PFFL vs. SHRT

Last updated Apr 2, 2026

Compare and contrast key facts about ETRACS 2xMonthly Pay Leveraged Preferred Stock Index ETN (PFFL) and Gotham Short Strategies ETF (SHRT).

PFFL and SHRT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PFFL is a passively managed fund by UBS that tracks the performance of the Solactive Preferred Stock ETF Index (+200%). It was launched on Sep 25, 2018. SHRT is an actively managed fund by Gotham. It was launched on Jul 31, 2017.

Performance

PFFL vs. SHRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2xMonthly Pay Leveraged Preferred Stock Index ETN (PFFL) and Gotham Short Strategies ETF (SHRT). The values are adjusted to include any dividend payments, if applicable.

PFFL vs. SHRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PFFL ETRACS 2xMonthly Pay Leveraged Preferred Stock Index ETN	-3.25%	2.18%	4.77%	8.97%
SHRT Gotham Short Strategies ETF	-2.73%	-0.91%	-1.44%	-5.83%

Returns By Period

In the year-to-date period, PFFL achieves a -3.25% return, which is significantly lower than SHRT's -2.73% return.

PFFL

• 1D: 1.16%
• 1M: -6.53%
• YTD: -3.25%
• 6M: -4.74%
• 1Y: 2.41%
• 3Y*: 2.52%
• 5Y*: -5.88%
• 10Y*: —

SHRT

• 1D: -1.51%
• 1M: 5.66%
• YTD: -2.73%
• 6M: -0.78%
• 1Y: -8.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PFFL vs. SHRT - Expense Ratio Comparison

PFFL has a 0.85% expense ratio, which is lower than SHRT's 1.35% expense ratio.

SHRT

Gotham Short Strategies ETF

PFFL

ETRACS 2xMonthly Pay Leveraged Preferred Stock Index ETN

Return for Risk

PFFL vs. SHRT — Risk / Return Rank

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

PFFL

PFFL Risk / Return Rank: 15
PFFL Sharpe Ratio Rank: 14
PFFL Sortino Ratio Rank: 14
PFFL Omega Ratio Rank: 14
PFFL Calmar Ratio Rank: 15
PFFL Martin Ratio Rank: 15

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.

PFFL vs. SHRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2xMonthly Pay Leveraged Preferred Stock Index ETN (PFFL) 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.

	PFFL	SHRT	Difference
Sharpe ratio Return per unit of total volatility	0.12	-0.61	+0.74
Sortino ratio Return per unit of downside risk	0.30	-0.84	+1.14
Omega ratio Gain probability vs. loss probability	1.04	0.91	+0.14
Calmar ratio Return relative to maximum drawdown	0.17	-0.49	+0.66
Martin ratio Return relative to average drawdown	0.43	-0.89	+1.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFFL vs. SHRT - Sharpe Ratio Comparison

The current PFFL Sharpe Ratio is 0.12, which is higher than the SHRT Sharpe Ratio of -0.61. The chart below compares the historical Sharpe Ratios of PFFL 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

	PFFL	SHRT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.12	-0.61	+0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.25	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	-0.36	+0.29

Correlation

The correlation between PFFL and SHRT is -0.28. 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

PFFL vs. SHRT - Dividend Comparison

PFFL's dividend yield for the trailing twelve months is around 13.52%, more than SHRT's 0.07% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PFFL ETRACS 2xMonthly Pay Leveraged Preferred Stock Index ETN	13.52%	13.27%	13.76%	13.71%	13.90%	8.82%	9.75%	11.21%	2.02%
SHRT Gotham Short Strategies ETF	0.07%	0.07%	0.85%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PFFL vs. SHRT - Drawdown Comparison

The maximum PFFL drawdown since its inception was -80.68%, which is greater than SHRT's maximum drawdown of -18.97%. Use the drawdown chart below to compare losses from any high point for PFFL and SHRT.

Drawdown Indicators

	PFFL	SHRT	Difference
Max Drawdown Largest peak-to-trough decline	-80.68%	-18.97%	-61.71%
Max Drawdown (1Y) Largest decline over 1 year	-11.92%	-17.65%	+5.73%
Max Drawdown (5Y) Largest decline over 5 years	-48.51%	—	—
Current Drawdown Current decline from peak	-40.40%	-12.77%	-27.63%
Average Drawdown Average peak-to-trough decline	-28.32%	-7.21%	-21.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.78%	9.62%	-4.84%

Volatility

PFFL vs. SHRT - Volatility Comparison

ETRACS 2xMonthly Pay Leveraged Preferred Stock Index ETN (PFFL) has a higher volatility of 6.91% compared to Gotham Short Strategies ETF (SHRT) at 6.06%. This indicates that PFFL'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

	PFFL	SHRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.91%	6.06%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	12.32%	10.51%	+1.81%
Volatility (1Y) Calculated over the trailing 1-year period	19.43%	14.59%	+4.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.54%	12.66%	+10.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.94%	12.66%	+43.28%