SH vs. EMTY
SH (ProShares Short S&P500) and EMTY (ProShares Decline of the Retail Store ETF) are both Inverse Equities funds from ProShares - SH tracks the S&P 500 (-100%) while EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Both are passively managed. Over the past 5 years, SH returned -9.07%/yr vs -2.87%/yr for EMTY. A 0.61 correlation means they provide meaningful diversification when combined. SH charges 0.90%/yr vs 0.66%/yr for EMTY.
Performance
SH vs. EMTY - Performance Comparison
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Returns By Period
In the year-to-date period, SH achieves a -8.00% return, which is significantly lower than EMTY's 1.09% return.
SH
- 1D
- 0.70%
- 1M
- -4.35%
- YTD
- -8.00%
- 6M
- -7.59%
- 1Y
- -17.23%
- 3Y*
- -13.02%
- 5Y*
- -9.07%
- 10Y*
- -12.89%
EMTY
- 1D
- -0.32%
- 1M
- 1.81%
- YTD
- 1.09%
- 6M
- 3.80%
- 1Y
- 1.60%
- 3Y*
- -4.69%
- 5Y*
- -2.87%
- 10Y*
- —
SH vs. EMTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | -8.00% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -3.46% |
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 SH and EMTY is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2017 | 0.61 |
The correlation between SH and EMTY shifts across timeframes, from 0.44 (1 year) to 0.64 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SH vs. EMTY — Risk / Return Rank
SH
EMTY
SH vs. EMTY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) 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.
| SH | EMTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.56 | ||
| Sortino ratioReturn per unit of downside risk | -2.35 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.03 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 0.11 | -1.06 |
| Martin ratioReturn relative to average drawdown | -1.75 | 0.20 | -1.94 |
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
| SH | EMTY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.47 | 0.09 | -1.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.54 | -0.13 | -0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.72 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | -0.43 | -0.16 |
Drawdowns
SH vs. EMTY - Drawdown Comparison
The maximum SH drawdown since its inception was -94.66%, which is greater than EMTY's maximum drawdown of -77.62%. Use the drawdown chart below to compare losses from any high point for SH and EMTY.
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Drawdown Indicators
| SH | EMTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.66% | -77.62% | -17.04% |
Max Drawdown (1Y)Largest decline over 1 year | -18.28% | -14.00% | -4.28% |
Max Drawdown (3Y)Largest decline over 3 years | -38.82% | -30.83% | -7.99% |
Max Drawdown (5Y)Largest decline over 5 years | -44.53% | -30.83% | -13.70% |
Max Drawdown (10Y)Largest decline over 10 years | -76.12% | — | — |
Current DrawdownCurrent decline from peak | -94.62% | -74.77% | -19.85% |
Average DrawdownAverage peak-to-trough decline | -67.73% | -54.01% | -13.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.89% | 8.11% | +1.78% |
Volatility
SH vs. EMTY - Volatility Comparison
The current volatility for ProShares Short S&P500 (SH) is 2.84%, while ProShares Decline of the Retail Store ETF (EMTY) has a volatility of 6.00%. This indicates that SH 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
| SH | EMTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.84% | 6.00% | -3.16% |
Volatility (6M)Calculated over the trailing 6-month period | 8.91% | 12.40% | -3.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.80% | 17.71% | -5.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.85% | 22.36% | -5.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.01% | 25.67% | -7.66% |
SH vs. EMTY - Expense Ratio Comparison
SH has a 0.90% expense ratio, which is higher than EMTY's 0.66% expense ratio.
Dividends
SH vs. EMTY - Dividend Comparison
SH's dividend yield for the trailing twelve months is around 4.51%, 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% |
SH ProShares Short S&P500 | 4.51% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
Frequently Asked Questions
SH and EMTY have a correlation of 0.44, 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 SH (2.84%). In terms of maximum drawdown, SH dropped -94.66% vs EMTY's -77.62%.
On 5-year performance, EMTY leads with -2.87% vs -9.07% for SH. On fees, EMTY is cheaper at 0.66% per year. On volatility, SH has been the lower-risk option at 2.84%. 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 -9.07%. 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 0.90% for SH.
SH has the higher dividend yield at 4.51%, compared with 3.45% for EMTY.
SH tracks S&P 500 (-100%), while EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Their fees differ too: 0.90% for SH and 0.66% for EMTY.
EMTY currently has the higher Sharpe Ratio (0.09 vs -1.47), 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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