EMTY vs. RWM
EMTY (ProShares Decline of the Retail Store ETF) and RWM (ProShares Short Russell2000) are both Inverse Equities funds from ProShares - EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%) while RWM tracks the Russell 2000 (-100%). Both are passively managed. Over the past 5 years, EMTY returned -2.49%/yr vs -6.18%/yr for RWM. A 0.72 correlation means they provide meaningful diversification when combined. EMTY charges 0.66%/yr vs 0.95%/yr for RWM.
Performance
EMTY vs. RWM - Performance Comparison
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Returns By Period
In the year-to-date period, EMTY achieves a 0.67% return, which is significantly higher than RWM's -15.54% return.
EMTY
- 1D
- 0.55%
- 1M
- 3.79%
- 6M
- 7.60%
- YTD
- 0.67%
- 1Y
- 3.56%
- 3Y*
- -2.99%
- 5Y*
- -2.49%
- 10Y*
- —
RWM
- 1D
- 0.81%
- 1M
- -0.07%
- 6M
- -10.40%
- YTD
- -15.54%
- 1Y
- -23.21%
- 3Y*
- -11.29%
- 5Y*
- -6.18%
- 10Y*
- -11.63%
EMTY vs. RWM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 0.67% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -8.65% | 11.16% | -15.97% |
RWM ProShares Short Russell2000 | -15.54% | -9.40% | -5.91% | -10.43% | 18.34% | -17.90% | -31.04% | -19.83% | 11.57% | -4.86% |
Correlation
The correlation between EMTY and RWM is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017 | 0.72 |
Over the past year, the correlation between EMTY and RWM has dropped to 0.52 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.
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Return for Risk
EMTY vs. RWM — Risk / Return Rank
EMTY
RWM
EMTY vs. RWM - 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 Russell2000 (RWM). 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 | RWM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.40 | ||
| Sortino ratioReturn per unit of downside risk | +2.07 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 0.82 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.26 | -0.84 | +1.10 |
| Martin ratioReturn relative to average drawdown | 0.55 | -1.45 | +2.00 |
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Drawdowns
EMTY vs. RWM - Drawdown Comparison
The maximum EMTY drawdown since its inception was -77.62%, smaller than the maximum RWM drawdown of -95.61%. Use the drawdown chart below to compare losses from any high point for EMTY and RWM.
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Drawdown Indicators
| EMTY | RWM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.62% | -95.61% | +17.99% |
Max Drawdown (1Y)Largest decline over 1 year | -13.91% | -27.57% | +13.66% |
Max Drawdown (3Y)Largest decline over 3 years | -30.83% | -43.12% | +12.29% |
Max Drawdown (5Y)Largest decline over 5 years | -30.83% | -43.12% | +12.29% |
Max Drawdown (10Y)Largest decline over 10 years | — | -72.51% | — |
Current DrawdownCurrent decline from peak | -74.87% | -95.50% | +20.63% |
Average DrawdownAverage peak-to-trough decline | -54.51% | -74.14% | +19.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.48% | 16.08% | -9.60% |
Volatility
EMTY vs. RWM - Volatility Comparison
ProShares Decline of the Retail Store ETF (EMTY) has a higher volatility of 6.09% compared to ProShares Short Russell2000 (RWM) at 4.79%. This indicates that EMTY's price experiences larger fluctuations and is considered to be riskier than RWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMTY | RWM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.09% | 4.79% | +1.30% |
Volatility (6M)Calculated over the trailing 6-month period | 13.05% | 14.16% | -1.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.08% | 19.43% | -1.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.40% | 22.59% | -0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.61% | 23.08% | +2.53% |
EMTY vs. RWM - Expense Ratio Comparison
EMTY has a 0.66% expense ratio, which is lower than RWM's 0.95% expense ratio.
Dividends
EMTY vs. RWM - Dividend Comparison
EMTY's dividend yield for the trailing twelve months is around 3.23%, less than RWM's 3.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.23% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% |
RWM ProShares Short Russell2000 | 3.78% | 3.97% | 6.03% | 4.78% | 0.39% | 0.00% | 0.20% | 1.55% | 0.87% | 0.07% |
Frequently Asked Questions
EMTY and RWM have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMTY has higher volatility (6.09%) compared to RWM (4.79%). In terms of maximum drawdown, EMTY dropped -77.62% vs RWM's -95.61%.
On 5-year performance, EMTY leads with -2.49% vs -6.18% for RWM. On fees, EMTY is cheaper at 0.66% per year. On volatility, RWM has been the lower-risk option at 4.79%. 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 -2.49% return vs -6.18%. 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 RWM.
RWM has the higher dividend yield at 3.78%, compared with 3.23% for EMTY.
EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while RWM tracks Russell 2000 (-100%). Their fees differ too: 0.66% for EMTY and 0.95% for RWM.
EMTY currently has the higher Sharpe Ratio (0.20 vs -1.20), 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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