SHRT vs. UVXY
SHRT (Gotham Short Strategies ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SHRT is a Inverse Equities fund actively managed by Gotham, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). SHRT is actively managed, while UVXY is passively managed. Over the past year, SHRT returned -21.72% vs -72.91% for UVXY. At a 0.35 correlation, their price movements are largely independent. SHRT charges 1.35%/yr vs 0.95%/yr for UVXY.
Performance
SHRT vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, SHRT achieves a -17.20% return, which is significantly higher than UVXY's -19.06% return.
SHRT
- 1D
- 0.32%
- 1M
- -4.10%
- YTD
- -17.20%
- 6M
- -15.30%
- 1Y
- -21.72%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
SHRT vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SHRT Gotham Short Strategies ETF | -17.20% | -0.91% | -1.44% | -5.83% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -19.06% | -65.32% | -50.90% | -34.88% |
Correlation
The correlation between SHRT and UVXY is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2023 | 0.35 |
The correlation between SHRT and UVXY shifts across timeframes, from 0.24 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SHRT vs. UVXY — Risk / Return Rank
SHRT
UVXY
SHRT vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Gotham Short Strategies ETF (SHRT) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -0.87 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 0.82 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.97 | +0.01 |
| Martin ratioReturn relative to average drawdown | -2.09 | -1.31 | -0.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SHRT | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.67 | -0.87 | -0.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.66 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | -0.68 | -0.11 |
Drawdowns
SHRT vs. UVXY - Drawdown Comparison
The maximum SHRT drawdown since its inception was -25.98%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SHRT and UVXY.
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Drawdown Indicators
| SHRT | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.98% | -100.00% | +74.02% |
Max Drawdown (1Y)Largest decline over 1 year | -22.73% | -75.22% | +52.49% |
Max Drawdown (3Y)Largest decline over 3 years | — | -95.45% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -99.68% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -25.74% | -100.00% | +74.26% |
Average DrawdownAverage peak-to-trough decline | -8.12% | -98.55% | +90.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.40% | 55.63% | -45.23% |
Volatility
SHRT vs. UVXY - Volatility Comparison
The current volatility for Gotham Short Strategies ETF (SHRT) is 4.29%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. This indicates that SHRT experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHRT | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.29% | 11.77% | -7.48% |
Volatility (6M)Calculated over the trailing 6-month period | 10.96% | 62.64% | -51.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.04% | 84.42% | -71.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.78% | 103.85% | -91.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.78% | 113.82% | -101.04% |
SHRT vs. UVXY - Expense Ratio Comparison
SHRT has a 1.35% expense ratio, which is higher than UVXY's 0.95% expense ratio.
Dividends
SHRT vs. UVXY - Dividend Comparison
SHRT's dividend yield for the trailing twelve months is around 0.08%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
SHRT Gotham Short Strategies ETF | 0.08% | 0.07% | 0.85% | 0.27% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SHRT and UVXY have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (11.77%) compared to SHRT (4.29%). In terms of maximum drawdown, SHRT dropped -25.98% vs UVXY's -100.00%.
On 1-year performance, SHRT leads with -21.72% vs -72.91% for UVXY. On fees, UVXY is cheaper at 0.95% per year. On volatility, SHRT has been the lower-risk option at 4.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SHRT has performed better with a -21.72% return vs -72.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UVXY is cheaper with a 0.95% expense ratio, compared with 1.35% for SHRT.
SHRT has the higher dividend yield at 0.08%, compared with 0.00% for UVXY.
SHRT is categorized as Inverse Equities, while UVXY is Volatility. They also come from different issuers: Gotham and ProShares. Their fees differ too: 1.35% for SHRT and 0.95% for UVXY.
UVXY currently has the higher Sharpe Ratio (-0.87 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.
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