EMTY vs. BITO

Last updated Jul 17, 2026

EMTY (ProShares Decline of the Retail Store ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - EMTY is a Inverse Equities fund tracking the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while BITO is a Cryptocurrency fund actively managed by ProShares. EMTY is passively managed, while BITO is actively managed. Over the past 3 years, EMTY returned -3.76%/yr vs 21.06%/yr for BITO. At a correlation of -0.30, they often move in opposite directions. EMTY charges 0.66%/yr vs 0.95%/yr for BITO.

Performance

EMTY vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Decline of the Retail Store ETF (EMTY) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMTY achieves a -1.42% return, which is significantly higher than BITO's -27.77% return.

EMTY

• 1D: -2.53%
• 1M: 0.43%
• 6M: 6.62%
• YTD: -1.42%
• 1Y: 0.79%
• 3Y*: -3.76%
• 5Y*: -3.31%
• 10Y*: —

BITO

• 1D: -0.91%
• 1M: -2.11%
• 6M: -33.51%
• YTD: -27.77%
• 1Y: -48.16%
• 3Y*: 21.06%
• 5Y*: —
• 10Y*: —

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

EMTY vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EMTY ProShares Decline of the Retail Store ETF	-1.42%	-1.76%	-4.13%	0.27%	4.32%	-9.30%
BITO ProShares Bitcoin Strategy ETF	-27.77%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between EMTY and BITO is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.19
Correlation (3Y) Calculated over the trailing 3-year period	-0.25
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	-0.30

The correlation between EMTY and BITO shifts across timeframes, from -0.30 (all time) to -0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

EMTY vs. BITO — Risk / Return Rank

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

EMTY

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

BITO

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

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.

EMTY vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Decline of the Retail Store ETF (EMTY) and ProShares Bitcoin Strategy ETF (BITO). 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.

	EMTY	BITO	Difference
Sharpe ratio: Return per unit of total volatility	0.04	-1.10	+1.14
Sortino ratio: Return per unit of downside risk	0.18	-1.70	+1.89
Omega ratio: Gain probability vs. loss probability	1.02	0.81	+0.21
Calmar ratio: Return relative to maximum drawdown	0.06	-0.89	+0.94
Martin ratio: Return relative to average drawdown	0.12	-1.42	+1.54

EMTY vs. BITO - Sharpe Ratio Comparison

The current EMTY Sharpe Ratio is 0.04, which is higher than the BITO Sharpe Ratio of -1.10. The chart below compares the historical Sharpe Ratios of EMTY and BITO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EMTY vs. BITO - Drawdown Comparison

The maximum EMTY drawdown since its inception was -77.62%, roughly equal to the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for EMTY and BITO.

Drawdown Indicators

	EMTY	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-77.62%	-77.86%	+0.24%
Max Drawdown (1Y) Largest decline over 1 year	-13.91%	-54.47%	+40.56%
Max Drawdown (3Y) Largest decline over 3 years	-30.83%	-54.47%	+23.64%
Max Drawdown (5Y) Largest decline over 5 years	-30.83%	—	—
Current Drawdown Current decline from peak	-75.40%	-50.18%	-25.22%
Average Drawdown Average peak-to-trough decline	-54.54%	-37.06%	-17.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.48%	33.91%	-27.43%

Volatility

EMTY vs. BITO - Volatility Comparison

The current volatility for ProShares Decline of the Retail Store ETF (EMTY) is 6.25%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 10.49%. This indicates that EMTY experiences smaller price fluctuations and is considered to be less risky than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMTY	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.25%	10.49%	-4.24%
Volatility (6M) Calculated over the trailing 6-month period	13.24%	34.48%	-21.24%
Volatility (1Y) Calculated over the trailing 1-year period	18.14%	44.10%	-25.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.42%	54.80%	-32.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.60%	54.80%	-29.20%

EMTY vs. BITO - Expense Ratio Comparison

EMTY has a 0.66% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

EMTY vs. BITO - Dividend Comparison

EMTY's dividend yield for the trailing twelve months is around 3.30%, less than BITO's 60.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BITO ProShares Bitcoin Strategy ETF	60.24%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EMTY ProShares Decline of the Retail Store ETF	3.30%	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 EMTY and BITO in my portfolio?

EMTY and BITO have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMTY or BITO?

BITO has higher volatility (10.49%) compared to EMTY (6.25%). In terms of maximum drawdown, EMTY dropped -77.62% vs BITO's -77.86%.

Which ETF is better, EMTY or BITO?

On 3-year performance, BITO leads with 21.06% vs -3.76% for EMTY. On fees, EMTY is cheaper at 0.66% per year. On volatility, EMTY has been the lower-risk option at 6.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMTY or BITO?

Over the 3-year period, BITO has performed better with a 21.06% return vs -3.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMTY or BITO?

EMTY is cheaper with a 0.66% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 60.24%, compared with 3.30% for EMTY.

What is the main difference between EMTY and BITO?

EMTY is categorized as Inverse Equities, while BITO is Cryptocurrency. Their fees differ too: 0.66% for EMTY and 0.95% for BITO.

Which has better risk-adjusted returns?

EMTY currently has the higher Sharpe Ratio (0.04 vs -1.10), 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.