OKLS vs. SHRT

Last updated Jun 27, 2026

OKLS (Defiance Daily Target 2X Short OKLO ETF) and SHRT (Gotham Short Strategies ETF) are both Inverse Equities funds. Both are actively managed. At a 0.42 correlation, their price movements are largely independent. OKLS charges 1.31%/yr vs 1.35%/yr for SHRT.

Performance

OKLS vs. SHRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short OKLO ETF (OKLS) 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, OKLS achieves a -57.45% return, which is significantly lower than SHRT's -17.57% return.

OKLS

• 1D: 3.84%
• 1M: 50.03%
• YTD: -57.45%
• 6M: -51.50%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SHRT

• 1D: 0.67%
• 1M: -2.15%
• YTD: -17.57%
• 6M: -17.22%
• 1Y: -21.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OKLS vs. SHRT - Yearly Performance Comparison

	2026 (YTD)	2025
OKLS Defiance Daily Target 2X Short OKLO ETF	-57.45%	12.18%
SHRT Gotham Short Strategies ETF	-17.57%	1.80%

Correlation

The correlation between OKLS and SHRT is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 26, 2025	0.42

Return for Risk

OKLS vs. SHRT — Risk / Return Rank

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

OKLS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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: 0
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.

OKLS vs. SHRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short OKLO ETF (OKLS) 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.

	OKLS	SHRT	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.61	—
Sortino ratio: Return per unit of downside risk	—	-2.39	—
Omega ratio: Gain probability vs. loss probability	—	0.75	—
Calmar ratio: Return relative to maximum drawdown	—	-0.99	—
Martin ratio: Return relative to average drawdown	—	-2.07	—

Drawdowns

OKLS vs. SHRT - Drawdown Comparison

The maximum OKLS drawdown since its inception was -81.03%, which is greater than SHRT's maximum drawdown of -26.57%. Use the drawdown chart below to compare losses from any high point for OKLS and SHRT.

Drawdown Indicators

	OKLS	SHRT	Difference
Max Drawdown Largest peak-to-trough decline	-81.03%	-26.57%	-54.46%
Max Drawdown (1Y) Largest decline over 1 year	—	-22.11%	—
Current Drawdown Current decline from peak	-65.31%	-26.07%	-39.24%
Average Drawdown Average peak-to-trough decline	-42.29%	-8.51%	-33.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	10.69%	—

Volatility

Volatility by Period

	OKLS	SHRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.42%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.45%	—
Volatility (1Y) Calculated over the trailing 1-year period	195.27%	13.55%	+181.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	195.27%	12.84%	+182.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	195.27%	12.84%	+182.43%

OKLS vs. SHRT - Expense Ratio Comparison

OKLS has a 1.31% expense ratio, which is lower than SHRT's 1.35% expense ratio.

Dividends

OKLS vs. SHRT - Dividend Comparison

OKLS 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
OKLS Defiance Daily Target 2X Short OKLO ETF	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 OKLS and SHRT in my portfolio?

OKLS and SHRT have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, OKLS or SHRT?

On fees, OKLS is cheaper at 1.31% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, OKLS or SHRT?

OKLS is cheaper with a 1.31% expense ratio, compared with 1.35% for SHRT.

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

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

What is the main difference between OKLS and SHRT?

They also come from different issuers: Defiance and Gotham. Their fees differ too: 1.31% for OKLS and 1.35% for SHRT.