EMTY vs. MUD

Last updated Jun 4, 2026

EMTY (ProShares Decline of the Retail Store ETF) and MUD (Direxion Daily MU Bear 1X Shares) are both Inverse Equities funds. EMTY is passively managed, while MUD is actively managed. Over the past year, EMTY returned 1.60% vs -93.62% for MUD. At a 0.16 correlation, their price movements are largely independent. EMTY charges 0.66%/yr vs 0.97%/yr for MUD.

Performance

EMTY vs. MUD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Decline of the Retail Store ETF (EMTY) and Direxion Daily MU Bear 1X Shares (MUD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMTY achieves a 1.09% return, which is significantly higher than MUD's -79.58% return.

EMTY

• 1D: -0.32%
• 1M: 1.81%
• YTD: 1.09%
• 6M: 3.80%
• 1Y: 1.60%
• 3Y*: -4.69%
• 5Y*: -2.87%
• 10Y*: —

MUD

• 1D: -1.42%
• 1M: -51.85%
• YTD: -79.58%
• 6M: -83.74%
• 1Y: -93.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EMTY vs. MUD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EMTY ProShares Decline of the Retail Store ETF	1.09%	-1.76%	-3.79%
MUD Direxion Daily MU Bear 1X Shares	-79.58%	-78.75%	19.12%

Correlation

The correlation between EMTY and MUD is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024	0.16

The correlation between EMTY and MUD shifts across timeframes, from 0.03 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EMTY vs. MUD — Risk / Return Rank

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

EMTY

EMTY Risk / Return Rank: 10
EMTY Sharpe Ratio Rank: 10
EMTY Sortino Ratio Rank: 9
EMTY Omega Ratio Rank: 10
EMTY Calmar Ratio Rank: 10
EMTY Martin Ratio Rank: 10

MUD

MUD Risk / Return Rank: 0
MUD Sharpe Ratio Rank: 0
MUD Sortino Ratio Rank: 0
MUD Omega Ratio Rank: 0
MUD Calmar Ratio Rank: 0
MUD Martin Ratio Rank: 1

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. MUD - 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 MU Bear 1X Shares (MUD). 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	MUD	Difference
Sharpe ratio: Return per unit of total volatility	0.09	-1.42	+1.51
Sortino ratio: Return per unit of downside risk	0.24	-4.38	+4.62
Omega ratio: Gain probability vs. loss probability	1.03	0.53	+0.50
Calmar ratio: Return relative to maximum drawdown	0.11	-1.00	+1.12
Martin ratio: Return relative to average drawdown	0.20	-1.52	+1.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMTY vs. MUD - Sharpe Ratio Comparison

The current EMTY Sharpe Ratio is 0.09, which is higher than the MUD Sharpe Ratio of -1.42. The chart below compares the historical Sharpe Ratios of EMTY and MUD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EMTY	MUD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.09	-1.42	+1.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.43	-1.25	+0.82

Drawdowns

EMTY vs. MUD - Drawdown Comparison

The maximum EMTY drawdown since its inception was -77.62%, smaller than the maximum MUD drawdown of -96.24%. Use the drawdown chart below to compare losses from any high point for EMTY and MUD.

Drawdown Indicators

	EMTY	MUD	Difference
Max Drawdown Largest peak-to-trough decline	-77.62%	-96.24%	+18.62%
Max Drawdown (1Y) Largest decline over 1 year	-14.00%	-93.56%	+79.56%
Max Drawdown (3Y) Largest decline over 3 years	-30.83%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-30.83%	—	—
Current Drawdown Current decline from peak	-74.77%	-96.24%	+21.47%
Average Drawdown Average peak-to-trough decline	-54.01%	-50.32%	-3.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.11%	61.84%	-53.73%

Volatility

EMTY vs. MUD - Volatility Comparison

The current volatility for ProShares Decline of the Retail Store ETF (EMTY) is 6.00%, while Direxion Daily MU Bear 1X Shares (MUD) has a volatility of 31.94%. This indicates that EMTY experiences smaller price fluctuations and is considered to be less risky than MUD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMTY	MUD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.00%	31.94%	-25.94%
Volatility (6M) Calculated over the trailing 6-month period	12.40%	56.32%	-43.92%
Volatility (1Y) Calculated over the trailing 1-year period	17.71%	65.98%	-48.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.36%	67.05%	-44.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.67%	67.05%	-41.38%

EMTY vs. MUD - Expense Ratio Comparison

EMTY has a 0.66% expense ratio, which is lower than MUD's 0.97% expense ratio.

Dividends

EMTY vs. MUD - Dividend Comparison

EMTY's dividend yield for the trailing twelve months is around 3.45%, less than MUD's 28.85% 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%
MUD Direxion Daily MU Bear 1X Shares	28.85%	9.21%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMTY and MUD in my portfolio?

EMTY and MUD have a correlation of 0.03, 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 MUD?

MUD has higher volatility (31.94%) compared to EMTY (6.00%). In terms of maximum drawdown, EMTY dropped -77.62% vs MUD's -96.24%.

Which ETF is better, EMTY or MUD?

On 1-year performance, EMTY leads with 1.60% vs -93.62% for MUD. 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.

Which ETF has performed better, EMTY or MUD?

Over the 1-year period, EMTY has performed better with a 1.60% return vs -93.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMTY or MUD?

EMTY is cheaper with a 0.66% expense ratio, compared with 0.97% for MUD.

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

MUD has the higher dividend yield at 28.85%, compared with 3.45% for EMTY.

What is the main difference between EMTY and MUD?

They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.66% for EMTY and 0.97% for MUD.

Which has better risk-adjusted returns?

EMTY currently has the higher Sharpe Ratio (0.09 vs -1.42), 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.