UVXY vs. SHRT

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Ultra VIX Short-Term Futures ETF (UVXY) and Gotham Short Strategies ETF (SHRT).

UVXY and SHRT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UVXY is a passively managed fund by ProShares that tracks the performance of the S&P 500 VIX SHORT-TERM FUTURES TR (150%). It was launched on Oct 3, 2011. SHRT is an actively managed fund by Gotham. It was launched on Jul 31, 2017.

Performance

UVXY vs. SHRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra VIX Short-Term Futures ETF (UVXY) and Gotham Short Strategies ETF (SHRT). The values are adjusted to include any dividend payments, if applicable.

UVXY vs. SHRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UVXY ProShares Ultra VIX Short-Term Futures ETF	45.56%	-65.32%	-50.90%	-34.88%
SHRT Gotham Short Strategies ETF	-2.73%	-0.91%	-1.44%	-5.83%

Returns By Period

In the year-to-date period, UVXY achieves a 45.56% return, which is significantly higher than SHRT's -2.73% return.

UVXY

• 1D: -14.14%
• 1M: 31.90%
• YTD: 45.56%
• 6M: 0.19%
• 1Y: -55.36%
• 3Y*: -64.43%
• 5Y*: -67.05%
• 10Y*: -72.70%

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)

UVXY vs. SHRT - Expense Ratio Comparison

UVXY has a 0.95% expense ratio, which is lower than SHRT's 1.35% expense ratio.

SHRT

Gotham Short Strategies ETF

UVXY

ProShares Ultra VIX Short-Term Futures ETF

Return for Risk

UVXY vs. SHRT — Risk / Return Rank

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

UVXY

UVXY Risk / Return Rank: 5
UVXY Sharpe Ratio Rank: 4
UVXY Sortino Ratio Rank: 7
UVXY Omega Ratio Rank: 7
UVXY Calmar Ratio Rank: 2
UVXY Martin Ratio Rank: 6

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.

UVXY vs. SHRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra VIX Short-Term Futures ETF (UVXY) 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.

	UVXY	SHRT	Difference
Sharpe ratio Return per unit of total volatility	-0.49	-0.61	+0.12
Sortino ratio Return per unit of downside risk	-0.25	-0.84	+0.59
Omega ratio Gain probability vs. loss probability	0.97	0.91	+0.06
Calmar ratio Return relative to maximum drawdown	-0.65	-0.49	-0.16
Martin ratio Return relative to average drawdown	-0.78	-0.89	+0.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UVXY vs. SHRT - Sharpe Ratio Comparison

The current UVXY Sharpe Ratio is -0.49, which is comparable to the SHRT Sharpe Ratio of -0.61. The chart below compares the historical Sharpe Ratios of UVXY 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

	UVXY	SHRT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.49	-0.61	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.64	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.67	-0.36	-0.31

Correlation

The correlation between UVXY and SHRT is 0.38, 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

UVXY vs. SHRT - Dividend Comparison

UVXY has not paid dividends to shareholders, while SHRT's dividend yield for the trailing twelve months is around 0.07%.

	TTM	2025	2024	2023
UVXY ProShares Ultra VIX Short-Term Futures ETF	0.00%	0.00%	0.00%	0.00%
SHRT Gotham Short Strategies ETF	0.07%	0.07%	0.85%	0.27%

Drawdowns

UVXY vs. SHRT - Drawdown Comparison

The maximum UVXY drawdown since its inception was -100.00%, which is greater than SHRT's maximum drawdown of -18.97%. Use the drawdown chart below to compare losses from any high point for UVXY and SHRT.

Drawdown Indicators

	UVXY	SHRT	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-18.97%	-81.03%
Max Drawdown (1Y) Largest decline over 1 year	-85.64%	-17.65%	-67.99%
Max Drawdown (5Y) Largest decline over 5 years	-99.77%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-100.00%	—	—
Current Drawdown Current decline from peak	-100.00%	-12.77%	-87.23%
Average Drawdown Average peak-to-trough decline	-98.53%	-7.21%	-91.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	70.91%	9.62%	+61.29%

Volatility

UVXY vs. SHRT - Volatility Comparison

ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 45.17% compared to Gotham Short Strategies ETF (SHRT) at 6.06%. This indicates that UVXY'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

	UVXY	SHRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	45.17%	6.06%	+39.11%
Volatility (6M) Calculated over the trailing 6-month period	71.72%	10.51%	+61.21%
Volatility (1Y) Calculated over the trailing 1-year period	113.02%	14.59%	+98.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	105.48%	12.66%	+92.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	114.53%	12.66%	+101.87%