SHRT vs SPY
SHRT vs SPY
Gotham Short Strategies ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SHRT | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.35% | 0.09% | |
| AUM | $15M | $789.1B | |
| Dividend Yield | 0.08% | 1.01% | |
| Holdings | 806 | 505 | |
| YTD Return | -15.42% | +13.50% | |
| 1Y Return | -16.29% | +23.56% | |
| 3Y Return (annualized) | - | +21.17% | |
| 5Y Return (annualized) | - | +13.46% | |
| Volatility (annualized) | 13.2% | 15.3% | |
| Max Drawdown | -27.8% | -56.5% | |
| Fund Family | Gotham ETFs | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Nov 6, 2023 | Jan 22, 1993 |
SHRT vs SPY Performance
Gotham Short Strategies ETF (SHRT) is a ETF from Gotham ETFs and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year SHRT returned -16.29% while SPY returned +23.56%. Year to date, SHRT is down 15.42% versus a gain of 13.50% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 13.2% for SHRT. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -27.8% for SHRT and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.55. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SHRT charges 1.35% per year while SPY charges 0.09%. On a $10,000 position that is $135 vs $9 annually, a gap of $126 per year that compounds over a long holding period. On income, SHRT currently yields 0.08% against 1.01% for SPY.
Holdings Overlap
SHRT and SPY share 134 holdings out of 767 unique holdings combined, representing a 5.8% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in SHRT | Weight in SPY | Difference |
|---|---|---|---|
| MSFT | -1.08% | 4.43% | 5.51% |
| MU | 1.35% | 1.71% | 0.36% |
| GM | 1.53% | 0.11% | 1.42% |
| TSLA | Pro | Pro | Pro |
| SWKS | Pro | Pro | Pro |
| LMT | Pro | Pro | Pro |
| FSLR | Pro | Pro | Pro |
| DD | Pro | Pro | Pro |
| AMZN | Pro | Pro | Pro |
| ALB | Pro | Pro | Pro |
See all 10 holdings SHRT shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
Frequently Asked Questions
Which is cheaper, SHRT or SPY?
SHRT has an expense ratio of 1.35% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $126 per year of difference.
Which performed better, SHRT or SPY?
Over the past year SHRT returned -16.29% vs +23.56% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), SHRT annualized -8.73% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, SHRT or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 13.2% for SHRT. Worst drawdown: SHRT -27.8% vs SPY -56.5%.
Should I hold both SHRT and SPY?
SHRT and SPY have a monthly-return correlation of -0.55, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SHRT and SPY?
SHRT and SPY share 134 common holdings with a 5.8% weight overlap. Combined, they hold 767 unique securities.
Which pays a higher dividend, SHRT or SPY?
SHRT yields 0.08% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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