LABD vs. SHRT
LABD (Direxion Daily S&P Biotech Bear 3x Shares) and SHRT (Gotham Short Strategies ETF) are both exchange-traded funds - LABD is a Leveraged Equities fund tracking the S&P Biotechnology Select Industry Index (-300%), while SHRT is a Inverse Equities fund actively managed by Gotham. LABD is passively managed, while SHRT is actively managed. Over the past year, LABD returned -80.27% vs -21.72% for SHRT. At a 0.36 correlation, their price movements are largely independent. LABD charges 1.06%/yr vs 1.35%/yr for SHRT.
Performance
LABD vs. SHRT - Performance Comparison
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Returns By Period
In the year-to-date period, LABD achieves a -29.83% return, which is significantly lower than SHRT's -17.20% return.
LABD
- 1D
- -4.73%
- 1M
- 4.70%
- YTD
- -29.83%
- 6M
- -31.22%
- 1Y
- -80.27%
- 3Y*
- -49.85%
- 5Y*
- -41.45%
- 10Y*
- -56.11%
SHRT
- 1D
- 0.32%
- 1M
- -4.10%
- YTD
- -17.20%
- 6M
- -15.30%
- 1Y
- -21.72%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
LABD vs. SHRT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | -29.83% | -70.07% | -21.43% | -56.13% |
SHRT Gotham Short Strategies ETF | -17.20% | -0.91% | -1.44% | -5.83% |
Correlation
The correlation between LABD and SHRT is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2023 | 0.36 |
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Return for Risk
LABD vs. SHRT — Risk / Return Rank
LABD
SHRT
LABD vs. SHRT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P Biotech Bear 3x Shares (LABD) 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.
| LABD | SHRT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.74 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.96 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.31 | -2.09 | +0.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| LABD | SHRT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.06 | -1.67 | +0.61 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.43 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.54 | -0.79 | +0.25 |
Drawdowns
LABD vs. SHRT - Drawdown Comparison
The maximum LABD drawdown since its inception was -99.99%, which is greater than SHRT's maximum drawdown of -25.98%. Use the drawdown chart below to compare losses from any high point for LABD and SHRT.
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Drawdown Indicators
| LABD | SHRT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -25.98% | -74.01% |
Max Drawdown (1Y)Largest decline over 1 year | -83.21% | -22.73% | -60.48% |
Max Drawdown (3Y)Largest decline over 3 years | -95.31% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -98.24% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | -25.74% | -74.25% |
Average DrawdownAverage peak-to-trough decline | -90.92% | -8.12% | -82.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 61.36% | 10.40% | +50.96% |
Volatility
LABD vs. SHRT - Volatility Comparison
Direxion Daily S&P Biotech Bear 3x Shares (LABD) has a higher volatility of 27.46% compared to Gotham Short Strategies ETF (SHRT) at 4.29%. This indicates that LABD'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.
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Volatility by Period
| LABD | SHRT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 27.46% | 4.29% | +23.17% |
Volatility (6M)Calculated over the trailing 6-month period | 61.67% | 10.96% | +50.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.77% | 13.04% | +62.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 96.26% | 12.78% | +83.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.93% | 12.78% | +83.15% |
LABD vs. SHRT - Expense Ratio Comparison
LABD has a 1.06% expense ratio, which is lower than SHRT's 1.35% expense ratio.
Dividends
LABD vs. SHRT - Dividend Comparison
LABD's dividend yield for the trailing twelve months is around 6.45%, more than SHRT's 0.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | 6.45% | 6.67% | 4.68% | 6.13% | 0.53% | 0.00% | 3.94% | 1.75% | 0.81% |
SHRT Gotham Short Strategies ETF | 0.08% | 0.07% | 0.85% | 0.27% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
LABD and SHRT have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABD has higher volatility (27.46%) compared to SHRT (4.29%). In terms of maximum drawdown, LABD dropped -99.99% vs SHRT's -25.98%.
On 1-year performance, SHRT leads with -21.72% vs -80.27% for LABD. On fees, LABD is cheaper at 1.06% per year. On volatility, SHRT has been the lower-risk option at 4.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SHRT has performed better with a -21.72% return vs -80.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LABD is cheaper with a 1.06% expense ratio, compared with 1.35% for SHRT.
LABD has the higher dividend yield at 6.45%, compared with 0.08% for SHRT.
LABD is categorized as Leveraged Equities, while SHRT is Inverse Equities. They also come from different issuers: Direxion and Gotham. Their fees differ too: 1.06% for LABD and 1.35% for SHRT.
LABD currently has the higher Sharpe Ratio (-1.06 vs -1.67), 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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