SDD vs. EMTY
SDD (ProShares UltraShort SmallCap600) and EMTY (ProShares Decline of the Retail Store ETF) are both Inverse Equities funds from ProShares - SDD tracks the S&P Small Cap 600 (-200%) while EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Both are passively managed. Over the past 5 years, SDD returned -17.41%/yr vs -3.08%/yr for EMTY. Their 0.75 correlation means they have sometimes moved together and sometimes differently. SDD charges 0.95%/yr vs 0.66%/yr for EMTY.
Performance
SDD vs. EMTY - Performance Comparison
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Returns By Period
In the year-to-date period, SDD achieves a -31.77% return, which is significantly lower than EMTY's -2.27% return.
SDD
- 1D
- 0.18%
- 1M
- 1.55%
- 6M
- -23.81%
- YTD
- -31.77%
- 1Y
- -45.35%
- 3Y*
- -22.64%
- 5Y*
- -17.41%
- 10Y*
- -27.11%
- ALL TIME*
- -28.05%
EMTY
- 1D
- 0.53%
- 1M
- -0.72%
- 6M
- 2.65%
- YTD
- -2.27%
- 1Y
- -0.27%
- 3Y*
- -3.37%
- 5Y*
- -3.08%
- 10Y*
- —
- ALL TIME*
- -11.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $18.44K | $30.35K | $49.16K | |
| $23.13K | $20.77K | $17.96K |
SDD vs. EMTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | -31.77% | -14.69% | -13.60% | -25.99% | 20.50% | -46.57% | -55.11% | -36.30% | 14.10% | -10.42% |
EMTY ProShares Decline of the Retail Store ETF | -2.27% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -8.65% | 11.16% | -15.97% |
Correlation
The correlation between SDD and EMTY is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.59 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.76 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017 | 0.75 |
The correlation between SDD and EMTY shifts across timeframes, from 0.59 (1 year) to 0.76 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SDD vs. EMTY — Risk / Return Rank
SDD
EMTY
SDD vs. EMTY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort SmallCap600 (SDD) 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.
| SDD | EMTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.19 | ||
| Sortino ratioReturn per unit of downside risk | -1.90 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.01 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | -0.04 | -0.87 |
| Martin ratioReturn relative to average drawdown | -1.47 | -0.09 | -1.38 |
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Drawdowns
SDD vs. EMTY - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.94%, which is greater than EMTY's maximum drawdown of -77.62%. Use the drawdown chart below to compare losses from any high point for SDD and EMTY.
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Drawdown Indicators
| SDD | EMTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -77.62% | -22.32% |
Max Drawdown (1Y)Largest decline over 1 year | -47.71% | -13.91% | -33.80% |
Max Drawdown (3Y)Largest decline over 3 years | -69.10% | -30.83% | -38.27% |
Max Drawdown (5Y)Largest decline over 5 years | -71.26% | -30.83% | -40.43% |
Max Drawdown (10Y)Largest decline over 10 years | -96.11% | — | — |
Current DrawdownCurrent decline from peak | -99.94% | -75.61% | -24.33% |
Average DrawdownAverage peak-to-trough decline | -87.00% | -54.65% | -32.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.46% | 6.54% | +22.92% |
Volatility
SDD vs. EMTY - Volatility Comparison
ProShares UltraShort SmallCap600 (SDD) has a higher volatility of 7.32% compared to ProShares Decline of the Retail Store ETF (EMTY) at 6.54%. This indicates that SDD'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
| SDD | EMTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.32% | 6.54% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 23.94% | 13.79% | +10.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.53% | 18.41% | +17.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.90% | 22.46% | +20.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.04% | 25.60% | +19.44% |
SDD vs. EMTY - Expense Ratio Comparison
SDD has a 0.95% expense ratio, which is higher than EMTY's 0.66% expense ratio.
Dividends
SDD vs. EMTY - Dividend Comparison
SDD's dividend yield for the trailing twelve months is around 6.30%, more than EMTY's 3.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.33% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% |
SDD ProShares UltraShort SmallCap600 | 6.30% | 5.07% | 4.34% | 3.84% | 0.33% | 0.00% | 0.00% | 1.20% | 0.52% | 0.00% |
Frequently Asked Questions
SDD and EMTY have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDD has higher volatility (7.32%) compared to EMTY (6.54%). In terms of maximum drawdown, SDD dropped -99.94% vs EMTY's -77.62%.
On 5-year performance, EMTY leads with -3.08% vs -17.41% for SDD. On fees, EMTY is cheaper at 0.66% per year. On volatility, EMTY has been the lower-risk option at 6.54%. 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 -3.08% return vs -17.41%. 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 SDD.
SDD has the higher dividend yield at 6.30%, compared with 3.33% for EMTY.
SDD tracks S&P Small Cap 600 (-200%), while EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Their fees differ too: 0.95% for SDD and 0.66% for EMTY.
EMTY currently has the higher Sharpe Ratio (-0.03 vs -1.22), 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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