SHRT vs. SOXL

Last updated Jul 12, 2026

SHRT (Gotham Short Strategies ETF) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both exchange-traded funds - SHRT is a Inverse Equities fund actively managed by Gotham, while SOXL is a Leveraged Equities fund tracking the ICE Semiconductor Index. SHRT is actively managed, while SOXL is passively managed. Over the past year, SHRT returned -16.82% vs 506.15% for SOXL. At a correlation of -0.55, they often move in opposite directions. SHRT charges 1.35%/yr vs 0.75%/yr for SOXL.

Performance

SHRT vs. SOXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gotham Short Strategies ETF (SHRT) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHRT achieves a -15.63% return, which is significantly lower than SOXL's 293.46% return.

SHRT

• 1D: 0.08%
• 1M: 0.72%
• 6M: -13.64%
• YTD: -15.63%
• 1Y: -16.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SOXL

• 1D: -13.99%
• 1M: -29.53%
• 6M: 202.60%
• YTD: 293.46%
• 1Y: 506.15%
• 3Y*: 85.89%
• 5Y*: 32.23%
• 10Y*: 56.08%

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

SHRT vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHRT Gotham Short Strategies ETF	-15.63%	-0.91%	-1.44%	-5.51%
SOXL Direxion Daily Semiconductor Bull 3X ETF	293.46%	54.91%	-12.31%	71.22%

Correlation

The correlation between SHRT and SOXL 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	-0.59
Correlation (All Time) Calculated using the full available price history since Nov 6, 2023	-0.55

The correlation between SHRT and SOXL has been stable across timeframes, ranging from -0.58 to -0.55 - a consistent structural relationship.

SHRT vs. SOXL - Sectors Allocation Comparison

Sectors	SHRT	SOXL
Basic Materials	18.1%	-
Technology	17.3%	100.0%
Industrials	12.6%	-
Healthcare	10.7%	-
Energy	8.7%	-
Consumer Cyclical	8.6%	-
Consumer Defensive	3.6%	-
Communication Services	3.0%	-
Financial Services	3.0%	-
Utilities	0.0%	-
Real Estate	-	-

Return for Risk

SHRT vs. SOXL — Risk / Return Rank

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

SHRT

SHRT Risk / Return Rank: 1
SHRT Sharpe Ratio Rank: 0
SHRT Sortino Ratio Rank: 1
SHRT Omega Ratio Rank: 1
SHRT Calmar Ratio Rank: 3
SHRT Martin Ratio Rank: 0

SOXL

SOXL Risk / Return Rank: 93
SOXL Sharpe Ratio Rank: 98
SOXL Sortino Ratio Rank: 86
SOXL Omega Ratio Rank: 88
SOXL Calmar Ratio Rank: 98
SOXL Martin Ratio Rank: 97

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. SOXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Short Strategies ETF (SHRT) and Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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	SOXL	Difference
Sharpe ratio: Return per unit of total volatility	-1.20	4.13	-5.33
Sortino ratio: Return per unit of downside risk	-1.74	3.08	-4.83
Omega ratio: Gain probability vs. loss probability	0.81	1.43	-0.62
Calmar ratio: Return relative to maximum drawdown	-0.79	11.33	-12.12
Martin ratio: Return relative to average drawdown	-1.81	32.97	-34.78

SHRT vs. SOXL - Sharpe Ratio Comparison

The current SHRT Sharpe Ratio is -1.20, which is lower than the SOXL Sharpe Ratio of 4.13. The chart below compares the historical Sharpe Ratios of SHRT and SOXL, 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. SOXL - Drawdown Comparison

The maximum SHRT drawdown since its inception was -27.84%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for SHRT and SOXL.

Drawdown Indicators

	SHRT	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-27.84%	-90.46%	+62.62%
Max Drawdown (1Y) Largest decline over 1 year	-21.39%	-45.05%	+23.66%
Max Drawdown (3Y) Largest decline over 3 years	—	-87.88%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-90.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-90.46%	—
Current Drawdown Current decline from peak	-24.33%	-45.02%	+20.69%
Average Drawdown Average peak-to-trough decline	-8.74%	-34.94%	+26.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.28%	15.45%	-6.17%

Volatility

SHRT vs. SOXL - Volatility Comparison

The current volatility for Gotham Short Strategies ETF (SHRT) is 5.38%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 65.64%. This indicates that SHRT experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHRT	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.38%	65.64%	-60.26%
Volatility (6M) Calculated over the trailing 6-month period	12.03%	108.34%	-96.31%
Volatility (1Y) Calculated over the trailing 1-year period	14.03%	123.98%	-109.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.00%	111.84%	-98.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.00%	101.32%	-88.32%

SHRT vs. SOXL - Expense Ratio Comparison

SHRT has a 1.35% expense ratio, which is higher than SOXL's 0.75% expense ratio.

Dividends

SHRT vs. SOXL - Dividend Comparison

SHRT's dividend yield for the trailing twelve months is around 0.08%, more than SOXL's 0.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.01%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%

Frequently Asked Questions

Can I hold both SHRT and SOXL in my portfolio?

SHRT and SOXL 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 SOXL?

SOXL has higher volatility (65.64%) compared to SHRT (5.38%). In terms of maximum drawdown, SHRT dropped -27.84% vs SOXL's -90.46%.

Which ETF is better, SHRT or SOXL?

On 1-year performance, SOXL leads with 506.15% vs -16.82% for SHRT. On fees, SOXL is cheaper at 0.75% per year. On volatility, SHRT has been the lower-risk option at 5.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHRT or SOXL?

Over the 1-year period, SOXL has performed better with a 506.15% return vs -16.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHRT or SOXL?

SOXL is cheaper with a 0.75% expense ratio, compared with 1.35% for SHRT.

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

SHRT has the higher dividend yield at 0.08%, compared with 0.01% for SOXL.

What is the main difference between SHRT and SOXL?

SHRT is categorized as Inverse Equities, while SOXL is Leveraged Equities. They also come from different issuers: Gotham and Direxion. Their fees differ too: 1.35% for SHRT and 0.75% for SOXL.

Which has better risk-adjusted returns?

SOXL currently has the higher Sharpe Ratio (4.13 vs -1.20), 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.