TSLQ vs. SHRT

Last updated Apr 1, 2026

Compare and contrast key facts about AXS TSLA Bear Daily ETF (TSLQ) and Gotham Short Strategies ETF (SHRT).

TSLQ and SHRT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TSLQ is an actively managed fund by AXS. It was launched on Jul 13, 2022. SHRT is an actively managed fund by Gotham. It was launched on Jul 31, 2017.

Performance

TSLQ vs. SHRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AXS TSLA Bear Daily ETF (TSLQ) and Gotham Short Strategies ETF (SHRT). The values are adjusted to include any dividend payments, if applicable.

TSLQ vs. SHRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSLQ AXS TSLA Bear Daily ETF	35.41%	-74.67%	-83.21%	-12.62%
SHRT Gotham Short Strategies ETF	-2.73%	-0.91%	-1.44%	-5.83%

Returns By Period

In the year-to-date period, TSLQ achieves a 35.41% return, which is significantly higher than SHRT's -2.73% return.

TSLQ

• 1D: -9.13%
• 1M: 13.74%
• YTD: 35.41%
• 6M: 14.08%
• 1Y: -79.94%
• 3Y*: -64.97%
• 5Y*: —
• 10Y*: —

SHRT

• 1D: -1.51%
• 1M: 4.54%
• YTD: -2.73%
• 6M: -1.63%
• 1Y: -8.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLQ vs. SHRT - Expense Ratio Comparison

TSLQ has a 1.15% expense ratio, which is lower than SHRT's 1.35% expense ratio.

SHRT

Gotham Short Strategies ETF

TSLQ

AXS TSLA Bear Daily ETF

Return for Risk

TSLQ vs. SHRT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TSLQ

TSLQ Risk / Return Rank: 2
TSLQ Sharpe Ratio Rank: 2
TSLQ Sortino Ratio Rank: 1
TSLQ Omega Ratio Rank: 1
TSLQ Calmar Ratio Rank: 1
TSLQ Martin Ratio Rank: 4

SHRT

SHRT Risk / Return Rank: 3
SHRT Sharpe Ratio Rank: 3
SHRT Sortino Ratio Rank: 2
SHRT Omega Ratio Rank: 3
SHRT Calmar Ratio Rank: 4
SHRT Martin Ratio Rank: 5

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.

TSLQ vs. SHRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AXS TSLA Bear Daily ETF (TSLQ) 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.

	TSLQ	SHRT	Difference
Sharpe ratio Return per unit of total volatility	-0.72	-0.61	-0.11
Sortino ratio Return per unit of downside risk	-1.13	-0.84	-0.29
Omega ratio Gain probability vs. loss probability	0.86	0.91	-0.04
Calmar ratio Return relative to maximum drawdown	-0.88	-0.49	-0.39
Martin ratio Return relative to average drawdown	-1.02	-0.89	-0.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSLQ vs. SHRT - Sharpe Ratio Comparison

The current TSLQ Sharpe Ratio is -0.72, which is comparable to the SHRT Sharpe Ratio of -0.61. The chart below compares the historical Sharpe Ratios of TSLQ and SHRT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TSLQ	SHRT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.72	-0.61	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	-0.62	-0.36	-0.26

Correlation

The correlation between TSLQ and SHRT is 0.34, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

TSLQ vs. SHRT - Dividend Comparison

TSLQ's dividend yield for the trailing twelve months is around 7.80%, more than SHRT's 0.07% yield.

	TTM	2025	2024	2023	2022
TSLQ AXS TSLA Bear Daily ETF	7.80%	10.56%	4.95%	13.35%	2.56%
SHRT Gotham Short Strategies ETF	0.07%	0.07%	0.85%	0.27%	0.00%

Drawdowns

TSLQ vs. SHRT - Drawdown Comparison

The maximum TSLQ drawdown since its inception was -98.73%, which is greater than SHRT's maximum drawdown of -18.97%. Use the drawdown chart below to compare losses from any high point for TSLQ and SHRT.

Drawdown Indicators

	TSLQ	SHRT	Difference
Max Drawdown Largest peak-to-trough decline	-98.73%	-18.97%	-79.76%
Max Drawdown (1Y) Largest decline over 1 year	-90.23%	-17.65%	-72.58%
Current Drawdown Current decline from peak	-97.98%	-12.77%	-85.21%
Average Drawdown Average peak-to-trough decline	-65.72%	-7.21%	-58.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	77.62%	9.62%	+68.00%

Volatility

TSLQ vs. SHRT - Volatility Comparison

AXS TSLA Bear Daily ETF (TSLQ) has a higher volatility of 22.57% compared to Gotham Short Strategies ETF (SHRT) at 6.06%. This indicates that TSLQ'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

	TSLQ	SHRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.57%	6.06%	+16.51%
Volatility (6M) Calculated over the trailing 6-month period	59.42%	10.51%	+48.91%
Volatility (1Y) Calculated over the trailing 1-year period	110.66%	14.59%	+96.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.61%	12.66%	+81.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	94.61%	12.66%	+81.95%