SHRT vs. ICVT
SHRT (Gotham Short Strategies ETF) and ICVT (iShares Convertible Bond ETF) are both exchange-traded funds - SHRT is a Inverse Equities fund actively managed by Gotham, while ICVT is a Preferred Stock/Convertible Bonds fund tracking the Bloomberg U.S. Convertible Cash Pay Bond > $250MM Index. SHRT is actively managed, while ICVT is passively managed. Over the past year, SHRT returned -21.32% vs 37.30% for ICVT. At a correlation of -0.57, they often move in opposite directions. SHRT charges 1.35%/yr vs 0.20%/yr for ICVT.
Performance
SHRT vs. ICVT - 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 ICVT's 23.10% return.
SHRT
- 1D
- -0.47%
- 1M
- -0.90%
- YTD
- -16.68%
- 6M
- -15.90%
- 1Y
- -21.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ICVT
- 1D
- -1.06%
- 1M
- 1.95%
- YTD
- 23.10%
- 6M
- 21.41%
- 1Y
- 37.30%
- 3Y*
- 19.62%
- 5Y*
- 6.55%
- 10Y*
- 14.06%
SHRT vs. ICVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SHRT Gotham Short Strategies ETF | -16.68% | -0.91% | -1.44% | -5.51% |
ICVT iShares Convertible Bond ETF | 23.10% | 18.10% | 10.61% | 9.20% |
Correlation
The correlation between SHRT and ICVT 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 | -0.57 |
The correlation between SHRT and ICVT has been stable across timeframes, ranging from -0.58 to -0.57 - a consistent structural relationship.
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Return for Risk
SHRT vs. ICVT — Risk / Return Rank
SHRT
ICVT
SHRT vs. ICVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Gotham Short Strategies ETF (SHRT) and iShares Convertible Bond ETF (ICVT). 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 | ICVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.98 | ||
| Sortino ratioReturn per unit of downside risk | -5.45 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.42 | -0.68 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 4.97 | -5.93 |
| Martin ratioReturn relative to average drawdown | -1.94 | 16.86 | -18.79 |
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Drawdowns
SHRT vs. ICVT - Drawdown Comparison
The maximum SHRT drawdown since its inception was -25.98%, smaller than the maximum ICVT drawdown of -33.25%. Use the drawdown chart below to compare losses from any high point for SHRT and ICVT.
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Drawdown Indicators
| SHRT | ICVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.98% | -33.25% | +7.27% |
Max Drawdown (1Y)Largest decline over 1 year | -22.21% | -7.55% | -14.66% |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.22% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -29.95% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.25% | — |
Current DrawdownCurrent decline from peak | -25.27% | -2.99% | -22.28% |
Average DrawdownAverage peak-to-trough decline | -8.46% | -9.46% | +1.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.04% | 2.22% | +8.82% |
Volatility
SHRT vs. ICVT - Volatility Comparison
The current volatility for Gotham Short Strategies ETF (SHRT) is 4.02%, while iShares Convertible Bond ETF (ICVT) has a volatility of 7.19%. This indicates that SHRT experiences smaller price fluctuations and is considered to be less risky than ICVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHRT | ICVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.02% | 7.19% | -3.17% |
Volatility (6M)Calculated over the trailing 6-month period | 11.34% | 13.09% | -1.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.44% | 15.72% | -2.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.81% | 13.52% | -0.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.81% | 15.62% | -2.81% |
SHRT vs. ICVT - Expense Ratio Comparison
SHRT has a 1.35% expense ratio, which is higher than ICVT's 0.20% expense ratio.
Dividends
SHRT vs. ICVT - Dividend Comparison
SHRT's dividend yield for the trailing twelve months is around 0.08%, less than ICVT's 1.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICVT iShares Convertible Bond ETF | 1.32% | 1.73% | 2.19% | 1.85% | 1.93% | 7.70% | 3.98% | 1.86% | 4.82% | 2.56% | 3.06% | 1.57% |
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 ICVT 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.
ICVT has higher volatility (7.19%) compared to SHRT (4.02%). In terms of maximum drawdown, SHRT dropped -25.98% vs ICVT's -33.25%.
On 1-year performance, ICVT leads with 37.30% vs -21.32% for SHRT. On fees, ICVT is cheaper at 0.20% 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, ICVT has performed better with a 37.30% return vs -21.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICVT is cheaper with a 0.20% expense ratio, compared with 1.35% for SHRT.
ICVT has the higher dividend yield at 1.32%, compared with 0.08% for SHRT.
SHRT is categorized as Inverse Equities, while ICVT is Preferred Stock/Convertible Bonds. They also come from different issuers: Gotham and iShares. Their fees differ too: 1.35% for SHRT and 0.20% for ICVT.
ICVT currently has the higher Sharpe Ratio (2.39 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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