EMTY vs. GDXD

Last updated Jun 24, 2026

EMTY (ProShares Decline of the Retail Store ETF) and GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) are both Inverse Equities funds - EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%) while GDXD tracks the S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%). Both are passively managed. Over the past 5 years, EMTY returned -2.54%/yr vs -73.69%/yr for GDXD. At a 0.20 correlation, their price movements are largely independent. EMTY charges 0.66%/yr vs 0.95%/yr for GDXD.

Performance

EMTY vs. GDXD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Decline of the Retail Store ETF (EMTY) and MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMTY achieves a 0.39% return, which is significantly higher than GDXD's -44.09% return.

EMTY

• 1D: -0.42%
• 1M: 0.32%
• YTD: 0.39%
• 6M: 1.16%
• 1Y: -0.49%
• 3Y*: -3.59%
• 5Y*: -2.54%
• 10Y*: —

GDXD

• 1D: 14.60%
• 1M: 10.85%
• YTD: -44.09%
• 6M: -36.28%
• 1Y: -92.07%
• 3Y*: -84.34%
• 5Y*: -73.69%
• 10Y*: —

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

EMTY vs. GDXD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EMTY ProShares Decline of the Retail Store ETF	0.39%	-1.76%	-4.13%	0.27%	4.32%	-37.39%	-2.47%
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs	-44.09%	-97.53%	-57.78%	-52.35%	-52.56%	-19.71%	-13.10%

Correlation

The correlation between EMTY and GDXD is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020	0.20

Return for Risk

EMTY vs. GDXD — Risk / Return Rank

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

EMTY

EMTY Risk / Return Rank: 8
EMTY Sharpe Ratio Rank: 9
EMTY Sortino Ratio Rank: 8
EMTY Omega Ratio Rank: 8
EMTY Calmar Ratio Rank: 8
EMTY Martin Ratio Rank: 8

GDXD

GDXD Risk / Return Rank: 2
GDXD Sharpe Ratio Rank: 4
GDXD Sortino Ratio Rank: 1
GDXD Omega Ratio Rank: 2
GDXD Calmar Ratio Rank: 1
GDXD Martin Ratio Rank: 3

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. GDXD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Decline of the Retail Store ETF (EMTY) and MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD). 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	GDXD	Difference
Sharpe ratio: Return per unit of total volatility	-0.03	-0.64	+0.62
Sortino ratio: Return per unit of downside risk	0.08	-1.57	+1.66
Omega ratio: Gain probability vs. loss probability	1.01	0.83	+0.18
Calmar ratio: Return relative to maximum drawdown	-0.04	-0.96	+0.92
Martin ratio: Return relative to average drawdown	-0.07	-1.17	+1.10

EMTY vs. GDXD - Sharpe Ratio Comparison

The current EMTY Sharpe Ratio is -0.03, which is higher than the GDXD Sharpe Ratio of -0.64. The chart below compares the historical Sharpe Ratios of EMTY and GDXD, 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. GDXD - Drawdown Comparison

The maximum EMTY drawdown since its inception was -77.62%, smaller than the maximum GDXD drawdown of -99.96%. Use the drawdown chart below to compare losses from any high point for EMTY and GDXD.

Drawdown Indicators

	EMTY	GDXD	Difference
Max Drawdown Largest peak-to-trough decline	-77.62%	-99.96%	+22.34%
Max Drawdown (1Y) Largest decline over 1 year	-13.91%	-96.33%	+82.42%
Max Drawdown (3Y) Largest decline over 3 years	-30.83%	-99.86%	+69.03%
Max Drawdown (5Y) Largest decline over 5 years	-30.83%	-99.96%	+69.13%
Current Drawdown Current decline from peak	-74.94%	-99.92%	+24.98%
Average Drawdown Average peak-to-trough decline	-54.39%	-72.06%	+17.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.26%	78.80%	-71.54%

Volatility

EMTY vs. GDXD - Volatility Comparison

The current volatility for ProShares Decline of the Retail Store ETF (EMTY) is 5.20%, while MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a volatility of 53.31%. This indicates that EMTY experiences smaller price fluctuations and is considered to be less risky than GDXD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMTY	GDXD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.20%	53.31%	-48.11%
Volatility (6M) Calculated over the trailing 6-month period	12.81%	117.73%	-104.92%
Volatility (1Y) Calculated over the trailing 1-year period	17.77%	143.27%	-125.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.36%	111.54%	-89.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.63%	110.62%	-84.99%

EMTY vs. GDXD - Expense Ratio Comparison

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

Dividends

EMTY vs. GDXD - Dividend Comparison

EMTY's dividend yield for the trailing twelve months is around 3.47%, while GDXD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMTY and GDXD in my portfolio?

EMTY and GDXD have a correlation of 0.20, 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 GDXD?

GDXD has higher volatility (53.31%) compared to EMTY (5.20%). In terms of maximum drawdown, EMTY dropped -77.62% vs GDXD's -99.96%.

Which ETF is better, EMTY or GDXD?

On 5-year performance, EMTY leads with -2.54% vs -73.69% for GDXD. On fees, EMTY is cheaper at 0.66% per year. On volatility, EMTY has been the lower-risk option at 5.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMTY or GDXD?

Over the 5-year period, EMTY has performed better with a -2.54% return vs -73.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMTY or GDXD?

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

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

EMTY has the higher dividend yield at 3.47%, compared with 0.00% for GDXD.

What is the main difference between EMTY and GDXD?

EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while GDXD tracks S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%). They also come from different issuers: ProShares and BMO. Their fees differ too: 0.66% for EMTY and 0.95% for GDXD.

Which has better risk-adjusted returns?

EMTY currently has the higher Sharpe Ratio (-0.03 vs -0.64), 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.