BERZ vs. EMTY
BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) and EMTY (ProShares Decline of the Retail Store ETF) are both Inverse Equities funds - BERZ tracks the Solactive FANG Innovation Index while EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Both are passively managed. Over the past 3 years, BERZ returned -77.59%/yr vs -4.69%/yr for EMTY. At a 0.47 correlation, their price movements are largely independent. BERZ charges 0.95%/yr vs 0.66%/yr for EMTY.
Performance
BERZ vs. EMTY - Performance Comparison
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Returns By Period
In the year-to-date period, BERZ achieves a -65.19% return, which is significantly lower than EMTY's 1.09% return.
BERZ
- 1D
- 3.73%
- 1M
- -37.37%
- YTD
- -65.19%
- 6M
- -64.50%
- 1Y
- -86.22%
- 3Y*
- -77.59%
- 5Y*
- —
- 10Y*
- —
EMTY
- 1D
- -0.32%
- 1M
- 1.81%
- YTD
- 1.09%
- 6M
- 3.80%
- 1Y
- 1.60%
- 3Y*
- -4.69%
- 5Y*
- -2.87%
- 10Y*
- —
BERZ vs. EMTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | -65.19% | -78.81% | -65.95% | -89.12% | 102.85% | -30.19% |
EMTY ProShares Decline of the Retail Store ETF | 1.09% | -1.76% | -4.13% | 0.27% | 4.32% | -9.35% |
Correlation
The correlation between BERZ and EMTY is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2021 | 0.47 |
Over the past year, the correlation between BERZ and EMTY has dropped to 0.17 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.
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Return for Risk
BERZ vs. EMTY — Risk / Return Rank
BERZ
EMTY
BERZ vs. EMTY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) 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.
| BERZ | EMTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.23 | ||
| Sortino ratioReturn per unit of downside risk | -3.20 | ||
| Omega ratioGain probability vs. loss probability | 0.69 | 1.03 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 0.11 | -1.10 |
| Martin ratioReturn relative to average drawdown | -1.54 | 0.20 | -1.73 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BERZ | EMTY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.14 | 0.09 | -1.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.13 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.75 | -0.43 | -0.32 |
Drawdowns
BERZ vs. EMTY - Drawdown Comparison
The maximum BERZ drawdown since its inception was -99.80%, which is greater than EMTY's maximum drawdown of -77.62%. Use the drawdown chart below to compare losses from any high point for BERZ and EMTY.
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Drawdown Indicators
| BERZ | EMTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -77.62% | -22.18% |
Max Drawdown (1Y)Largest decline over 1 year | -87.32% | -14.00% | -73.32% |
Max Drawdown (3Y)Largest decline over 3 years | -98.97% | -30.83% | -68.14% |
Max Drawdown (5Y)Largest decline over 5 years | — | -30.83% | — |
Current DrawdownCurrent decline from peak | -99.79% | -74.77% | -25.02% |
Average DrawdownAverage peak-to-trough decline | -71.57% | -54.01% | -17.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.07% | 8.11% | +47.96% |
Volatility
BERZ vs. EMTY - Volatility Comparison
MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a higher volatility of 23.63% compared to ProShares Decline of the Retail Store ETF (EMTY) at 6.00%. This indicates that BERZ'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.
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Volatility by Period
| BERZ | EMTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.63% | 6.00% | +17.63% |
Volatility (6M)Calculated over the trailing 6-month period | 57.98% | 12.40% | +45.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.77% | 17.71% | +58.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 92.20% | 22.36% | +69.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.20% | 25.67% | +66.53% |
BERZ vs. EMTY - Expense Ratio Comparison
BERZ has a 0.95% expense ratio, which is higher than EMTY's 0.66% expense ratio.
Dividends
BERZ vs. EMTY - Dividend Comparison
BERZ has not paid dividends to shareholders, while EMTY's dividend yield for the trailing twelve months is around 3.45%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EMTY ProShares Decline of the Retail Store ETF | 3.45% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% |
Frequently Asked Questions
BERZ and EMTY have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BERZ has higher volatility (23.63%) compared to EMTY (6.00%). In terms of maximum drawdown, BERZ dropped -99.80% vs EMTY's -77.62%.
On 3-year performance, EMTY leads with -4.69% vs -77.59% for BERZ. On fees, EMTY is cheaper at 0.66% per year. On volatility, EMTY has been the lower-risk option at 6.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EMTY has performed better with a -4.69% return vs -77.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMTY is cheaper with a 0.66% expense ratio, compared with 0.95% for BERZ.
EMTY has the higher dividend yield at 3.45%, compared with 0.00% for BERZ.
BERZ tracks Solactive FANG Innovation Index, while EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). They also come from different issuers: BMO and ProShares. Their fees differ too: 0.95% for BERZ and 0.66% for EMTY.
EMTY currently has the higher Sharpe Ratio (0.09 vs -1.14), 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.
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