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 -2.56%/yr vs -8.60%/yr for SPDN. A 0.61 correlation means they provide meaningful diversification when combined. 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 0.81% return, which is significantly higher than SPDN's -6.74% return.
EMTY
- 1D
- 1.05%
- 1M
- 0.74%
- YTD
- 0.81%
- 6M
- 2.11%
- 1Y
- -1.61%
- 3Y*
- -3.45%
- 5Y*
- -2.56%
- 10Y*
- —
SPDN
- 1D
- 0.23%
- 1M
- 0.11%
- YTD
- -6.74%
- 6M
- -6.29%
- 1Y
- -16.29%
- 3Y*
- -12.15%
- 5Y*
- -8.60%
- 10Y*
- -12.72%
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 | 0.81% | -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 | -6.74% | -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 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017 | 0.61 |
Over the past year, the correlation between EMTY and SPDN has dropped to 0.41 - well below their long-term average of 0.61, 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 | +1.21 | ||
| Sortino ratioReturn per unit of downside risk | +1.87 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 0.80 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.12 | -0.96 | +0.85 |
| Martin ratioReturn relative to average drawdown | -0.22 | -1.74 | +1.51 |
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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% | -16.96% | +3.05% |
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 | — | -75.31% | — |
Current DrawdownCurrent decline from peak | -74.84% | -74.88% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -54.38% | -48.65% | -5.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.50% | 10.16% | -2.66% |
Volatility
EMTY vs. SPDN - Volatility Comparison
ProShares Decline of the Retail Store ETF (EMTY) has a higher volatility of 5.23% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 4.46%. 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 | 5.23% | 4.46% | +0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 12.80% | 9.83% | +2.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.80% | 12.59% | +5.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.36% | 16.94% | +5.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.64% | 18.07% | +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 3.46%, less than SPDN's 4.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.46% | 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 | 4.05% | 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 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMTY has higher volatility (5.23%) compared to SPDN (4.46%). In terms of maximum drawdown, EMTY dropped -77.62% vs SPDN's -75.31%.
On 5-year performance, EMTY leads with -2.56% vs -8.60% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.46%. 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 -2.56% return vs -8.60%. 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.
SPDN has the higher dividend yield at 4.05%, compared with 3.46% for EMTY.
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 (-0.09 vs -1.30), 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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