EMTY vs. QVAL
EMTY (ProShares Decline of the Retail Store ETF) and QVAL (Alpha Architect U.S. Quantitative Value ETF) are both exchange-traded funds - EMTY is a Inverse Equities fund tracking the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while QVAL is a Mid Cap Value Equities fund actively managed by Alpha Architect. EMTY is passively managed, while QVAL is actively managed. Over the past 5 years, EMTY returned -3.03%/yr vs 12.17%/yr for QVAL. At a correlation of -0.78, they often move in opposite directions. EMTY charges 0.66%/yr vs 0.28%/yr for QVAL.
Performance
EMTY vs. QVAL - Performance Comparison
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Returns By Period
In the year-to-date period, EMTY achieves a -2.71% return, which is significantly lower than QVAL's 15.07% return.
EMTY
- 1D
- -3.09%
- 1M
- -2.77%
- YTD
- -2.71%
- 6M
- -0.92%
- 1Y
- -3.78%
- 3Y*
- -4.59%
- 5Y*
- -3.03%
- 10Y*
- —
QVAL
- 1D
- 0.86%
- 1M
- 1.75%
- YTD
- 15.07%
- 6M
- 13.10%
- 1Y
- 29.19%
- 3Y*
- 20.85%
- 5Y*
- 12.17%
- 10Y*
- 12.01%
EMTY vs. QVAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | -2.71% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -8.65% | 11.16% | -15.97% |
QVAL Alpha Architect U.S. Quantitative Value ETF | 15.07% | 10.98% | 12.21% | 28.40% | -11.80% | 34.40% | -5.93% | 24.06% | -17.28% | 12.85% |
Correlation
The correlation between EMTY and QVAL is -0.73, 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 | -0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.76 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017 | -0.78 |
The correlation between EMTY and QVAL has been stable across timeframes, ranging from -0.78 to -0.72 - a consistent structural relationship.
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Return for Risk
EMTY vs. QVAL — Risk / Return Rank
EMTY
QVAL
EMTY vs. QVAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Decline of the Retail Store ETF (EMTY) and Alpha Architect U.S. Quantitative Value ETF (QVAL). 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 | QVAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.20 | ||
| Sortino ratioReturn per unit of downside risk | -3.24 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.34 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.27 | 4.86 | -5.13 |
| Martin ratioReturn relative to average drawdown | -0.52 | 13.57 | -14.09 |
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Drawdowns
EMTY vs. QVAL - Drawdown Comparison
The maximum EMTY drawdown since its inception was -77.62%, which is greater than QVAL's maximum drawdown of -51.49%. Use the drawdown chart below to compare losses from any high point for EMTY and QVAL.
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Drawdown Indicators
| EMTY | QVAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.62% | -51.49% | -26.13% |
Max Drawdown (1Y)Largest decline over 1 year | -13.91% | -6.04% | -7.87% |
Max Drawdown (3Y)Largest decline over 3 years | -30.83% | -21.41% | -9.42% |
Max Drawdown (5Y)Largest decline over 5 years | -30.83% | -27.17% | -3.66% |
Max Drawdown (10Y)Largest decline over 10 years | — | -51.49% | — |
Current DrawdownCurrent decline from peak | -75.72% | -1.63% | -74.09% |
Average DrawdownAverage peak-to-trough decline | -54.40% | -7.76% | -46.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.28% | 2.16% | +5.12% |
Volatility
EMTY vs. QVAL - Volatility Comparison
ProShares Decline of the Retail Store ETF (EMTY) has a higher volatility of 6.07% compared to Alpha Architect U.S. Quantitative Value ETF (QVAL) at 3.86%. This indicates that EMTY's price experiences larger fluctuations and is considered to be riskier than QVAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMTY | QVAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.07% | 3.86% | +2.21% |
Volatility (6M)Calculated over the trailing 6-month period | 13.18% | 10.21% | +2.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.97% | 14.72% | +3.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.40% | 21.64% | +0.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.65% | 22.78% | +2.87% |
EMTY vs. QVAL - Expense Ratio Comparison
EMTY has a 0.66% expense ratio, which is higher than QVAL's 0.28% expense ratio.
Dividends
EMTY vs. QVAL - Dividend Comparison
EMTY's dividend yield for the trailing twelve months is around 3.59%, more than QVAL's 1.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.59% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% | 0.00% |
QVAL Alpha Architect U.S. Quantitative Value ETF | 1.15% | 1.44% | 1.72% | 1.76% | 2.00% | 1.23% | 1.86% | 1.99% | 1.64% | 1.08% | 1.30% |
Frequently Asked Questions
EMTY and QVAL have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMTY has higher volatility (6.07%) compared to QVAL (3.86%). In terms of maximum drawdown, EMTY dropped -77.62% vs QVAL's -51.49%.
On 5-year performance, QVAL leads with 12.17% vs -3.03% for EMTY. On fees, QVAL is cheaper at 0.28% per year. On volatility, QVAL has been the lower-risk option at 3.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QVAL has performed better with a 12.17% return vs -3.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QVAL is cheaper with a 0.28% expense ratio, compared with 0.66% for EMTY.
EMTY has the higher dividend yield at 3.59%, compared with 1.15% for QVAL.
EMTY is categorized as Inverse Equities, while QVAL is Mid Cap Value Equities. They also come from different issuers: ProShares and Alpha Architect. Their fees differ too: 0.66% for EMTY and 0.28% for QVAL.
QVAL currently has the higher Sharpe Ratio (1.99 vs -0.21), 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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