SVXY vs. SHRT
SVXY (ProShares Short VIX Short-Term Futures ETF) and SHRT (Gotham Short Strategies ETF) are both exchange-traded funds - SVXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index (-100%), while SHRT is a Inverse Equities fund actively managed by Gotham. SVXY is passively managed, while SHRT is actively managed. Over the past year, SVXY returned 33.37% vs -21.72% for SHRT. At a correlation of -0.35, they often move in opposite directions. SVXY charges 1.38%/yr vs 1.35%/yr for SHRT.
Performance
SVXY vs. SHRT - Performance Comparison
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Returns By Period
In the year-to-date period, SVXY achieves a -0.92% return, which is significantly higher than SHRT's -17.20% return.
SVXY
- 1D
- -0.20%
- 1M
- 8.44%
- YTD
- -0.92%
- 6M
- 7.55%
- 1Y
- 33.37%
- 3Y*
- 13.21%
- 5Y*
- 15.76%
- 10Y*
- -1.59%
SHRT
- 1D
- 0.32%
- 1M
- -4.10%
- YTD
- -17.20%
- 6M
- -15.30%
- 1Y
- -21.72%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SVXY vs. SHRT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SVXY ProShares Short VIX Short-Term Futures ETF | -0.92% | 10.63% | -3.17% | 14.72% |
SHRT Gotham Short Strategies ETF | -17.20% | -0.91% | -1.44% | -5.83% |
Correlation
The correlation between SVXY and SHRT is -0.24, 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 | -0.24 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2023 | -0.35 |
The correlation between SVXY and SHRT shifts across timeframes, from -0.35 (all time) to -0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SVXY vs. SHRT — Risk / Return Rank
SVXY
SHRT
SVXY vs. SHRT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short VIX Short-Term Futures ETF (SVXY) 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.
| SVXY | SHRT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.84 | ||
| Sortino ratioReturn per unit of downside risk | +4.11 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.74 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | -0.96 | +2.42 |
| Martin ratioReturn relative to average drawdown | 4.78 | -2.09 | +6.87 |
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
| SVXY | SHRT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.17 | -1.67 | +2.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.03 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | -0.79 | +1.01 |
Drawdowns
SVXY vs. SHRT - Drawdown Comparison
The maximum SVXY drawdown since its inception was -95.25%, which is greater than SHRT's maximum drawdown of -25.98%. Use the drawdown chart below to compare losses from any high point for SVXY and SHRT.
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Drawdown Indicators
| SVXY | SHRT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.25% | -25.98% | -69.27% |
Max Drawdown (1Y)Largest decline over 1 year | -22.94% | -22.73% | -0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -46.45% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -46.45% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -95.25% | — | — |
Current DrawdownCurrent decline from peak | -80.15% | -25.74% | -54.41% |
Average DrawdownAverage peak-to-trough decline | -56.87% | -8.12% | -48.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.00% | 10.40% | -3.40% |
Volatility
SVXY vs. SHRT - Volatility Comparison
The current volatility for ProShares Short VIX Short-Term Futures ETF (SVXY) is 3.76%, while Gotham Short Strategies ETF (SHRT) has a volatility of 4.29%. This indicates that SVXY experiences smaller price fluctuations and is considered to be less risky than SHRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SVXY | SHRT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.76% | 4.29% | -0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 21.42% | 10.96% | +10.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.62% | 13.04% | +15.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.38% | 12.78% | +22.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.75% | 12.78% | +37.97% |
SVXY vs. SHRT - Expense Ratio Comparison
SVXY has a 1.38% expense ratio, which is higher than SHRT's 1.35% expense ratio.
Dividends
SVXY vs. SHRT - Dividend Comparison
SVXY has not paid dividends to shareholders, while SHRT's dividend yield for the trailing twelve months is around 0.08%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
SHRT Gotham Short Strategies ETF | 0.08% | 0.07% | 0.85% | 0.27% |
SVXY ProShares Short VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SVXY and SHRT 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.
SHRT has higher volatility (4.29%) compared to SVXY (3.76%). In terms of maximum drawdown, SVXY dropped -95.25% vs SHRT's -25.98%.
On 1-year performance, SVXY leads with 33.37% vs -21.72% for SHRT. On fees, SHRT is cheaper at 1.35% per year. On volatility, SVXY has been the lower-risk option at 3.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SVXY has performed better with a 33.37% return vs -21.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHRT is cheaper with a 1.35% expense ratio, compared with 1.38% for SVXY.
SHRT has the higher dividend yield at 0.08%, compared with 0.00% for SVXY.
SVXY is categorized as Volatility, while SHRT is Inverse Equities. They also come from different issuers: ProShares and Gotham. Their fees differ too: 1.38% for SVXY and 1.35% for SHRT.
SVXY currently has the higher Sharpe Ratio (1.17 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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