SHRT vs. HDGE

Last updated Apr 1, 2026

Compare and contrast key facts about Gotham Short Strategies ETF (SHRT) and AdvisorShares Ranger Equity Bear ETF (HDGE).

SHRT and HDGE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SHRT is an actively managed fund by Gotham. It was launched on Jul 31, 2017. HDGE is an actively managed fund by AdvisorShares. It was launched on Jan 26, 2011.

Performance

SHRT vs. HDGE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gotham Short Strategies ETF (SHRT) and AdvisorShares Ranger Equity Bear ETF (HDGE). The values are adjusted to include any dividend payments, if applicable.

SHRT vs. HDGE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHRT Gotham Short Strategies ETF	-2.73%	-0.91%	-1.44%	-5.83%
HDGE AdvisorShares Ranger Equity Bear ETF	12.05%	1.50%	-8.01%	-14.63%

Returns By Period

In the year-to-date period, SHRT achieves a -2.73% return, which is significantly lower than HDGE's 12.05% return.

SHRT

• 1D: -1.51%
• 1M: 4.54%
• YTD: -2.73%
• 6M: -1.63%
• 1Y: -8.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HDGE

• 1D: -1.94%
• 1M: 4.54%
• YTD: 12.05%
• 6M: 13.38%
• 1Y: 4.28%
• 3Y*: -4.77%
• 5Y*: -2.67%
• 10Y*: -14.57%

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

SHRT vs. HDGE - Expense Ratio Comparison

SHRT has a 1.35% expense ratio, which is lower than HDGE's 3.36% expense ratio.

HDGE

AdvisorShares Ranger Equity Bear ETF

SHRT

Gotham Short Strategies ETF

Return for Risk

SHRT vs. HDGE — Risk / Return Rank

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

SHRT

SHRT Risk / Return Rank: 3
SHRT Sharpe Ratio Rank: 3
SHRT Sortino Ratio Rank: 2
SHRT Omega Ratio Rank: 3
SHRT Calmar Ratio Rank: 4
SHRT Martin Ratio Rank: 5

HDGE

HDGE Risk / Return Rank: 17
HDGE Sharpe Ratio Rank: 18
HDGE Sortino Ratio Rank: 18
HDGE Omega Ratio Rank: 17
HDGE Calmar Ratio Rank: 16
HDGE Martin Ratio Rank: 14

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. HDGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Short Strategies ETF (SHRT) and AdvisorShares Ranger Equity Bear ETF (HDGE). 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	HDGE	Difference
Sharpe ratio Return per unit of total volatility	-0.61	0.22	-0.83
Sortino ratio Return per unit of downside risk	-0.84	0.45	-1.28
Omega ratio Gain probability vs. loss probability	0.91	1.06	-0.15
Calmar ratio Return relative to maximum drawdown	-0.49	0.21	-0.69
Martin ratio Return relative to average drawdown	-0.89	0.30	-1.19
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. HDGE - Sharpe Ratio Comparison

The current SHRT Sharpe Ratio is -0.61, which is lower than the HDGE Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of SHRT and HDGE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SHRT	HDGE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.61	0.22	-0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.11	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.36	-0.66	+0.30

Correlation

The correlation between SHRT and HDGE is 0.43, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SHRT vs. HDGE - Dividend Comparison

SHRT's dividend yield for the trailing twelve months is around 0.07%, less than HDGE's 3.12% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
SHRT Gotham Short Strategies ETF	0.07%	0.07%	0.85%	0.27%	0.00%	0.00%	0.00%	0.00%
HDGE AdvisorShares Ranger Equity Bear ETF	3.12%	3.50%	7.83%	9.58%	0.00%	0.00%	0.00%	0.22%

Drawdowns

SHRT vs. HDGE - Drawdown Comparison

The maximum SHRT drawdown since its inception was -18.97%, smaller than the maximum HDGE drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for SHRT and HDGE.

Drawdown Indicators

	SHRT	HDGE	Difference
Max Drawdown Largest peak-to-trough decline	-18.97%	-93.88%	+74.91%
Max Drawdown (1Y) Largest decline over 1 year	-17.65%	-19.63%	+1.98%
Max Drawdown (5Y) Largest decline over 5 years	—	-42.97%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-83.69%	—
Current Drawdown Current decline from peak	-12.77%	-92.64%	+79.87%
Average Drawdown Average peak-to-trough decline	-7.21%	-69.85%	+62.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.62%	13.53%	-3.91%

Volatility

SHRT vs. HDGE - Volatility Comparison

Gotham Short Strategies ETF (SHRT) has a higher volatility of 6.06% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 4.48%. This indicates that SHRT's price experiences larger fluctuations and is considered to be riskier than HDGE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHRT	HDGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.06%	4.48%	+1.58%
Volatility (6M) Calculated over the trailing 6-month period	10.51%	12.17%	-1.66%
Volatility (1Y) Calculated over the trailing 1-year period	14.59%	19.95%	-5.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.66%	23.96%	-11.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.66%	23.51%	-10.85%