SHRT vs. FXAIX

Last updated Aug 2, 2026

SHRT (Gotham Short Strategies ETF) and FXAIX (Fidelity 500 Index Fund) are both funds - SHRT is a Inverse Equities fund actively managed by Gotham, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. SHRT is actively managed, while FXAIX is passively managed. Over the past year, SHRT returned -14.77% vs 20.63% for FXAIX. Their -0.50 correlation means they have often moved in opposite directions in the past. SHRT charges 1.35%/yr vs 0.02%/yr for FXAIX.

Performance

SHRT vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gotham Short Strategies ETF (SHRT) and Fidelity 500 Index Fund (FXAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHRT achieves a -13.36% return, which is significantly lower than FXAIX's 9.35% return.

SHRT

• 1D: -1.46%
• 1M: 3.02%
• 6M: -10.67%
• YTD: -13.36%
• 1Y: -14.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -7.86%

FXAIX

• 1D: 1.66%
• 1M: -0.56%
• 6M: 7.79%
• YTD: 9.35%
• 1Y: 20.63%
• 3Y*: 19.03%
• 5Y*: 12.68%
• 10Y*: 15.00%
• ALL TIME*: 13.89%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FXAIX Fidelity 500 Index Fund	$0.00	$0.00	$0.00
SHRT Gotham Short Strategies ETF	$274.06K	$138.24K	$73.72K

SHRT vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHRT Gotham Short Strategies ETF	-13.36%	-0.91%	-1.44%	-5.51%
FXAIX Fidelity 500 Index Fund	9.35%	17.84%	25.01%	9.77%

Correlation

The correlation between SHRT and FXAIX is -0.42, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.42
Correlation (All Time) Calculated using the full available price history since Nov 6, 2023	-0.50

Return for Risk

SHRT vs. FXAIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SHRT

SHRT Risk / Return Rank: 2
SHRT Sharpe Ratio Rank: 2
SHRT Sortino Ratio Rank: 2
SHRT Omega Ratio Rank: 2
SHRT Calmar Ratio Rank: 4
SHRT Martin Ratio Rank: 1

FXAIX

FXAIX Risk / Return Rank: 64
FXAIX Sharpe Ratio Rank: 61
FXAIX Sortino Ratio Rank: 58
FXAIX Omega Ratio Rank: 59
FXAIX Calmar Ratio Rank: 65
FXAIX Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SHRT vs. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Short Strategies ETF (SHRT) and Fidelity 500 Index Fund (FXAIX). 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	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	1.43	-2.40
Sortino ratio: Return per unit of downside risk	-1.38	2.00	-3.37
Omega ratio: Gain probability vs. loss probability	0.85	1.26	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.65	2.06	-2.71
Martin ratio: Return relative to average drawdown	-1.38	8.86	-10.25

SHRT vs. FXAIX - Sharpe Ratio Comparison

The current SHRT Sharpe Ratio is -0.97, which is lower than the FXAIX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of SHRT and FXAIX, 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. FXAIX - Drawdown Comparison

The maximum SHRT drawdown since its inception was -27.84%, smaller than the maximum FXAIX drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for SHRT and FXAIX.

Drawdown Indicators

	SHRT	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-27.84%	-33.79%	+5.95%
Max Drawdown (1Y) Largest decline over 1 year	-21.19%	-8.89%	-12.30%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.79%	—
Current Drawdown Current decline from peak	-22.30%	-2.11%	-20.19%
Average Drawdown Average peak-to-trough decline	-9.05%	-3.77%	-5.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.88%	2.07%	+7.81%

Volatility

SHRT vs. FXAIX - Volatility Comparison

Gotham Short Strategies ETF (SHRT) and Fidelity 500 Index Fund (FXAIX) have volatilities of 3.36% and 3.44%, 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	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.36%	3.44%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	12.13%	10.09%	+2.04%
Volatility (1Y) Calculated over the trailing 1-year period	14.17%	12.86%	+1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.98%	17.03%	-4.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.98%	18.07%	-5.09%

SHRT vs. FXAIX - Expense Ratio Comparison

SHRT has a 1.35% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

SHRT vs. FXAIX - Dividend Comparison

SHRT's dividend yield for the trailing twelve months is around 0.08%, less than FXAIX's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXAIX Fidelity 500 Index Fund	1.07%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%
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 FXAIX in my portfolio?

SHRT and FXAIX have a correlation of -0.42, 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 FXAIX?

FXAIX has higher volatility (3.44%) compared to SHRT (3.36%). In terms of maximum drawdown, SHRT dropped -27.84% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (1.43 vs -0.97), 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.