OILD vs. SHRT

Last updated Jul 16, 2026

OILD (MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs) and SHRT (Gotham Short Strategies ETF) are both Inverse Equities funds. OILD is passively managed, while SHRT is actively managed. Over the past year, OILD returned -65.56% vs -16.97% for SHRT. At a 0.21 correlation, their price movements are largely independent. OILD charges 0.95%/yr vs 1.35%/yr for SHRT.

Performance

OILD vs. SHRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) 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, OILD achieves a -57.86% return, which is significantly lower than SHRT's -15.17% return.

OILD

• 1D: 2.48%
• 1M: -7.04%
• 6M: -47.85%
• YTD: -57.86%
• 1Y: -65.56%
• 3Y*: -44.47%
• 5Y*: —
• 10Y*: —

SHRT

• 1D: 0.47%
• 1M: 1.34%
• 6M: -11.81%
• YTD: -15.17%
• 1Y: -16.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OILD vs. SHRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs	-57.86%	-41.67%	-14.58%	8.41%
SHRT Gotham Short Strategies ETF	-15.17%	-0.91%	-1.44%	-5.51%

Correlation

The correlation between OILD and SHRT is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (All Time) Calculated using the full available price history since Nov 6, 2023	0.21

OILD vs. SHRT - Sectors Allocation Comparison

Sectors	OILD	SHRT
Energy	100.0%	8.7%
Basic Materials	-	18.1%
Communication Services	-	3.0%
Consumer Cyclical	-	8.6%
Consumer Defensive	-	3.6%
Financial Services	-	3.0%
Healthcare	-	10.7%
Industrials	-	12.6%
Real Estate	-	-
Technology	-	17.3%
Utilities	-	0.0%

Return for Risk

OILD vs. SHRT — Risk / Return Rank

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

OILD

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

SHRT

SHRT Risk / Return Rank: 1
SHRT Sharpe Ratio Rank: 0
SHRT Sortino Ratio Rank: 1
SHRT Omega Ratio Rank: 1
SHRT Calmar Ratio Rank: 3
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.

OILD vs. SHRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) 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.

	OILD	SHRT	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	-1.21	+0.17
Sortino ratio: Return per unit of downside risk	-1.91	-1.77	-0.14
Omega ratio: Gain probability vs. loss probability	0.80	0.81	0.00
Calmar ratio: Return relative to maximum drawdown	-0.88	-0.80	-0.09
Martin ratio: Return relative to average drawdown	-1.39	-1.79	+0.40

OILD vs. SHRT - Sharpe Ratio Comparison

The current OILD Sharpe Ratio is -1.04, which is comparable to the SHRT Sharpe Ratio of -1.21. The chart below compares the historical Sharpe Ratios of OILD 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

OILD vs. SHRT - Drawdown Comparison

The maximum OILD drawdown since its inception was -98.90%, which is greater than SHRT's maximum drawdown of -27.84%. Use the drawdown chart below to compare losses from any high point for OILD and SHRT.

Drawdown Indicators

	OILD	SHRT	Difference
Max Drawdown Largest peak-to-trough decline	-98.90%	-27.84%	-71.06%
Max Drawdown (1Y) Largest decline over 1 year	-74.53%	-21.39%	-53.14%
Max Drawdown (3Y) Largest decline over 3 years	-86.29%	—	—
Current Drawdown Current decline from peak	-98.63%	-23.92%	-74.71%
Average Drawdown Average peak-to-trough decline	-88.80%	-8.81%	-79.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.08%	9.47%	+37.61%

Volatility

OILD vs. SHRT - Volatility Comparison

MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) has a higher volatility of 22.10% compared to Gotham Short Strategies ETF (SHRT) at 5.36%. This indicates that OILD'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

	OILD	SHRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.10%	5.36%	+16.74%
Volatility (6M) Calculated over the trailing 6-month period	50.10%	11.94%	+38.16%
Volatility (1Y) Calculated over the trailing 1-year period	63.18%	14.03%	+49.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	79.25%	12.98%	+66.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	79.25%	12.98%	+66.27%

OILD vs. SHRT - Expense Ratio Comparison

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

Dividends

OILD vs. SHRT - Dividend Comparison

OILD has not paid dividends to shareholders, while SHRT's dividend yield for the trailing twelve months is around 0.08%.

Position	TTM	2025	2024	2023
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs	0.00%	0.00%	0.00%	0.00%
SHRT Gotham Short Strategies ETF	0.08%	0.07%	0.85%	0.27%

Frequently Asked Questions

Can I hold both OILD and SHRT in my portfolio?

OILD and SHRT have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OILD or SHRT?

OILD has higher volatility (22.10%) compared to SHRT (5.36%). In terms of maximum drawdown, OILD dropped -98.90% vs SHRT's -27.84%.

Which ETF is better, OILD or SHRT?

On 1-year performance, SHRT leads with -16.97% vs -65.56% for OILD. On fees, OILD is cheaper at 0.95% per year. On volatility, SHRT has been the lower-risk option at 5.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OILD or SHRT?

Over the 1-year period, SHRT has performed better with a -16.97% return vs -65.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OILD or SHRT?

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

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

SHRT has the higher dividend yield at 0.08%, compared with 0.00% for OILD.

What is the main difference between OILD and SHRT?

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

Which has better risk-adjusted returns?

OILD currently has the higher Sharpe Ratio (-1.04 vs -1.21), 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.