SPDN vs. EMTY
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and EMTY (ProShares Decline of the Retail Store ETF) are both Inverse Equities funds - SPDN tracks the S&P 500 Index while EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Both are passively managed. Over the past 5 years, SPDN returned -8.03%/yr vs -2.49%/yr for EMTY. A 0.60 correlation means they provide meaningful diversification when combined. SPDN charges 0.50%/yr vs 0.66%/yr for EMTY.
Performance
SPDN vs. EMTY - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -6.85% return, which is significantly lower than EMTY's 0.67% return.
SPDN
- 1D
- 0.93%
- 1M
- -0.80%
- 6M
- -5.24%
- YTD
- -6.85%
- 1Y
- -12.68%
- 3Y*
- -11.24%
- 5Y*
- -8.03%
- 10Y*
- -12.22%
EMTY
- 1D
- 0.55%
- 1M
- 3.79%
- 6M
- 7.60%
- YTD
- 0.67%
- 1Y
- 3.56%
- 3Y*
- -2.99%
- 5Y*
- -2.49%
- 10Y*
- —
SPDN vs. EMTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.85% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -4.27% |
EMTY ProShares Decline of the Retail Store ETF | 0.67% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -8.65% | 11.16% | -15.97% |
Correlation
The correlation between SPDN and EMTY is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2017 | 0.60 |
Over the past year, the correlation between SPDN and EMTY has dropped to 0.36 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.
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Return for Risk
SPDN vs. EMTY — Risk / Return Rank
SPDN
EMTY
SPDN vs. EMTY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 1x Shares (SPDN) 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.
| SPDN | EMTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.20 | ||
| Sortino ratioReturn per unit of downside risk | -1.80 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.05 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 0.26 | -1.06 |
| Martin ratioReturn relative to average drawdown | -1.53 | 0.55 | -2.08 |
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Drawdowns
SPDN vs. EMTY - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, roughly equal to the maximum EMTY drawdown of -77.62%. Use the drawdown chart below to compare losses from any high point for SPDN and EMTY.
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Drawdown Indicators
| SPDN | EMTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -77.62% | +2.31% |
Max Drawdown (1Y)Largest decline over 1 year | -15.93% | -13.91% | -2.02% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -30.83% | -7.41% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -30.83% | -13.02% |
Max Drawdown (10Y)Largest decline over 10 years | -73.97% | — | — |
Current DrawdownCurrent decline from peak | -74.91% | -74.87% | -0.04% |
Average DrawdownAverage peak-to-trough decline | -48.79% | -54.51% | +5.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.28% | 6.48% | +1.80% |
Volatility
SPDN vs. EMTY - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 4.18%, while ProShares Decline of the Retail Store ETF (EMTY) has a volatility of 6.09%. This indicates that SPDN 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
| SPDN | EMTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.18% | 6.09% | -1.91% |
Volatility (6M)Calculated over the trailing 6-month period | 10.08% | 13.05% | -2.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.73% | 18.08% | -5.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 22.40% | -5.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.01% | 25.61% | -7.60% |
SPDN vs. EMTY - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than EMTY's 0.66% expense ratio.
Dividends
SPDN vs. EMTY - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 3.33%, more than EMTY's 3.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.23% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.33% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
SPDN and EMTY have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMTY has higher volatility (6.09%) compared to SPDN (4.18%). In terms of maximum drawdown, SPDN dropped -75.31% vs EMTY's -77.62%.
On 5-year performance, EMTY leads with -2.49% vs -8.03% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.18%. 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 -2.49% return vs -8.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.66% for EMTY.
SPDN has the higher dividend yield at 3.33%, compared with 3.23% for EMTY.
SPDN tracks S&P 500 Index, 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: 0.50% for SPDN and 0.66% for EMTY.
EMTY currently has the higher Sharpe Ratio (0.20 vs -1.00), 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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