IWDL vs. SHRT

Last updated Apr 1, 2026

Compare and contrast key facts about ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) and Gotham Short Strategies ETF (SHRT).

IWDL and SHRT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IWDL is a passively managed fund by UBS that tracks the performance of the Russell 1000 Value (200%). It was launched on Feb 5, 2021. SHRT is an actively managed fund by Gotham. It was launched on Jul 31, 2017.

Performance

IWDL vs. SHRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) and Gotham Short Strategies ETF (SHRT). The values are adjusted to include any dividend payments, if applicable.

IWDL vs. SHRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IWDL ETRACS 2x Leveraged US Value Factor TR ETN	2.06%	25.02%	20.68%	19.22%
SHRT Gotham Short Strategies ETF	-2.73%	-0.91%	-1.44%	-5.83%

Returns By Period

In the year-to-date period, IWDL achieves a 2.06% return, which is significantly higher than SHRT's -2.73% return.

IWDL

• 1D: 4.14%
• 1M: -9.86%
• YTD: 2.06%
• 6M: 8.41%
• 1Y: 23.96%
• 3Y*: 20.71%
• 5Y*: 10.87%
• 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)

IWDL vs. SHRT - Expense Ratio Comparison

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

SHRT

Gotham Short Strategies ETF

IWDL

ETRACS 2x Leveraged US Value Factor TR ETN

Return for Risk

IWDL vs. SHRT — Risk / Return Rank

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

IWDL

IWDL Risk / Return Rank: 45
IWDL Sharpe Ratio Rank: 39
IWDL Sortino Ratio Rank: 44
IWDL Omega Ratio Rank: 47
IWDL Calmar Ratio Rank: 43
IWDL Martin Ratio Rank: 54

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.

IWDL vs. SHRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) 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.

	IWDL	SHRT	Difference
Sharpe ratio Return per unit of total volatility	0.71	-0.61	+1.33
Sortino ratio Return per unit of downside risk	1.20	-0.84	+2.03
Omega ratio Gain probability vs. loss probability	1.18	0.91	+0.27
Calmar ratio Return relative to maximum drawdown	1.11	-0.49	+1.60
Martin ratio Return relative to average drawdown	5.17	-0.89	+6.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWDL vs. SHRT - Sharpe Ratio Comparison

The current IWDL Sharpe Ratio is 0.71, which is higher than the SHRT Sharpe Ratio of -0.61. The chart below compares the historical Sharpe Ratios of IWDL 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

	IWDL	SHRT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.71	-0.61	+1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	-0.36	+0.81

Correlation

The correlation between IWDL and SHRT is -0.46. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

IWDL vs. SHRT - Dividend Comparison

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

	TTM	2025	2024	2023
IWDL ETRACS 2x Leveraged US Value Factor TR ETN	0.00%	0.00%	0.00%	0.00%
SHRT Gotham Short Strategies ETF	0.07%	0.07%	0.85%	0.27%

Drawdowns

IWDL vs. SHRT - Drawdown Comparison

The maximum IWDL drawdown since its inception was -37.95%, which is greater than SHRT's maximum drawdown of -18.97%. Use the drawdown chart below to compare losses from any high point for IWDL and SHRT.

Drawdown Indicators

	IWDL	SHRT	Difference
Max Drawdown Largest peak-to-trough decline	-37.95%	-18.97%	-18.98%
Max Drawdown (1Y) Largest decline over 1 year	-23.92%	-17.65%	-6.27%
Max Drawdown (5Y) Largest decline over 5 years	-37.95%	—	—
Current Drawdown Current decline from peak	-9.95%	-12.77%	+2.82%
Average Drawdown Average peak-to-trough decline	-10.91%	-7.21%	-3.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.12%	9.62%	-4.50%

Volatility

IWDL vs. SHRT - Volatility Comparison

ETRACS 2x Leveraged US Value Factor TR ETN (IWDL) has a higher volatility of 8.82% compared to Gotham Short Strategies ETF (SHRT) at 6.06%. This indicates that IWDL'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

	IWDL	SHRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.82%	6.06%	+2.76%
Volatility (6M) Calculated over the trailing 6-month period	18.05%	10.51%	+7.54%
Volatility (1Y) Calculated over the trailing 1-year period	33.77%	14.59%	+19.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.32%	12.66%	+17.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.24%	12.66%	+17.58%