RWM vs. EMTY
RWM (ProShares Short Russell2000) and EMTY (ProShares Decline of the Retail Store ETF) are both Inverse Equities funds from ProShares - RWM tracks the Russell 2000 (-100%) while EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Both are passively managed. Over the past 5 years, RWM returned -5.71%/yr vs -2.40%/yr for EMTY. A 0.72 correlation means they provide meaningful diversification when combined. RWM charges 0.95%/yr vs 0.66%/yr for EMTY.
Performance
RWM vs. EMTY - Performance Comparison
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Returns By Period
In the year-to-date period, RWM achieves a -16.23% return, which is significantly lower than EMTY's 0.12% return.
RWM
- 1D
- 0.45%
- 1M
- -0.87%
- 6M
- -11.58%
- YTD
- -16.23%
- 1Y
- -23.83%
- 3Y*
- -11.76%
- 5Y*
- -5.71%
- 10Y*
- -11.71%
EMTY
- 1D
- -1.43%
- 1M
- 3.23%
- 6M
- 5.72%
- YTD
- 0.12%
- 1Y
- 2.99%
- 3Y*
- -2.24%
- 5Y*
- -2.40%
- 10Y*
- —
RWM vs. EMTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RWM ProShares Short Russell2000 | -16.23% | -9.40% | -5.91% | -10.43% | 18.34% | -17.90% | -31.04% | -19.83% | 11.57% | -4.86% |
EMTY ProShares Decline of the Retail Store ETF | 0.12% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -8.65% | 11.16% | -15.97% |
Correlation
The correlation between RWM and EMTY is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017 | 0.72 |
Over the past year, the correlation between RWM and EMTY has dropped to 0.52 - well below their long-term average of 0.72, suggesting their price drivers have been diverging.
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Return for Risk
RWM vs. EMTY — Risk / Return Rank
RWM
EMTY
RWM vs. EMTY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Russell2000 (RWM) 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.
| RWM | EMTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.37 | ||
| Sortino ratioReturn per unit of downside risk | -2.03 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.05 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 0.26 | -1.09 |
| Martin ratioReturn relative to average drawdown | -1.43 | 0.55 | -1.98 |
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Drawdowns
RWM vs. EMTY - Drawdown Comparison
The maximum RWM drawdown since its inception was -95.61%, which is greater than EMTY's maximum drawdown of -77.62%. Use the drawdown chart below to compare losses from any high point for RWM and EMTY.
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Drawdown Indicators
| RWM | EMTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.61% | -77.62% | -17.99% |
Max Drawdown (1Y)Largest decline over 1 year | -27.57% | -13.91% | -13.66% |
Max Drawdown (3Y)Largest decline over 3 years | -43.12% | -30.83% | -12.29% |
Max Drawdown (5Y)Largest decline over 5 years | -43.12% | -30.83% | -12.29% |
Max Drawdown (10Y)Largest decline over 10 years | -72.51% | — | — |
Current DrawdownCurrent decline from peak | -95.53% | -75.01% | -20.52% |
Average DrawdownAverage peak-to-trough decline | -74.14% | -54.50% | -19.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.00% | 6.47% | +9.53% |
Volatility
RWM vs. EMTY - Volatility Comparison
The current volatility for ProShares Short Russell2000 (RWM) is 4.85%, while ProShares Decline of the Retail Store ETF (EMTY) has a volatility of 6.10%. This indicates that RWM experiences smaller price fluctuations and is considered to be less risky 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
| RWM | EMTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.85% | 6.10% | -1.25% |
Volatility (6M)Calculated over the trailing 6-month period | 14.16% | 13.16% | +1.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.43% | 18.05% | +1.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.60% | 22.39% | +0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.08% | 25.61% | -2.53% |
RWM vs. EMTY - Expense Ratio Comparison
RWM has a 0.95% expense ratio, which is higher than EMTY's 0.66% expense ratio.
Dividends
RWM vs. EMTY - Dividend Comparison
RWM's dividend yield for the trailing twelve months is around 3.81%, more than EMTY's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.25% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% |
RWM ProShares Short Russell2000 | 3.81% | 3.97% | 6.03% | 4.78% | 0.39% | 0.00% | 0.20% | 1.55% | 0.87% | 0.07% |
Frequently Asked Questions
RWM and EMTY have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMTY has higher volatility (6.10%) compared to RWM (4.85%). In terms of maximum drawdown, RWM dropped -95.61% vs EMTY's -77.62%.
On 5-year performance, EMTY leads with -2.40% vs -5.71% for RWM. On fees, EMTY is cheaper at 0.66% per year. On volatility, RWM has been the lower-risk option at 4.85%. 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 -2.40% return vs -5.71%. 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 RWM.
RWM has the higher dividend yield at 3.81%, compared with 3.25% for EMTY.
RWM tracks Russell 2000 (-100%), while EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Their fees differ too: 0.95% for RWM and 0.66% for EMTY.
EMTY currently has the higher Sharpe Ratio (0.20 vs -1.18), 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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