SHRT vs. FCVT
SHRT (Gotham Short Strategies ETF) and FCVT (First Trust SSI Strategic Convertible Securities ETF) are both exchange-traded funds - SHRT is a Inverse Equities fund actively managed by Gotham, while FCVT is a Preferred Stock/Convertible Bonds fund actively managed by First Trust. Both are actively managed. Over the past year, SHRT returned -17.31% vs 26.24% for FCVT. At a correlation of -0.57, they often move in opposite directions. SHRT charges 1.35%/yr vs 0.95%/yr for FCVT.
Performance
SHRT vs. FCVT - 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 FCVT's 15.27% return.
SHRT
- 1D
- -0.23%
- 1M
- -0.84%
- 6M
- -11.10%
- YTD
- -15.36%
- 1Y
- -17.31%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FCVT
- 1D
- -2.43%
- 1M
- -7.95%
- 6M
- 8.71%
- YTD
- 15.27%
- 1Y
- 26.24%
- 3Y*
- 16.15%
- 5Y*
- 6.06%
- 10Y*
- 11.17%
SHRT vs. FCVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SHRT Gotham Short Strategies ETF | -15.36% | -0.91% | -1.44% | -5.51% |
FCVT First Trust SSI Strategic Convertible Securities ETF | 15.27% | 19.60% | 11.92% | 10.12% |
Correlation
The correlation between SHRT and FCVT 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 FCVT 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. FCVT — Risk / Return Rank
SHRT
FCVT
SHRT vs. FCVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Gotham Short Strategies ETF (SHRT) and First Trust SSI Strategic Convertible Securities ETF (FCVT). 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 | FCVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.70 | ||
| Sortino ratioReturn per unit of downside risk | -3.76 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.25 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 2.71 | -3.53 |
| Martin ratioReturn relative to average drawdown | -1.85 | 9.48 | -11.33 |
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Drawdowns
SHRT vs. FCVT - Drawdown Comparison
The maximum SHRT drawdown since its inception was -27.84%, smaller than the maximum FCVT drawdown of -31.79%. Use the drawdown chart below to compare losses from any high point for SHRT and FCVT.
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Drawdown Indicators
| SHRT | FCVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.84% | -31.79% | +3.95% |
Max Drawdown (1Y)Largest decline over 1 year | -21.19% | -9.71% | -11.48% |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.06% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -30.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -31.79% | — |
Current DrawdownCurrent decline from peak | -24.09% | -9.71% | -14.38% |
Average DrawdownAverage peak-to-trough decline | -8.83% | -10.29% | +1.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.53% | 2.77% | +6.76% |
Volatility
SHRT vs. FCVT - Volatility Comparison
The current volatility for Gotham Short Strategies ETF (SHRT) is 5.37%, while First Trust SSI Strategic Convertible Securities ETF (FCVT) has a volatility of 6.34%. This indicates that SHRT experiences smaller price fluctuations and is considered to be less risky than FCVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHRT | FCVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.37% | 6.34% | -0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 11.94% | 15.02% | -3.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.02% | 18.09% | -4.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.97% | 14.56% | -1.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.97% | 14.88% | -1.91% |
SHRT vs. FCVT - Expense Ratio Comparison
SHRT has a 1.35% expense ratio, which is higher than FCVT's 0.95% expense ratio.
Dividends
SHRT vs. FCVT - Dividend Comparison
SHRT's dividend yield for the trailing twelve months is around 0.08%, less than FCVT's 1.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCVT First Trust SSI Strategic Convertible Securities ETF | 1.20% | 1.98% | 1.30% | 1.76% | 3.71% | 23.07% | 1.72% | 1.60% | 1.85% | 2.18% | 1.88% | 0.59% |
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 FCVT 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.
FCVT has higher volatility (6.34%) compared to SHRT (5.37%). In terms of maximum drawdown, SHRT dropped -27.84% vs FCVT's -31.79%.
On 1-year performance, FCVT leads with 26.24% vs -17.31% for SHRT. On fees, FCVT is cheaper at 0.95% per year. On volatility, SHRT has been the lower-risk option at 5.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FCVT has performed better with a 26.24% return vs -17.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FCVT is cheaper with a 0.95% expense ratio, compared with 1.35% for SHRT.
FCVT has the higher dividend yield at 1.20%, compared with 0.08% for SHRT.
SHRT is categorized as Inverse Equities, while FCVT is Preferred Stock/Convertible Bonds. They also come from different issuers: Gotham and First Trust. Their fees differ too: 1.35% for SHRT and 0.95% for FCVT.
FCVT currently has the higher Sharpe Ratio (1.46 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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