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 -16.61%/yr vs -2.56%/yr for EMTY. A 0.75 correlation means they provide meaningful diversification when combined. 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 -30.11% return, which is significantly lower than EMTY's 0.81% return.
SDD
- 1D
- -0.48%
- 1M
- -8.66%
- YTD
- -30.11%
- 6M
- -26.49%
- 1Y
- -46.17%
- 3Y*
- -26.64%
- 5Y*
- -16.61%
- 10Y*
- -27.79%
EMTY
- 1D
- 1.05%
- 1M
- 0.74%
- YTD
- 0.81%
- 6M
- 2.11%
- 1Y
- -1.61%
- 3Y*
- -3.45%
- 5Y*
- -2.56%
- 10Y*
- —
SDD vs. EMTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | -30.11% | -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 | 0.81% | -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 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
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 0.65 (1 year) to 0.77 (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 | -1.96 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.00 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -1.03 | -0.12 | -0.92 |
| Martin ratioReturn relative to average drawdown | -1.77 | -0.22 | -1.54 |
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Drawdowns
SDD vs. EMTY - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.93%, 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 | -99.93% | -77.62% | -22.31% |
Max Drawdown (1Y)Largest decline over 1 year | -44.75% | -13.91% | -30.84% |
Max Drawdown (3Y)Largest decline over 3 years | -66.92% | -30.83% | -36.09% |
Max Drawdown (5Y)Largest decline over 5 years | -69.23% | -30.83% | -38.40% |
Max Drawdown (10Y)Largest decline over 10 years | -96.39% | — | — |
Current DrawdownCurrent decline from peak | -99.93% | -74.84% | -25.09% |
Average DrawdownAverage peak-to-trough decline | -86.93% | -54.38% | -32.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.82% | 7.50% | +20.32% |
Volatility
SDD vs. EMTY - Volatility Comparison
ProShares UltraShort SmallCap600 (SDD) has a higher volatility of 9.33% compared to ProShares Decline of the Retail Store ETF (EMTY) at 5.23%. 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 | 9.33% | 5.23% | +4.10% |
Volatility (6M)Calculated over the trailing 6-month period | 24.62% | 12.80% | +11.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.33% | 17.80% | +18.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.19% | 22.36% | +20.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.18% | 25.64% | +19.54% |
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 6.65%, more than EMTY's 3.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.46% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% |
SDD ProShares UltraShort SmallCap600 | 6.65% | 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 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDD has higher volatility (9.33%) compared to EMTY (5.23%). In terms of maximum drawdown, SDD dropped -99.93% vs EMTY's -77.62%.
On 5-year performance, EMTY leads with -2.56% vs -16.61% for SDD. On fees, EMTY is cheaper at 0.66% per year. On volatility, EMTY has been the lower-risk option at 5.23%. 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 -2.56% return vs -16.61%. 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 6.65%, compared with 3.46% 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 (-0.09 vs -1.28), 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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