EMTY vs. SPXU
EMTY (ProShares Decline of the Retail Store ETF) and SPXU (ProShares UltraPro Short S&P500) are both exchange-traded funds - EMTY is a Inverse Equities fund tracking the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 5 years, EMTY returned -2.54%/yr vs -33.55%/yr for SPXU. A 0.61 correlation means they provide meaningful diversification when combined. EMTY charges 0.66%/yr vs 0.90%/yr for SPXU.
Performance
EMTY vs. SPXU - Performance Comparison
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Returns By Period
In the year-to-date period, EMTY achieves a 0.39% return, which is significantly higher than SPXU's -20.19% return.
EMTY
- 1D
- -0.42%
- 1M
- 0.32%
- YTD
- 0.39%
- 6M
- 1.16%
- 1Y
- -0.49%
- 3Y*
- -3.59%
- 5Y*
- -2.54%
- 10Y*
- —
SPXU
- 1D
- 4.24%
- 1M
- 3.93%
- YTD
- -20.19%
- 6M
- -17.81%
- 1Y
- -43.92%
- 3Y*
- -40.85%
- 5Y*
- -33.55%
- 10Y*
- -41.98%
EMTY vs. SPXU - 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% |
SPXU ProShares UltraPro Short S&P500 | -20.19% | -41.73% | -43.31% | -46.02% | 36.05% | -57.94% | -70.39% | -56.27% | 3.97% | -12.51% |
Correlation
The correlation between EMTY and SPXU 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 | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
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 SPXU 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. SPXU — Risk / Return Rank
EMTY
SPXU
EMTY vs. SPXU - 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 UltraPro Short S&P500 (SPXU). 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 | SPXU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.16 | ||
| Sortino ratioReturn per unit of downside risk | +1.98 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.79 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | -0.94 | +0.90 |
| Martin ratioReturn relative to average drawdown | -0.07 | -1.61 | +1.54 |
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Drawdowns
EMTY vs. SPXU - Drawdown Comparison
The maximum EMTY drawdown since its inception was -77.62%, smaller than the maximum SPXU drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for EMTY and SPXU.
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Drawdown Indicators
| EMTY | SPXU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.62% | -99.99% | +22.37% |
Max Drawdown (1Y)Largest decline over 1 year | -13.91% | -47.11% | +33.20% |
Max Drawdown (3Y)Largest decline over 3 years | -30.83% | -84.36% | +53.53% |
Max Drawdown (5Y)Largest decline over 5 years | -30.83% | -90.23% | +59.40% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.63% | — |
Current DrawdownCurrent decline from peak | -74.94% | -99.99% | +25.05% |
Average DrawdownAverage peak-to-trough decline | -54.39% | -93.33% | +38.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.26% | 29.37% | -22.11% |
Volatility
EMTY vs. SPXU - Volatility Comparison
The current volatility for ProShares Decline of the Retail Store ETF (EMTY) is 5.20%, while ProShares UltraPro Short S&P500 (SPXU) has a volatility of 14.32%. This indicates that EMTY experiences smaller price fluctuations and is considered to be less risky than SPXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMTY | SPXU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.20% | 14.32% | -9.12% |
Volatility (6M)Calculated over the trailing 6-month period | 12.81% | 29.53% | -16.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.77% | 37.35% | -19.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.36% | 50.62% | -28.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.63% | 53.43% | -27.80% |
EMTY vs. SPXU - Expense Ratio Comparison
EMTY has a 0.66% expense ratio, which is lower than SPXU's 0.90% expense ratio.
Dividends
EMTY vs. SPXU - Dividend Comparison
EMTY's dividend yield for the trailing twelve months is around 3.47%, less than SPXU's 7.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPXU ProShares UltraPro Short S&P500 | 7.35% | 7.02% | 9.53% | 7.06% | 0.39% | 0.00% | 0.70% | 2.14% | 1.41% | 0.10% |
Frequently Asked Questions
EMTY and SPXU 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.
SPXU has higher volatility (14.32%) compared to EMTY (5.20%). In terms of maximum drawdown, EMTY dropped -77.62% vs SPXU's -99.99%.
On 5-year performance, EMTY leads with -2.54% vs -33.55% for SPXU. On fees, EMTY is cheaper at 0.66% per year. On volatility, EMTY has been the lower-risk option at 5.20%. 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 -2.54% return vs -33.55%. 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 0.90% for SPXU.
SPXU has the higher dividend yield at 7.35%, compared with 3.47% for EMTY.
EMTY is categorized as Inverse Equities, while SPXU is S&P 500. EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while SPXU tracks S&P 500 Index (-300%). Their fees differ too: 0.66% for EMTY and 0.90% for SPXU.
EMTY currently has the higher Sharpe Ratio (-0.03 vs -1.18), 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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