EMTY vs. RWJ
EMTY (ProShares Decline of the Retail Store ETF) and RWJ (Invesco S&P SmallCap 600 Revenue ETF) are both exchange-traded funds - EMTY is a Inverse Equities fund tracking the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while RWJ is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Revenue-Weighted Index. Both are passively managed. Over the past 5 years, EMTY returned -2.54%/yr vs 8.58%/yr for RWJ. At a correlation of -0.80, they often move in opposite directions. EMTY charges 0.66%/yr vs 0.39%/yr for RWJ.
Performance
EMTY vs. RWJ - 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 RWJ's 19.01% return.
EMTY
- 1D
- -0.42%
- 1M
- 0.32%
- YTD
- 0.39%
- 6M
- 1.16%
- 1Y
- -0.49%
- 3Y*
- -3.59%
- 5Y*
- -2.54%
- 10Y*
- —
RWJ
- 1D
- -0.17%
- 1M
- 4.67%
- YTD
- 19.01%
- 6M
- 17.54%
- 1Y
- 37.61%
- 3Y*
- 18.15%
- 5Y*
- 8.58%
- 10Y*
- 13.63%
EMTY vs. RWJ - 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% |
RWJ Invesco S&P SmallCap 600 Revenue ETF | 19.01% | 7.75% | 11.81% | 16.21% | -10.97% | 52.82% | 20.83% | 20.29% | -16.95% | 8.05% |
Correlation
The correlation between EMTY and RWJ is -0.70, 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 | -0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.80 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017 | -0.80 |
The correlation between EMTY and RWJ shifts across timeframes, from -0.80 (all time) to -0.70 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EMTY vs. RWJ — Risk / Return Rank
EMTY
RWJ
EMTY vs. RWJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Decline of the Retail Store ETF (EMTY) and Invesco S&P SmallCap 600 Revenue ETF (RWJ). 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 | RWJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.98 | ||
| Sortino ratioReturn per unit of downside risk | -2.75 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.34 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 3.34 | -3.38 |
| Martin ratioReturn relative to average drawdown | -0.07 | 10.72 | -10.79 |
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Drawdowns
EMTY vs. RWJ - Drawdown Comparison
The maximum EMTY drawdown since its inception was -77.62%, which is greater than RWJ's maximum drawdown of -55.97%. Use the drawdown chart below to compare losses from any high point for EMTY and RWJ.
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Drawdown Indicators
| EMTY | RWJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.62% | -55.97% | -21.65% |
Max Drawdown (1Y)Largest decline over 1 year | -13.91% | -11.31% | -2.60% |
Max Drawdown (3Y)Largest decline over 3 years | -30.83% | -29.29% | -1.54% |
Max Drawdown (5Y)Largest decline over 5 years | -30.83% | -29.29% | -1.54% |
Max Drawdown (10Y)Largest decline over 10 years | — | -51.33% | — |
Current DrawdownCurrent decline from peak | -74.94% | -1.68% | -73.26% |
Average DrawdownAverage peak-to-trough decline | -54.39% | -9.21% | -45.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.26% | 3.52% | +3.74% |
Volatility
EMTY vs. RWJ - Volatility Comparison
ProShares Decline of the Retail Store ETF (EMTY) has a higher volatility of 5.20% compared to Invesco S&P SmallCap 600 Revenue ETF (RWJ) at 4.65%. This indicates that EMTY's price experiences larger fluctuations and is considered to be riskier than RWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMTY | RWJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.20% | 4.65% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 12.81% | 12.61% | +0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.77% | 19.39% | -1.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.36% | 23.66% | -1.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.63% | 26.12% | -0.49% |
EMTY vs. RWJ - Expense Ratio Comparison
EMTY has a 0.66% expense ratio, which is higher than RWJ's 0.39% expense ratio.
Dividends
EMTY vs. RWJ - Dividend Comparison
EMTY's dividend yield for the trailing twelve months is around 3.47%, more than RWJ's 1.05% 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% |
RWJ Invesco S&P SmallCap 600 Revenue ETF | 1.05% | 1.11% | 1.15% | 1.34% | 1.02% | 0.61% | 0.89% | 1.22% | 1.44% | 1.11% | 0.60% | 0.74% |
Frequently Asked Questions
EMTY and RWJ have a correlation of -0.70, 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 RWJ (4.65%). In terms of maximum drawdown, EMTY dropped -77.62% vs RWJ's -55.97%.
On 5-year performance, RWJ leads with 8.58% vs -2.54% for EMTY. On fees, RWJ is cheaper at 0.39% per year. On volatility, RWJ has been the lower-risk option at 4.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, RWJ has performed better with a 8.58% return vs -2.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RWJ is cheaper with a 0.39% expense ratio, compared with 0.66% for EMTY.
EMTY has the higher dividend yield at 3.47%, compared with 1.05% for RWJ.
EMTY is categorized as Inverse Equities, while RWJ is Small Cap Value Equities. EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while RWJ tracks S&P SmallCap 600 Revenue-Weighted Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.66% for EMTY and 0.39% for RWJ.
RWJ currently has the higher Sharpe Ratio (1.95 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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