EMTY vs. HIBS
EMTY (ProShares Decline of the Retail Store ETF) and HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) are both Inverse Equities funds - EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%) while HIBS tracks the S&P 500® High Beta Index. Both are passively managed. Over the past 5 years, EMTY returned -2.87%/yr vs -53.46%/yr for HIBS. A 0.69 correlation means they provide meaningful diversification when combined. EMTY charges 0.66%/yr vs 1.06%/yr for HIBS.
Performance
EMTY vs. HIBS - Performance Comparison
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Returns By Period
In the year-to-date period, EMTY achieves a 1.09% return, which is significantly higher than HIBS's -59.50% return.
EMTY
- 1D
- -0.32%
- 1M
- 1.81%
- YTD
- 1.09%
- 6M
- 3.80%
- 1Y
- 1.60%
- 3Y*
- -4.69%
- 5Y*
- -2.87%
- 10Y*
- —
HIBS
- 1D
- 2.48%
- 1M
- -31.05%
- YTD
- -59.50%
- 6M
- -60.46%
- 1Y
- -82.43%
- 3Y*
- -62.99%
- 5Y*
- -53.46%
- 10Y*
- —
EMTY vs. HIBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 1.09% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -1.05% |
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -59.50% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -19.45% |
Correlation
The correlation between EMTY and HIBS is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2019 | 0.69 |
Over the past year, the correlation between EMTY and HIBS has dropped to 0.44 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.
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Return for Risk
EMTY vs. HIBS — Risk / Return Rank
EMTY
HIBS
EMTY vs. HIBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Decline of the Retail Store ETF (EMTY) and Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS). 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 | HIBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.32 | ||
| Sortino ratioReturn per unit of downside risk | +3.18 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.69 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | -0.99 | +1.11 |
| Martin ratioReturn relative to average drawdown | 0.20 | -1.52 | +1.71 |
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 | HIBS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.09 | -1.22 | +1.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.13 | -0.65 | +0.52 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.43 | -0.73 | +0.30 |
Drawdowns
EMTY vs. HIBS - Drawdown Comparison
The maximum EMTY drawdown since its inception was -77.62%, smaller than the maximum HIBS drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for EMTY and HIBS.
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Drawdown Indicators
| EMTY | HIBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.62% | -99.98% | +22.36% |
Max Drawdown (1Y)Largest decline over 1 year | -14.00% | -83.13% | +69.13% |
Max Drawdown (3Y)Largest decline over 3 years | -30.83% | -96.48% | +65.65% |
Max Drawdown (5Y)Largest decline over 5 years | -30.83% | -98.52% | +67.69% |
Current DrawdownCurrent decline from peak | -74.77% | -99.98% | +25.21% |
Average DrawdownAverage peak-to-trough decline | -54.01% | -93.13% | +39.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.11% | 54.38% | -46.27% |
Volatility
EMTY vs. HIBS - Volatility Comparison
The current volatility for ProShares Decline of the Retail Store ETF (EMTY) is 6.00%, while Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a volatility of 22.26%. This indicates that EMTY experiences smaller price fluctuations and is considered to be less risky than HIBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMTY | HIBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.00% | 22.26% | -16.26% |
Volatility (6M)Calculated over the trailing 6-month period | 12.40% | 52.85% | -40.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.71% | 67.65% | -49.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.36% | 82.46% | -60.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.67% | 94.81% | -69.14% |
EMTY vs. HIBS - Expense Ratio Comparison
EMTY has a 0.66% expense ratio, which is lower than HIBS's 1.06% expense ratio.
Dividends
EMTY vs. HIBS - Dividend Comparison
EMTY's dividend yield for the trailing twelve months is around 3.45%, less than HIBS's 11.69% 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% |
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 11.69% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% | 0.00% | 0.00% |
Frequently Asked Questions
EMTY and HIBS have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBS has higher volatility (22.26%) compared to EMTY (6.00%). In terms of maximum drawdown, EMTY dropped -77.62% vs HIBS's -99.98%.
On 5-year performance, EMTY leads with -2.87% vs -53.46% for HIBS. 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 -53.46%. 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 1.06% for HIBS.
HIBS has the higher dividend yield at 11.69%, compared with 3.45% for EMTY.
EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while HIBS tracks S&P 500® High Beta Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.66% for EMTY and 1.06% for HIBS.
EMTY currently has the higher Sharpe Ratio (0.09 vs -1.22), 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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