SHRT vs. YCS

Last updated Jun 23, 2026

SHRT (Gotham Short Strategies ETF) and YCS (ProShares UltraShort Yen) are both exchange-traded funds - SHRT is a Inverse Equities fund actively managed by Gotham, while YCS is a Leveraged Currency fund tracking the USD/JPY Exchange Rate (-200%). SHRT is actively managed, while YCS is passively managed. Over the past year, SHRT returned -21.59% vs 31.36% for YCS. At a 0.05 correlation, their price movements are largely independent. SHRT charges 1.35%/yr vs 1.00%/yr for YCS.

Performance

SHRT vs. YCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gotham Short Strategies ETF (SHRT) and ProShares UltraShort Yen (YCS). 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 YCS's 9.78% return.

SHRT

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

YCS

• 1D: 0.40%
• 1M: 3.71%
• YTD: 9.78%
• 6M: 9.63%
• 1Y: 31.36%
• 3Y*: 18.43%
• 5Y*: 23.50%
• 10Y*: 13.63%

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

SHRT vs. YCS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHRT Gotham Short Strategies ETF	-16.24%	-0.91%	-1.44%	-5.51%
YCS ProShares UltraShort Yen	9.78%	9.04%	35.41%	-9.41%

Correlation

The correlation between SHRT and YCS is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (All Time) Calculated using the full available price history since Nov 6, 2023	0.05

Return for Risk

SHRT vs. YCS — 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

YCS

YCS Risk / Return Rank: 61
YCS Sharpe Ratio Rank: 57
YCS Sortino Ratio Rank: 49
YCS Omega Ratio Rank: 57
YCS Calmar Ratio Rank: 77
YCS Martin Ratio Rank: 67

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. YCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gotham Short Strategies ETF (SHRT) and ProShares UltraShort Yen (YCS). 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	YCS	Difference
Sharpe ratio: Return per unit of total volatility	-1.61	1.86	-3.47
Sortino ratio: Return per unit of downside risk	-2.40	2.37	-4.77
Omega ratio: Gain probability vs. loss probability	0.75	1.35	-0.60
Calmar ratio: Return relative to maximum drawdown	-0.96	3.79	-4.76
Martin ratio: Return relative to average drawdown	-1.94	11.86	-13.80

SHRT vs. YCS - Sharpe Ratio Comparison

The current SHRT Sharpe Ratio is -1.61, which is lower than the YCS Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of SHRT and YCS, 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. YCS - Drawdown Comparison

The maximum SHRT drawdown since its inception was -25.98%, smaller than the maximum YCS drawdown of -49.56%. Use the drawdown chart below to compare losses from any high point for SHRT and YCS.

Drawdown Indicators

	SHRT	YCS	Difference
Max Drawdown Largest peak-to-trough decline	-25.98%	-49.56%	+23.58%
Max Drawdown (1Y) Largest decline over 1 year	-22.49%	-8.30%	-14.19%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	-24.88%	0.00%	-24.88%
Average Drawdown Average peak-to-trough decline	-8.41%	-19.88%	+11.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.40%	2.65%	+8.75%

Volatility

SHRT vs. YCS - Volatility Comparison

Gotham Short Strategies ETF (SHRT) has a higher volatility of 4.21% compared to ProShares UltraShort Yen (YCS) at 2.22%. This indicates that SHRT's price experiences larger fluctuations and is considered to be riskier than YCS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHRT	YCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	2.22%	+1.99%
Volatility (6M) Calculated over the trailing 6-month period	11.34%	12.19%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	13.47%	16.96%	-3.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.83%	21.10%	-8.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.83%	18.96%	-6.13%

SHRT vs. YCS - Expense Ratio Comparison

SHRT has a 1.35% expense ratio, which is higher than YCS's 1.00% expense ratio.

Dividends

SHRT vs. YCS - Dividend Comparison

SHRT's dividend yield for the trailing twelve months is around 0.08%, while YCS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
SHRT Gotham Short Strategies ETF	0.08%	0.07%	0.85%	0.27%
YCS ProShares UltraShort Yen	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHRT and YCS in my portfolio?

SHRT and YCS have a correlation of 0.09, 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 YCS?

SHRT has higher volatility (4.21%) compared to YCS (2.22%). In terms of maximum drawdown, SHRT dropped -25.98% vs YCS's -49.56%.

Which ETF is better, SHRT or YCS?

On 1-year performance, YCS leads with 31.36% vs -21.59% for SHRT. On fees, YCS is cheaper at 1.00% per year. On volatility, YCS has been the lower-risk option at 2.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHRT or YCS?

Over the 1-year period, YCS has performed better with a 31.36% 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 YCS?

YCS is cheaper with a 1.00% expense ratio, compared with 1.35% for SHRT.

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

SHRT has the higher dividend yield at 0.08%, compared with 0.00% for YCS.

What is the main difference between SHRT and YCS?

SHRT is categorized as Inverse Equities, while YCS is Leveraged Currency. They also come from different issuers: Gotham and ProShares. Their fees differ too: 1.35% for SHRT and 1.00% for YCS.

Which has better risk-adjusted returns?

YCS currently has the higher Sharpe Ratio (1.86 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.