EMTY vs. ORCS

Last updated Jul 17, 2026

EMTY (ProShares Decline of the Retail Store ETF) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. EMTY is passively managed, while ORCS is actively managed. At a correlation of -0.03, they often move in opposite directions. EMTY charges 0.66%/yr vs 0.97%/yr for ORCS.

Performance

EMTY vs. ORCS - 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 ORCL Bear 1X ETF (ORCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMTY achieves a -1.42% return, which is significantly lower than ORCS's 32.39% return.

EMTY

• 1D: -2.53%
• 1M: 0.43%
• 6M: 6.62%
• YTD: -1.42%
• 1Y: 0.79%
• 3Y*: -3.76%
• 5Y*: -3.31%
• 10Y*: —

ORCS

• 1D: 6.05%
• 1M: 48.21%
• 6M: 29.65%
• YTD: 32.39%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EMTY vs. ORCS - Yearly Performance Comparison

	2026 (YTD)	2025
EMTY ProShares Decline of the Retail Store ETF	-1.42%	-2.17%
ORCS Direxion Daily ORCL Bear 1X ETF	32.39%	11.07%

Correlation

The correlation between EMTY and ORCS 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 (All Time) Calculated using the full available price history since Nov 19, 2025	-0.03

Return for Risk

EMTY vs. ORCS — 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: 10
EMTY Omega Ratio Rank: 10
EMTY Calmar Ratio Rank: 10
EMTY Martin Ratio Rank: 10

ORCS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. ORCS - 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 ORCL Bear 1X ETF (ORCS). 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	ORCS	Difference
Sharpe ratio: Return per unit of total volatility	0.04	—	—
Sortino ratio: Return per unit of downside risk	0.18	—	—
Omega ratio: Gain probability vs. loss probability	1.02	—	—
Calmar ratio: Return relative to maximum drawdown	0.06	—	—
Martin ratio: Return relative to average drawdown	0.12	—	—

Drawdowns

EMTY vs. ORCS - Drawdown Comparison

The maximum EMTY drawdown since its inception was -77.62%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for EMTY and ORCS.

Drawdown Indicators

	EMTY	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-77.62%	-50.25%	-27.37%
Max Drawdown (1Y) Largest decline over 1 year	-13.91%	—	—
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	-75.40%	-5.29%	-70.11%
Average Drawdown Average peak-to-trough decline	-54.54%	-16.25%	-38.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.48%	—	—

Volatility

Volatility by Period

	EMTY	ORCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.25%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.24%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.14%	59.95%	-41.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.42%	59.95%	-37.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.60%	59.95%	-34.35%

EMTY vs. ORCS - Expense Ratio Comparison

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

Dividends

EMTY vs. ORCS - Dividend Comparison

EMTY's dividend yield for the trailing twelve months is around 3.30%, more than ORCS's 1.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMTY ProShares Decline of the Retail Store ETF	3.30%	3.83%	6.00%	4.41%	0.65%	0.00%	0.07%	0.82%	0.62%	0.03%
ORCS Direxion Daily ORCL Bear 1X ETF	1.08%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMTY and ORCS in my portfolio?

EMTY and ORCS 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 ETF is better, EMTY or ORCS?

On fees, EMTY is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EMTY or ORCS?

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

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

EMTY has the higher dividend yield at 3.30%, compared with 1.08% for ORCS.

What is the main difference between EMTY and ORCS?

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