EFU vs. NOBL
EFU (ProShares UltraShort MSCI EAFE) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - EFU is a Leveraged Equities fund tracking the MSCI EAFE 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, EFU returned -19.56%/yr vs 9.56%/yr for NOBL. At a correlation of -0.66, they often move in opposite directions. EFU charges 0.95%/yr vs 0.35%/yr for NOBL.
Performance
EFU vs. NOBL - Performance Comparison
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Returns By Period
In the year-to-date period, EFU achieves a -18.17% return, which is significantly lower than NOBL's 9.33% return. Over the past 10 years, EFU has underperformed NOBL with an annualized return of -19.56%, while NOBL has yielded a comparatively higher 9.56% annualized return.
EFU
- 1D
- -1.43%
- 1M
- -0.81%
- 6M
- -13.34%
- YTD
- -18.17%
- 1Y
- -30.27%
- 3Y*
- -22.87%
- 5Y*
- -16.11%
- 10Y*
- -19.56%
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%
EFU vs. NOBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | -18.17% | -41.07% | -1.04% | -25.36% | 24.26% | -24.58% | -35.54% | -32.71% | 32.32% | -36.87% |
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 EFU and NOBL is -0.45, 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 | -0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.64 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013 | -0.66 |
Over the past year, the inverse relationship between EFU and NOBL has weakened: their correlation has moved from -0.66 to -0.45, meaning they move in opposite directions less often than they have historically.
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Return for Risk
EFU vs. NOBL — Risk / Return Rank
EFU
NOBL
EFU vs. NOBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI EAFE (EFU) 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.
| EFU | NOBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.97 | ||
| Sortino ratioReturn per unit of downside risk | -2.87 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.18 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 1.33 | -2.19 |
| Martin ratioReturn relative to average drawdown | -1.40 | 3.36 | -4.76 |
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Drawdowns
EFU vs. NOBL - Drawdown Comparison
The maximum EFU drawdown since its inception was -99.38%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for EFU and NOBL.
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Drawdown Indicators
| EFU | NOBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.38% | -35.43% | -63.95% |
Max Drawdown (1Y)Largest decline over 1 year | -35.10% | -9.11% | -25.99% |
Max Drawdown (3Y)Largest decline over 3 years | -65.34% | -15.36% | -49.98% |
Max Drawdown (5Y)Largest decline over 5 years | -76.14% | -17.92% | -58.22% |
Max Drawdown (10Y)Largest decline over 10 years | -89.28% | -35.43% | -53.85% |
Current DrawdownCurrent decline from peak | -99.36% | -2.44% | -96.92% |
Average DrawdownAverage peak-to-trough decline | -87.18% | -3.47% | -83.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.71% | 3.59% | +18.12% |
Volatility
EFU vs. NOBL - Volatility Comparison
ProShares UltraShort MSCI EAFE (EFU) has a higher volatility of 8.27% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 4.11%. This indicates that EFU'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.
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Volatility by Period
| EFU | NOBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.27% | 4.11% | +4.16% |
Volatility (6M)Calculated over the trailing 6-month period | 28.47% | 8.54% | +19.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.55% | 11.67% | +20.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.63% | 14.43% | +19.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.57% | 16.60% | +16.97% |
EFU vs. NOBL - Expense Ratio Comparison
EFU has a 0.95% expense ratio, which is higher than NOBL's 0.35% expense ratio.
Dividends
EFU vs. NOBL - Dividend Comparison
EFU's dividend yield for the trailing twelve months is around 5.01%, more than NOBL's 2.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EFU ProShares UltraShort MSCI EAFE | 5.01% | 5.57% | 3.87% | 6.41% | 1.47% | 0.00% | 0.06% | 0.95% | 0.17% | 0.00% | 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
EFU and NOBL have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFU has higher volatility (8.27%) compared to NOBL (4.11%). In terms of maximum drawdown, EFU dropped -99.38% vs NOBL's -35.43%.
On 10-year performance, NOBL leads with 9.56% vs -19.56% for EFU. 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.
Over the 10-year period, NOBL has performed better with a 9.56% return vs -19.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NOBL is cheaper with a 0.35% expense ratio, compared with 0.95% for EFU.
EFU has the higher dividend yield at 5.01%, compared with 2.07% for NOBL.
EFU is categorized as Leveraged Equities, while NOBL is Dividend. EFU tracks MSCI EAFE Index (-200%), while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.95% for EFU and 0.35% for NOBL.
NOBL currently has the higher Sharpe Ratio (1.04 vs -0.93), 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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