SPXS vs. SHRT

Last updated Aug 6, 2026

SPXS (Direxion Daily S&P 500 Bear 3X Shares) and SHRT (Gotham Short Strategies ETF) are both Inverse Equities funds. SPXS is passively managed, while SHRT is actively managed. Over the past year, SPXS returned -44.53% vs -15.29% for SHRT. Their 0.51 correlation means they have sometimes moved together and sometimes differently. SPXS charges 1.08%/yr vs 1.35%/yr for SHRT.

Performance

SPXS vs. SHRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bear 3X Shares (SPXS) and Gotham Short Strategies ETF (SHRT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXS achieves a -30.39% return, which is significantly lower than SHRT's -14.90% return.

SPXS

• 1D: 0.66%
• 1M: -6.84%
• 6M: -29.64%
• YTD: -30.39%
• 1Y: -44.53%
• 3Y*: -41.71%
• 5Y*: -33.55%
• 10Y*: -41.54%
• ALL TIME*: -44.94%

SHRT

• 1D: 0.54%
• 1M: 1.54%
• 6M: -11.84%
• YTD: -14.90%
• 1Y: -15.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -8.43%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SHRT Gotham Short Strategies ETF	$281.69K	$135.53K	$63.65K
SPXS Direxion Daily S&P 500 Bear 3X Shares	$344.98M	$288.31M	$338.49M

SPXS vs. SHRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPXS Direxion Daily S&P 500 Bear 3X Shares	-30.39%	-41.53%	-42.84%	-22.85%
SHRT Gotham Short Strategies ETF	-14.90%	-0.91%	-1.44%	-5.51%

Correlation

The correlation between SPXS and SHRT is 0.44, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.44
Correlation (All Time) Calculated using the full available price history since Nov 6, 2023	0.51

The correlation between SPXS and SHRT has been stable across timeframes, ranging from 0.44 to 0.51 - a consistent structural relationship.

Return for Risk

SPXS vs. SHRT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPXS

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

SHRT

SHRT Risk / Return Rank: 2
SHRT Sharpe Ratio Rank: 1
SHRT Sortino Ratio Rank: 2
SHRT Omega Ratio Rank: 2
SHRT Calmar Ratio Rank: 3
SHRT Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPXS vs. SHRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 3X Shares (SPXS) and Gotham Short Strategies ETF (SHRT). 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.

	SPXS	SHRT	Difference
Sharpe ratio: Return per unit of total volatility	-1.16	-1.08	-0.07
Sortino ratio: Return per unit of downside risk	-1.83	-1.55	-0.28
Omega ratio: Gain probability vs. loss probability	0.80	0.83	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.99	-0.72	-0.26
Martin ratio: Return relative to average drawdown	-1.80	-1.52	-0.28

SPXS vs. SHRT - Sharpe Ratio Comparison

The current SPXS Sharpe Ratio is -1.16, which is comparable to the SHRT Sharpe Ratio of -1.08. The chart below compares the historical Sharpe Ratios of SPXS and SHRT, 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

SPXS vs. SHRT - Drawdown Comparison

The maximum SPXS drawdown since its inception was -100.00%, which is greater than SHRT's maximum drawdown of -27.84%. Use the drawdown chart below to compare losses from any high point for SPXS and SHRT.

Drawdown Indicators

	SPXS	SHRT	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-27.84%	-72.16%
Max Drawdown (1Y) Largest decline over 1 year	-45.14%	-21.19%	-23.95%
Max Drawdown (3Y) Largest decline over 3 years	-84.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-90.62%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.58%	—	—
Current Drawdown Current decline from peak	-100.00%	-23.68%	-76.32%
Average Drawdown Average peak-to-trough decline	-96.32%	-9.11%	-87.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.32%	10.05%	+15.27%

Volatility

SPXS vs. SHRT - Volatility Comparison

Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 12.42% compared to Gotham Short Strategies ETF (SHRT) at 3.53%. This indicates that SPXS's price experiences larger fluctuations and is considered to be riskier than SHRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXS	SHRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.42%	3.53%	+8.89%
Volatility (6M) Calculated over the trailing 6-month period	31.05%	11.85%	+19.20%
Volatility (1Y) Calculated over the trailing 1-year period	38.62%	14.19%	+24.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.86%	13.00%	+37.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.62%	13.00%	+40.62%

SPXS vs. SHRT - Expense Ratio Comparison

SPXS has a 1.08% expense ratio, which is lower than SHRT's 1.35% expense ratio.

Dividends

SPXS vs. SHRT - Dividend Comparison

SPXS's dividend yield for the trailing twelve months is around 4.88%, more than SHRT's 0.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SHRT Gotham Short Strategies ETF	0.08%	0.07%	0.85%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXS Direxion Daily S&P 500 Bear 3X Shares	4.88%	4.93%	6.18%	5.66%	0.00%	0.00%	0.51%	1.74%	0.58%

Frequently Asked Questions

Can I hold both SPXS and SHRT in my portfolio?

SPXS and SHRT have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXS or SHRT?

SPXS has higher volatility (12.42%) compared to SHRT (3.53%). In terms of maximum drawdown, SPXS dropped -100.00% vs SHRT's -27.84%.

Which ETF is better, SPXS or SHRT?

On 1-year performance, SHRT leads with -15.29% vs -44.53% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, SHRT has been the lower-risk option at 3.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXS or SHRT?

Over the 1-year period, SHRT has performed better with a -15.29% return vs -44.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXS or SHRT?

SPXS is cheaper with a 1.08% expense ratio, compared with 1.35% for SHRT.

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

SPXS has the higher dividend yield at 4.88%, compared with 0.08% for SHRT.

What is the main difference between SPXS and SHRT?

They also come from different issuers: Direxion and Gotham. Their fees differ too: 1.08% for SPXS and 1.35% for SHRT.

Which has better risk-adjusted returns?

SHRT currently has the higher Sharpe Ratio (-1.08 vs -1.16), 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.