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 -2.54%/yr vs -54.42%/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 0.39% return, which is significantly higher than HIBS's -61.28% return.
EMTY
- 1D
- -0.42%
- 1M
- 0.32%
- YTD
- 0.39%
- 6M
- 1.16%
- 1Y
- -0.49%
- 3Y*
- -3.59%
- 5Y*
- -2.54%
- 10Y*
- —
HIBS
- 1D
- 11.66%
- 1M
- -22.55%
- YTD
- -61.28%
- 6M
- -58.56%
- 1Y
- -81.56%
- 3Y*
- -62.72%
- 5Y*
- -54.42%
- 10Y*
- —
EMTY vs. HIBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 0.39% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -1.96% |
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -61.28% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -17.80% |
Correlation
The correlation between EMTY and HIBS is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019 | 0.69 |
Over the past year, the correlation between EMTY and HIBS has dropped to 0.40 - 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.
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 | HIBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +2.66 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.73 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | -0.99 | +0.96 |
| Martin ratioReturn relative to average drawdown | -0.07 | -1.62 | +1.55 |
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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 | -13.91% | -82.33% | +68.42% |
Max Drawdown (3Y)Largest decline over 3 years | -30.83% | -96.91% | +66.08% |
Max Drawdown (5Y)Largest decline over 5 years | -30.83% | -98.70% | +67.87% |
Current DrawdownCurrent decline from peak | -74.94% | -99.98% | +25.04% |
Average DrawdownAverage peak-to-trough decline | -54.39% | -93.13% | +38.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.26% | 53.14% | -45.88% |
Volatility
EMTY vs. HIBS - Volatility Comparison
The current volatility for ProShares Decline of the Retail Store ETF (EMTY) is 5.20%, while Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a volatility of 35.05%. 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 | 5.20% | 35.05% | -29.85% |
Volatility (6M)Calculated over the trailing 6-month period | 12.81% | 60.54% | -47.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.77% | 74.07% | -56.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.36% | 83.51% | -61.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.63% | 95.27% | -69.64% |
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 3.47%, less than HIBS's 12.23% yield.
| 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% |
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 12.23% | 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 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBS has higher volatility (35.05%) compared to EMTY (5.20%). In terms of maximum drawdown, EMTY dropped -77.62% vs HIBS's -99.98%.
On 5-year performance, EMTY leads with -2.54% vs -54.42% for HIBS. 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.
Over the 5-year period, EMTY has performed better with a -2.54% return vs -54.42%. 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 12.23%, compared with 3.47% 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 (-0.03 vs -1.10), 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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