EMTY vs. PSQ
EMTY (ProShares Decline of the Retail Store ETF) and PSQ (ProShares Short QQQ) are both Inverse Equities funds from ProShares - EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%) while PSQ tracks the NASDAQ-100 Index (-100%). Both are passively managed. Over the past 5 years, EMTY returned -2.54%/yr vs -13.16%/yr for PSQ. At a 0.47 correlation, their price movements are largely independent. EMTY charges 0.66%/yr vs 0.95%/yr for PSQ.
Performance
EMTY vs. PSQ - 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 PSQ's -13.33% return.
EMTY
- 1D
- -0.42%
- 1M
- 0.32%
- YTD
- 0.39%
- 6M
- 1.16%
- 1Y
- -0.49%
- 3Y*
- -3.59%
- 5Y*
- -2.54%
- 10Y*
- —
PSQ
- 1D
- 3.29%
- 1M
- 0.15%
- YTD
- -13.33%
- 6M
- -12.07%
- 1Y
- -23.10%
- 3Y*
- -17.43%
- 5Y*
- -13.16%
- 10Y*
- -19.32%
EMTY vs. PSQ - 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% |
PSQ ProShares Short QQQ | -13.33% | -15.51% | -15.68% | -32.01% | 36.40% | -24.84% | -41.23% | -27.49% | -2.34% | -2.13% |
Correlation
The correlation between EMTY and PSQ is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017 | 0.47 |
Over the past year, the correlation between EMTY and PSQ has dropped to 0.26 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.
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Return for Risk
EMTY vs. PSQ — Risk / Return Rank
EMTY
PSQ
EMTY vs. PSQ - 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 Short QQQ (PSQ). 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 | PSQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.27 | ||
| Sortino ratioReturn per unit of downside risk | +2.01 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.79 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | -0.93 | +0.89 |
| Martin ratioReturn relative to average drawdown | -0.07 | -1.99 | +1.93 |
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Drawdowns
EMTY vs. PSQ - Drawdown Comparison
The maximum EMTY drawdown since its inception was -77.62%, smaller than the maximum PSQ drawdown of -98.26%. Use the drawdown chart below to compare losses from any high point for EMTY and PSQ.
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Drawdown Indicators
| EMTY | PSQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.62% | -98.26% | +20.64% |
Max Drawdown (1Y)Largest decline over 1 year | -13.91% | -24.95% | +11.04% |
Max Drawdown (3Y)Largest decline over 3 years | -30.83% | -49.65% | +18.82% |
Max Drawdown (5Y)Largest decline over 5 years | -30.83% | -60.91% | +30.08% |
Max Drawdown (10Y)Largest decline over 10 years | — | -88.98% | — |
Current DrawdownCurrent decline from peak | -74.94% | -98.19% | +23.25% |
Average DrawdownAverage peak-to-trough decline | -54.39% | -74.02% | +19.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.26% | 12.74% | -5.48% |
Volatility
EMTY vs. PSQ - Volatility Comparison
The current volatility for ProShares Decline of the Retail Store ETF (EMTY) is 5.20%, while ProShares Short QQQ (PSQ) has a volatility of 8.93%. This indicates that EMTY experiences smaller price fluctuations and is considered to be less risky than PSQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMTY | PSQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.20% | 8.93% | -3.73% |
Volatility (6M)Calculated over the trailing 6-month period | 12.81% | 14.46% | -1.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.77% | 17.94% | -0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.36% | 22.72% | -0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.63% | 22.37% | +3.26% |
EMTY vs. PSQ - Expense Ratio Comparison
EMTY has a 0.66% expense ratio, which is lower than PSQ's 0.95% expense ratio.
Dividends
EMTY vs. PSQ - Dividend Comparison
EMTY's dividend yield for the trailing twelve months is around 3.47%, less than PSQ's 5.05% 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% |
PSQ ProShares Short QQQ | 5.05% | 4.97% | 7.15% | 6.01% | 0.35% | 0.00% | 0.31% | 1.75% | 0.95% | 0.02% |
Frequently Asked Questions
EMTY and PSQ have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSQ has higher volatility (8.93%) compared to EMTY (5.20%). In terms of maximum drawdown, EMTY dropped -77.62% vs PSQ's -98.26%.
On 5-year performance, EMTY leads with -2.54% vs -13.16% for PSQ. 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 -13.16%. 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 0.95% for PSQ.
PSQ has the higher dividend yield at 5.05%, compared with 3.47% for EMTY.
EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while PSQ tracks NASDAQ-100 Index (-100%). Their fees differ too: 0.66% for EMTY and 0.95% for PSQ.
EMTY currently has the higher Sharpe Ratio (-0.03 vs -1.29), 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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