EMTY vs. SPY
EMTY (ProShares Decline of the Retail Store ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - EMTY is a Inverse Equities fund tracking the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, EMTY returned -3.74%/yr vs 13.05%/yr for SPY. Their -0.60 correlation means they have often moved in opposite directions in the past. EMTY charges 0.66%/yr vs 0.09%/yr for SPY.
Performance
EMTY vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, EMTY achieves a -4.47% return, which is significantly lower than SPY's 11.70% return.
EMTY
- 1D
- -2.25%
- 1M
- -2.95%
- 6M
- 1.80%
- YTD
- -4.47%
- 1Y
- -2.51%
- 3Y*
- -4.31%
- 5Y*
- -3.74%
- 10Y*
- —
- ALL TIME*
- -11.58%
SPY
- 1D
- 1.42%
- 1M
- 1.73%
- 6M
- 9.53%
- YTD
- 11.70%
- 1Y
- 23.22%
- 3Y*
- 20.74%
- 5Y*
- 13.05%
- 10Y*
- 15.09%
- ALL TIME*
- 10.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $19.65K | $31.10K | $48.52K | |
| $38.19B | $36.17B | $39.59B |
EMTY vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | -4.47% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -8.65% | 11.16% | -15.97% |
SPY State Street SPDR S&P 500 ETF | 11.70% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 4.60% |
Correlation
The correlation between EMTY and SPY is -0.35, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.35 |
Correlation (3Y) Balances recent behavior with more history. | -0.51 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.62 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017 | -0.60 |
Over the past year, the inverse relationship between EMTY and SPY has weakened: their correlation has moved from -0.60 to -0.35, meaning they move in opposite directions less often than they have historically.
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Return for Risk
EMTY vs. SPY — Risk / Return Rank
EMTY
SPY
EMTY vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Decline of the Retail Store ETF (EMTY) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.95 | ||
| Sortino ratioReturn per unit of downside risk | -2.56 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.32 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 2.62 | -2.81 |
| Martin ratioReturn relative to average drawdown | -0.39 | 11.20 | -11.59 |
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Drawdowns
EMTY vs. SPY - Drawdown Comparison
The maximum EMTY drawdown since its inception was -77.62%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for EMTY and SPY.
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Drawdown Indicators
| EMTY | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.62% | -55.19% | -22.43% |
Max Drawdown (1Y)Largest decline over 1 year | -13.91% | -8.88% | -5.03% |
Max Drawdown (3Y)Largest decline over 3 years | -30.83% | -18.76% | -12.07% |
Max Drawdown (5Y)Largest decline over 5 years | -30.83% | -24.50% | -6.33% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -76.16% | 0.00% | -76.16% |
Average DrawdownAverage peak-to-trough decline | -54.66% | -9.01% | -45.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.52% | 2.08% | +4.44% |
Volatility
EMTY vs. SPY - Volatility Comparison
ProShares Decline of the Retail Store ETF (EMTY) has a higher volatility of 6.89% compared to State Street SPDR S&P 500 ETF (SPY) at 3.84%. This indicates that EMTY's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMTY | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.89% | 3.84% | +3.05% |
Volatility (6M)Calculated over the trailing 6-month period | 13.96% | 10.23% | +3.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.51% | 12.87% | +5.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.49% | 17.19% | +5.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.60% | 17.96% | +7.64% |
EMTY vs. SPY - Expense Ratio Comparison
EMTY has a 0.66% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
EMTY vs. SPY - Dividend Comparison
EMTY's dividend yield for the trailing twelve months is around 3.41%, more than SPY's 0.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.41% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 0.99% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
EMTY and SPY have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMTY has higher volatility (6.89%) compared to SPY (3.84%). In terms of maximum drawdown, EMTY dropped -77.62% vs SPY's -55.19%.
On 5-year performance, SPY leads with 13.05% vs -3.74% for EMTY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPY has performed better with a 13.05% return vs -3.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.66% for EMTY.
EMTY has the higher dividend yield at 3.41%, compared with 0.99% for SPY.
EMTY is categorized as Inverse Equities, while SPY is S&P 500. EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.66% for EMTY and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.82 vs -0.14), 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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