SHRT vs. VOO

Last updated Jun 23, 2026

SHRT (Gotham Short Strategies ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - SHRT is a Inverse Equities fund actively managed by Gotham, while VOO is a S&P 500 fund tracking the S&P 500 Index. SHRT is actively managed, while VOO is passively managed. Over the past year, SHRT returned -21.59% vs 26.77% for VOO. At a correlation of -0.51, they often move in opposite directions. SHRT charges 1.35%/yr vs 0.03%/yr for VOO.

Performance

SHRT vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gotham Short Strategies ETF (SHRT) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHRT achieves a -16.24% return, which is significantly lower than VOO's 9.75% return.

SHRT

• 1D: -0.19%
• 1M: -0.38%
• YTD: -16.24%
• 6M: -15.19%
• 1Y: -21.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VOO

• 1D: -0.29%
• 1M: 0.08%
• YTD: 9.75%
• 6M: 9.30%
• 1Y: 26.77%
• 3Y*: 21.36%
• 5Y*: 13.58%
• 10Y*: 15.77%

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

SHRT vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHRT Gotham Short Strategies ETF	-16.24%	-0.91%	-1.44%	-5.51%
VOO Vanguard S&P 500 ETF	9.75%	17.82%	24.98%	9.80%

Correlation

The correlation between SHRT and VOO is -0.46, 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	-0.46
Correlation (All Time) Calculated using the full available price history since Nov 6, 2023	-0.51

The correlation between SHRT and VOO has been stable across timeframes, ranging from -0.51 to -0.46 - a consistent structural relationship.

SHRT vs. VOO - Sectors Allocation Comparison

Sectors	SHRT	VOO
Basic Materials	25.3%	1.7%
Industrials	18.3%	7.6%
Healthcare	14.0%	8.3%
Technology	12.4%	39.1%
Consumer Cyclical	10.2%	9.8%
Energy	8.6%	3.2%
Communication Services	5.6%	10.5%
Consumer Defensive	5.5%	4.5%
Financial Services	0.6%	10.9%
Utilities	0.1%	2.5%
Real Estate	-	1.8%

Return for Risk

SHRT vs. VOO — 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

VOO

VOO Risk / Return Rank: 68
VOO Sharpe Ratio Rank: 70
VOO Sortino Ratio Rank: 67
VOO Omega Ratio Rank: 69
VOO Calmar Ratio Rank: 63
VOO Martin Ratio Rank: 74

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Short Strategies ETF (SHRT) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	-1.61	2.17	-3.79
Sortino ratio: Return per unit of downside risk	-2.40	2.93	-5.33
Omega ratio: Gain probability vs. loss probability	0.75	1.39	-0.65
Calmar ratio: Return relative to maximum drawdown	-0.96	3.02	-3.98
Martin ratio: Return relative to average drawdown	-1.94	13.58	-15.52

SHRT vs. VOO - Sharpe Ratio Comparison

The current SHRT Sharpe Ratio is -1.61, which is lower than the VOO Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of SHRT and VOO, 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. VOO - Drawdown Comparison

The maximum SHRT drawdown since its inception was -25.98%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for SHRT and VOO.

Drawdown Indicators

	SHRT	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-25.98%	-33.99%	+8.01%
Max Drawdown (1Y) Largest decline over 1 year	-22.49%	-8.90%	-13.59%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-24.88%	-1.74%	-23.14%
Average Drawdown Average peak-to-trough decline	-8.41%	-3.68%	-4.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.40%	1.98%	+9.42%

Volatility

SHRT vs. VOO - Volatility Comparison

The current volatility for Gotham Short Strategies ETF (SHRT) is 4.21%, while Vanguard S&P 500 ETF (VOO) has a volatility of 4.60%. This indicates that SHRT experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHRT	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	4.60%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	11.34%	9.73%	+1.61%
Volatility (1Y) Calculated over the trailing 1-year period	13.47%	12.39%	+1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.83%	16.90%	-4.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.83%	18.05%	-5.22%

SHRT vs. VOO - Expense Ratio Comparison

SHRT has a 1.35% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

SHRT vs. VOO - Dividend Comparison

SHRT's dividend yield for the trailing twelve months is around 0.08%, less than VOO's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VOO Vanguard S&P 500 ETF	1.04%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both SHRT and VOO in my portfolio?

SHRT and VOO have a correlation of -0.46, 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 VOO?

VOO has higher volatility (4.60%) compared to SHRT (4.21%). In terms of maximum drawdown, SHRT dropped -25.98% vs VOO's -33.99%.

Which ETF is better, SHRT or VOO?

On 1-year performance, VOO leads with 26.77% vs -21.59% for SHRT. On fees, VOO is cheaper at 0.03% per year. On volatility, SHRT has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHRT or VOO?

Over the 1-year period, VOO has performed better with a 26.77% return vs -21.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHRT or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 1.35% for SHRT.

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

VOO has the higher dividend yield at 1.04%, compared with 0.08% for SHRT.

What is the main difference between SHRT and VOO?

SHRT is categorized as Inverse Equities, while VOO is S&P 500. They also come from different issuers: Gotham and Vanguard. Their fees differ too: 1.35% for SHRT and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.17 vs -1.61), 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.