PSQ vs. EMTY
PSQ (ProShares Short QQQ) and EMTY (ProShares Decline of the Retail Store ETF) are both Inverse Equities funds from ProShares - PSQ tracks the NASDAQ-100 Index (-100%) while EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Both are passively managed. Over the past 5 years, PSQ returned -13.16%/yr vs -2.54%/yr for EMTY. At a 0.47 correlation, their price movements are largely independent. PSQ charges 0.95%/yr vs 0.66%/yr for EMTY.
Performance
PSQ vs. EMTY - Performance Comparison
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Returns By Period
In the year-to-date period, PSQ achieves a -13.33% return, which is significantly lower than EMTY's 0.39% return.
PSQ
- 1D
- 3.29%
- 1M
- 0.15%
- YTD
- -13.33%
- 6M
- -12.07%
- 1Y
- -23.10%
- 3Y*
- -17.43%
- 5Y*
- -13.16%
- 10Y*
- -19.32%
EMTY
- 1D
- -0.42%
- 1M
- 0.32%
- YTD
- 0.39%
- 6M
- 1.16%
- 1Y
- -0.49%
- 3Y*
- -3.59%
- 5Y*
- -2.54%
- 10Y*
- —
PSQ vs. EMTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSQ ProShares Short QQQ | -13.33% | -15.51% | -15.68% | -32.01% | 36.40% | -24.84% | -41.23% | -27.49% | -2.34% | -2.13% |
EMTY ProShares Decline of the Retail Store ETF | 0.39% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -8.65% | 11.16% | -15.97% |
Correlation
The correlation between PSQ and EMTY is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017 | 0.47 |
Over the past year, the correlation between PSQ and EMTY has dropped to 0.26 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.
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Return for Risk
PSQ vs. EMTY — Risk / Return Rank
PSQ
EMTY
PSQ vs. EMTY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) 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.
| PSQ | EMTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.27 | ||
| Sortino ratioReturn per unit of downside risk | -2.01 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.01 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -0.04 | -0.89 |
| Martin ratioReturn relative to average drawdown | -1.99 | -0.07 | -1.93 |
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Drawdowns
PSQ vs. EMTY - Drawdown Comparison
The maximum PSQ drawdown since its inception was -98.26%, which is greater than EMTY's maximum drawdown of -77.62%. Use the drawdown chart below to compare losses from any high point for PSQ and EMTY.
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Drawdown Indicators
| PSQ | EMTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.26% | -77.62% | -20.64% |
Max Drawdown (1Y)Largest decline over 1 year | -24.95% | -13.91% | -11.04% |
Max Drawdown (3Y)Largest decline over 3 years | -49.65% | -30.83% | -18.82% |
Max Drawdown (5Y)Largest decline over 5 years | -60.91% | -30.83% | -30.08% |
Max Drawdown (10Y)Largest decline over 10 years | -88.98% | — | — |
Current DrawdownCurrent decline from peak | -98.19% | -74.94% | -23.25% |
Average DrawdownAverage peak-to-trough decline | -74.02% | -54.39% | -19.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.74% | 7.26% | +5.48% |
Volatility
PSQ vs. EMTY - Volatility Comparison
ProShares Short QQQ (PSQ) has a higher volatility of 8.93% compared to ProShares Decline of the Retail Store ETF (EMTY) at 5.20%. This indicates that PSQ'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
| PSQ | EMTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.93% | 5.20% | +3.73% |
Volatility (6M)Calculated over the trailing 6-month period | 14.46% | 12.81% | +1.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.94% | 17.77% | +0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.72% | 22.36% | +0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.37% | 25.63% | -3.26% |
PSQ vs. EMTY - Expense Ratio Comparison
PSQ has a 0.95% expense ratio, which is higher than EMTY's 0.66% expense ratio.
Dividends
PSQ vs. EMTY - Dividend Comparison
PSQ's dividend yield for the trailing twelve months is around 5.05%, more than EMTY's 3.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.47% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% |
PSQ ProShares Short QQQ | 5.05% | 4.97% | 7.15% | 6.01% | 0.35% | 0.00% | 0.31% | 1.75% | 0.95% | 0.02% |
Frequently Asked Questions
PSQ and EMTY have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSQ has higher volatility (8.93%) compared to EMTY (5.20%). In terms of maximum drawdown, PSQ dropped -98.26% vs EMTY's -77.62%.
On 5-year performance, EMTY leads with -2.54% vs -13.16% for PSQ. On fees, EMTY is cheaper at 0.66% per year. On volatility, EMTY has been the lower-risk option at 5.20%. 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 -2.54% return vs -13.16%. 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 PSQ.
PSQ has the higher dividend yield at 5.05%, compared with 3.47% for EMTY.
PSQ tracks NASDAQ-100 Index (-100%), while EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Their fees differ too: 0.95% for PSQ and 0.66% for EMTY.
EMTY currently has the higher Sharpe Ratio (-0.03 vs -1.29), 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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