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 -12.57%/yr vs -3.31%/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 -12.26% return, which is significantly lower than EMTY's -1.42% return.
PSQ
- 1D
- 1.67%
- 1M
- 3.38%
- 6M
- -11.38%
- YTD
- -12.26%
- 1Y
- -18.69%
- 3Y*
- -15.73%
- 5Y*
- -12.57%
- 10Y*
- -18.59%
EMTY
- 1D
- -2.53%
- 1M
- 0.43%
- 6M
- 6.62%
- YTD
- -1.42%
- 1Y
- 0.79%
- 3Y*
- -3.76%
- 5Y*
- -3.31%
- 10Y*
- —
PSQ vs. EMTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSQ ProShares Short QQQ | -12.26% | -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 | -1.42% | -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 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
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 0.19 - 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 | -1.05 | ||
| Sortino ratioReturn per unit of downside risk | -1.62 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.02 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 0.06 | -0.81 |
| Martin ratioReturn relative to average drawdown | -1.55 | 0.12 | -1.67 |
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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 | -24.83% | -13.91% | -10.92% |
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 | -87.91% | — | — |
Current DrawdownCurrent decline from peak | -98.16% | -75.40% | -22.76% |
Average DrawdownAverage peak-to-trough decline | -74.10% | -54.54% | -19.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.11% | 6.48% | +5.63% |
Volatility
PSQ vs. EMTY - Volatility Comparison
ProShares Short QQQ (PSQ) has a higher volatility of 7.47% compared to ProShares Decline of the Retail Store ETF (EMTY) at 6.25%. 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 | 7.47% | 6.25% | +1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 15.43% | 13.24% | +2.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.67% | 18.14% | +0.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.84% | 22.42% | +0.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.40% | 25.60% | -3.20% |
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 4.37%, more than EMTY's 3.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.30% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% |
PSQ ProShares Short QQQ | 4.37% | 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 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PSQ has higher volatility (7.47%) compared to EMTY (6.25%). In terms of maximum drawdown, PSQ dropped -98.26% vs EMTY's -77.62%.
On 5-year performance, EMTY leads with -3.31% vs -12.57% for PSQ. On fees, EMTY is cheaper at 0.66% per year. On volatility, EMTY has been the lower-risk option at 6.25%. 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 -3.31% return vs -12.57%. 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 4.37%, compared with 3.30% 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 (0.04 vs -1.00), 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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