EUM vs. EMTY
EUM (ProShares Short MSCI Emerging Markets) and EMTY (ProShares Decline of the Retail Store ETF) are both Inverse Equities funds from ProShares - EUM tracks the MSCI Emerging Markets Index (-100%) while EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Both are passively managed. Over the past 5 years, EUM returned -6.28%/yr vs -2.56%/yr for EMTY. At a 0.44 correlation, their price movements are largely independent. EUM charges 0.95%/yr vs 0.66%/yr for EMTY.
Performance
EUM vs. EMTY - Performance Comparison
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Returns By Period
In the year-to-date period, EUM achieves a -24.55% return, which is significantly lower than EMTY's 0.81% return.
EUM
- 1D
- -0.53%
- 1M
- -8.49%
- YTD
- -24.55%
- 6M
- -25.44%
- 1Y
- -35.38%
- 3Y*
- -17.17%
- 5Y*
- -6.28%
- 10Y*
- -10.88%
EMTY
- 1D
- 1.05%
- 1M
- 0.74%
- YTD
- 0.81%
- 6M
- 2.11%
- 1Y
- -1.61%
- 3Y*
- -3.45%
- 5Y*
- -2.56%
- 10Y*
- —
EUM vs. EMTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUM ProShares Short MSCI Emerging Markets | -24.55% | -22.61% | -0.83% | -3.89% | 21.11% | -1.32% | -24.37% | -15.27% | 14.60% | -4.72% |
EMTY ProShares Decline of the Retail Store ETF | 0.81% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -8.65% | 11.16% | -15.97% |
Correlation
The correlation between EUM and EMTY is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017 | 0.44 |
The correlation between EUM and EMTY shifts across timeframes, from 0.32 (1 year) to 0.44 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EUM vs. EMTY — Risk / Return Rank
EUM
EMTY
EUM vs. EMTY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI Emerging Markets (EUM) and ProShares Decline of the Retail Store ETF (EMTY). 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.
| EUM | EMTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.49 | ||
| Sortino ratioReturn per unit of downside risk | -2.43 | ||
| Omega ratioGain probability vs. loss probability | 0.72 | 1.00 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | -0.12 | -0.90 |
| Martin ratioReturn relative to average drawdown | -1.97 | -0.22 | -1.75 |
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Drawdowns
EUM vs. EMTY - Drawdown Comparison
The maximum EUM drawdown since its inception was -93.19%, which is greater than EMTY's maximum drawdown of -77.62%. Use the drawdown chart below to compare losses from any high point for EUM and EMTY.
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Drawdown Indicators
| EUM | EMTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.19% | -77.62% | -15.57% |
Max Drawdown (1Y)Largest decline over 1 year | -34.91% | -13.91% | -21.00% |
Max Drawdown (3Y)Largest decline over 3 years | -47.97% | -30.83% | -17.14% |
Max Drawdown (5Y)Largest decline over 5 years | -50.87% | -30.83% | -20.04% |
Max Drawdown (10Y)Largest decline over 10 years | -68.81% | — | — |
Current DrawdownCurrent decline from peak | -93.19% | -74.84% | -18.35% |
Average DrawdownAverage peak-to-trough decline | -77.19% | -54.38% | -22.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.47% | 7.50% | +10.97% |
Volatility
EUM vs. EMTY - Volatility Comparison
ProShares Short MSCI Emerging Markets (EUM) has a higher volatility of 10.98% compared to ProShares Decline of the Retail Store ETF (EMTY) at 5.23%. This indicates that EUM's price experiences larger fluctuations and is considered to be riskier than EMTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EUM | EMTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.98% | 5.23% | +5.75% |
Volatility (6M)Calculated over the trailing 6-month period | 20.20% | 12.80% | +7.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.51% | 17.80% | +4.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.61% | 22.36% | -2.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.73% | 25.64% | -4.91% |
EUM vs. EMTY - Expense Ratio Comparison
EUM has a 0.95% expense ratio, which is higher than EMTY's 0.66% expense ratio.
Dividends
EUM vs. EMTY - Dividend Comparison
EUM's dividend yield for the trailing twelve months is around 4.73%, more than EMTY's 3.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.46% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% |
EUM ProShares Short MSCI Emerging Markets | 4.73% | 3.98% | 4.22% | 3.86% | 0.82% | 0.00% | 0.15% | 1.35% | 0.88% | 0.00% |
Frequently Asked Questions
EUM and EMTY have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EUM has higher volatility (10.98%) compared to EMTY (5.23%). In terms of maximum drawdown, EUM dropped -93.19% vs EMTY's -77.62%.
On 5-year performance, EMTY leads with -2.56% vs -6.28% for EUM. On fees, EMTY is cheaper at 0.66% per year. On volatility, EMTY has been the lower-risk option at 5.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, EMTY has performed better with a -2.56% return vs -6.28%. 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 EUM.
EUM has the higher dividend yield at 4.73%, compared with 3.46% for EMTY.
EUM tracks MSCI Emerging Markets Index (-100%), while EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Their fees differ too: 0.95% for EUM and 0.66% for EMTY.
EMTY currently has the higher Sharpe Ratio (-0.09 vs -1.58), 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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