CTEX vs. NOBL

Last updated Jun 24, 2026

CTEX (ProShares S&P Kensho Cleantech ETF) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - CTEX is a Alternative Energy Equities fund tracking the S&P Kensho Cleantech Index, while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 3 years, CTEX returned 11.07%/yr vs 8.50%/yr for NOBL. At a 0.45 correlation, their price movements are largely independent. CTEX charges 0.58%/yr vs 0.35%/yr for NOBL.

Performance

CTEX vs. NOBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P Kensho Cleantech ETF (CTEX) and ProShares S&P 500 Dividend Aristocrats ETF (NOBL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CTEX achieves a 20.77% return, which is significantly higher than NOBL's 6.48% return.

CTEX

• 1D: -6.36%
• 1M: -8.02%
• YTD: 20.77%
• 6M: 16.43%
• 1Y: 116.42%
• 3Y*: 11.07%
• 5Y*: —
• 10Y*: —

NOBL

• 1D: 0.68%
• 1M: 2.27%
• YTD: 6.48%
• 6M: 5.98%
• 1Y: 12.52%
• 3Y*: 8.50%
• 5Y*: 6.18%
• 10Y*: 9.97%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CTEX vs. NOBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CTEX ProShares S&P Kensho Cleantech ETF	20.77%	67.74%	-20.38%	-10.25%	-20.38%	-6.68%
NOBL ProShares S&P 500 Dividend Aristocrats ETF	6.48%	6.84%	6.72%	8.09%	-6.52%	9.57%

Correlation

The correlation between CTEX and NOBL is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.45

Over the past year, the correlation between CTEX and NOBL has dropped to 0.19 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.

CTEX vs. NOBL - Sectors Allocation Comparison

Sectors	CTEX	NOBL
Industrials	38.2%	20.2%
Energy	36.3%	2.9%
Utilities	16.5%	5.7%
Technology	6.1%	4.6%
Consumer Cyclical	2.6%	5.3%
Basic Materials	-	10.2%
Communication Services	-	-
Consumer Defensive	-	23.6%
Financial Services	-	12.8%
Healthcare	-	10.2%
Real Estate	-	4.6%

Return for Risk

CTEX vs. NOBL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CTEX

CTEX Risk / Return Rank: 79
CTEX Sharpe Ratio Rank: 87
CTEX Sortino Ratio Rank: 71
CTEX Omega Ratio Rank: 69
CTEX Calmar Ratio Rank: 90
CTEX Martin Ratio Rank: 77

NOBL

NOBL Risk / Return Rank: 29
NOBL Sharpe Ratio Rank: 31
NOBL Sortino Ratio Rank: 32
NOBL Omega Ratio Rank: 28
NOBL Calmar Ratio Rank: 28
NOBL Martin Ratio Rank: 27

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CTEX vs. NOBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P Kensho Cleantech ETF (CTEX) and ProShares S&P 500 Dividend Aristocrats ETF (NOBL). 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.

	CTEX	NOBL	Difference
Sharpe ratio: Return per unit of total volatility	2.65	1.10	+1.55
Sortino ratio: Return per unit of downside risk	2.98	1.67	+1.31
Omega ratio: Gain probability vs. loss probability	1.38	1.19	+0.19
Calmar ratio: Return relative to maximum drawdown	5.35	1.38	+3.97
Martin ratio: Return relative to average drawdown	13.69	3.50	+10.19

CTEX vs. NOBL - Sharpe Ratio Comparison

The current CTEX Sharpe Ratio is 2.65, which is higher than the NOBL Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of CTEX and NOBL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CTEX vs. NOBL - Drawdown Comparison

The maximum CTEX drawdown since its inception was -70.31%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for CTEX and NOBL.

Drawdown Indicators

	CTEX	NOBL	Difference
Max Drawdown Largest peak-to-trough decline	-70.31%	-35.43%	-34.88%
Max Drawdown (1Y) Largest decline over 1 year	-21.90%	-9.11%	-12.79%
Max Drawdown (3Y) Largest decline over 3 years	-56.83%	-15.36%	-41.47%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.92%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.43%	—
Current Drawdown Current decline from peak	-17.23%	-3.29%	-13.94%
Average Drawdown Average peak-to-trough decline	-41.61%	-3.48%	-38.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.53%	3.58%	+4.95%

Volatility

CTEX vs. NOBL - Volatility Comparison

ProShares S&P Kensho Cleantech ETF (CTEX) has a higher volatility of 19.24% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 3.31%. This indicates that CTEX's price experiences larger fluctuations and is considered to be riskier than NOBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CTEX	NOBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.24%	3.31%	+15.93%
Volatility (6M) Calculated over the trailing 6-month period	32.48%	8.22%	+24.26%
Volatility (1Y) Calculated over the trailing 1-year period	44.17%	11.52%	+32.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.59%	14.38%	+29.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.59%	16.60%	+26.99%

CTEX vs. NOBL - Expense Ratio Comparison

CTEX has a 0.58% expense ratio, which is higher than NOBL's 0.35% expense ratio.

Dividends

CTEX vs. NOBL - Dividend Comparison

CTEX's dividend yield for the trailing twelve months is around 1.73%, less than NOBL's 2.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CTEX ProShares S&P Kensho Cleantech ETF	1.73%	2.17%	0.57%	0.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NOBL ProShares S&P 500 Dividend Aristocrats ETF	2.06%	2.14%	2.05%	2.09%	1.94%	1.89%	2.14%	1.89%	2.37%	1.74%	2.13%	2.02%

Frequently Asked Questions

Can I hold both CTEX and NOBL in my portfolio?

CTEX and NOBL have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CTEX or NOBL?

CTEX has higher volatility (19.24%) compared to NOBL (3.31%). In terms of maximum drawdown, CTEX dropped -70.31% vs NOBL's -35.43%.

Which ETF is better, CTEX or NOBL?

On 3-year performance, CTEX leads with 11.07% vs 8.50% for NOBL. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 3.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CTEX or NOBL?

Over the 3-year period, CTEX has performed better with a 11.07% return vs 8.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CTEX or NOBL?

NOBL is cheaper with a 0.35% expense ratio, compared with 0.58% for CTEX.

Which ETF pays a higher dividend yield, CTEX or NOBL?

NOBL has the higher dividend yield at 2.06%, compared with 1.73% for CTEX.

What is the main difference between CTEX and NOBL?

CTEX is categorized as Alternative Energy Equities, while NOBL is Dividend. CTEX tracks S&P Kensho Cleantech Index, while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.58% for CTEX and 0.35% for NOBL.

Which has better risk-adjusted returns?

CTEX currently has the higher Sharpe Ratio (2.65 vs 1.10), 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.