EMTY vs. SEF
EMTY (ProShares Decline of the Retail Store ETF) and SEF (ProShares Short Financials) are both Inverse Equities funds from ProShares - EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%) while SEF tracks the Dow Jones U.S. Financials Index (-100%). Both are passively managed. Over the past 5 years, EMTY returned -2.87%/yr vs -5.21%/yr for SEF. A 0.62 correlation means they provide meaningful diversification when combined. EMTY charges 0.66%/yr vs 0.95%/yr for SEF.
Performance
EMTY vs. SEF - Performance Comparison
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Returns By Period
In the year-to-date period, EMTY achieves a 1.09% return, which is significantly lower than SEF's 8.89% return.
EMTY
- 1D
- -0.32%
- 1M
- 1.81%
- YTD
- 1.09%
- 6M
- 3.80%
- 1Y
- 1.60%
- 3Y*
- -4.69%
- 5Y*
- -2.87%
- 10Y*
- —
SEF
- 1D
- 1.10%
- 1M
- 1.81%
- YTD
- 8.89%
- 6M
- 6.43%
- 1Y
- 3.73%
- 3Y*
- -10.34%
- 5Y*
- -5.21%
- 10Y*
- -11.50%
EMTY vs. SEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 1.09% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -8.65% | 11.16% | -14.16% |
SEF ProShares Short Financials | 8.89% | -9.82% | -17.81% | -8.81% | 11.85% | -27.02% | -16.93% | -23.51% | 10.34% | -4.72% |
Correlation
The correlation between EMTY and SEF is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2017 | 0.62 |
The correlation between EMTY and SEF shifts across timeframes, from 0.50 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMTY vs. SEF — Risk / Return Rank
EMTY
SEF
EMTY vs. SEF - 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 Financials (SEF). 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.
| EMTY | SEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.06 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | 0.39 | -0.27 |
| Martin ratioReturn relative to average drawdown | 0.20 | 0.73 | -0.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMTY | SEF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.09 | 0.26 | -0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.13 | -0.29 | +0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.56 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.43 | -0.49 | +0.06 |
Drawdowns
EMTY vs. SEF - Drawdown Comparison
The maximum EMTY drawdown since its inception was -77.62%, smaller than the maximum SEF drawdown of -96.51%. Use the drawdown chart below to compare losses from any high point for EMTY and SEF.
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Drawdown Indicators
| EMTY | SEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.62% | -96.51% | +18.89% |
Max Drawdown (1Y)Largest decline over 1 year | -14.00% | -9.72% | -4.28% |
Max Drawdown (3Y)Largest decline over 3 years | -30.83% | -39.40% | +8.57% |
Max Drawdown (5Y)Largest decline over 5 years | -30.83% | -41.62% | +10.79% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.66% | — |
Current DrawdownCurrent decline from peak | -74.77% | -96.09% | +21.32% |
Average DrawdownAverage peak-to-trough decline | -54.01% | -82.72% | +28.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.11% | 5.14% | +2.97% |
Volatility
EMTY vs. SEF - Volatility Comparison
ProShares Decline of the Retail Store ETF (EMTY) has a higher volatility of 6.00% compared to ProShares Short Financials (SEF) at 3.01%. This indicates that EMTY's price experiences larger fluctuations and is considered to be riskier than SEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMTY | SEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.00% | 3.01% | +2.99% |
Volatility (6M)Calculated over the trailing 6-month period | 12.40% | 10.85% | +1.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.71% | 14.34% | +3.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.36% | 17.96% | +4.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.67% | 20.52% | +5.15% |
EMTY vs. SEF - Expense Ratio Comparison
EMTY has a 0.66% expense ratio, which is lower than SEF's 0.95% expense ratio.
Dividends
EMTY vs. SEF - Dividend Comparison
EMTY's dividend yield for the trailing twelve months is around 3.45%, more than SEF's 3.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.45% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% |
SEF ProShares Short Financials | 3.35% | 4.33% | 5.72% | 4.43% | 0.39% | 0.00% | 0.12% | 1.25% | 0.41% | 0.00% |
Frequently Asked Questions
EMTY and SEF have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMTY has higher volatility (6.00%) compared to SEF (3.01%). In terms of maximum drawdown, EMTY dropped -77.62% vs SEF's -96.51%.
On 5-year performance, EMTY leads with -2.87% vs -5.21% for SEF. On fees, EMTY is cheaper at 0.66% per year. On volatility, SEF has been the lower-risk option at 3.01%. 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 -2.87% return vs -5.21%. 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 SEF.
EMTY has the higher dividend yield at 3.45%, compared with 3.35% for SEF.
EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while SEF tracks Dow Jones U.S. Financials Index (-100%). Their fees differ too: 0.66% for EMTY and 0.95% for SEF.
SEF currently has the higher Sharpe Ratio (0.26 vs 0.09), 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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