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 -2.85%/yr vs 14.20%/yr for SPY. At a correlation of -0.61, they often move in opposite directions. 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 1.41% return, which is significantly lower than SPY's 11.69% return.
EMTY
- 1D
- 0.94%
- 1M
- 4.32%
- YTD
- 1.41%
- 6M
- 3.18%
- 1Y
- 0.17%
- 3Y*
- -4.59%
- 5Y*
- -2.85%
- 10Y*
- —
SPY
- 1D
- 0.14%
- 1M
- 5.40%
- YTD
- 11.69%
- 6M
- 12.09%
- 1Y
- 29.62%
- 3Y*
- 22.64%
- 5Y*
- 14.20%
- 10Y*
- 15.57%
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 | 1.41% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -8.65% | 11.16% | -14.16% |
SPY State Street SPDR S&P 500 ETF | 11.69% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 3.71% |
Correlation
The correlation between EMTY and SPY is -0.45, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.64 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2017 | -0.61 |
The correlation between EMTY and SPY shifts across timeframes, from -0.64 (5 years) to -0.45 (1 year), reflecting how their relationship changes across market environments.
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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.
| EMTY | SPY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.01 | 2.52 | -2.51 |
Sortino ratioReturn per unit of downside risk | 0.13 | 3.42 | -3.28 |
Omega ratioGain probability vs. loss probability | 1.02 | 1.46 | -0.44 |
Calmar ratioReturn relative to maximum drawdown | 0.01 | 3.42 | -3.41 |
Martin ratioReturn relative to average drawdown | 0.01 | 15.93 | -15.91 |
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 | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.01 | 2.52 | -2.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.13 | 0.84 | -0.96 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.87 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.43 | 0.59 | -1.02 |
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 | -14.00% | -8.88% | -5.12% |
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 | -74.69% | 0.00% | -74.69% |
Average DrawdownAverage peak-to-trough decline | -54.00% | -9.05% | -44.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.11% | 1.91% | +6.20% |
Volatility
EMTY vs. SPY - Volatility Comparison
ProShares Decline of the Retail Store ETF (EMTY) has a higher volatility of 6.31% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. 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 | 6.31% | 2.75% | +3.56% |
Volatility (6M)Calculated over the trailing 6-month period | 12.39% | 8.89% | +3.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.71% | 11.81% | +5.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.37% | 17.05% | +5.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.68% | 17.94% | +7.74% |
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 3.44%, more than SPY's 0.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.44% | 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 | 0.97% | 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 -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMTY has higher volatility (6.31%) compared to SPY (2.75%). In terms of maximum drawdown, EMTY dropped -77.62% vs SPY's -55.19%.
On 5-year performance, SPY leads with 14.20% vs -2.85% for EMTY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.75%. 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 14.20% return vs -2.85%. 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 3.44%, compared with 0.97% 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 (2.52 vs 0.01), 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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