EMTY vs. SQQQ

Last updated Jun 24, 2026

EMTY (ProShares Decline of the Retail Store ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - EMTY is a Inverse Equities fund tracking the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 5 years, EMTY returned -2.54%/yr vs -46.89%/yr for SQQQ. At a 0.47 correlation, their price movements are largely independent. EMTY charges 0.66%/yr vs 0.95%/yr for SQQQ.

Performance

EMTY vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Decline of the Retail Store ETF (EMTY) and ProShares UltraPro Short QQQ (SQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMTY achieves a 0.39% return, which is significantly higher than SQQQ's -40.31% return.

EMTY

• 1D: -0.42%
• 1M: 0.32%
• YTD: 0.39%
• 6M: 1.16%
• 1Y: -0.49%
• 3Y*: -3.59%
• 5Y*: -2.54%
• 10Y*: —

SQQQ

• 1D: 9.83%
• 1M: -2.27%
• YTD: -40.31%
• 6M: -37.80%
• 1Y: -61.11%
• 3Y*: -53.86%
• 5Y*: -46.89%
• 10Y*: -56.24%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EMTY vs. SQQQ - 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%
SQQQ ProShares UltraPro Short QQQ	-40.31%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-6.91%

Correlation

The correlation between EMTY and SQQQ is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017	0.47

Over the past year, the correlation between EMTY and SQQQ has dropped to 0.26 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.

Return for Risk

EMTY vs. SQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EMTY

EMTY Risk / Return Rank: 8
EMTY Sharpe Ratio Rank: 9
EMTY Sortino Ratio Rank: 8
EMTY Omega Ratio Rank: 8
EMTY Calmar Ratio Rank: 8
EMTY Martin Ratio Rank: 8

SQQQ

SQQQ Risk / Return Rank: 1
SQQQ Sharpe Ratio Rank: 1
SQQQ Sortino Ratio Rank: 0
SQQQ Omega Ratio Rank: 1
SQQQ Calmar Ratio Rank: 1
SQQQ Martin Ratio Rank: 0

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EMTY vs. SQQQ - 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 QQQ (SQQQ). 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	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.03	-1.14	+1.12
Sortino ratio: Return per unit of downside risk	0.08	-2.07	+2.16
Omega ratio: Gain probability vs. loss probability	1.01	0.78	+0.23
Calmar ratio: Return relative to maximum drawdown	-0.04	-0.96	+0.93
Martin ratio: Return relative to average drawdown	-0.07	-1.81	+1.74

EMTY vs. SQQQ - Sharpe Ratio Comparison

The current EMTY Sharpe Ratio is -0.03, which is higher than the SQQQ Sharpe Ratio of -1.14. The chart below compares the historical Sharpe Ratios of EMTY and SQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EMTY vs. SQQQ - Drawdown Comparison

The maximum EMTY drawdown since its inception was -77.62%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for EMTY and SQQQ.

Drawdown Indicators

	EMTY	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-77.62%	-100.00%	+22.38%
Max Drawdown (1Y) Largest decline over 1 year	-13.91%	-63.52%	+49.61%
Max Drawdown (3Y) Largest decline over 3 years	-30.83%	-92.51%	+61.68%
Max Drawdown (5Y) Largest decline over 5 years	-30.83%	-97.27%	+66.44%
Max Drawdown (10Y) Largest decline over 10 years	—	-99.98%	—
Current Drawdown Current decline from peak	-74.94%	-100.00%	+25.06%
Average Drawdown Average peak-to-trough decline	-54.39%	-92.73%	+38.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.26%	36.37%	-29.11%

Volatility

EMTY vs. SQQQ - Volatility Comparison

The current volatility for ProShares Decline of the Retail Store ETF (EMTY) is 5.20%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.69%. This indicates that EMTY experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMTY	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.20%	26.69%	-21.49%
Volatility (6M) Calculated over the trailing 6-month period	12.81%	43.33%	-30.52%
Volatility (1Y) Calculated over the trailing 1-year period	17.77%	53.65%	-35.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.36%	67.53%	-45.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.63%	66.47%	-40.84%

EMTY vs. SQQQ - Expense Ratio Comparison

EMTY has a 0.66% expense ratio, which is lower than SQQQ's 0.95% expense ratio.

Dividends

EMTY vs. SQQQ - Dividend Comparison

EMTY's dividend yield for the trailing twelve months is around 3.47%, less than SQQQ's 11.44% 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%
SQQQ ProShares UltraPro Short QQQ	11.44%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%

Frequently Asked Questions

Can I hold both EMTY and SQQQ in my portfolio?

EMTY and SQQQ have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMTY or SQQQ?

SQQQ has higher volatility (26.69%) compared to EMTY (5.20%). In terms of maximum drawdown, EMTY dropped -77.62% vs SQQQ's -100.00%.

Which ETF is better, EMTY or SQQQ?

On 5-year performance, EMTY leads with -2.54% vs -46.89% for SQQQ. 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.

Which ETF has performed better, EMTY or SQQQ?

Over the 5-year period, EMTY has performed better with a -2.54% return vs -46.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMTY or SQQQ?

EMTY is cheaper with a 0.66% expense ratio, compared with 0.95% for SQQQ.

Which ETF pays a higher dividend yield, EMTY or SQQQ?

SQQQ has the higher dividend yield at 11.44%, compared with 3.47% for EMTY.

What is the main difference between EMTY and SQQQ?

EMTY is categorized as Inverse Equities, while SQQQ is Leveraged Equities. EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.66% for EMTY and 0.95% for SQQQ.

Which has better risk-adjusted returns?

EMTY currently has the higher Sharpe Ratio (-0.03 vs -1.14), 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.