EMTY vs. FAB
EMTY (ProShares Decline of the Retail Store ETF) and FAB (First Trust Multi Cap Value AlphaDEX Fund) are both exchange-traded funds - EMTY is a Inverse Equities fund tracking the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while FAB is a Mid Cap Value Equities fund tracking the NASDAQ AlphaDEX Multi Cap Value Index. Both are passively managed. Over the past 5 years, EMTY returned -3.08%/yr vs 10.19%/yr for FAB. Their -0.76 correlation means they have often moved in opposite directions in the past. EMTY charges 0.66%/yr vs 0.64%/yr for FAB.
Performance
EMTY vs. FAB - Performance Comparison
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Returns By Period
In the year-to-date period, EMTY achieves a -2.27% return, which is significantly lower than FAB's 19.04% return.
EMTY
- 1D
- 0.53%
- 1M
- -0.72%
- 6M
- 2.65%
- YTD
- -2.27%
- 1Y
- -0.27%
- 3Y*
- -3.37%
- 5Y*
- -3.08%
- 10Y*
- —
- ALL TIME*
- -11.36%
FAB
- 1D
- -0.25%
- 1M
- 2.66%
- 6M
- 13.00%
- YTD
- 19.04%
- 1Y
- 32.09%
- 3Y*
- 13.91%
- 5Y*
- 10.19%
- 10Y*
- 11.09%
- ALL TIME*
- 8.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $18.44K | $30.35K | $49.16K | |
| $2.74M | $2.85M | $1.08M |
EMTY vs. FAB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | -2.27% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -8.65% | 11.16% | -15.97% |
FAB First Trust Multi Cap Value AlphaDEX Fund | 19.04% | 9.86% | 7.82% | 15.81% | -6.79% | 30.83% | 2.40% | 23.73% | -14.62% | 7.03% |
Correlation
The correlation between EMTY and FAB is -0.71, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.71 |
Correlation (3Y) Balances recent behavior with more history. | -0.73 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.77 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017 | -0.76 |
The correlation between EMTY and FAB has been stable across timeframes, ranging from -0.77 to -0.71 - a consistent structural relationship.
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Return for Risk
EMTY vs. FAB — Risk / Return Rank
EMTY
FAB
EMTY vs. FAB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Decline of the Retail Store ETF (EMTY) and First Trust Multi Cap Value AlphaDEX Fund (FAB). 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 | FAB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.32 | ||
| Sortino ratioReturn per unit of downside risk | -3.37 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.40 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 4.59 | -4.63 |
| Martin ratioReturn relative to average drawdown | -0.09 | 15.16 | -15.25 |
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Drawdowns
EMTY vs. FAB - Drawdown Comparison
The maximum EMTY drawdown since its inception was -77.62%, which is greater than FAB's maximum drawdown of -63.29%. Use the drawdown chart below to compare losses from any high point for EMTY and FAB.
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Drawdown Indicators
| EMTY | FAB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.62% | -63.29% | -14.33% |
Max Drawdown (1Y)Largest decline over 1 year | -13.91% | -6.65% | -7.26% |
Max Drawdown (3Y)Largest decline over 3 years | -30.83% | -22.91% | -7.92% |
Max Drawdown (5Y)Largest decline over 5 years | -30.83% | -22.91% | -7.92% |
Max Drawdown (10Y)Largest decline over 10 years | — | -47.08% | — |
Current DrawdownCurrent decline from peak | -75.61% | -1.48% | -74.13% |
Average DrawdownAverage peak-to-trough decline | -54.65% | -9.18% | -45.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.54% | 2.01% | +4.53% |
Volatility
EMTY vs. FAB - Volatility Comparison
ProShares Decline of the Retail Store ETF (EMTY) has a higher volatility of 6.54% compared to First Trust Multi Cap Value AlphaDEX Fund (FAB) at 3.83%. This indicates that EMTY's price experiences larger fluctuations and is considered to be riskier than FAB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMTY | FAB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.54% | 3.83% | +2.71% |
Volatility (6M)Calculated over the trailing 6-month period | 13.79% | 8.66% | +5.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.41% | 13.38% | +5.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.46% | 18.61% | +3.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.60% | 21.95% | +3.65% |
EMTY vs. FAB - Expense Ratio Comparison
EMTY has a 0.66% expense ratio, which is higher than FAB's 0.64% expense ratio.
Dividends
EMTY vs. FAB - Dividend Comparison
EMTY's dividend yield for the trailing twelve months is around 3.33%, more than FAB's 1.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.33% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% | 0.00% | 0.00% |
FAB First Trust Multi Cap Value AlphaDEX Fund | 1.52% | 1.57% | 2.00% | 1.94% | 1.80% | 1.32% | 1.59% | 1.75% | 1.96% | 1.42% | 1.40% | 1.62% |
Frequently Asked Questions
EMTY and FAB have a correlation of -0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMTY has higher volatility (6.54%) compared to FAB (3.83%). In terms of maximum drawdown, EMTY dropped -77.62% vs FAB's -63.29%.
On 5-year performance, FAB leads with 10.19% vs -3.08% for EMTY. On fees, FAB is cheaper at 0.64% per year. On volatility, FAB has been the lower-risk option at 3.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FAB has performed better with a 10.19% return vs -3.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FAB is cheaper with a 0.64% expense ratio, compared with 0.66% for EMTY.
EMTY has the higher dividend yield at 3.33%, compared with 1.52% for FAB.
EMTY is categorized as Inverse Equities, while FAB is Mid Cap Value Equities. EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while FAB tracks NASDAQ AlphaDEX Multi Cap Value Index. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.66% for EMTY and 0.64% for FAB.
FAB currently has the higher Sharpe Ratio (2.29 vs -0.03), 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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