EMTY vs. DOG
EMTY (ProShares Decline of the Retail Store ETF) and DOG (ProShares Short Dow30) are both Inverse Equities funds from ProShares - EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%) while DOG tracks the DJ Industrial Average (-100%). Both are passively managed. Over the past 5 years, EMTY returned -2.87%/yr vs -5.31%/yr for DOG. A 0.66 correlation means they provide meaningful diversification when combined. EMTY charges 0.66%/yr vs 0.95%/yr for DOG.
Performance
EMTY vs. DOG - Performance Comparison
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Returns By Period
In the year-to-date period, EMTY achieves a 1.09% return, which is significantly higher than DOG's -4.15% return.
EMTY
- 1D
- -0.32%
- 1M
- 1.81%
- YTD
- 1.09%
- 6M
- 3.80%
- 1Y
- 1.60%
- 3Y*
- -4.69%
- 5Y*
- -2.87%
- 10Y*
- —
DOG
- 1D
- 1.13%
- 1M
- -3.36%
- YTD
- -4.15%
- 6M
- -4.06%
- 1Y
- -12.72%
- 3Y*
- -8.28%
- 5Y*
- -5.31%
- 10Y*
- -11.18%
EMTY vs. DOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 1.09% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -8.65% | 11.16% | -14.16% |
DOG ProShares Short Dow30 | -4.15% | -8.40% | -5.62% | -7.05% | 5.67% | -19.21% | -20.45% | -18.43% | 3.55% | -5.29% |
Correlation
The correlation between EMTY and DOG is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2017 | 0.66 |
The correlation between EMTY and DOG has been stable across timeframes, ranging from 0.61 to 0.69 - a consistent structural relationship.
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Return for Risk
EMTY vs. DOG — Risk / Return Rank
EMTY
DOG
EMTY vs. DOG - 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 Short Dow30 (DOG). 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.
| EMTY | DOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.14 | ||
| Sortino ratioReturn per unit of downside risk | +1.67 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.84 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | -0.87 | +0.99 |
| Martin ratioReturn relative to average drawdown | 0.20 | -1.43 | +1.63 |
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
| EMTY | DOG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.09 | -1.05 | +1.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.13 | -0.36 | +0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.43 | -0.57 | +0.14 |
Drawdowns
EMTY vs. DOG - Drawdown Comparison
The maximum EMTY drawdown since its inception was -77.62%, smaller than the maximum DOG drawdown of -92.69%. Use the drawdown chart below to compare losses from any high point for EMTY and DOG.
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Drawdown Indicators
| EMTY | DOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.62% | -92.69% | +15.07% |
Max Drawdown (1Y)Largest decline over 1 year | -14.00% | -14.63% | +0.63% |
Max Drawdown (3Y)Largest decline over 3 years | -30.83% | -28.77% | -2.06% |
Max Drawdown (5Y)Largest decline over 5 years | -30.83% | -33.99% | +3.16% |
Max Drawdown (10Y)Largest decline over 10 years | — | -70.79% | — |
Current DrawdownCurrent decline from peak | -74.77% | -92.61% | +17.84% |
Average DrawdownAverage peak-to-trough decline | -54.01% | -66.39% | +12.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.11% | 8.89% | -0.78% |
Volatility
EMTY vs. DOG - Volatility Comparison
ProShares Decline of the Retail Store ETF (EMTY) has a higher volatility of 6.00% compared to ProShares Short Dow30 (DOG) at 2.98%. This indicates that EMTY's price experiences larger fluctuations and is considered to be riskier than DOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMTY | DOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.00% | 2.98% | +3.02% |
Volatility (6M)Calculated over the trailing 6-month period | 12.40% | 9.37% | +3.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.71% | 12.13% | +5.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.36% | 14.79% | +7.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.67% | 17.49% | +8.18% |
EMTY vs. DOG - Expense Ratio Comparison
EMTY has a 0.66% expense ratio, which is lower than DOG's 0.95% expense ratio.
Dividends
EMTY vs. DOG - Dividend Comparison
EMTY's dividend yield for the trailing twelve months is around 3.45%, less than DOG's 3.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | 3.49% | 3.65% | 5.72% | 4.54% | 0.41% | 0.00% | 0.14% | 1.54% | 0.86% | 0.04% |
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
EMTY and DOG have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMTY has higher volatility (6.00%) compared to DOG (2.98%). In terms of maximum drawdown, EMTY dropped -77.62% vs DOG's -92.69%.
On 5-year performance, EMTY leads with -2.87% vs -5.31% for DOG. On fees, EMTY is cheaper at 0.66% per year. On volatility, DOG has been the lower-risk option at 2.98%. 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 -2.87% return vs -5.31%. 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 DOG.
DOG has the higher dividend yield at 3.49%, compared with 3.45% for EMTY.
EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while DOG tracks DJ Industrial Average (-100%). Their fees differ too: 0.66% for EMTY and 0.95% for DOG.
EMTY currently has the higher Sharpe Ratio (0.09 vs -1.05), 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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