EMTY vs. NOBL
EMTY (ProShares Decline of the Retail Store ETF) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - EMTY is a Inverse Equities fund tracking the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 5 years, EMTY returned -2.54%/yr vs 6.18%/yr for NOBL. At a correlation of -0.69, they often move in opposite directions. EMTY charges 0.66%/yr vs 0.35%/yr for NOBL.
Performance
EMTY vs. NOBL - Performance Comparison
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Returns By Period
In the year-to-date period, EMTY achieves a 0.39% return, which is significantly lower than NOBL's 6.48% return.
EMTY
- 1D
- -0.42%
- 1M
- 0.32%
- YTD
- 0.39%
- 6M
- 1.16%
- 1Y
- -0.49%
- 3Y*
- -3.59%
- 5Y*
- -2.54%
- 10Y*
- —
NOBL
- 1D
- 0.68%
- 1M
- 2.27%
- YTD
- 6.48%
- 6M
- 5.98%
- 1Y
- 12.52%
- 3Y*
- 8.50%
- 5Y*
- 6.18%
- 10Y*
- 9.97%
EMTY vs. NOBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 0.39% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -8.65% | 11.16% | -15.97% |
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 6.48% | 6.84% | 6.72% | 8.09% | -6.52% | 25.46% | 8.35% | 27.39% | -3.26% | 6.86% |
Correlation
The correlation between EMTY and NOBL is -0.69, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.72 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017 | -0.69 |
The correlation between EMTY and NOBL has been stable across timeframes, ranging from -0.72 to -0.68 - a consistent structural relationship.
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Return for Risk
EMTY vs. NOBL — Risk / Return Rank
EMTY
NOBL
EMTY vs. NOBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Decline of the Retail Store ETF (EMTY) and ProShares S&P 500 Dividend Aristocrats ETF (NOBL). 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 | NOBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.12 | ||
| Sortino ratioReturn per unit of downside risk | -1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.19 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 1.38 | -1.42 |
| Martin ratioReturn relative to average drawdown | -0.07 | 3.50 | -3.57 |
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Drawdowns
EMTY vs. NOBL - Drawdown Comparison
The maximum EMTY drawdown since its inception was -77.62%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for EMTY and NOBL.
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Drawdown Indicators
| EMTY | NOBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.62% | -35.43% | -42.19% |
Max Drawdown (1Y)Largest decline over 1 year | -13.91% | -9.11% | -4.80% |
Max Drawdown (3Y)Largest decline over 3 years | -30.83% | -15.36% | -15.47% |
Max Drawdown (5Y)Largest decline over 5 years | -30.83% | -17.92% | -12.91% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.43% | — |
Current DrawdownCurrent decline from peak | -74.94% | -3.29% | -71.65% |
Average DrawdownAverage peak-to-trough decline | -54.39% | -3.48% | -50.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.26% | 3.58% | +3.68% |
Volatility
EMTY vs. NOBL - Volatility Comparison
ProShares Decline of the Retail Store ETF (EMTY) has a higher volatility of 5.20% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 3.31%. This indicates that EMTY's price experiences larger fluctuations and is considered to be riskier than NOBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMTY | NOBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.20% | 3.31% | +1.89% |
Volatility (6M)Calculated over the trailing 6-month period | 12.81% | 8.22% | +4.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.77% | 11.52% | +6.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.36% | 14.38% | +7.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.63% | 16.60% | +9.03% |
EMTY vs. NOBL - Expense Ratio Comparison
EMTY has a 0.66% expense ratio, which is higher than NOBL's 0.35% expense ratio.
Dividends
EMTY vs. NOBL - Dividend Comparison
EMTY's dividend yield for the trailing twelve months is around 3.47%, more than NOBL's 2.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 2.06% | 2.14% | 2.05% | 2.09% | 1.94% | 1.89% | 2.14% | 1.89% | 2.37% | 1.74% | 2.13% | 2.02% |
Frequently Asked Questions
EMTY and NOBL have a correlation of -0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMTY has higher volatility (5.20%) compared to NOBL (3.31%). In terms of maximum drawdown, EMTY dropped -77.62% vs NOBL's -35.43%.
On 5-year performance, NOBL leads with 6.18% vs -2.54% for EMTY. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 3.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, NOBL has performed better with a 6.18% return vs -2.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NOBL is cheaper with a 0.35% expense ratio, compared with 0.66% for EMTY.
EMTY has the higher dividend yield at 3.47%, compared with 2.06% for NOBL.
EMTY is categorized as Inverse Equities, while NOBL is Dividend. EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.66% for EMTY and 0.35% for NOBL.
NOBL currently has the higher Sharpe Ratio (1.10 vs -0.03), 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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