EMTY vs. SSO
EMTY (ProShares Decline of the Retail Store ETF) and SSO (ProShares Ultra 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 SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 5 years, EMTY returned -2.54%/yr vs 17.91%/yr for SSO. At a correlation of -0.61, they often move in opposite directions. EMTY charges 0.66%/yr vs 0.87%/yr for SSO.
Performance
EMTY vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, EMTY achieves a 0.39% return, which is significantly lower than SSO's 12.95% return.
EMTY
- 1D
- -0.42%
- 1M
- 0.32%
- YTD
- 0.39%
- 6M
- 1.16%
- 1Y
- -0.49%
- 3Y*
- -3.59%
- 5Y*
- -2.54%
- 10Y*
- —
SSO
- 1D
- -2.86%
- 1M
- -3.30%
- YTD
- 12.95%
- 6M
- 10.86%
- 1Y
- 42.28%
- 3Y*
- 33.83%
- 5Y*
- 17.91%
- 10Y*
- 24.26%
EMTY vs. SSO - 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% |
SSO ProShares Ultra S&P500 | 12.95% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 9.09% |
Correlation
The correlation between EMTY and SSO is -0.41, 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 | -0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.53 |
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 inverse relationship between EMTY and SSO has weakened: their correlation has moved from -0.61 to -0.41, meaning they move in opposite directions less often than they have historically.
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Return for Risk
EMTY vs. SSO — Risk / Return Rank
EMTY
SSO
EMTY vs. SSO - 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 Ultra S&P500 (SSO). 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 | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.74 | ||
| Sortino ratioReturn per unit of downside risk | -2.16 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.30 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 2.34 | -2.37 |
| Martin ratioReturn relative to average drawdown | -0.07 | 9.90 | -9.97 |
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Drawdowns
EMTY vs. SSO - Drawdown Comparison
The maximum EMTY drawdown since its inception was -77.62%, smaller than the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for EMTY and SSO.
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Drawdown Indicators
| EMTY | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.62% | -84.67% | +7.05% |
Max Drawdown (1Y)Largest decline over 1 year | -13.91% | -18.17% | +4.26% |
Max Drawdown (3Y)Largest decline over 3 years | -30.83% | -35.21% | +4.38% |
Max Drawdown (5Y)Largest decline over 5 years | -30.83% | -46.73% | +15.90% |
Max Drawdown (10Y)Largest decline over 10 years | — | -59.34% | — |
Current DrawdownCurrent decline from peak | -74.94% | -6.70% | -68.24% |
Average DrawdownAverage peak-to-trough decline | -54.39% | -19.53% | -34.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.26% | 4.28% | +2.98% |
Volatility
EMTY vs. SSO - Volatility Comparison
The current volatility for ProShares Decline of the Retail Store ETF (EMTY) is 5.20%, while ProShares Ultra S&P500 (SSO) has a volatility of 9.70%. This indicates that EMTY experiences smaller price fluctuations and is considered to be less risky than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMTY | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.20% | 9.70% | -4.50% |
Volatility (6M)Calculated over the trailing 6-month period | 12.81% | 19.65% | -6.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.77% | 24.92% | -7.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.36% | 33.85% | -11.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.63% | 35.93% | -10.30% |
EMTY vs. SSO - Expense Ratio Comparison
EMTY has a 0.66% expense ratio, which is lower than SSO's 0.87% expense ratio.
Dividends
EMTY vs. SSO - Dividend Comparison
EMTY's dividend yield for the trailing twelve months is around 3.47%, more than SSO's 0.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
SSO ProShares Ultra S&P500 | 0.65% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
Frequently Asked Questions
EMTY and SSO 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.
SSO has higher volatility (9.70%) compared to EMTY (5.20%). In terms of maximum drawdown, EMTY dropped -77.62% vs SSO's -84.67%.
On 5-year performance, SSO leads with 17.91% vs -2.54% for EMTY. 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, SSO has performed better with a 17.91% return vs -2.54%. 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 0.87% for SSO.
EMTY has the higher dividend yield at 3.47%, compared with 0.65% for SSO.
EMTY is categorized as Inverse Equities, while SSO is Leveraged Equities. EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while SSO tracks S&P 500. Their fees differ too: 0.66% for EMTY and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (1.71 vs -0.03), 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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