SOXS vs. EMTY
SOXS (Direxion Daily Semiconductor Bear 3x Shares) and EMTY (ProShares Decline of the Retail Store ETF) are both Inverse Equities funds - SOXS tracks the PHLX Semiconductor Index (-300%) while EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Both are passively managed. Over the past 5 years, SOXS returned -81.24%/yr vs -2.56%/yr for EMTY. At a 0.45 correlation, their price movements are largely independent. SOXS charges 1.08%/yr vs 0.66%/yr for EMTY.
Performance
SOXS vs. EMTY - Performance Comparison
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Returns By Period
In the year-to-date period, SOXS achieves a -94.69% return, which is significantly lower than EMTY's 0.81% return.
SOXS
- 1D
- -8.08%
- 1M
- -57.31%
- YTD
- -94.69%
- 6M
- -94.57%
- 1Y
- -98.20%
- 3Y*
- -88.23%
- 5Y*
- -81.24%
- 10Y*
- -79.95%
EMTY
- 1D
- 1.05%
- 1M
- 0.74%
- YTD
- 0.81%
- 6M
- 2.11%
- 1Y
- -1.61%
- 3Y*
- -3.45%
- 5Y*
- -2.56%
- 10Y*
- —
SOXS vs. EMTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SOXS Direxion Daily Semiconductor Bear 3x Shares | -94.69% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -83.81% | -19.39% | 6.59% |
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 SOXS and EMTY is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017 | 0.45 |
Over the past year, the correlation between SOXS and EMTY has dropped to 0.22 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.
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Return for Risk
SOXS vs. EMTY — Risk / Return Rank
SOXS
EMTY
SOXS vs. EMTY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductor Bear 3x Shares (SOXS) 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.
| SOXS | EMTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -3.67 | ||
| Omega ratioGain probability vs. loss probability | 0.61 | 1.00 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.12 | -0.88 |
| Martin ratioReturn relative to average drawdown | -1.46 | -0.22 | -1.24 |
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Drawdowns
SOXS vs. EMTY - Drawdown Comparison
The maximum SOXS drawdown since its inception was -100.00%, which is greater than EMTY's maximum drawdown of -77.62%. Use the drawdown chart below to compare losses from any high point for SOXS and EMTY.
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Drawdown Indicators
| SOXS | EMTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -77.62% | -22.38% |
Max Drawdown (1Y)Largest decline over 1 year | -98.17% | -13.91% | -84.26% |
Max Drawdown (3Y)Largest decline over 3 years | -99.87% | -30.83% | -69.04% |
Max Drawdown (5Y)Largest decline over 5 years | -99.98% | -30.83% | -69.15% |
Max Drawdown (10Y)Largest decline over 10 years | -100.00% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -74.84% | -25.16% |
Average DrawdownAverage peak-to-trough decline | -92.60% | -54.38% | -38.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.64% | 7.50% | +60.14% |
Volatility
SOXS vs. EMTY - Volatility Comparison
Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a higher volatility of 61.89% compared to ProShares Decline of the Retail Store ETF (EMTY) at 5.23%. This indicates that SOXS'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
| SOXS | EMTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 61.89% | 5.23% | +56.66% |
Volatility (6M)Calculated over the trailing 6-month period | 97.94% | 12.80% | +85.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 115.12% | 17.80% | +97.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 110.92% | 22.36% | +88.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 101.99% | 25.64% | +76.35% |
SOXS vs. EMTY - Expense Ratio Comparison
SOXS has a 1.08% expense ratio, which is higher than EMTY's 0.66% expense ratio.
Dividends
SOXS vs. EMTY - Dividend Comparison
SOXS's dividend yield for the trailing twelve months is around 101.68%, 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% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | 101.68% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% | 0.00% |
Frequently Asked Questions
SOXS and EMTY have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (61.89%) compared to EMTY (5.23%). In terms of maximum drawdown, SOXS dropped -100.00% vs EMTY's -77.62%.
On 5-year performance, EMTY leads with -2.56% vs -81.24% for SOXS. 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 -81.24%. 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 1.08% for SOXS.
SOXS has the higher dividend yield at 101.68%, compared with 3.46% for EMTY.
SOXS tracks PHLX Semiconductor Index (-300%), while EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.08% for SOXS and 0.66% for EMTY.
EMTY currently has the higher Sharpe Ratio (-0.09 vs -0.85), 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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