SHRT vs. FLM

Last updated Jun 4, 2026

SHRT (Gotham Short Strategies ETF) and FLM (First Trust Global Engineering and Construction ETF) are both exchange-traded funds - SHRT is a Inverse Equities fund actively managed by Gotham, while FLM is a Building & Construction fund tracking the ISE Global Engineering & Construction Index. SHRT is actively managed, while FLM is passively managed. Over the past year, SHRT returned -21.72% vs 28.68% for FLM. At a correlation of -0.53, they often move in opposite directions. SHRT charges 1.35%/yr vs 0.70%/yr for FLM.

Performance

SHRT vs. FLM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gotham Short Strategies ETF (SHRT) and First Trust Global Engineering and Construction ETF (FLM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHRT achieves a -17.20% return, which is significantly lower than FLM's 19.89% return.

SHRT

• 1D: 0.32%
• 1M: -4.10%
• YTD: -17.20%
• 6M: -15.30%
• 1Y: -21.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FLM

• 1D: -0.36%
• 1M: 0.95%
• YTD: 19.89%
• 6M: 18.51%
• 1Y: 28.68%
• 3Y*: 22.72%
• 5Y*: 10.76%
• 10Y*: 8.40%

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

SHRT vs. FLM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHRT Gotham Short Strategies ETF	-17.20%	-0.91%	-1.44%	-5.83%
FLM First Trust Global Engineering and Construction ETF	19.89%	13.99%	17.94%	11.83%

Correlation

The correlation between SHRT and FLM 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 7, 2023	-0.53

The correlation between SHRT and FLM has been stable across timeframes, ranging from -0.58 to -0.53 - a consistent structural relationship.

SHRT vs. FLM - Sectors Allocation Comparison

Sectors	SHRT	FLM
Technology	26.3%	7.9%
Industrials	19.2%	37.1%
Basic Materials	13.8%	7.4%
Healthcare	13.6%	-
Consumer Cyclical	10.9%	-
Consumer Defensive	7.7%	-
Energy	6.9%	8.1%
Communication Services	1.6%	0.7%
Financial Services	0.6%	-
Utilities	0.0%	0.7%
Real Estate	-	5.7%

Return for Risk

SHRT vs. FLM — 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

FLM

FLM Risk / Return Rank: 68
FLM Sharpe Ratio Rank: 64
FLM Sortino Ratio Rank: 63
FLM Omega Ratio Rank: 60
FLM Calmar Ratio Rank: 79
FLM Martin Ratio Rank: 73

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. FLM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Short Strategies ETF (SHRT) and First Trust Global Engineering and Construction ETF (FLM). 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.

	SHRT	FLM	Difference
Sharpe ratio: Return per unit of total volatility	-1.67	2.15	-3.82
Sortino ratio: Return per unit of downside risk	-2.47	2.93	-5.40
Omega ratio: Gain probability vs. loss probability	0.74	1.37	-0.63
Calmar ratio: Return relative to maximum drawdown	-0.96	4.01	-4.96
Martin ratio: Return relative to average drawdown	-2.09	13.80	-15.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHRT vs. FLM - Sharpe Ratio Comparison

The current SHRT Sharpe Ratio is -1.67, which is lower than the FLM Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of SHRT and FLM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SHRT	FLM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.67	2.15	-3.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.64	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.45	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	0.38	-1.17

Drawdowns

SHRT vs. FLM - Drawdown Comparison

The maximum SHRT drawdown since its inception was -25.98%, smaller than the maximum FLM drawdown of -50.07%. Use the drawdown chart below to compare losses from any high point for SHRT and FLM.

Drawdown Indicators

	SHRT	FLM	Difference
Max Drawdown Largest peak-to-trough decline	-25.98%	-50.07%	+24.09%
Max Drawdown (1Y) Largest decline over 1 year	-22.73%	-7.19%	-15.54%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.71%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-50.07%	—
Current Drawdown Current decline from peak	-25.74%	-0.71%	-25.03%
Average Drawdown Average peak-to-trough decline	-8.12%	-10.84%	+2.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.40%	2.08%	+8.32%

Volatility

SHRT vs. FLM - Volatility Comparison

Gotham Short Strategies ETF (SHRT) and First Trust Global Engineering and Construction ETF (FLM) have volatilities of 4.29% and 4.27%, 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.

Volatility by Period

	SHRT	FLM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.29%	4.27%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	10.96%	10.39%	+0.57%
Volatility (1Y) Calculated over the trailing 1-year period	13.04%	13.45%	-0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.78%	16.82%	-4.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.78%	18.73%	-5.95%

SHRT vs. FLM - Expense Ratio Comparison

SHRT has a 1.35% expense ratio, which is higher than FLM's 0.70% expense ratio.

Dividends

SHRT vs. FLM - Dividend Comparison

SHRT's dividend yield for the trailing twelve months is around 0.08%, less than FLM's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLM First Trust Global Engineering and Construction ETF	1.01%	1.19%	1.31%	1.16%	2.10%	1.45%	2.88%	1.84%	1.74%	1.49%	2.01%	1.17%
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

Can I hold both SHRT and FLM in my portfolio?

SHRT and FLM 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.

Which is riskier, SHRT or FLM?

SHRT has higher volatility (4.29%) compared to FLM (4.27%). In terms of maximum drawdown, SHRT dropped -25.98% vs FLM's -50.07%.

Which ETF is better, SHRT or FLM?

On 1-year performance, FLM leads with 28.68% vs -21.72% for SHRT. On fees, FLM is cheaper at 0.70% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHRT or FLM?

Over the 1-year period, FLM has performed better with a 28.68% return vs -21.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHRT or FLM?

FLM is cheaper with a 0.70% expense ratio, compared with 1.35% for SHRT.

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

FLM has the higher dividend yield at 1.01%, compared with 0.08% for SHRT.

What is the main difference between SHRT and FLM?

SHRT is categorized as Inverse Equities, while FLM is Building & Construction. They also come from different issuers: Gotham and First Trust. Their fees differ too: 1.35% for SHRT and 0.70% for FLM.

Which has better risk-adjusted returns?

FLM currently has the higher Sharpe Ratio (2.15 vs -1.67), 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.