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 -2.54%/yr vs 8.97%/yr for FAB. At a correlation of -0.76, they often move in opposite directions. 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 0.39% return, which is significantly lower than FAB's 12.76% return.
EMTY
- 1D
- -0.42%
- 1M
- 0.32%
- YTD
- 0.39%
- 6M
- 1.16%
- 1Y
- -0.49%
- 3Y*
- -3.59%
- 5Y*
- -2.54%
- 10Y*
- —
FAB
- 1D
- 0.70%
- 1M
- 1.98%
- YTD
- 12.76%
- 6M
- 12.00%
- 1Y
- 26.53%
- 3Y*
- 15.64%
- 5Y*
- 8.97%
- 10Y*
- 11.08%
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 | 0.39% | -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 | 12.76% | 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 -0.70, 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 | -0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.73 |
Correlation (5Y) Calculated over the trailing 5-year 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 -0.70 - 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 | -1.96 | ||
| Sortino ratioReturn per unit of downside risk | -2.84 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.34 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 4.01 | -4.04 |
| Martin ratioReturn relative to average drawdown | -0.07 | 12.40 | -12.47 |
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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 | -74.94% | -1.38% | -73.56% |
Average DrawdownAverage peak-to-trough decline | -54.39% | -9.23% | -45.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.26% | 2.15% | +5.11% |
Volatility
EMTY vs. FAB - Volatility Comparison
ProShares Decline of the Retail Store ETF (EMTY) has a higher volatility of 5.20% compared to First Trust Multi Cap Value AlphaDEX Fund (FAB) at 3.30%. 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 | 5.20% | 3.30% | +1.90% |
Volatility (6M)Calculated over the trailing 6-month period | 12.81% | 8.70% | +4.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.77% | 13.81% | +3.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.36% | 18.67% | +3.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.63% | 22.02% | +3.61% |
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 3.47%, more than FAB's 1.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
FAB First Trust Multi Cap Value AlphaDEX Fund | 1.56% | 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 -0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMTY has higher volatility (5.20%) compared to FAB (3.30%). In terms of maximum drawdown, EMTY dropped -77.62% vs FAB's -63.29%.
On 5-year performance, FAB leads with 8.97% vs -2.54% for EMTY. On fees, FAB is cheaper at 0.64% per year. On volatility, FAB has been the lower-risk option at 3.30%. 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 8.97% return vs -2.54%. 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 3.47%, compared with 1.56% 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 (1.93 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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