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 -21.32% vs 41.58% for FCVT. At a correlation of -0.56, 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 -16.68% return, which is significantly lower than FCVT's 23.75% return.
SHRT
- 1D
- -0.47%
- 1M
- -0.90%
- YTD
- -16.68%
- 6M
- -15.90%
- 1Y
- -21.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FCVT
- 1D
- -0.80%
- 1M
- 2.17%
- YTD
- 23.75%
- 6M
- 21.67%
- 1Y
- 41.58%
- 3Y*
- 20.32%
- 5Y*
- 6.54%
- 10Y*
- 11.97%
SHRT vs. FCVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SHRT Gotham Short Strategies ETF | -16.68% | -0.91% | -1.44% | -5.51% |
FCVT First Trust SSI Strategic Convertible Securities ETF | 23.75% | 19.60% | 11.92% | 10.12% |
Correlation
The correlation between SHRT and FCVT is -0.58, 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 | -0.58 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2023 | -0.56 |
The correlation between SHRT and FCVT has been stable across timeframes, ranging from -0.58 to -0.56 - 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 | -4.02 | ||
| Sortino ratioReturn per unit of downside risk | -5.44 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.41 | -0.66 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 4.93 | -5.89 |
| Martin ratioReturn relative to average drawdown | -1.94 | 17.37 | -19.30 |
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Drawdowns
SHRT vs. FCVT - Drawdown Comparison
The maximum SHRT drawdown since its inception was -25.98%, 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 | -25.98% | -31.79% | +5.81% |
Max Drawdown (1Y)Largest decline over 1 year | -22.21% | -8.47% | -13.74% |
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 | -25.27% | -3.07% | -22.20% |
Average DrawdownAverage peak-to-trough decline | -8.46% | -10.32% | +1.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.04% | 2.40% | +8.64% |
Volatility
SHRT vs. FCVT - Volatility Comparison
The current volatility for Gotham Short Strategies ETF (SHRT) is 4.02%, while First Trust SSI Strategic Convertible Securities ETF (FCVT) has a volatility of 7.33%. 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 | 4.02% | 7.33% | -3.31% |
Volatility (6M)Calculated over the trailing 6-month period | 11.34% | 14.20% | -2.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.44% | 17.21% | -3.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.81% | 14.37% | -1.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.81% | 14.99% | -2.18% |
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 1.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FCVT First Trust SSI Strategic Convertible Securities ETF | 1.21% | 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 -0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FCVT has higher volatility (7.33%) compared to SHRT (4.02%). In terms of maximum drawdown, SHRT dropped -25.98% vs FCVT's -31.79%.
On 1-year performance, FCVT leads with 41.58% vs -21.32% for SHRT. On fees, FCVT is cheaper at 0.95% per year. On volatility, SHRT has been the lower-risk option at 4.02%. 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 41.58% return vs -21.32%. 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 1.21%, 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 (2.43 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.
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