FLYD vs. EMTY
FLYD (MicroSectors Travel -3X Inverse Leveraged ETNs) and EMTY (ProShares Decline of the Retail Store ETF) are both Inverse Equities funds - FLYD tracks the MerQube MicroSectors U.S. Travel Index while EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Both are passively managed. Over the past 3 years, FLYD returned -52.04%/yr vs -3.37%/yr for EMTY. Their 0.62 correlation means they have sometimes moved together and sometimes differently. FLYD charges 0.95%/yr vs 0.66%/yr for EMTY.
Performance
FLYD vs. EMTY - Performance Comparison
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Returns By Period
In the year-to-date period, FLYD achieves a -29.08% return, which is significantly lower than EMTY's -2.27% return.
FLYD
- 1D
- 2.07%
- 1M
- 4.87%
- 6M
- -35.29%
- YTD
- -29.08%
- 1Y
- -48.77%
- 3Y*
- -52.04%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -62.88%
EMTY
- 1D
- 0.53%
- 1M
- -0.72%
- 6M
- 2.65%
- YTD
- -2.27%
- 1Y
- -0.27%
- 3Y*
- -3.37%
- 5Y*
- -3.08%
- 10Y*
- —
- ALL TIME*
- -11.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $18.44K | $30.35K | $49.16K | |
| $95.69K | $124.77K | $139.75K |
FLYD vs. EMTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | -29.08% | -60.42% | -54.13% | -75.14% | -46.63% |
EMTY ProShares Decline of the Retail Store ETF | -2.27% | -1.76% | -4.13% | 0.27% | -10.49% |
Correlation
The correlation between FLYD and EMTY is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.53 |
Correlation (3Y) Balances recent behavior with more history. | 0.59 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022 | 0.62 |
The correlation between FLYD and EMTY has been stable across timeframes, ranging from 0.53 to 0.62 - a consistent structural relationship.
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Return for Risk
FLYD vs. EMTY — Risk / Return Rank
FLYD
EMTY
FLYD vs. EMTY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) 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.
| FLYD | EMTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -0.61 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.01 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | -0.04 | -0.77 |
| Martin ratioReturn relative to average drawdown | -1.51 | -0.09 | -1.42 |
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Drawdowns
FLYD vs. EMTY - Drawdown Comparison
The maximum FLYD drawdown since its inception was -98.49%, which is greater than EMTY's maximum drawdown of -77.62%. Use the drawdown chart below to compare losses from any high point for FLYD and EMTY.
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Drawdown Indicators
| FLYD | EMTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.49% | -77.62% | -20.87% |
Max Drawdown (1Y)Largest decline over 1 year | -56.11% | -13.91% | -42.20% |
Max Drawdown (3Y)Largest decline over 3 years | -94.73% | -30.83% | -63.90% |
Max Drawdown (5Y)Largest decline over 5 years | — | -30.83% | — |
Current DrawdownCurrent decline from peak | -98.36% | -75.61% | -22.75% |
Average DrawdownAverage peak-to-trough decline | -83.63% | -54.65% | -28.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.18% | 6.54% | +23.64% |
Volatility
FLYD vs. EMTY - Volatility Comparison
MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) has a higher volatility of 21.84% compared to ProShares Decline of the Retail Store ETF (EMTY) at 6.54%. This indicates that FLYD'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
| FLYD | EMTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.84% | 6.54% | +15.30% |
Volatility (6M)Calculated over the trailing 6-month period | 64.55% | 13.79% | +50.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 76.98% | 18.41% | +58.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.54% | 22.46% | +61.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 83.54% | 25.60% | +57.94% |
FLYD vs. EMTY - Expense Ratio Comparison
FLYD has a 0.95% expense ratio, which is higher than EMTY's 0.66% expense ratio.
Dividends
FLYD vs. EMTY - Dividend Comparison
FLYD has not paid dividends to shareholders, while EMTY's dividend yield for the trailing twelve months is around 3.33%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.33% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% |
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FLYD and EMTY have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLYD has higher volatility (21.84%) compared to EMTY (6.54%). In terms of maximum drawdown, FLYD dropped -98.49% vs EMTY's -77.62%.
On 3-year performance, EMTY leads with -3.37% vs -52.04% for FLYD. On fees, EMTY is cheaper at 0.66% per year. On volatility, EMTY has been the lower-risk option at 6.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EMTY has performed better with a -3.37% return vs -52.04%. 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 FLYD.
EMTY has the higher dividend yield at 3.33%, compared with 0.00% for FLYD.
FLYD tracks MerQube MicroSectors U.S. Travel Index, while EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). They also come from different issuers: REX and ProShares. Their fees differ too: 0.95% for FLYD and 0.66% for EMTY.
EMTY currently has the higher Sharpe Ratio (-0.03 vs -0.59), 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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