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 -2.87%/yr vs 69.52%/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 1.09% return, which is significantly lower than USD's 114.00% return.
EMTY
- 1D
- -0.32%
- 1M
- 1.81%
- YTD
- 1.09%
- 6M
- 3.80%
- 1Y
- 1.60%
- 3Y*
- -4.69%
- 5Y*
- -2.87%
- 10Y*
- —
USD
- 1D
- -1.14%
- 1M
- 44.53%
- YTD
- 114.00%
- 6M
- 111.06%
- 1Y
- 274.62%
- 3Y*
- 127.67%
- 5Y*
- 69.52%
- 10Y*
- 62.16%
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 | 1.09% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -8.65% | 11.16% | -14.16% |
USD ProShares Ultra Semiconductors | 114.00% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | -7.72% |
Correlation
The correlation between EMTY and USD is -0.07, 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 | -0.07 |
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 17, 2017 | -0.40 |
Over the past year, the inverse relationship between EMTY and USD has weakened: their correlation has moved from -0.40 to -0.07, 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.
| EMTY | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.44 | ||
| Sortino ratioReturn per unit of downside risk | -3.56 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.51 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | 8.70 | -8.58 |
| Martin ratioReturn relative to average drawdown | 0.20 | 25.16 | -24.96 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMTY | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.09 | 4.53 | -4.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.13 | 0.91 | -1.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.90 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.43 | 0.49 | -0.92 |
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 | -14.00% | -31.80% | +17.80% |
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 | -74.77% | -1.14% | -73.63% |
Average DrawdownAverage peak-to-trough decline | -54.01% | -32.35% | -21.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.11% | 10.97% | -2.86% |
Volatility
EMTY vs. USD - Volatility Comparison
The current volatility for ProShares Decline of the Retail Store ETF (EMTY) is 6.00%, while ProShares Ultra Semiconductors (USD) has a volatility of 20.36%. 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 | 6.00% | 20.36% | -14.36% |
Volatility (6M)Calculated over the trailing 6-month period | 12.40% | 46.39% | -33.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.71% | 61.22% | -43.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.36% | 76.55% | -54.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.67% | 69.23% | -43.56% |
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 3.45%, more than USD's 0.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
USD ProShares Ultra Semiconductors | 0.21% | 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 -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (20.36%) compared to EMTY (6.00%). In terms of maximum drawdown, EMTY dropped -77.62% vs USD's -88.63%.
On 5-year performance, USD leads with 69.52% vs -2.87% for EMTY. On fees, EMTY is cheaper at 0.66% per year. On volatility, EMTY has been the lower-risk option at 6.00%. 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 69.52% return vs -2.87%. 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 3.45%, compared with 0.21% 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 (4.53 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.
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