EMTY vs. USD
EMTY (ProShares Decline of the Retail Store ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - EMTY is a Inverse Equities fund tracking the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 5 years, EMTY returned -2.54%/yr vs 63.13%/yr for USD. At a correlation of -0.40, they often move in opposite directions. EMTY charges 0.66%/yr vs 0.95%/yr for USD.
Performance
EMTY vs. USD - 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 USD's 84.65% return.
EMTY
- 1D
- -0.42%
- 1M
- 0.32%
- YTD
- 0.39%
- 6M
- 1.16%
- 1Y
- -0.49%
- 3Y*
- -3.59%
- 5Y*
- -2.54%
- 10Y*
- —
USD
- 1D
- -12.35%
- 1M
- 1.73%
- YTD
- 84.65%
- 6M
- 79.76%
- 1Y
- 206.76%
- 3Y*
- 114.28%
- 5Y*
- 63.13%
- 10Y*
- 61.02%
EMTY vs. USD - 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% |
USD ProShares Ultra Semiconductors | 84.65% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | -4.66% |
Correlation
The correlation between EMTY and USD is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.39 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017 | -0.40 |
Over the past year, the inverse relationship between EMTY and USD has weakened: their correlation has moved from -0.40 to -0.05, meaning they move in opposite directions less often than they have historically.
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Return for Risk
EMTY vs. USD — Risk / Return Rank
EMTY
USD
EMTY vs. USD - 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 Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.09 | ||
| Sortino ratioReturn per unit of downside risk | -2.85 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.40 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.04 | 6.54 | -6.58 |
| Martin ratioReturn relative to average drawdown | -0.07 | 18.16 | -18.22 |
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Drawdowns
EMTY vs. USD - Drawdown Comparison
The maximum EMTY drawdown since its inception was -77.62%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for EMTY and USD.
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Drawdown Indicators
| EMTY | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.62% | -88.63% | +11.01% |
Max Drawdown (1Y)Largest decline over 1 year | -13.91% | -31.80% | +17.89% |
Max Drawdown (3Y)Largest decline over 3 years | -30.83% | -64.46% | +33.63% |
Max Drawdown (5Y)Largest decline over 5 years | -30.83% | -77.85% | +47.02% |
Max Drawdown (10Y)Largest decline over 10 years | — | -77.85% | — |
Current DrawdownCurrent decline from peak | -74.94% | -14.69% | -60.25% |
Average DrawdownAverage peak-to-trough decline | -54.39% | -32.29% | -22.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.26% | 11.44% | -4.18% |
Volatility
EMTY vs. USD - Volatility Comparison
The current volatility for ProShares Decline of the Retail Store ETF (EMTY) is 5.20%, while ProShares Ultra Semiconductors (USD) has a volatility of 34.07%. This indicates that EMTY experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMTY | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.20% | 34.07% | -28.87% |
Volatility (6M)Calculated over the trailing 6-month period | 12.81% | 54.13% | -41.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.77% | 67.96% | -50.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.36% | 77.73% | -55.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.63% | 69.83% | -44.20% |
EMTY vs. USD - Expense Ratio Comparison
EMTY has a 0.66% expense ratio, which is lower than USD's 0.95% expense ratio.
Dividends
EMTY vs. USD - Dividend Comparison
EMTY's dividend yield for the trailing twelve months is around 3.47%, more than USD's 0.25% 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% |
USD ProShares Ultra Semiconductors | 0.25% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
EMTY and USD have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (34.07%) compared to EMTY (5.20%). In terms of maximum drawdown, EMTY dropped -77.62% vs USD's -88.63%.
On 5-year performance, USD leads with 63.13% 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, USD has performed better with a 63.13% 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 0.95% for USD.
EMTY has the higher dividend yield at 3.47%, compared with 0.25% for USD.
EMTY is categorized as Inverse Equities, while USD is Leveraged Equities. EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%), while USD tracks Dow Jones U.S. Semiconductors Index (200%). Their fees differ too: 0.66% for EMTY and 0.95% for USD.
USD currently has the higher Sharpe Ratio (3.06 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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