EMTY vs. FYT
EMTY (ProShares Decline of the Retail Store ETF) and FYT (First Trust Small 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 FYT is a Small Cap Value Equities fund tracking the NASDAQ AlphaDEX Small Cap Value Index. Both are passively managed. Over the past 5 years, EMTY returned -2.49%/yr vs 8.83%/yr for FYT. At a correlation of -0.77, they often move in opposite directions. EMTY charges 0.66%/yr vs 0.72%/yr for FYT.
Performance
EMTY vs. FYT - Performance Comparison
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Returns By Period
In the year-to-date period, EMTY achieves a 0.67% return, which is significantly lower than FYT's 24.77% return.
EMTY
- 1D
- 0.55%
- 1M
- 3.79%
- 6M
- 7.60%
- YTD
- 0.67%
- 1Y
- 3.56%
- 3Y*
- -2.99%
- 5Y*
- -2.49%
- 10Y*
- —
FYT
- 1D
- 0.55%
- 1M
- 2.41%
- 6M
- 18.54%
- YTD
- 24.77%
- 1Y
- 34.81%
- 3Y*
- 15.82%
- 5Y*
- 8.83%
- 10Y*
- 10.50%
EMTY vs. FYT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 0.67% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -8.65% | 11.16% | -15.97% |
FYT First Trust Small Cap Value AlphaDEX Fund | 24.77% | 4.00% | 3.24% | 22.90% | -14.05% | 29.33% | 9.82% | 25.80% | -14.73% | 7.18% |
Correlation
The correlation between EMTY and FYT 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 | -0.72 |
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 | -0.77 |
The correlation between EMTY and FYT 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. FYT — Risk / Return Rank
EMTY
FYT
EMTY vs. FYT - 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 Small Cap Value AlphaDEX Fund (FYT). 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 | FYT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.71 | ||
| Sortino ratioReturn per unit of downside risk | -2.44 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.34 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.26 | 4.19 | -3.94 |
| Martin ratioReturn relative to average drawdown | 0.55 | 12.05 | -11.50 |
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Drawdowns
EMTY vs. FYT - Drawdown Comparison
The maximum EMTY drawdown since its inception was -77.62%, which is greater than FYT's maximum drawdown of -50.48%. Use the drawdown chart below to compare losses from any high point for EMTY and FYT.
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Drawdown Indicators
| EMTY | FYT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.62% | -50.48% | -27.14% |
Max Drawdown (1Y)Largest decline over 1 year | -13.91% | -8.34% | -5.57% |
Max Drawdown (3Y)Largest decline over 3 years | -30.83% | -28.90% | -1.93% |
Max Drawdown (5Y)Largest decline over 5 years | -30.83% | -28.90% | -1.93% |
Max Drawdown (10Y)Largest decline over 10 years | — | -50.48% | — |
Current DrawdownCurrent decline from peak | -74.87% | -0.11% | -74.76% |
Average DrawdownAverage peak-to-trough decline | -54.51% | -8.48% | -46.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.48% | 2.90% | +3.58% |
Volatility
EMTY vs. FYT - Volatility Comparison
ProShares Decline of the Retail Store ETF (EMTY) has a higher volatility of 6.09% compared to First Trust Small Cap Value AlphaDEX Fund (FYT) at 4.33%. This indicates that EMTY's price experiences larger fluctuations and is considered to be riskier than FYT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMTY | FYT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.09% | 4.33% | +1.76% |
Volatility (6M)Calculated over the trailing 6-month period | 13.05% | 11.44% | +1.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.08% | 18.38% | -0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.40% | 22.47% | -0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.61% | 25.88% | -0.27% |
EMTY vs. FYT - Expense Ratio Comparison
EMTY has a 0.66% expense ratio, which is lower than FYT's 0.72% expense ratio.
Dividends
EMTY vs. FYT - Dividend Comparison
EMTY's dividend yield for the trailing twelve months is around 3.23%, more than FYT's 1.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.23% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% | 0.00% | 0.00% |
FYT First Trust Small Cap Value AlphaDEX Fund | 1.47% | 0.94% | 2.07% | 1.50% | 1.36% | 1.19% | 0.96% | 1.44% | 1.78% | 1.16% | 1.16% | 0.96% |
Frequently Asked Questions
EMTY and FYT 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 (6.09%) compared to FYT (4.33%). In terms of maximum drawdown, EMTY dropped -77.62% vs FYT's -50.48%.
On 5-year performance, FYT leads with 8.83% vs -2.49% for EMTY. On fees, EMTY is cheaper at 0.66% per year. On volatility, FYT has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FYT has performed better with a 8.83% return vs -2.49%. 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 0.72% for FYT.
EMTY has the higher dividend yield at 3.23%, compared with 1.47% for FYT.
EMTY is categorized as Inverse Equities, while FYT is Small Cap Value Equities. EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while FYT tracks NASDAQ AlphaDEX Small Cap Value Index. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.66% for EMTY and 0.72% for FYT.
FYT currently has the higher Sharpe Ratio (1.91 vs 0.20), 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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