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 -3.47%/yr vs 6.87%/yr for NOBL. Their -0.69 correlation means they have often moved in opposite directions in the past. 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 -4.88% return, which is significantly lower than NOBL's 13.23% return.
EMTY
- 1D
- 0.18%
- 1M
- -5.42%
- 6M
- 4.00%
- YTD
- -4.88%
- 1Y
- -1.14%
- 3Y*
- -4.45%
- 5Y*
- -3.47%
- 10Y*
- —
- ALL TIME*
- -11.61%
NOBL
- 1D
- 0.26%
- 1M
- 1.78%
- 6M
- 4.28%
- YTD
- 13.23%
- 1Y
- 16.37%
- 3Y*
- 9.32%
- 5Y*
- 6.87%
- 10Y*
- 10.02%
- ALL TIME*
- 10.87%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $42.12K | $40.50K | $50.28K | |
| $73.60M | $68.26M | $62.44M |
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 | -4.88% | -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 | 13.23% | 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 have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.69 |
Correlation (3Y) Balances recent behavior with more history. | -0.68 |
Correlation (5Y) Shows whether the relationship held over a longer 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 | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -2.06 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.24 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.08 | 1.80 | -1.89 |
| Martin ratioReturn relative to average drawdown | -0.18 | 4.57 | -4.75 |
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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 | -76.26% | -0.21% | -76.05% |
Average DrawdownAverage peak-to-trough decline | -54.68% | -3.46% | -51.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.37% | 3.59% | +2.78% |
Volatility
EMTY vs. NOBL - Volatility Comparison
ProShares Decline of the Retail Store ETF (EMTY) has a higher volatility of 6.47% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 4.83%. 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 | 6.47% | 4.83% | +1.64% |
Volatility (6M)Calculated over the trailing 6-month period | 13.86% | 9.16% | +4.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.44% | 11.92% | +6.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.45% | 14.48% | +7.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.59% | 16.64% | +8.95% |
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 3.42%, more than NOBL's 2.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.42% | 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 | 2.00% | 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 (6.47%) compared to NOBL (4.83%). In terms of maximum drawdown, EMTY dropped -77.62% vs NOBL's -35.43%.
On 5-year performance, NOBL leads with 6.87% vs -3.47% for EMTY. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 4.83%. 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 6.87% return vs -3.47%. 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 3.42%, compared with 2.00% 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 (1.38 vs -0.06), 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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