EMTY vs. SSPY

Last updated Jun 4, 2026

EMTY (ProShares Decline of the Retail Store ETF) and SSPY (Stratified LargeCap Index ETF) are both exchange-traded funds - EMTY is a Inverse Equities fund tracking the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while SSPY is a Large Cap Blend Equities fund tracking the Syntax Stratified LargeCap Index. Both are passively managed. Over the past year, EMTY returned 1.60% vs 20.61% for SSPY. At a correlation of -0.73, they often move in opposite directions. EMTY charges 0.66%/yr vs 0.45%/yr for SSPY.

Performance

EMTY vs. SSPY - Performance Comparison

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

Returns By Period

In the year-to-date period, EMTY achieves a 1.09% return, which is significantly lower than SSPY's 10.14% return.

EMTY

• 1D: -0.32%
• 1M: 1.81%
• YTD: 1.09%
• 6M: 3.80%
• 1Y: 1.60%
• 3Y*: -4.69%
• 5Y*: -2.87%
• 10Y*: —

SSPY

• 1D: -0.30%
• 1M: 3.36%
• YTD: 10.14%
• 6M: 10.60%
• 1Y: 20.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EMTY vs. SSPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EMTY ProShares Decline of the Retail Store ETF	1.09%	-1.76%	-0.16%
SSPY Stratified LargeCap Index ETF	10.14%	12.88%	-0.90%

Correlation

The correlation between EMTY and SSPY is -0.72, 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	-0.72
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	-0.73

The correlation between EMTY and SSPY has been stable across timeframes, ranging from -0.73 to -0.72 - a consistent structural relationship.

Return for Risk

EMTY vs. SSPY — Risk / Return Rank

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

EMTY

EMTY Risk / Return Rank: 10
EMTY Sharpe Ratio Rank: 10
EMTY Sortino Ratio Rank: 9
EMTY Omega Ratio Rank: 10
EMTY Calmar Ratio Rank: 10
EMTY Martin Ratio Rank: 10

SSPY

SSPY Risk / Return Rank: 59
SSPY Sharpe Ratio Rank: 57
SSPY Sortino Ratio Rank: 61
SSPY Omega Ratio Rank: 56
SSPY Calmar Ratio Rank: 57
SSPY Martin Ratio Rank: 61

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. SSPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Decline of the Retail Store ETF (EMTY) and Stratified LargeCap Index ETF (SSPY). 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	SSPY	Difference
Sharpe ratio: Return per unit of total volatility	0.09	1.95	-1.86
Sortino ratio: Return per unit of downside risk	0.24	2.88	-2.64
Omega ratio: Gain probability vs. loss probability	1.03	1.35	-0.32
Calmar ratio: Return relative to maximum drawdown	0.11	2.83	-2.71
Martin ratio: Return relative to average drawdown	0.20	10.88	-10.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMTY vs. SSPY - Sharpe Ratio Comparison

The current EMTY Sharpe Ratio is 0.09, which is lower than the SSPY Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of EMTY and SSPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EMTY	SSPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.09	1.95	-1.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.43	0.92	-1.35

Drawdowns

EMTY vs. SSPY - Drawdown Comparison

The maximum EMTY drawdown since its inception was -77.62%, which is greater than SSPY's maximum drawdown of -16.16%. Use the drawdown chart below to compare losses from any high point for EMTY and SSPY.

Drawdown Indicators

	EMTY	SSPY	Difference
Max Drawdown Largest peak-to-trough decline	-77.62%	-16.16%	-61.46%
Max Drawdown (1Y) Largest decline over 1 year	-14.00%	-7.32%	-6.68%
Max Drawdown (3Y) Largest decline over 3 years	-30.83%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-30.83%	—	—
Current Drawdown Current decline from peak	-74.77%	-0.30%	-74.47%
Average Drawdown Average peak-to-trough decline	-54.01%	-2.32%	-51.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.11%	1.90%	+6.21%

Volatility

EMTY vs. SSPY - Volatility Comparison

ProShares Decline of the Retail Store ETF (EMTY) has a higher volatility of 6.00% compared to Stratified LargeCap Index ETF (SSPY) at 2.44%. This indicates that EMTY's price experiences larger fluctuations and is considered to be riskier than SSPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMTY	SSPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.00%	2.44%	+3.56%
Volatility (6M) Calculated over the trailing 6-month period	12.40%	7.62%	+4.78%
Volatility (1Y) Calculated over the trailing 1-year period	17.71%	10.63%	+7.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.36%	14.55%	+7.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.67%	14.55%	+11.12%

EMTY vs. SSPY - Expense Ratio Comparison

EMTY has a 0.66% expense ratio, which is higher than SSPY's 0.45% expense ratio.

Dividends

EMTY vs. SSPY - Dividend Comparison

EMTY's dividend yield for the trailing twelve months is around 3.45%, more than SSPY's 1.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMTY ProShares Decline of the Retail Store ETF	3.45%	3.83%	6.00%	4.41%	0.65%	0.00%	0.07%	0.82%	0.62%	0.03%
SSPY Stratified LargeCap Index ETF	1.26%	1.38%	0.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMTY and SSPY in my portfolio?

EMTY and SSPY have a correlation of -0.72, 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 SSPY?

EMTY has higher volatility (6.00%) compared to SSPY (2.44%). In terms of maximum drawdown, EMTY dropped -77.62% vs SSPY's -16.16%.

Which ETF is better, EMTY or SSPY?

On 1-year performance, SSPY leads with 20.61% vs 1.60% for EMTY. On fees, SSPY is cheaper at 0.45% per year. On volatility, SSPY has been the lower-risk option at 2.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMTY or SSPY?

Over the 1-year period, SSPY has performed better with a 20.61% return vs 1.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMTY or SSPY?

SSPY is cheaper with a 0.45% expense ratio, compared with 0.66% for EMTY.

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

EMTY has the higher dividend yield at 3.45%, compared with 1.26% for SSPY.

What is the main difference between EMTY and SSPY?

EMTY is categorized as Inverse Equities, while SSPY is Large Cap Blend Equities. EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while SSPY tracks Syntax Stratified LargeCap Index. They also come from different issuers: ProShares and Exchange Traded Concepts. Their fees differ too: 0.66% for EMTY and 0.45% for SSPY.

Which has better risk-adjusted returns?

SSPY currently has the higher Sharpe Ratio (1.95 vs 0.09), 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.