GSPY vs. SHRT

Last updated Aug 2, 2026

GSPY (Gotham Enhanced 500 ETF) and SHRT (Gotham Short Strategies ETF) are both exchange-traded funds - GSPY is a Large Cap Blend Equities fund actively managed by Gotham, while SHRT is a Inverse Equities fund actively managed by Gotham. Both are actively managed. Over the past year, GSPY returned 24.15% vs -14.77% for SHRT. Their -0.49 correlation means they have often moved in opposite directions in the past. GSPY charges 0.50%/yr vs 1.35%/yr for SHRT.

Performance

GSPY vs. SHRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gotham Enhanced 500 ETF (GSPY) 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, GSPY achieves a 11.59% return, which is significantly higher than SHRT's -13.36% return.

GSPY

• 1D: 0.87%
• 1M: 1.25%
• 6M: 9.70%
• YTD: 11.59%
• 1Y: 24.15%
• 3Y*: 19.59%
• 5Y*: 13.03%
• 10Y*: —
• ALL TIME*: 14.97%

SHRT

• 1D: -1.46%
• 1M: 3.02%
• 6M: -10.67%
• YTD: -13.36%
• 1Y: -14.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -7.86%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GSPY Gotham Enhanced 500 ETF	$111.53K	$112.18K	$139.32K
SHRT Gotham Short Strategies ETF	$274.06K	$138.24K	$73.72K

GSPY vs. SHRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GSPY Gotham Enhanced 500 ETF	11.59%	18.28%	23.58%	9.17%
SHRT Gotham Short Strategies ETF	-13.36%	-0.91%	-1.44%	-5.51%

Correlation

The correlation between GSPY and SHRT is -0.39, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.39
Correlation (All Time) Calculated using the full available price history since Nov 6, 2023	-0.49

GSPY vs. SHRT - Sectors Allocation Comparison

Sectors	GSPY	SHRT
Technology	38.8%	17.0%
Financial Services	12.0%	1.2%
Communication Services	10.6%	2.1%
Consumer Cyclical	10.6%	10.7%
Healthcare	8.9%	10.4%
Industrials	6.8%	13.5%
Consumer Defensive	5.5%	6.7%
Energy	2.7%	5.4%
Real Estate	2.2%	-
Basic Materials	1.2%	18.3%
Utilities	0.7%	0.0%

Return for Risk

GSPY vs. SHRT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GSPY

GSPY Risk / Return Rank: 75
GSPY Sharpe Ratio Rank: 74
GSPY Sortino Ratio Rank: 70
GSPY Omega Ratio Rank: 73
GSPY Calmar Ratio Rank: 74
GSPY Martin Ratio Rank: 82

SHRT

SHRT Risk / Return Rank: 2
SHRT Sharpe Ratio Rank: 2
SHRT Sortino Ratio Rank: 2
SHRT Omega Ratio Rank: 2
SHRT Calmar Ratio Rank: 4
SHRT Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GSPY vs. SHRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Enhanced 500 ETF (GSPY) 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.

	GSPY	SHRT	Difference
Sharpe ratio: Return per unit of total volatility	1.69	-0.97	+2.65
Sortino ratio: Return per unit of downside risk	2.27	-1.38	+3.64
Omega ratio: Gain probability vs. loss probability	1.30	0.85	+0.45
Calmar ratio: Return relative to maximum drawdown	2.57	-0.65	+3.22
Martin ratio: Return relative to average drawdown	10.91	-1.38	+12.30

GSPY vs. SHRT - Sharpe Ratio Comparison

The current GSPY Sharpe Ratio is 1.69, which is higher than the SHRT Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of GSPY 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

GSPY vs. SHRT - Drawdown Comparison

The maximum GSPY drawdown since its inception was -23.30%, smaller than the maximum SHRT drawdown of -27.84%. Use the drawdown chart below to compare losses from any high point for GSPY and SHRT.

Drawdown Indicators

	GSPY	SHRT	Difference
Max Drawdown Largest peak-to-trough decline	-23.30%	-27.84%	+4.54%
Max Drawdown (1Y) Largest decline over 1 year	-8.62%	-21.19%	+12.57%
Max Drawdown (3Y) Largest decline over 3 years	-18.67%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.30%	—	—
Current Drawdown Current decline from peak	-0.30%	-22.30%	+22.00%
Average Drawdown Average peak-to-trough decline	-4.66%	-9.05%	+4.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	9.88%	-7.85%

Volatility

GSPY vs. SHRT - Volatility Comparison

Gotham Enhanced 500 ETF (GSPY) and Gotham Short Strategies ETF (SHRT) have volatilities of 3.50% and 3.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSPY	SHRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	3.36%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	9.77%	12.13%	-2.36%
Volatility (1Y) Calculated over the trailing 1-year period	13.15%	14.17%	-1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.65%	12.98%	+3.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.26%	12.98%	+3.28%

GSPY vs. SHRT - Expense Ratio Comparison

GSPY has a 0.50% expense ratio, which is lower than SHRT's 1.35% expense ratio.

Dividends

GSPY vs. SHRT - Dividend Comparison

GSPY's dividend yield for the trailing twelve months is around 2.34%, more than SHRT's 0.08% yield.

Position	TTM	2025	2024	2023	2022	2021
GSPY Gotham Enhanced 500 ETF	2.34%	2.61%	0.84%	1.06%	1.25%	0.23%
SHRT Gotham Short Strategies ETF	0.08%	0.07%	0.85%	0.27%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GSPY and SHRT in my portfolio?

GSPY and SHRT have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSPY or SHRT?

GSPY has higher volatility (3.50%) compared to SHRT (3.36%). In terms of maximum drawdown, GSPY dropped -23.30% vs SHRT's -27.84%.

Which ETF is better, GSPY or SHRT?

On 1-year performance, GSPY leads with 24.15% vs -14.77% for SHRT. On fees, GSPY is cheaper at 0.50% per year. On volatility, SHRT has been the lower-risk option at 3.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSPY or SHRT?

Over the 1-year period, GSPY has performed better with a 24.15% return vs -14.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSPY or SHRT?

GSPY is cheaper with a 0.50% expense ratio, compared with 1.35% for SHRT.

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

GSPY has the higher dividend yield at 2.34%, compared with 0.08% for SHRT.

What is the main difference between GSPY and SHRT?

GSPY is categorized as Large Cap Blend Equities, while SHRT is Inverse Equities. Their fees differ too: 0.50% for GSPY and 1.35% for SHRT.

Which has better risk-adjusted returns?

GSPY currently has the higher Sharpe Ratio (1.69 vs -0.97), 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.