SHRT vs. CWB
SHRT (Gotham Short Strategies ETF) and CWB (SPDR Bloomberg Barclays Convertible Securities ETF) are both exchange-traded funds - SHRT is a Inverse Equities fund actively managed by Gotham, while CWB is a Preferred Stock/Convertible Bonds fund tracking the Bloomberg US Convertibles Liquid Bond. SHRT is actively managed, while CWB is passively managed. Over the past year, SHRT returned -17.31% vs 21.91% for CWB. At a correlation of -0.57, they often move in opposite directions. SHRT charges 1.35%/yr vs 0.40%/yr for CWB.
Performance
SHRT vs. CWB - Performance Comparison
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Returns By Period
In the year-to-date period, SHRT achieves a -15.36% return, which is significantly lower than CWB's 14.65% return.
SHRT
- 1D
- -0.23%
- 1M
- -0.84%
- 6M
- -11.10%
- YTD
- -15.36%
- 1Y
- -17.31%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CWB
- 1D
- -1.98%
- 1M
- -7.17%
- 6M
- 9.23%
- YTD
- 14.65%
- 1Y
- 21.91%
- 3Y*
- 14.53%
- 5Y*
- 5.91%
- 10Y*
- 11.69%
SHRT vs. CWB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SHRT Gotham Short Strategies ETF | -15.36% | -0.91% | -1.44% | -5.51% |
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 14.65% | 16.61% | 10.06% | 9.07% |
Correlation
The correlation between SHRT and CWB is -0.59, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.59 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2023 | -0.57 |
The correlation between SHRT and CWB has been stable across timeframes, ranging from -0.59 to -0.57 - a consistent structural relationship.
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Return for Risk
SHRT vs. CWB — Risk / Return Rank
SHRT
CWB
SHRT vs. CWB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Gotham Short Strategies ETF (SHRT) and SPDR Bloomberg Barclays Convertible Securities ETF (CWB). 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.
| SHRT | CWB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.62 | ||
| Sortino ratioReturn per unit of downside risk | -3.70 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.24 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 2.67 | -3.49 |
| Martin ratioReturn relative to average drawdown | -1.85 | 8.53 | -10.39 |
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Drawdowns
SHRT vs. CWB - Drawdown Comparison
The maximum SHRT drawdown since its inception was -27.84%, smaller than the maximum CWB drawdown of -32.06%. Use the drawdown chart below to compare losses from any high point for SHRT and CWB.
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Drawdown Indicators
| SHRT | CWB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.84% | -32.06% | +4.22% |
Max Drawdown (1Y)Largest decline over 1 year | -21.19% | -8.23% | -12.96% |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.92% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.41% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.06% | — |
Current DrawdownCurrent decline from peak | -24.09% | -8.23% | -15.86% |
Average DrawdownAverage peak-to-trough decline | -8.83% | -6.15% | -2.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.53% | 2.57% | +6.96% |
Volatility
SHRT vs. CWB - Volatility Comparison
Gotham Short Strategies ETF (SHRT) and SPDR Bloomberg Barclays Convertible Securities ETF (CWB) have volatilities of 5.37% and 5.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHRT | CWB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.37% | 5.15% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 11.94% | 13.31% | -1.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.02% | 15.98% | -1.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.97% | 13.35% | -0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.97% | 14.62% | -1.65% |
SHRT vs. CWB - Expense Ratio Comparison
SHRT has a 1.35% expense ratio, which is higher than CWB's 0.40% expense ratio.
Dividends
SHRT vs. CWB - Dividend Comparison
SHRT's dividend yield for the trailing twelve months is around 0.08%, less than CWB's 1.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CWB SPDR Bloomberg Barclays Convertible Securities ETF | 1.46% | 1.69% | 1.85% | 1.97% | 2.21% | 1.97% | 2.34% | 3.03% | 6.17% | 4.25% | 4.60% | 7.52% |
SHRT Gotham Short Strategies ETF | 0.08% | 0.07% | 0.85% | 0.27% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SHRT and CWB have a correlation of -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHRT has higher volatility (5.37%) compared to CWB (5.15%). In terms of maximum drawdown, SHRT dropped -27.84% vs CWB's -32.06%.
On 1-year performance, CWB leads with 21.91% vs -17.31% for SHRT. On fees, CWB is cheaper at 0.40% per year. On volatility, CWB has been the lower-risk option at 5.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CWB has performed better with a 21.91% return vs -17.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CWB is cheaper with a 0.40% expense ratio, compared with 1.35% for SHRT.
CWB has the higher dividend yield at 1.46%, compared with 0.08% for SHRT.
SHRT is categorized as Inverse Equities, while CWB is Preferred Stock/Convertible Bonds. They also come from different issuers: Gotham and State Street. Their fees differ too: 1.35% for SHRT and 0.40% for CWB.
CWB currently has the higher Sharpe Ratio (1.38 vs -1.24), 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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