EFZ vs. EMTY
EFZ (ProShares Short MSCI EAFE) and EMTY (ProShares Decline of the Retail Store ETF) are both Inverse Equities funds from ProShares - EFZ tracks the MSCI EAFE Index (-100%) while EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Both are passively managed. Over the past 5 years, EFZ returned -5.52%/yr vs -2.70%/yr for EMTY. A 0.56 correlation means they provide meaningful diversification when combined. EFZ charges 0.95%/yr vs 0.66%/yr for EMTY.
Performance
EFZ vs. EMTY - Performance Comparison
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Returns By Period
In the year-to-date period, EFZ achieves a -7.64% return, which is significantly lower than EMTY's 1.98% return.
EFZ
- 1D
- -0.71%
- 1M
- -2.63%
- YTD
- -7.64%
- 6M
- -9.27%
- 1Y
- -14.29%
- 3Y*
- -10.18%
- 5Y*
- -5.52%
- 10Y*
- -8.30%
EMTY
- 1D
- 0.88%
- 1M
- 2.56%
- YTD
- 1.98%
- 6M
- 4.57%
- 1Y
- 1.97%
- 3Y*
- -4.87%
- 5Y*
- -2.70%
- 10Y*
- —
EFZ vs. EMTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -7.64% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 16.26% | -2.49% |
EMTY ProShares Decline of the Retail Store ETF | 1.98% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -8.65% | 11.16% | -14.16% |
Correlation
The correlation between EFZ and EMTY is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2017 | 0.56 |
The correlation between EFZ and EMTY shifts across timeframes, from 0.45 (1 year) to 0.57 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EFZ vs. EMTY — Risk / Return Rank
EFZ
EMTY
EFZ vs. EMTY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) 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.
| EFZ | EMTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.46 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.03 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 0.14 | -0.97 |
| Martin ratioReturn relative to average drawdown | -1.47 | 0.24 | -1.71 |
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
| EFZ | EMTY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.88 | 0.11 | -0.99 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.33 | -0.12 | -0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.34 | -0.43 | +0.08 |
Drawdowns
EFZ vs. EMTY - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.08%, which is greater than EMTY's maximum drawdown of -77.62%. Use the drawdown chart below to compare losses from any high point for EFZ and EMTY.
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Drawdown Indicators
| EFZ | EMTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.08% | -77.62% | -10.46% |
Max Drawdown (1Y)Largest decline over 1 year | -17.36% | -14.00% | -3.36% |
Max Drawdown (3Y)Largest decline over 3 years | -35.42% | -30.83% | -4.59% |
Max Drawdown (5Y)Largest decline over 5 years | -43.77% | -30.83% | -12.94% |
Max Drawdown (10Y)Largest decline over 10 years | -61.88% | — | — |
Current DrawdownCurrent decline from peak | -87.91% | -74.55% | -13.36% |
Average DrawdownAverage peak-to-trough decline | -67.09% | -54.02% | -13.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.77% | 8.11% | +1.66% |
Volatility
EFZ vs. EMTY - Volatility Comparison
The current volatility for ProShares Short MSCI EAFE (EFZ) is 5.08%, while ProShares Decline of the Retail Store ETF (EMTY) has a volatility of 6.05%. This indicates that EFZ experiences smaller price fluctuations and is considered to be less risky 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
| EFZ | EMTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.08% | 6.05% | -0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 13.47% | 12.41% | +1.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.34% | 17.65% | -1.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.72% | 22.36% | -5.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.38% | 25.67% | -8.29% |
EFZ vs. EMTY - Expense Ratio Comparison
EFZ has a 0.95% expense ratio, which is higher than EMTY's 0.66% expense ratio.
Dividends
EFZ vs. EMTY - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 4.07%, more than EMTY's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 4.07% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% | 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
EFZ and EMTY have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMTY has higher volatility (6.05%) compared to EFZ (5.08%). In terms of maximum drawdown, EFZ dropped -88.08% vs EMTY's -77.62%.
On 5-year performance, EMTY leads with -2.70% vs -5.52% for EFZ. On fees, EMTY is cheaper at 0.66% per year. On volatility, EFZ has been the lower-risk option at 5.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, EMTY has performed better with a -2.70% return vs -5.52%. 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 EFZ.
EFZ has the higher dividend yield at 4.07%, compared with 3.42% for EMTY.
EFZ tracks MSCI EAFE Index (-100%), while EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Their fees differ too: 0.95% for EFZ and 0.66% for EMTY.
EMTY currently has the higher Sharpe Ratio (0.11 vs -0.88), 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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