SPXS vs. EMTY
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and EMTY (ProShares Decline of the Retail Store ETF) are both Inverse Equities funds - SPXS tracks the S&P 500 Index (-300%) while EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Both are passively managed. Over the past 5 years, SPXS returned -33.62%/yr vs -3.31%/yr for EMTY. A 0.60 correlation means they provide meaningful diversification when combined. SPXS charges 1.08%/yr vs 0.66%/yr for EMTY.
Performance
SPXS vs. EMTY - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -24.88% return, which is significantly lower than EMTY's -1.42% return.
SPXS
- 1D
- 1.67%
- 1M
- -0.21%
- 6M
- -21.79%
- YTD
- -24.88%
- 1Y
- -41.05%
- 3Y*
- -39.52%
- 5Y*
- -33.62%
- 10Y*
- -41.24%
EMTY
- 1D
- -2.53%
- 1M
- 0.43%
- 6M
- 6.62%
- YTD
- -1.42%
- 1Y
- 0.79%
- 3Y*
- -3.76%
- 5Y*
- -3.31%
- 10Y*
- —
SPXS vs. EMTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -24.88% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -12.55% |
EMTY ProShares Decline of the Retail Store ETF | -1.42% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -8.65% | 11.16% | -15.97% |
Correlation
The correlation between SPXS and EMTY is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
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 SPXS and EMTY has dropped to 0.35 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.
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Return for Risk
SPXS vs. EMTY — Risk / Return Rank
SPXS
EMTY
SPXS vs. EMTY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 3X Shares (SPXS) 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.
| SPXS | EMTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.14 | ||
| Sortino ratioReturn per unit of downside risk | -1.87 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.02 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 0.06 | -1.00 |
| Martin ratioReturn relative to average drawdown | -1.62 | 0.12 | -1.74 |
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Drawdowns
SPXS vs. EMTY - Drawdown Comparison
The maximum SPXS 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 SPXS and EMTY.
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Drawdown Indicators
| SPXS | EMTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -77.62% | -22.38% |
Max Drawdown (1Y)Largest decline over 1 year | -43.64% | -13.91% | -29.73% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -30.83% | -53.30% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -30.83% | -59.28% |
Max Drawdown (10Y)Largest decline over 10 years | -99.56% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -75.40% | -24.60% |
Average DrawdownAverage peak-to-trough decline | -96.31% | -54.54% | -41.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.40% | 6.48% | +18.92% |
Volatility
SPXS vs. EMTY - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 10.70% compared to ProShares Decline of the Retail Store ETF (EMTY) at 6.25%. This indicates that SPXS'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
| SPXS | EMTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.70% | 6.25% | +4.45% |
Volatility (6M)Calculated over the trailing 6-month period | 30.07% | 13.24% | +16.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.65% | 18.14% | +19.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.74% | 22.42% | +28.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.50% | 25.60% | +27.90% |
SPXS vs. EMTY - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than EMTY's 0.66% expense ratio.
Dividends
SPXS vs. EMTY - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.52%, more than EMTY's 3.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.30% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.52% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
Frequently Asked Questions
SPXS and EMTY have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (10.70%) compared to EMTY (6.25%). In terms of maximum drawdown, SPXS dropped -100.00% vs EMTY's -77.62%.
On 5-year performance, EMTY leads with -3.31% vs -33.62% for SPXS. On fees, EMTY is cheaper at 0.66% per year. On volatility, EMTY has been the lower-risk option at 6.25%. 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 -3.31% return vs -33.62%. 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 SPXS.
SPXS has the higher dividend yield at 4.52%, compared with 3.30% for EMTY.
SPXS tracks S&P 500 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 SPXS and 0.66% for EMTY.
EMTY currently has the higher Sharpe Ratio (0.04 vs -1.09), 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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