GARIX vs. SHY
GARIX (Gotham Absolute Return Fund) and SHY (iShares 1-3 Year Treasury Bond ETF) are both funds - GARIX is a Long-Short fund managed by Gotham, while SHY is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index. Over the past 10 years, GARIX returned 9.83%/yr vs 1.65%/yr for SHY. At a correlation of -0.09, they often move in opposite directions. GARIX charges 1.50%/yr vs 0.15%/yr for SHY.
Performance
GARIX vs. SHY - Performance Comparison
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Returns By Period
In the year-to-date period, GARIX achieves a 9.41% return, which is significantly higher than SHY's 0.55% return. Over the past 10 years, GARIX has outperformed SHY with an annualized return of 9.83%, while SHY has yielded a comparatively lower 1.65% annualized return.
GARIX
- 1D
- 1.25%
- 1M
- 1.51%
- YTD
- 9.41%
- 6M
- 9.67%
- 1Y
- 19.56%
- 3Y*
- 18.51%
- 5Y*
- 13.93%
- 10Y*
- 9.83%
SHY
- 1D
- -0.02%
- 1M
- 0.19%
- YTD
- 0.55%
- 6M
- 0.80%
- 1Y
- 3.29%
- 3Y*
- 4.15%
- 5Y*
- 1.74%
- 10Y*
- 1.65%
GARIX vs. SHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GARIX Gotham Absolute Return Fund | 9.41% | 16.18% | 20.46% | 17.70% | -5.04% | 26.87% | -6.19% | 11.50% | -4.86% | 10.01% |
SHY iShares 1-3 Year Treasury Bond ETF | 0.55% | 4.95% | 3.92% | 4.16% | -3.88% | -0.71% | 3.03% | 3.38% | 1.46% | 0.26% |
Correlation
The correlation between GARIX and SHY is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Sep 4, 2012 | -0.09 |
The correlation between GARIX and SHY shifts across timeframes, from -0.09 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GARIX vs. SHY — Risk / Return Rank
GARIX
SHY
GARIX vs. SHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Gotham Absolute Return Fund (GARIX) and iShares 1-3 Year Treasury Bond ETF (SHY). 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.
| GARIX | SHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.50 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 5.05 | 3.64 | +1.41 |
| Martin ratioReturn relative to average drawdown | 20.05 | 14.45 | +5.60 |
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Drawdowns
GARIX vs. SHY - Drawdown Comparison
The maximum GARIX drawdown since its inception was -26.49%, which is greater than SHY's maximum drawdown of -5.71%. Use the drawdown chart below to compare losses from any high point for GARIX and SHY.
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Drawdown Indicators
| GARIX | SHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.49% | -5.71% | -20.78% |
Max Drawdown (1Y)Largest decline over 1 year | -3.85% | -0.89% | -2.96% |
Max Drawdown (3Y)Largest decline over 3 years | -23.15% | -0.97% | -22.18% |
Max Drawdown (5Y)Largest decline over 5 years | -23.15% | -5.71% | -17.44% |
Max Drawdown (10Y)Largest decline over 10 years | -26.49% | -5.71% | -20.78% |
Current DrawdownCurrent decline from peak | -1.96% | -0.18% | -1.78% |
Average DrawdownAverage peak-to-trough decline | -4.51% | -0.52% | -3.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 0.22% | +0.75% |
Volatility
GARIX vs. SHY - Volatility Comparison
Gotham Absolute Return Fund (GARIX) has a higher volatility of 3.04% compared to iShares 1-3 Year Treasury Bond ETF (SHY) at 0.40%. This indicates that GARIX's price experiences larger fluctuations and is considered to be riskier than SHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GARIX | SHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.04% | 0.40% | +2.64% |
Volatility (6M)Calculated over the trailing 6-month period | 6.61% | 0.95% | +5.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.34% | 1.33% | +7.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.39% | 1.99% | +13.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.90% | 1.57% | +12.33% |
GARIX vs. SHY - Expense Ratio Comparison
GARIX has a 1.50% expense ratio, which is higher than SHY's 0.15% expense ratio.
Dividends
GARIX vs. SHY - Dividend Comparison
GARIX's dividend yield for the trailing twelve months is around 6.56%, more than SHY's 3.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GARIX Gotham Absolute Return Fund | 6.56% | 7.18% | 18.74% | 5.87% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.36% |
SHY iShares 1-3 Year Treasury Bond ETF | 3.68% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
Frequently Asked Questions
GARIX and SHY have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GARIX has higher volatility (3.04%) compared to SHY (0.40%). In terms of maximum drawdown, GARIX dropped -26.49% vs SHY's -5.71%.
SHY currently has the higher Sharpe Ratio (2.43 vs 2.33), 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.
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