MYY vs. SHRT

Last updated Jun 24, 2026

MYY (ProShares Short S&P Mid Cap400) and SHRT (Gotham Short Strategies ETF) are both Inverse Equities funds. MYY is passively managed, while SHRT is actively managed. Over the past year, MYY returned -16.72% vs -21.39% for SHRT. At a 0.49 correlation, their price movements are largely independent. MYY charges 0.95%/yr vs 1.35%/yr for SHRT.

Performance

MYY vs. SHRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short S&P Mid Cap400 (MYY) 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, MYY achieves a -11.47% return, which is significantly higher than SHRT's -16.28% return.

MYY

• 1D: 0.97%
• 1M: -2.32%
• YTD: -11.47%
• 6M: -9.76%
• 1Y: -16.72%
• 3Y*: -9.96%
• 5Y*: -6.13%
• 10Y*: -11.38%

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)

MYY vs. SHRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MYY ProShares Short S&P Mid Cap400	-11.47%	-4.05%	-7.08%	-10.56%
SHRT Gotham Short Strategies ETF	-16.28%	-0.91%	-1.44%	-5.51%

Correlation

The correlation between MYY and SHRT is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Nov 6, 2023	0.49

Return for Risk

MYY vs. SHRT — Risk / Return Rank

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

MYY

MYY Risk / Return Rank: 1
MYY Sharpe Ratio Rank: 1
MYY Sortino Ratio Rank: 2
MYY Omega Ratio Rank: 2
MYY Calmar Ratio Rank: 1
MYY Martin Ratio Rank: 0

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.

MYY vs. SHRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P Mid Cap400 (MYY) 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.

	MYY	SHRT	Difference
Sharpe ratio: Return per unit of total volatility	-1.06	-1.60	+0.54
Sortino ratio: Return per unit of downside risk	-1.43	-2.37	+0.95
Omega ratio: Gain probability vs. loss probability	0.84	0.75	+0.09
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.97	+0.01
Martin ratio: Return relative to average drawdown	-1.82	-1.96	+0.13

MYY vs. SHRT - Sharpe Ratio Comparison

The current MYY Sharpe Ratio is -1.06, which is higher than the SHRT Sharpe Ratio of -1.60. The chart below compares the historical Sharpe Ratios of MYY 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

MYY vs. SHRT - Drawdown Comparison

The maximum MYY drawdown since its inception was -95.14%, which is greater than SHRT's maximum drawdown of -25.98%. Use the drawdown chart below to compare losses from any high point for MYY and SHRT.

Drawdown Indicators

	MYY	SHRT	Difference
Max Drawdown Largest peak-to-trough decline	-95.14%	-25.98%	-69.16%
Max Drawdown (1Y) Largest decline over 1 year	-17.48%	-22.21%	+4.73%
Max Drawdown (3Y) Largest decline over 3 years	-34.39%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-37.07%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-71.61%	—	—
Current Drawdown Current decline from peak	-95.09%	-24.92%	-70.17%
Average Drawdown Average peak-to-trough decline	-72.19%	-8.43%	-63.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.25%	11.24%	-1.99%

Volatility

MYY vs. SHRT - Volatility Comparison

ProShares Short S&P Mid Cap400 (MYY) has a higher volatility of 4.50% compared to Gotham Short Strategies ETF (SHRT) at 4.21%. This indicates that MYY'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

	MYY	SHRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	4.21%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	11.75%	11.34%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	15.86%	13.44%	+2.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.63%	12.82%	+6.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.24%	12.82%	+8.42%

MYY vs. SHRT - Expense Ratio Comparison

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

Dividends

MYY vs. SHRT - Dividend Comparison

MYY's dividend yield for the trailing twelve months is around 4.47%, more than SHRT's 0.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MYY ProShares Short S&P Mid Cap400	4.47%	4.20%	4.92%	5.08%	0.40%	0.00%	0.05%	1.52%	0.34%
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

Can I hold both MYY and SHRT in my portfolio?

MYY and SHRT have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MYY or SHRT?

MYY has higher volatility (4.50%) compared to SHRT (4.21%). In terms of maximum drawdown, MYY dropped -95.14% vs SHRT's -25.98%.

Which ETF is better, MYY or SHRT?

On 1-year performance, MYY leads with -16.72% vs -21.39% for SHRT. On fees, MYY is cheaper at 0.95% per year. On volatility, SHRT has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MYY or SHRT?

Over the 1-year period, MYY has performed better with a -16.72% return vs -21.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MYY or SHRT?

MYY is cheaper with a 0.95% expense ratio, compared with 1.35% for SHRT.

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

MYY has the higher dividend yield at 4.47%, compared with 0.08% for SHRT.

What is the main difference between MYY and SHRT?

They also come from different issuers: ProShares and Gotham. Their fees differ too: 0.95% for MYY and 1.35% for SHRT.

Which has better risk-adjusted returns?

MYY currently has the higher Sharpe Ratio (-1.06 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.