SHY vs. GARIX
SHY (iShares 1-3 Year Treasury Bond ETF) and GARIX (Gotham Absolute Return Fund) are both funds - SHY is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index, while GARIX is a Long-Short fund managed by Gotham. Over the past 10 years, SHY returned 1.65%/yr vs 9.83%/yr for GARIX. At a correlation of -0.09, they often move in opposite directions. SHY charges 0.15%/yr vs 1.50%/yr for GARIX.
Performance
SHY vs. GARIX - Performance Comparison
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Returns By Period
In the year-to-date period, SHY achieves a 0.55% return, which is significantly lower than GARIX's 9.41% return. Over the past 10 years, SHY has underperformed GARIX with an annualized return of 1.65%, while GARIX has yielded a comparatively higher 9.83% annualized return.
SHY
- 1D
- -0.02%
- 1M
- 0.19%
- YTD
- 0.55%
- 6M
- 0.80%
- 1Y
- 3.29%
- 3Y*
- 4.15%
- 5Y*
- 1.74%
- 10Y*
- 1.65%
GARIX
- 1D
- 1.25%
- 1M
- 1.51%
- YTD
- 9.41%
- 6M
- 9.67%
- 1Y
- 19.56%
- 3Y*
- 18.51%
- 5Y*
- 13.93%
- 10Y*
- 9.83%
SHY vs. GARIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHY iShares 1-3 Year Treasury Bond ETF | 0.55% | 4.95% | 3.92% | 4.16% | -3.88% | -0.71% | 3.03% | 3.38% | 1.46% | 0.26% |
GARIX Gotham Absolute Return Fund | 9.41% | 16.18% | 20.46% | 17.70% | -5.04% | 26.87% | -6.19% | 11.50% | -4.86% | 10.01% |
Correlation
The correlation between SHY and GARIX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Sep 4, 2012 | -0.09 |
The correlation between SHY and GARIX shifts across timeframes, from -0.09 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SHY vs. GARIX — Risk / Return Rank
SHY
GARIX
SHY vs. GARIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 1-3 Year Treasury Bond ETF (SHY) and Gotham Absolute Return Fund (GARIX). 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.
| SHY | GARIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.41 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.64 | 5.05 | -1.41 |
| Martin ratioReturn relative to average drawdown | 14.45 | 20.05 | -5.60 |
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Drawdowns
SHY vs. GARIX - Drawdown Comparison
The maximum SHY drawdown since its inception was -5.71%, smaller than the maximum GARIX drawdown of -26.49%. Use the drawdown chart below to compare losses from any high point for SHY and GARIX.
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Drawdown Indicators
| SHY | GARIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.71% | -26.49% | +20.78% |
Max Drawdown (1Y)Largest decline over 1 year | -0.89% | -3.85% | +2.96% |
Max Drawdown (3Y)Largest decline over 3 years | -0.97% | -23.15% | +22.18% |
Max Drawdown (5Y)Largest decline over 5 years | -5.71% | -23.15% | +17.44% |
Max Drawdown (10Y)Largest decline over 10 years | -5.71% | -26.49% | +20.78% |
Current DrawdownCurrent decline from peak | -0.18% | -1.96% | +1.78% |
Average DrawdownAverage peak-to-trough decline | -0.52% | -4.51% | +3.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | 0.97% | -0.75% |
Volatility
SHY vs. GARIX - Volatility Comparison
The current volatility for iShares 1-3 Year Treasury Bond ETF (SHY) is 0.40%, while Gotham Absolute Return Fund (GARIX) has a volatility of 3.04%. This indicates that SHY experiences smaller price fluctuations and is considered to be less risky than GARIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHY | GARIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.40% | 3.04% | -2.64% |
Volatility (6M)Calculated over the trailing 6-month period | 0.95% | 6.61% | -5.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.33% | 8.34% | -7.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.99% | 15.39% | -13.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.57% | 13.90% | -12.33% |
SHY vs. GARIX - Expense Ratio Comparison
SHY has a 0.15% expense ratio, which is lower than GARIX's 1.50% expense ratio.
Dividends
SHY vs. GARIX - Dividend Comparison
SHY's dividend yield for the trailing twelve months is around 3.68%, less than GARIX's 6.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GARIX Gotham Absolute Return Fund | 6.56% | 7.18% | 18.74% | 5.87% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.36% |
SHY iShares 1-3 Year Treasury Bond ETF | 3.68% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
Frequently Asked Questions
SHY and GARIX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GARIX has higher volatility (3.04%) compared to SHY (0.40%). In terms of maximum drawdown, SHY dropped -5.71% vs GARIX's -26.49%.
SHY currently has the higher Sharpe Ratio (2.43 vs 2.33), 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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