EMTY vs. UPRO
EMTY (ProShares Decline of the Retail Store ETF) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - EMTY is a Inverse Equities fund tracking the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while UPRO 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 20.37%/yr for UPRO. At a correlation of -0.61, they often move in opposite directions. EMTY charges 0.66%/yr vs 0.89%/yr for UPRO.
Performance
EMTY vs. UPRO - 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 UPRO's 17.21% return.
EMTY
- 1D
- -0.42%
- 1M
- 0.32%
- YTD
- 0.39%
- 6M
- 1.16%
- 1Y
- -0.49%
- 3Y*
- -3.59%
- 5Y*
- -2.54%
- 10Y*
- —
UPRO
- 1D
- -4.27%
- 1M
- -5.38%
- YTD
- 17.21%
- 6M
- 13.86%
- 1Y
- 62.29%
- 3Y*
- 46.23%
- 5Y*
- 20.37%
- 10Y*
- 30.18%
EMTY vs. UPRO - 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% |
UPRO ProShares UltraPro S&P 500 | 17.21% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 13.69% |
Correlation
The correlation between EMTY and UPRO is -0.40, 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 | -0.40 |
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 UPRO has weakened: their correlation has moved from -0.61 to -0.40, meaning they move in opposite directions less often than they have historically.
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Return for Risk
EMTY vs. UPRO — Risk / Return Rank
EMTY
UPRO
EMTY vs. UPRO - 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 S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.71 | ||
| Sortino ratioReturn per unit of downside risk | -2.07 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.28 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 2.34 | -2.37 |
| Martin ratioReturn relative to average drawdown | -0.07 | 9.52 | -9.58 |
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Drawdowns
EMTY vs. UPRO - Drawdown Comparison
The maximum EMTY drawdown since its inception was -77.62%, roughly equal to the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for EMTY and UPRO.
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Drawdown Indicators
| EMTY | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.62% | -76.82% | -0.80% |
Max Drawdown (1Y)Largest decline over 1 year | -13.91% | -26.78% | +12.87% |
Max Drawdown (3Y)Largest decline over 3 years | -30.83% | -48.87% | +18.04% |
Max Drawdown (5Y)Largest decline over 5 years | -30.83% | -63.94% | +33.11% |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.82% | — |
Current DrawdownCurrent decline from peak | -74.94% | -10.27% | -64.67% |
Average DrawdownAverage peak-to-trough decline | -54.39% | -14.39% | -40.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.26% | 6.57% | +0.69% |
Volatility
EMTY vs. UPRO - Volatility Comparison
The current volatility for ProShares Decline of the Retail Store ETF (EMTY) is 5.20%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 14.68%. This indicates that EMTY experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMTY | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.20% | 14.68% | -9.48% |
Volatility (6M)Calculated over the trailing 6-month period | 12.81% | 29.49% | -16.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.77% | 37.35% | -19.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.36% | 50.62% | -28.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.63% | 53.79% | -28.16% |
EMTY vs. UPRO - Expense Ratio Comparison
EMTY has a 0.66% expense ratio, which is lower than UPRO's 0.89% expense ratio.
Dividends
EMTY vs. UPRO - Dividend Comparison
EMTY's dividend yield for the trailing twelve months is around 3.47%, more than UPRO's 0.74% 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% |
UPRO ProShares UltraPro S&P 500 | 0.74% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
EMTY and UPRO have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (14.68%) compared to EMTY (5.20%). In terms of maximum drawdown, EMTY dropped -77.62% vs UPRO's -76.82%.
On 5-year performance, UPRO leads with 20.37% 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, UPRO has performed better with a 20.37% 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 0.89% for UPRO.
EMTY has the higher dividend yield at 3.47%, compared with 0.74% for UPRO.
EMTY is categorized as Inverse Equities, while UPRO is Leveraged Equities. EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while UPRO tracks S&P 500. Their fees differ too: 0.66% for EMTY and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.68 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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