TSLZ vs. SHRT

Last updated Jun 24, 2026

TSLZ (T-Rex 2X Inverse Tesla Daily Target ETF) and SHRT (Gotham Short Strategies ETF) are both Inverse Equities funds. Both are actively managed. Over the past year, TSLZ returned -51.89% vs -21.39% for SHRT. At a 0.33 correlation, their price movements are largely independent. TSLZ charges 1.05%/yr vs 1.35%/yr for SHRT.

Performance

TSLZ vs. SHRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) 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, TSLZ achieves a 11.42% return, which is significantly higher than SHRT's -16.28% return.

TSLZ

• 1D: 11.56%
• 1M: 18.35%
• YTD: 11.42%
• 6M: 29.37%
• 1Y: -51.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SHRT

• 1D: -0.05%
• 1M: -0.43%
• YTD: -16.28%
• 6M: -15.63%
• 1Y: -21.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLZ vs. SHRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	11.42%	-75.98%	-88.79%	-26.32%
SHRT Gotham Short Strategies ETF	-16.28%	-0.91%	-1.44%	-5.51%

Correlation

The correlation between TSLZ and SHRT is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Nov 6, 2023	0.33

Return for Risk

TSLZ vs. SHRT — Risk / Return Rank

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

TSLZ

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

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

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.

TSLZ vs. SHRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) 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.

	TSLZ	SHRT	Difference
Sharpe ratio: Return per unit of total volatility	-0.60	-1.60	+1.00
Sortino ratio: Return per unit of downside risk	-0.58	-2.37	+1.80
Omega ratio: Gain probability vs. loss probability	0.94	0.75	+0.19
Calmar ratio: Return relative to maximum drawdown	-0.71	-0.97	+0.25
Martin ratio: Return relative to average drawdown	-0.91	-1.96	+1.05

TSLZ vs. SHRT - Sharpe Ratio Comparison

The current TSLZ Sharpe Ratio is -0.60, which is higher than the SHRT Sharpe Ratio of -1.60. The chart below compares the historical Sharpe Ratios of TSLZ 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

TSLZ vs. SHRT - Drawdown Comparison

The maximum TSLZ drawdown since its inception was -99.11%, which is greater than SHRT's maximum drawdown of -25.98%. Use the drawdown chart below to compare losses from any high point for TSLZ and SHRT.

Drawdown Indicators

	TSLZ	SHRT	Difference
Max Drawdown Largest peak-to-trough decline	-99.11%	-25.98%	-73.13%
Max Drawdown (1Y) Largest decline over 1 year	-72.88%	-22.21%	-50.67%
Current Drawdown Current decline from peak	-98.83%	-24.92%	-73.91%
Average Drawdown Average peak-to-trough decline	-75.70%	-8.43%	-67.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	57.22%	11.24%	+45.98%

Volatility

TSLZ vs. SHRT - Volatility Comparison

T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) has a higher volatility of 27.70% compared to Gotham Short Strategies ETF (SHRT) at 4.21%. This indicates that TSLZ'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

	TSLZ	SHRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.70%	4.21%	+23.49%
Volatility (6M) Calculated over the trailing 6-month period	56.77%	11.34%	+45.43%
Volatility (1Y) Calculated over the trailing 1-year period	88.07%	13.44%	+74.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	116.88%	12.82%	+104.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	116.88%	12.82%	+104.06%

TSLZ vs. SHRT - Expense Ratio Comparison

TSLZ has a 1.05% expense ratio, which is lower than SHRT's 1.35% expense ratio.

Dividends

TSLZ vs. SHRT - Dividend Comparison

TSLZ's dividend yield for the trailing twelve months is around 0.62%, more than SHRT's 0.08% yield.

Position	TTM	2025	2024	2023
SHRT Gotham Short Strategies ETF	0.08%	0.07%	0.85%	0.27%
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	0.62%	0.69%	2.08%	12.15%

Frequently Asked Questions

Can I hold both TSLZ and SHRT in my portfolio?

TSLZ and SHRT have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLZ or SHRT?

TSLZ has higher volatility (27.70%) compared to SHRT (4.21%). In terms of maximum drawdown, TSLZ dropped -99.11% vs SHRT's -25.98%.

Which ETF is better, TSLZ or SHRT?

On 1-year performance, SHRT leads with -21.39% vs -51.89% for TSLZ. On fees, TSLZ is cheaper at 1.05% per year. On volatility, SHRT has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLZ or SHRT?

Over the 1-year period, SHRT has performed better with a -21.39% return vs -51.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLZ or SHRT?

TSLZ is cheaper with a 1.05% expense ratio, compared with 1.35% for SHRT.

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

TSLZ has the higher dividend yield at 0.62%, compared with 0.08% for SHRT.

What is the main difference between TSLZ and SHRT?

They also come from different issuers: T-Rex and Gotham. Their fees differ too: 1.05% for TSLZ and 1.35% for SHRT.

Which has better risk-adjusted returns?

TSLZ currently has the higher Sharpe Ratio (-0.60 vs -1.60), 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.