GDXD vs. EMTY
GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) and EMTY (ProShares Decline of the Retail Store ETF) are both Inverse Equities funds - GDXD tracks the S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%) while EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Both are passively managed. Over the past 5 years, GDXD returned -72.96%/yr vs -2.49%/yr for EMTY. At a 0.20 correlation, their price movements are largely independent. GDXD charges 0.95%/yr vs 0.66%/yr for EMTY.
Performance
GDXD vs. EMTY - Performance Comparison
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Returns By Period
In the year-to-date period, GDXD achieves a -37.37% return, which is significantly lower than EMTY's 0.67% return.
GDXD
- 1D
- 8.77%
- 1M
- 16.42%
- 6M
- -11.19%
- YTD
- -37.37%
- 1Y
- -91.03%
- 3Y*
- -82.31%
- 5Y*
- -72.96%
- 10Y*
- —
EMTY
- 1D
- 0.55%
- 1M
- 3.79%
- 6M
- 7.60%
- YTD
- 0.67%
- 1Y
- 3.56%
- 3Y*
- -2.99%
- 5Y*
- -2.49%
- 10Y*
- —
GDXD vs. EMTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs | -37.37% | -97.53% | -57.78% | -52.35% | -52.56% | -19.71% | -13.10% |
EMTY ProShares Decline of the Retail Store ETF | 0.67% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -2.47% |
Correlation
The correlation between GDXD and EMTY is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | 0.20 |
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Return for Risk
GDXD vs. EMTY — Risk / Return Rank
GDXD
EMTY
GDXD vs. EMTY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) 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.
| GDXD | EMTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.83 | ||
| Sortino ratioReturn per unit of downside risk | -1.80 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.05 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 0.26 | -1.20 |
| Martin ratioReturn relative to average drawdown | -1.12 | 0.55 | -1.67 |
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Drawdowns
GDXD vs. EMTY - Drawdown Comparison
The maximum GDXD drawdown since its inception was -99.96%, which is greater than EMTY's maximum drawdown of -77.62%. Use the drawdown chart below to compare losses from any high point for GDXD and EMTY.
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Drawdown Indicators
| GDXD | EMTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -77.62% | -22.34% |
Max Drawdown (1Y)Largest decline over 1 year | -96.19% | -13.91% | -82.28% |
Max Drawdown (3Y)Largest decline over 3 years | -99.86% | -30.83% | -69.03% |
Max Drawdown (5Y)Largest decline over 5 years | -99.96% | -30.83% | -69.13% |
Current DrawdownCurrent decline from peak | -99.91% | -74.87% | -25.04% |
Average DrawdownAverage peak-to-trough decline | -72.32% | -54.51% | -17.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 80.98% | 6.48% | +74.50% |
Volatility
GDXD vs. EMTY - Volatility Comparison
MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a higher volatility of 47.16% compared to ProShares Decline of the Retail Store ETF (EMTY) at 6.09%. This indicates that GDXD'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
| GDXD | EMTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 47.16% | 6.09% | +41.07% |
Volatility (6M)Calculated over the trailing 6-month period | 117.86% | 13.05% | +104.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 144.94% | 18.08% | +126.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 112.08% | 22.40% | +89.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 110.75% | 25.61% | +85.14% |
GDXD vs. EMTY - Expense Ratio Comparison
GDXD has a 0.95% expense ratio, which is higher than EMTY's 0.66% expense ratio.
Dividends
GDXD vs. EMTY - Dividend Comparison
GDXD has not paid dividends to shareholders, while EMTY's dividend yield for the trailing twelve months is around 3.23%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.23% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% |
GDXD MicroSectors Gold Miners -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
GDXD and EMTY have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXD has higher volatility (47.16%) compared to EMTY (6.09%). In terms of maximum drawdown, GDXD dropped -99.96% vs EMTY's -77.62%.
On 5-year performance, EMTY leads with -2.49% vs -72.96% for GDXD. On fees, EMTY is cheaper at 0.66% per year. On volatility, EMTY has been the lower-risk option at 6.09%. 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 -2.49% return vs -72.96%. 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 GDXD.
EMTY has the higher dividend yield at 3.23%, compared with 0.00% for GDXD.
GDXD tracks S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%), while EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). They also come from different issuers: BMO and ProShares. Their fees differ too: 0.95% for GDXD and 0.66% for EMTY.
EMTY currently has the higher Sharpe Ratio (0.20 vs -0.63), 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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