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 -74.69%/yr vs -3.59%/yr for EMTY. At a 0.46 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 -55.66% return, which is significantly lower than EMTY's 0.39% return.
BERZ
- 1D
- 11.73%
- 1M
- 4.71%
- YTD
- -55.66%
- 6M
- -53.62%
- 1Y
- -80.66%
- 3Y*
- -74.69%
- 5Y*
- —
- 10Y*
- —
EMTY
- 1D
- -0.42%
- 1M
- 0.32%
- YTD
- 0.39%
- 6M
- 1.16%
- 1Y
- -0.49%
- 3Y*
- -3.59%
- 5Y*
- -2.54%
- 10Y*
- —
BERZ vs. EMTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | -55.66% | -78.81% | -65.95% | -89.12% | 102.85% | -28.36% |
EMTY ProShares Decline of the Retail Store ETF | 0.39% | -1.76% | -4.13% | 0.27% | 4.32% | -9.86% |
Correlation
The correlation between BERZ and EMTY is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2021 | 0.46 |
Over the past year, the correlation between BERZ and EMTY has dropped to 0.15 - well below their long-term average of 0.46, 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.
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.
| BERZ | EMTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -2.31 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.01 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.04 | -0.92 |
| Martin ratioReturn relative to average drawdown | -1.56 | -0.07 | -1.49 |
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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 | -84.60% | -13.91% | -70.69% |
Max Drawdown (3Y)Largest decline over 3 years | -98.87% | -30.83% | -68.04% |
Max Drawdown (5Y)Largest decline over 5 years | — | -30.83% | — |
Current DrawdownCurrent decline from peak | -99.73% | -74.94% | -24.79% |
Average DrawdownAverage peak-to-trough decline | -71.81% | -54.39% | -17.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 54.31% | 7.26% | +47.05% |
Volatility
BERZ vs. EMTY - Volatility Comparison
MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a higher volatility of 34.10% compared to ProShares Decline of the Retail Store ETF (EMTY) at 5.20%. 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 | 34.10% | 5.20% | +28.90% |
Volatility (6M)Calculated over the trailing 6-month period | 63.77% | 12.81% | +50.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 81.37% | 17.77% | +63.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 92.80% | 22.36% | +70.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.80% | 25.63% | +67.17% |
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 3.47%.
| 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 | 3.47% | 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 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BERZ has higher volatility (34.10%) compared to EMTY (5.20%). In terms of maximum drawdown, BERZ dropped -99.80% vs EMTY's -77.62%.
On 3-year performance, EMTY leads with -3.59% vs -74.69% for BERZ. On fees, EMTY is cheaper at 0.66% per year. On volatility, EMTY has been the lower-risk option at 5.20%. 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 -3.59% return vs -74.69%. 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 3.47%, 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 (-0.03 vs -0.99), 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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