expense ratio, which is lower than SHRT's 1.35% expense ratio.

Dividends

EUO vs. SHRT - Dividend Comparison

EUO has not paid dividends to shareholders, while SHRT's dividend yield for the trailing twelve months is around 0.08%.

Position	TTM	2025	2024	2023
EUO ProShares UltraShort Euro	0.00%	0.00%	0.00%	0.00%
SHRT Gotham Short Strategies ETF	0.08%	0.07%	0.85%	0.27%

Frequently Asked Questions

Can I hold both EUO and SHRT in my portfolio?

EUO and SHRT have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EUO or SHRT?

SHRT has higher volatility (4.21%) compared to EUO (3.28%). In terms of maximum drawdown, EUO dropped -38.58% vs SHRT's -25.98%.

Which ETF is better, EUO or SHRT?

On 1-year performance, EUO leads with 8.88% vs -21.39% for SHRT. On fees, EUO is cheaper at 0.99% per year. On volatility, EUO has been the lower-risk option at 3.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EUO or SHRT?

Over the 1-year period, EUO has performed better with a 8.88% return vs -21.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUO or SHRT?

EUO is cheaper with a 0.99% expense ratio, compared with 1.35% for SHRT.

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

SHRT has the higher dividend yield at 0.08%, compared with 0.00% for EUO.

What is the main difference between EUO and SHRT?

EUO is categorized as Leveraged Currency, while SHRT is Inverse Equities. They also come from different issuers: ProShares and Gotham. Their fees differ too: 0.99% for EUO and 1.35% for SHRT.

Which has better risk-adjusted returns?

EUO currently has the higher Sharpe Ratio (0.70 vs -1.60), 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.