SHRT vs. EUO

Last updated Jun 25, 2026

SHRT (Gotham Short Strategies ETF) and EUO (ProShares UltraShort Euro) are both exchange-traded funds - SHRT is a Inverse Equities fund actively managed by Gotham, while EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). SHRT is actively managed, while EUO is passively managed. Over the past year, SHRT returned -21.32% vs 9.81% for EUO. At a 0.09 correlation, their price movements are largely independent. SHRT charges 1.35%/yr vs 0.99%/yr for EUO.

Performance

SHRT vs. EUO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gotham Short Strategies ETF (SHRT) and ProShares UltraShort Euro (EUO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHRT achieves a -16.68% return, which is significantly lower than EUO's 9.46% return.

SHRT

• 1D: -0.47%
• 1M: -0.90%
• YTD: -16.68%
• 6M: -15.90%
• 1Y: -21.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EUO

• 1D: 0.39%
• 1M: 5.01%
• YTD: 9.46%
• 6M: 10.12%
• 1Y: 9.81%
• 3Y*: 2.06%
• 5Y*: 5.70%
• 10Y*: 2.45%

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

SHRT vs. EUO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHRT Gotham Short Strategies ETF	-16.68%	-0.91%	-1.44%	-5.51%
EUO ProShares UltraShort Euro	9.46%	-18.87%	19.79%	-5.02%

Correlation

The correlation between SHRT and EUO is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (All Time) Calculated using the full available price history since Nov 6, 2023	0.09

Return for Risk

SHRT vs. EUO — Risk / Return Rank

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

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

EUO

EUO Risk / Return Rank: 24
EUO Sharpe Ratio Rank: 23
EUO Sortino Ratio Rank: 22
EUO Omega Ratio Rank: 22
EUO Calmar Ratio Rank: 27
EUO Martin Ratio Rank: 24

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.

SHRT vs. EUO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Short Strategies ETF (SHRT) and ProShares UltraShort Euro (EUO). 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	EUO	Difference
Sharpe ratio: Return per unit of total volatility	-1.59	0.78	-2.37
Sortino ratio: Return per unit of downside risk	-2.37	1.16	-3.52
Omega ratio: Gain probability vs. loss probability	0.75	1.14	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.96	1.22	-2.19
Martin ratio: Return relative to average drawdown	-1.94	2.87	-4.81

SHRT vs. EUO - Sharpe Ratio Comparison

The current SHRT Sharpe Ratio is -1.59, which is lower than the EUO Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of SHRT and EUO, 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

SHRT vs. EUO - Drawdown Comparison

The maximum SHRT drawdown since its inception was -25.98%, smaller than the maximum EUO drawdown of -38.58%. Use the drawdown chart below to compare losses from any high point for SHRT and EUO.

Drawdown Indicators

	SHRT	EUO	Difference
Max Drawdown Largest peak-to-trough decline	-25.98%	-38.58%	+12.60%
Max Drawdown (1Y) Largest decline over 1 year	-22.21%	-8.05%	-14.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-29.61%	—
Current Drawdown Current decline from peak	-25.27%	-14.60%	-10.67%
Average Drawdown Average peak-to-trough decline	-8.46%	-18.50%	+10.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.04%	3.43%	+7.61%

Volatility

SHRT vs. EUO - Volatility Comparison

Gotham Short Strategies ETF (SHRT) has a higher volatility of 4.02% compared to ProShares UltraShort Euro (EUO) at 3.28%. This indicates that SHRT's price experiences larger fluctuations and is considered to be riskier than EUO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHRT	EUO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	3.28%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	11.34%	9.10%	+2.24%
Volatility (1Y) Calculated over the trailing 1-year period	13.44%	12.66%	+0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.81%	15.56%	-2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.81%	14.78%	-1.97%

SHRT vs. EUO - Expense Ratio Comparison

SHRT has a 1.35% expense ratio, which is higher than EUO's 0.99% expense ratio.

Dividends

SHRT vs. EUO - Dividend Comparison

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

Position	TTM	2025	2024	2023
EUO ProShares UltraShort Euro	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 SHRT and EUO in my portfolio?

SHRT and EUO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHRT or EUO?

SHRT has higher volatility (4.02%) compared to EUO (3.28%). In terms of maximum drawdown, SHRT dropped -25.98% vs EUO's -38.58%.

Which ETF is better, SHRT or EUO?

On 1-year performance, EUO leads with 9.81% vs -21.32% for SHRT. On fees, EUO is cheaper at 0.99% per year. On volatility, EUO has been the lower-risk option at 3.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHRT or EUO?

Over the 1-year period, EUO has performed better with a 9.81% return vs -21.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHRT or EUO?

EUO is cheaper with a 0.99% expense ratio, compared with 1.35% for SHRT.

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

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

What is the main difference between SHRT and EUO?

SHRT is categorized as Inverse Equities, while EUO is Leveraged Currency. They also come from different issuers: Gotham and ProShares. Their fees differ too: 1.35% for SHRT and 0.99% for EUO.

Which has better risk-adjusted returns?

EUO currently has the higher Sharpe Ratio (0.78 vs -1.59), 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.