EMTY vs. SPDN
EMTY (ProShares Decline of the Retail Store ETF) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds - EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 5 years, EMTY returned -3.08%/yr vs -7.84%/yr for SPDN. Their 0.60 correlation means they have sometimes moved together and sometimes differently. EMTY charges 0.66%/yr vs 0.50%/yr for SPDN.
Performance
EMTY vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, EMTY achieves a -2.27% return, which is significantly higher than SPDN's -6.42% return.
EMTY
- 1D
- 0.53%
- 1M
- -0.72%
- 6M
- 2.65%
- YTD
- -2.27%
- 1Y
- -0.27%
- 3Y*
- -3.37%
- 5Y*
- -3.08%
- 10Y*
- —
- ALL TIME*
- -11.36%
SPDN
- 1D
- -0.80%
- 1M
- 0.00%
- 6M
- -5.52%
- YTD
- -6.42%
- 1Y
- -12.79%
- 3Y*
- -10.75%
- 5Y*
- -7.84%
- 10Y*
- -12.18%
- ALL TIME*
- -12.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $18.44K | $30.35K | $49.16K | |
| $433.42M | $387.95M | $422.31M |
EMTY vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | -2.27% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -8.65% | 11.16% | -15.97% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.42% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -4.27% |
Correlation
The correlation between EMTY and SPDN is 0.32, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.32 |
Correlation (3Y) Balances recent behavior with more history. | 0.49 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.61 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017 | 0.60 |
Over the past year, the correlation between EMTY and SPDN has dropped to 0.32 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.
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Return for Risk
EMTY vs. SPDN — Risk / Return Rank
EMTY
SPDN
EMTY vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Decline of the Retail Store ETF (EMTY) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). 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 | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.84 | ||
| Sortino ratioReturn per unit of downside risk | +1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.87 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | -0.71 | +0.67 |
| Martin ratioReturn relative to average drawdown | -0.09 | -1.27 | +1.18 |
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Drawdowns
EMTY vs. SPDN - Drawdown Comparison
The maximum EMTY drawdown since its inception was -77.62%, roughly equal to the maximum SPDN drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for EMTY and SPDN.
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Drawdown Indicators
| EMTY | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.62% | -75.31% | -2.31% |
Max Drawdown (1Y)Largest decline over 1 year | -13.91% | -15.93% | +2.02% |
Max Drawdown (3Y)Largest decline over 3 years | -30.83% | -38.24% | +7.41% |
Max Drawdown (5Y)Largest decline over 5 years | -30.83% | -43.85% | +13.02% |
Max Drawdown (10Y)Largest decline over 10 years | — | -73.97% | — |
Current DrawdownCurrent decline from peak | -75.61% | -74.80% | -0.81% |
Average DrawdownAverage peak-to-trough decline | -54.65% | -48.93% | -5.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.54% | 8.90% | -2.36% |
Volatility
EMTY vs. SPDN - Volatility Comparison
ProShares Decline of the Retail Store ETF (EMTY) has a higher volatility of 6.54% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 3.55%. This indicates that EMTY's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMTY | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.54% | 3.55% | +2.99% |
Volatility (6M)Calculated over the trailing 6-month period | 13.79% | 10.15% | +3.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.41% | 12.98% | +5.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.46% | 16.97% | +5.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.60% | 18.03% | +7.57% |
EMTY vs. SPDN - Expense Ratio Comparison
EMTY has a 0.66% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
EMTY vs. SPDN - Dividend Comparison
EMTY's dividend yield for the trailing twelve months is around 3.33%, which matches SPDN's 3.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.33% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.32% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
EMTY and SPDN have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMTY has higher volatility (6.54%) compared to SPDN (3.55%). In terms of maximum drawdown, EMTY dropped -77.62% vs SPDN's -75.31%.
On 5-year performance, EMTY leads with -3.08% vs -7.84% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.55%. 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 -3.08% return vs -7.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.66% for EMTY.
EMTY has the higher dividend yield at 3.33%, compared with 3.32% for SPDN.
EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while SPDN tracks S&P 500 Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.66% for EMTY and 0.50% for SPDN.
EMTY currently has the higher Sharpe Ratio (-0.03 vs -0.88), 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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