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 -72.73%/yr vs -2.87%/yr for EMTY. At a 0.21 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 -51.20% return, which is significantly lower than EMTY's 1.09% return.
GDXD
- 1D
- 10.76%
- 1M
- -10.12%
- YTD
- -51.20%
- 6M
- -62.62%
- 1Y
- -93.08%
- 3Y*
- -84.24%
- 5Y*
- -72.73%
- 10Y*
- —
EMTY
- 1D
- -0.32%
- 1M
- 1.81%
- YTD
- 1.09%
- 6M
- 3.80%
- 1Y
- 1.60%
- 3Y*
- -4.69%
- 5Y*
- -2.87%
- 10Y*
- —
GDXD vs. EMTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs | -51.20% | -97.53% | -57.78% | -52.35% | -52.56% | -19.71% | -13.30% |
EMTY ProShares Decline of the Retail Store ETF | 1.09% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -1.78% |
Correlation
The correlation between GDXD and EMTY is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020 | 0.21 |
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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.
| GDXD | EMTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.77 | ||
| Sortino ratioReturn per unit of downside risk | -2.13 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.03 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 0.11 | -1.08 |
| Martin ratioReturn relative to average drawdown | -1.22 | 0.20 | -1.42 |
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
| GDXD | EMTY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.68 | 0.09 | -0.77 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | -0.13 | -0.53 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | -0.43 | -0.24 |
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 | -96.33% | -14.00% | -82.33% |
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 | -99.93% | -74.77% | -25.16% |
Average DrawdownAverage peak-to-trough decline | -71.85% | -54.01% | -17.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 75.91% | 8.11% | +67.80% |
Volatility
GDXD vs. EMTY - Volatility Comparison
MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a higher volatility of 47.44% compared to ProShares Decline of the Retail Store ETF (EMTY) at 6.00%. 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 | 47.44% | 6.00% | +41.44% |
Volatility (6M)Calculated over the trailing 6-month period | 109.86% | 12.40% | +97.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 136.25% | 17.71% | +118.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 109.97% | 22.36% | +87.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 109.35% | 25.67% | +83.68% |
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 3.45%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
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 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXD has higher volatility (47.44%) compared to EMTY (6.00%). In terms of maximum drawdown, GDXD dropped -99.96% vs EMTY's -77.62%.
On 5-year performance, EMTY leads with -2.87% vs -72.73% for GDXD. 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, EMTY has performed better with a -2.87% return vs -72.73%. 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 3.45%, 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 (0.09 vs -0.68), 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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