EMTY vs. HDGE
EMTY (ProShares Decline of the Retail Store ETF) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both Inverse Equities funds. EMTY is passively managed, while HDGE is actively managed. Over the past 5 years, EMTY returned -2.87%/yr vs -2.89%/yr for HDGE. A 0.71 correlation means they provide meaningful diversification when combined. EMTY charges 0.66%/yr vs 3.36%/yr for HDGE.
Performance
EMTY vs. HDGE - Performance Comparison
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Returns By Period
In the year-to-date period, EMTY achieves a 1.09% return, which is significantly lower than HDGE's 5.43% return.
EMTY
- 1D
- -0.32%
- 1M
- 1.81%
- YTD
- 1.09%
- 6M
- 3.80%
- 1Y
- 1.60%
- 3Y*
- -4.69%
- 5Y*
- -2.87%
- 10Y*
- —
HDGE
- 1D
- 2.55%
- 1M
- -2.09%
- YTD
- 5.43%
- 6M
- 5.59%
- 1Y
- -0.65%
- 3Y*
- -5.06%
- 5Y*
- -2.89%
- 10Y*
- -14.77%
EMTY vs. HDGE - 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% |
HDGE AdvisorShares Ranger Equity Bear ETF | 5.43% | 1.50% | -8.01% | -26.98% | 16.59% | -18.61% | -43.47% | -36.27% | 7.53% | -5.31% |
Correlation
The correlation between EMTY and HDGE is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2017 | 0.71 |
The correlation between EMTY and HDGE has been stable across timeframes, ranging from 0.63 to 0.72 - a consistent structural relationship.
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Return for Risk
EMTY vs. HDGE — Risk / Return Rank
EMTY
HDGE
EMTY vs. HDGE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Decline of the Retail Store ETF (EMTY) and AdvisorShares Ranger Equity Bear ETF (HDGE). 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 | HDGE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.01 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | -0.05 | +0.17 |
| Martin ratioReturn relative to average drawdown | 0.20 | -0.11 | +0.30 |
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 | HDGE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.09 | -0.04 | +0.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.13 | -0.12 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.63 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.43 | -0.67 | +0.24 |
Drawdowns
EMTY vs. HDGE - Drawdown Comparison
The maximum EMTY drawdown since its inception was -77.62%, smaller than the maximum HDGE drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for EMTY and HDGE.
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Drawdown Indicators
| EMTY | HDGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.62% | -93.88% | +16.26% |
Max Drawdown (1Y)Largest decline over 1 year | -14.00% | -12.26% | -1.74% |
Max Drawdown (3Y)Largest decline over 3 years | -30.83% | -29.46% | -1.37% |
Max Drawdown (5Y)Largest decline over 5 years | -30.83% | -42.97% | +12.14% |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.69% | — |
Current DrawdownCurrent decline from peak | -74.77% | -93.08% | +18.31% |
Average DrawdownAverage peak-to-trough decline | -54.01% | -70.11% | +16.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.11% | 6.16% | +1.95% |
Volatility
EMTY vs. HDGE - Volatility Comparison
The current volatility for ProShares Decline of the Retail Store ETF (EMTY) is 6.00%, while AdvisorShares Ranger Equity Bear ETF (HDGE) has a volatility of 6.41%. This indicates that EMTY experiences smaller price fluctuations and is considered to be less risky than HDGE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMTY | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.00% | 6.41% | -0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 12.40% | 12.81% | -0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.71% | 18.33% | -0.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.36% | 24.18% | -1.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.67% | 23.56% | +2.11% |
EMTY vs. HDGE - Expense Ratio Comparison
EMTY has a 0.66% expense ratio, which is lower than HDGE's 3.36% expense ratio.
Dividends
EMTY vs. HDGE - Dividend Comparison
EMTY's dividend yield for the trailing twelve months is around 3.45%, more than HDGE's 3.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
HDGE AdvisorShares Ranger Equity Bear ETF | 3.32% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% | 0.00% | 0.00% |
Frequently Asked Questions
EMTY and HDGE have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDGE has higher volatility (6.41%) compared to EMTY (6.00%). In terms of maximum drawdown, EMTY dropped -77.62% vs HDGE's -93.88%.
On 5-year performance, EMTY leads with -2.87% vs -2.89% for HDGE. On fees, EMTY is cheaper at 0.66% per year. On volatility, EMTY has been the lower-risk option at 6.00%. 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 -2.89%. 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 3.36% for HDGE.
EMTY has the higher dividend yield at 3.45%, compared with 3.32% for HDGE.
They also come from different issuers: ProShares and AdvisorShares. Their fees differ too: 0.66% for EMTY and 3.36% for HDGE.
EMTY currently has the higher Sharpe Ratio (0.09 vs -0.04), 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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