AVS vs. EMTY

Last updated Jun 5, 2026

AVS (Direxion Daily AVGO Bear 1X Shares) and EMTY (ProShares Decline of the Retail Store ETF) are both Inverse Equities funds. AVS is actively managed, while EMTY is passively managed. Over the past year, AVS returned -46.04% vs 1.97% for EMTY. At a 0.16 correlation, their price movements are largely independent. AVS charges 0.98%/yr vs 0.66%/yr for EMTY.

Performance

AVS vs. EMTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AVGO Bear 1X Shares (AVS) and ProShares Decline of the Retail Store ETF (EMTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVS achieves a -22.61% return, which is significantly lower than EMTY's 1.98% return.

AVS

• 1D: 12.36%
• 1M: -0.75%
• YTD: -22.61%
• 6M: -16.23%
• 1Y: -46.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EMTY

• 1D: 0.88%
• 1M: 2.56%
• YTD: 1.98%
• 6M: 4.57%
• 1Y: 1.97%
• 3Y*: -4.87%
• 5Y*: -2.70%
• 10Y*: —

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

AVS vs. EMTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AVS Direxion Daily AVGO Bear 1X Shares	-22.61%	-45.96%	-27.15%
EMTY ProShares Decline of the Retail Store ETF	1.98%	-1.76%	-3.79%

Correlation

The correlation between AVS and EMTY is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024	0.16

Return for Risk

AVS vs. EMTY — Risk / Return Rank

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

AVS

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

EMTY

EMTY Risk / Return Rank: 11
EMTY Sharpe Ratio Rank: 11
EMTY Sortino Ratio Rank: 10
EMTY Omega Ratio Rank: 10
EMTY Calmar Ratio Rank: 11
EMTY Martin Ratio Rank: 10

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.

AVS vs. EMTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AVGO Bear 1X Shares (AVS) and ProShares Decline of the Retail Store ETF (EMTY). 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.

	AVS	EMTY	Difference
Sharpe ratio: Return per unit of total volatility	-1.03	0.11	-1.14
Sortino ratio: Return per unit of downside risk	-1.53	0.27	-1.80
Omega ratio: Gain probability vs. loss probability	0.81	1.03	-0.22
Calmar ratio: Return relative to maximum drawdown	-0.84	0.14	-0.98
Martin ratio: Return relative to average drawdown	-1.41	0.24	-1.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AVS vs. EMTY - Sharpe Ratio Comparison

The current AVS Sharpe Ratio is -1.03, which is lower than the EMTY Sharpe Ratio of 0.11. The chart below compares the historical Sharpe Ratios of AVS and EMTY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AVS	EMTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.03	0.11	-1.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.12	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.96	-0.43	-0.54

Drawdowns

AVS vs. EMTY - Drawdown Comparison

The maximum AVS drawdown since its inception was -76.77%, roughly equal to the maximum EMTY drawdown of -77.62%. Use the drawdown chart below to compare losses from any high point for AVS and EMTY.

Drawdown Indicators

	AVS	EMTY	Difference
Max Drawdown Largest peak-to-trough decline	-76.77%	-77.62%	+0.85%
Max Drawdown (1Y) Largest decline over 1 year	-55.22%	-14.00%	-41.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-30.83%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-30.83%	—
Current Drawdown Current decline from peak	-73.73%	-74.55%	+0.82%
Average Drawdown Average peak-to-trough decline	-48.93%	-54.02%	+5.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.58%	8.11%	+24.47%

Volatility

AVS vs. EMTY - Volatility Comparison

Direxion Daily AVGO Bear 1X Shares (AVS) has a higher volatility of 17.18% compared to ProShares Decline of the Retail Store ETF (EMTY) at 6.05%. This indicates that AVS's price experiences larger fluctuations and is considered to be riskier than EMTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVS	EMTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.18%	6.05%	+11.13%
Volatility (6M) Calculated over the trailing 6-month period	32.88%	12.41%	+20.47%
Volatility (1Y) Calculated over the trailing 1-year period	44.81%	17.65%	+27.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.72%	22.36%	+31.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.72%	25.67%	+28.05%

AVS vs. EMTY - Expense Ratio Comparison

AVS has a 0.98% expense ratio, which is higher than EMTY's 0.66% expense ratio.

Dividends

AVS vs. EMTY - Dividend Comparison

AVS's dividend yield for the trailing twelve months is around 3.94%, more than EMTY's 3.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AVS Direxion Daily AVGO Bear 1X Shares	3.94%	4.22%	1.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EMTY ProShares Decline of the Retail Store ETF	3.42%	3.83%	6.00%	4.41%	0.65%	0.00%	0.07%	0.82%	0.62%	0.03%

Frequently Asked Questions

Can I hold both AVS and EMTY in my portfolio?

AVS and EMTY have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVS or EMTY?

AVS has higher volatility (17.18%) compared to EMTY (6.05%). In terms of maximum drawdown, AVS dropped -76.77% vs EMTY's -77.62%.

Which ETF is better, AVS or EMTY?

On 1-year performance, EMTY leads with 1.97% vs -46.04% for AVS. On fees, EMTY is cheaper at 0.66% per year. On volatility, EMTY has been the lower-risk option at 6.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVS or EMTY?

Over the 1-year period, EMTY has performed better with a 1.97% return vs -46.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVS or EMTY?

EMTY is cheaper with a 0.66% expense ratio, compared with 0.98% for AVS.

Which ETF pays a higher dividend yield, AVS or EMTY?

AVS has the higher dividend yield at 3.94%, compared with 3.42% for EMTY.

What is the main difference between AVS and EMTY?

They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.98% for AVS and 0.66% for EMTY.

Which has better risk-adjusted returns?

EMTY currently has the higher Sharpe Ratio (0.11 vs -1.03), 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.