DXD vs. NOBL

Last updated Jul 15, 2026

DXD (ProShares UltraShort Dow30) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - DXD is a Leveraged Equities fund tracking the Dow Jones Industrial Average Index (-200%), while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, DXD returned -24.45%/yr vs 9.56%/yr for NOBL. At a correlation of -0.86, they often move in opposite directions. DXD charges 0.95%/yr vs 0.35%/yr for NOBL.

Performance

DXD vs. NOBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Dow30 (DXD) 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, DXD achieves a -15.47% return, which is significantly lower than NOBL's 9.33% return. Over the past 10 years, DXD has underperformed NOBL with an annualized return of -24.45%, while NOBL has yielded a comparatively higher 9.56% annualized return.

DXD

• 1D: 0.06%
• 1M: -4.48%
• 6M: -11.64%
• YTD: -15.47%
• 1Y: -25.94%
• 3Y*: -21.53%
• 5Y*: -15.46%
• 10Y*: -24.45%

NOBL

• 1D: -1.15%
• 1M: 1.76%
• 6M: 5.17%
• YTD: 9.33%
• 1Y: 12.04%
• 3Y*: 8.22%
• 5Y*: 6.45%
• 10Y*: 9.56%

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

DXD vs. NOBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DXD ProShares UltraShort Dow30	-15.47%	-21.11%	-16.07%	-18.77%	7.09%	-35.18%	-44.57%	-35.33%	3.07%	-38.64%
NOBL ProShares S&P 500 Dividend Aristocrats ETF	9.33%	6.84%	6.72%	8.09%	-6.52%	25.46%	8.35%	27.39%	-3.26%	21.02%

Correlation

The correlation between DXD and NOBL is -0.62, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.62
Correlation (3Y) Calculated over the trailing 3-year period	-0.75
Correlation (5Y) Calculated over the trailing 5-year period	-0.82
Correlation (10Y) Calculated over the trailing 10-year period	-0.85
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013	-0.86

Over the past year, the inverse relationship between DXD and NOBL has weakened: their correlation has moved from -0.86 to -0.62, meaning they move in opposite directions less often than they have historically.

DXD vs. NOBL - Sectors Allocation Comparison

Sectors	DXD	NOBL
Financial Services	94.0%	12.8%
Basic Materials	-	10.2%
Communication Services	-	-
Consumer Cyclical	-	5.3%
Consumer Defensive	-	23.6%
Energy	-	2.9%
Healthcare	-	10.2%
Industrials	-	20.2%
Real Estate	-	4.6%
Technology	-	4.6%
Utilities	-	5.7%

Return for Risk

DXD vs. NOBL — Risk / Return Rank

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

DXD

DXD Risk / Return Rank: 2
DXD Sharpe Ratio Rank: 1
DXD Sortino Ratio Rank: 2
DXD Omega Ratio Rank: 2
DXD Calmar Ratio Rank: 2
DXD Martin Ratio Rank: 1

NOBL

NOBL Risk / Return Rank: 33
NOBL Sharpe Ratio Rank: 35
NOBL Sortino Ratio Rank: 37
NOBL Omega Ratio Rank: 31
NOBL Calmar Ratio Rank: 32
NOBL Martin Ratio Rank: 30

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.

DXD vs. NOBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Dow30 (DXD) 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.

	DXD	NOBL	Difference
Sharpe ratio: Return per unit of total volatility	-1.06	1.04	-2.09
Sortino ratio: Return per unit of downside risk	-1.46	1.59	-3.05
Omega ratio: Gain probability vs. loss probability	0.83	1.18	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.85	1.33	-2.17
Martin ratio: Return relative to average drawdown	-1.52	3.36	-4.88

DXD vs. NOBL - Sharpe Ratio Comparison

The current DXD Sharpe Ratio is -1.06, which is lower than the NOBL Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of DXD 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

DXD vs. NOBL - Drawdown Comparison

The maximum DXD drawdown since its inception was -99.72%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for DXD and NOBL.

Drawdown Indicators

	DXD	NOBL	Difference
Max Drawdown Largest peak-to-trough decline	-99.72%	-35.43%	-64.29%
Max Drawdown (1Y) Largest decline over 1 year	-30.71%	-9.11%	-21.60%
Max Drawdown (3Y) Largest decline over 3 years	-59.14%	-15.36%	-43.78%
Max Drawdown (5Y) Largest decline over 5 years	-67.19%	-17.92%	-49.27%
Max Drawdown (10Y) Largest decline over 10 years	-94.35%	-35.43%	-58.92%
Current Drawdown Current decline from peak	-99.71%	-2.44%	-97.27%
Average Drawdown Average peak-to-trough decline	-82.38%	-3.47%	-78.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.04%	3.59%	+13.45%

Volatility

DXD vs. NOBL - Volatility Comparison

ProShares UltraShort Dow30 (DXD) has a higher volatility of 5.12% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 4.11%. This indicates that DXD'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

	DXD	NOBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.12%	4.11%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	19.53%	8.54%	+10.99%
Volatility (1Y) Calculated over the trailing 1-year period	24.67%	11.67%	+13.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.57%	14.43%	+15.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.86%	16.60%	+18.26%

DXD vs. NOBL - Expense Ratio Comparison

DXD has a 0.95% expense ratio, which is higher than NOBL's 0.35% expense ratio.

Dividends

DXD vs. NOBL - Dividend Comparison

DXD's dividend yield for the trailing twelve months is around 4.03%, more than NOBL's 2.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXD ProShares UltraShort Dow30	4.03%	4.25%	5.91%	3.87%	0.25%	0.00%	0.31%	1.76%	1.15%	0.12%	0.00%	0.00%
NOBL ProShares S&P 500 Dividend Aristocrats ETF	2.07%	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 DXD and NOBL in my portfolio?

DXD and NOBL have a correlation of -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DXD or NOBL?

DXD has higher volatility (5.12%) compared to NOBL (4.11%). In terms of maximum drawdown, DXD dropped -99.72% vs NOBL's -35.43%.

Which ETF is better, DXD or NOBL?

On 10-year performance, NOBL leads with 9.56% vs -24.45% for DXD. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 4.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DXD or NOBL?

Over the 10-year period, NOBL has performed better with a 9.56% return vs -24.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DXD or NOBL?

NOBL is cheaper with a 0.35% expense ratio, compared with 0.95% for DXD.

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

DXD has the higher dividend yield at 4.03%, compared with 2.07% for NOBL.

What is the main difference between DXD and NOBL?

DXD is categorized as Leveraged Equities, while NOBL is Dividend. DXD tracks Dow Jones Industrial Average Index (-200%), while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.95% for DXD and 0.35% for NOBL.

Which has better risk-adjusted returns?

NOBL currently has the higher Sharpe Ratio (1.04 vs -1.06), 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.