SHRT vs. SEF

Last updated Jun 4, 2026

SHRT (Gotham Short Strategies ETF) and SEF (ProShares Short Financials) are both Inverse Equities funds. SHRT is actively managed, while SEF is passively managed. Over the past year, SHRT returned -21.72% vs 3.73% for SEF. At a 0.27 correlation, their price movements are largely independent. SHRT charges 1.35%/yr vs 0.95%/yr for SEF.

Performance

SHRT vs. SEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gotham Short Strategies ETF (SHRT) and ProShares Short Financials (SEF). 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 SEF's 8.89% return.

SHRT

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

SEF

• 1D: 1.10%
• 1M: 1.81%
• YTD: 8.89%
• 6M: 6.43%
• 1Y: 3.73%
• 3Y*: -10.34%
• 5Y*: -5.21%
• 10Y*: -11.50%

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

SHRT vs. SEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHRT Gotham Short Strategies ETF	-17.20%	-0.91%	-1.44%	-5.83%
SEF ProShares Short Financials	8.89%	-9.82%	-17.81%	-10.06%

Correlation

The correlation between SHRT and SEF is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since Nov 7, 2023	0.27

The correlation between SHRT and SEF shifts across timeframes, from 0.13 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

SHRT vs. SEF - Sectors Allocation Comparison

Sectors	SHRT	SEF
Technology	26.3%	-
Industrials	19.2%	-
Basic Materials	13.8%	-
Healthcare	13.6%	-
Consumer Cyclical	10.9%	-
Consumer Defensive	7.7%	-
Energy	6.9%	-
Communication Services	1.6%	-
Financial Services	0.6%	65.0%
Utilities	0.0%	-
Real Estate	-	-

Return for Risk

SHRT vs. SEF — 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

SEF

SEF Risk / Return Rank: 12
SEF Sharpe Ratio Rank: 12
SEF Sortino Ratio Rank: 12
SEF Omega Ratio Rank: 12
SEF Calmar Ratio Rank: 13
SEF Martin Ratio Rank: 12

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. SEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Short Strategies ETF (SHRT) and ProShares Short Financials (SEF). 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	SEF	Difference
Sharpe ratio: Return per unit of total volatility	-1.67	0.26	-1.93
Sortino ratio: Return per unit of downside risk	-2.47	0.50	-2.97
Omega ratio: Gain probability vs. loss probability	0.74	1.06	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.96	0.39	-1.34
Martin ratio: Return relative to average drawdown	-2.09	0.73	-2.82
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. SEF - Sharpe Ratio Comparison

The current SHRT Sharpe Ratio is -1.67, which is lower than the SEF Sharpe Ratio of 0.26. The chart below compares the historical Sharpe Ratios of SHRT and SEF, 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	SEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.67	0.26	-1.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.29	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	-0.49	-0.30

Drawdowns

SHRT vs. SEF - Drawdown Comparison

The maximum SHRT drawdown since its inception was -25.98%, smaller than the maximum SEF drawdown of -96.51%. Use the drawdown chart below to compare losses from any high point for SHRT and SEF.

Drawdown Indicators

	SHRT	SEF	Difference
Max Drawdown Largest peak-to-trough decline	-25.98%	-96.51%	+70.53%
Max Drawdown (1Y) Largest decline over 1 year	-22.73%	-9.72%	-13.01%
Max Drawdown (3Y) Largest decline over 3 years	—	-39.40%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-41.62%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.66%	—
Current Drawdown Current decline from peak	-25.74%	-96.09%	+70.35%
Average Drawdown Average peak-to-trough decline	-8.12%	-82.72%	+74.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.40%	5.14%	+5.26%

Volatility

SHRT vs. SEF - Volatility Comparison

Gotham Short Strategies ETF (SHRT) has a higher volatility of 4.29% compared to ProShares Short Financials (SEF) at 3.01%. This indicates that SHRT's price experiences larger fluctuations and is considered to be riskier than SEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHRT	SEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.29%	3.01%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	10.96%	10.85%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	13.04%	14.34%	-1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.78%	17.96%	-5.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.78%	20.52%	-7.74%

SHRT vs. SEF - Expense Ratio Comparison

SHRT has a 1.35% expense ratio, which is higher than SEF's 0.95% expense ratio.

Dividends

SHRT vs. SEF - Dividend Comparison

SHRT's dividend yield for the trailing twelve months is around 0.08%, less than SEF's 3.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SEF ProShares Short Financials	3.35%	4.33%	5.72%	4.43%	0.39%	0.00%	0.12%	1.25%	0.41%
SHRT Gotham Short Strategies ETF	0.08%	0.07%	0.85%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHRT and SEF in my portfolio?

SHRT and SEF have a correlation of 0.13, 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 SEF?

SHRT has higher volatility (4.29%) compared to SEF (3.01%). In terms of maximum drawdown, SHRT dropped -25.98% vs SEF's -96.51%.

Which ETF is better, SHRT or SEF?

On 1-year performance, SEF leads with 3.73% vs -21.72% for SHRT. On fees, SEF is cheaper at 0.95% per year. On volatility, SEF has been the lower-risk option at 3.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHRT or SEF?

Over the 1-year period, SEF has performed better with a 3.73% 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 SEF?

SEF is cheaper with a 0.95% expense ratio, compared with 1.35% for SHRT.

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

SEF has the higher dividend yield at 3.35%, compared with 0.08% for SHRT.

What is the main difference between SHRT and SEF?

They also come from different issuers: Gotham and ProShares. Their fees differ too: 1.35% for SHRT and 0.95% for SEF.

Which has better risk-adjusted returns?

SEF currently has the higher Sharpe Ratio (0.26 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.