SEF vs. EMTY
SEF (ProShares Short Financials) and EMTY (ProShares Decline of the Retail Store ETF) are both Inverse Equities funds from ProShares - SEF tracks the Dow Jones U.S. Financials Index (-100%) while EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Both are passively managed. Over the past 5 years, SEF returned -5.46%/yr vs -2.85%/yr for EMTY. A 0.62 correlation means they provide meaningful diversification when combined. SEF charges 0.95%/yr vs 0.66%/yr for EMTY.
Performance
SEF vs. EMTY - Performance Comparison
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Returns By Period
In the year-to-date period, SEF achieves a 7.71% return, which is significantly higher than EMTY's 1.41% return.
SEF
- 1D
- 0.01%
- 1M
- 1.48%
- YTD
- 7.71%
- 6M
- 3.95%
- 1Y
- 2.29%
- 3Y*
- -10.66%
- 5Y*
- -5.46%
- 10Y*
- -11.60%
EMTY
- 1D
- 0.94%
- 1M
- 4.32%
- YTD
- 1.41%
- 6M
- 3.18%
- 1Y
- 0.17%
- 3Y*
- -4.59%
- 5Y*
- -2.85%
- 10Y*
- —
SEF vs. EMTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SEF ProShares Short Financials | 7.71% | -9.82% | -17.81% | -8.81% | 11.85% | -27.02% | -16.93% | -23.51% | 10.34% | -4.72% |
EMTY ProShares Decline of the Retail Store ETF | 1.41% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -8.65% | 11.16% | -14.16% |
Correlation
The correlation between SEF and EMTY is 0.50, 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 | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2017 | 0.62 |
The correlation between SEF and EMTY shifts across timeframes, from 0.50 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SEF vs. EMTY — Risk / Return Rank
SEF
EMTY
SEF vs. EMTY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Financials (SEF) 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.
| SEF | EMTY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.16 | 0.01 | +0.15 |
Sortino ratioReturn per unit of downside risk | 0.35 | 0.13 | +0.22 |
Omega ratioGain probability vs. loss probability | 1.04 | 1.02 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 0.22 | 0.01 | +0.21 |
Martin ratioReturn relative to average drawdown | 0.41 | 0.01 | +0.40 |
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
| SEF | EMTY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.16 | 0.01 | +0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.31 | -0.13 | -0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.57 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.49 | -0.43 | -0.06 |
Drawdowns
SEF vs. EMTY - Drawdown Comparison
The maximum SEF drawdown since its inception was -96.51%, which is greater than EMTY's maximum drawdown of -77.62%. Use the drawdown chart below to compare losses from any high point for SEF and EMTY.
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Drawdown Indicators
| SEF | EMTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.51% | -77.62% | -18.89% |
Max Drawdown (1Y)Largest decline over 1 year | -9.72% | -14.00% | +4.28% |
Max Drawdown (3Y)Largest decline over 3 years | -39.40% | -30.83% | -8.57% |
Max Drawdown (5Y)Largest decline over 5 years | -41.62% | -30.83% | -10.79% |
Max Drawdown (10Y)Largest decline over 10 years | -75.66% | — | — |
Current DrawdownCurrent decline from peak | -96.13% | -74.69% | -21.44% |
Average DrawdownAverage peak-to-trough decline | -82.71% | -54.00% | -28.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.13% | 8.11% | -2.98% |
Volatility
SEF vs. EMTY - Volatility Comparison
The current volatility for ProShares Short Financials (SEF) is 2.92%, while ProShares Decline of the Retail Store ETF (EMTY) has a volatility of 6.31%. This indicates that SEF 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
| SEF | EMTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.92% | 6.31% | -3.39% |
Volatility (6M)Calculated over the trailing 6-month period | 10.83% | 12.39% | -1.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.30% | 17.71% | -3.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.96% | 22.37% | -4.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.52% | 25.68% | -5.16% |
SEF vs. EMTY - Expense Ratio Comparison
SEF has a 0.95% expense ratio, which is higher than EMTY's 0.66% expense ratio.
Dividends
SEF vs. EMTY - Dividend Comparison
SEF's dividend yield for the trailing twelve months is around 3.38%, less than EMTY's 3.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.44% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% |
SEF ProShares Short Financials | 3.38% | 4.33% | 5.72% | 4.43% | 0.39% | 0.00% | 0.12% | 1.25% | 0.41% | 0.00% |
Frequently Asked Questions
SEF and EMTY have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMTY has higher volatility (6.31%) compared to SEF (2.92%). In terms of maximum drawdown, SEF dropped -96.51% vs EMTY's -77.62%.
On 5-year performance, EMTY leads with -2.85% vs -5.46% for SEF. On fees, EMTY is cheaper at 0.66% per year. On volatility, SEF has been the lower-risk option at 2.92%. 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 -2.85% return vs -5.46%. 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 SEF.
EMTY has the higher dividend yield at 3.44%, compared with 3.38% for SEF.
SEF tracks Dow Jones U.S. Financials Index (-100%), while EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Their fees differ too: 0.95% for SEF and 0.66% for EMTY.
SEF currently has the higher Sharpe Ratio (0.16 vs 0.01), 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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