SBB vs. EMTY
SBB (ProShares Short SmallCap600) and EMTY (ProShares Decline of the Retail Store ETF) are both Inverse Equities funds from ProShares - SBB tracks the S&P SmallCap 600 Index (-100%) while EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Both are passively managed. Over the past 5 years, SBB returned -4.60%/yr vs -2.87%/yr for EMTY. A 0.75 correlation means they provide meaningful diversification when combined. SBB charges 0.95%/yr vs 0.66%/yr for EMTY.
Performance
SBB vs. EMTY - Performance Comparison
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Returns By Period
In the year-to-date period, SBB achieves a -12.32% return, which is significantly lower than EMTY's 1.09% return.
SBB
- 1D
- 0.78%
- 1M
- -1.47%
- YTD
- -12.32%
- 6M
- -11.10%
- 1Y
- -21.13%
- 3Y*
- -9.56%
- 5Y*
- -4.60%
- 10Y*
- -11.70%
EMTY
- 1D
- -0.32%
- 1M
- 1.81%
- YTD
- 1.09%
- 6M
- 3.80%
- 1Y
- 1.60%
- 3Y*
- -4.69%
- 5Y*
- -2.87%
- 10Y*
- —
SBB vs. EMTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | -12.32% | -3.56% | -3.73% | -10.44% | 13.75% | -25.40% | -26.53% | -18.64% | 8.40% | -3.62% |
EMTY ProShares Decline of the Retail Store ETF | 1.09% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -8.65% | 11.16% | -14.16% |
Correlation
The correlation between SBB and EMTY is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2017 | 0.75 |
The correlation between SBB and EMTY shifts across timeframes, from 0.66 (1 year) to 0.76 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SBB vs. EMTY — Risk / Return Rank
SBB
EMTY
SBB vs. EMTY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) 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.
| SBB | EMTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.28 | ||
| Sortino ratioReturn per unit of downside risk | -1.87 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.03 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 0.11 | -1.05 |
| Martin ratioReturn relative to average drawdown | -1.61 | 0.20 | -1.81 |
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
| SBB | EMTY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.19 | 0.09 | -1.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.21 | -0.13 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.50 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.50 | -0.43 | -0.07 |
Drawdowns
SBB vs. EMTY - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.75%, which is greater than EMTY's maximum drawdown of -77.62%. Use the drawdown chart below to compare losses from any high point for SBB and EMTY.
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Drawdown Indicators
| SBB | EMTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.75% | -77.62% | -18.13% |
Max Drawdown (1Y)Largest decline over 1 year | -22.62% | -14.00% | -8.62% |
Max Drawdown (3Y)Largest decline over 3 years | -35.13% | -30.83% | -4.30% |
Max Drawdown (5Y)Largest decline over 5 years | -35.13% | -30.83% | -4.30% |
Max Drawdown (10Y)Largest decline over 10 years | -72.82% | — | — |
Current DrawdownCurrent decline from peak | -95.70% | -74.77% | -20.93% |
Average DrawdownAverage peak-to-trough decline | -74.54% | -54.01% | -20.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.11% | 8.11% | +5.00% |
Volatility
SBB vs. EMTY - Volatility Comparison
The current volatility for ProShares Short SmallCap600 (SBB) is 4.63%, while ProShares Decline of the Retail Store ETF (EMTY) has a volatility of 6.00%. This indicates that SBB 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
| SBB | EMTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.63% | 6.00% | -1.37% |
Volatility (6M)Calculated over the trailing 6-month period | 11.97% | 12.40% | -0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.85% | 17.71% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 22.36% | -0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.26% | 25.67% | -2.41% |
SBB vs. EMTY - Expense Ratio Comparison
SBB has a 0.95% expense ratio, which is higher than EMTY's 0.66% expense ratio.
Dividends
SBB vs. EMTY - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.58%, more than EMTY's 3.45% yield.
| 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% |
SBB ProShares Short SmallCap600 | 3.58% | 3.44% | 4.86% | 4.64% | 0.31% | 0.00% | 0.04% | 1.20% | 0.17% | 0.00% |
Frequently Asked Questions
SBB and EMTY have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMTY has higher volatility (6.00%) compared to SBB (4.63%). In terms of maximum drawdown, SBB dropped -95.75% vs EMTY's -77.62%.
On 5-year performance, EMTY leads with -2.87% vs -4.60% for SBB. On fees, EMTY is cheaper at 0.66% per year. On volatility, SBB has been the lower-risk option at 4.63%. 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 -4.60%. 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 SBB.
SBB has the higher dividend yield at 3.58%, compared with 3.45% for EMTY.
SBB tracks S&P SmallCap 600 Index (-100%), while EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Their fees differ too: 0.95% for SBB and 0.66% for EMTY.
EMTY currently has the higher Sharpe Ratio (0.09 vs -1.19), 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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