EFZ vs. NOBL
EFZ (ProShares Short MSCI EAFE) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - EFZ is a Inverse Equities fund tracking the MSCI EAFE Index (-100%), while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, EFZ returned -8.29%/yr vs 9.51%/yr for NOBL. At a correlation of -0.71, they often move in opposite directions. EFZ charges 0.95%/yr vs 0.35%/yr for NOBL.
Performance
EFZ vs. NOBL - Performance Comparison
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Returns By Period
In the year-to-date period, EFZ achieves a -6.98% return, which is significantly lower than NOBL's 3.51% return. Over the past 10 years, EFZ has underperformed NOBL with an annualized return of -8.29%, while NOBL has yielded a comparatively higher 9.51% annualized return.
EFZ
- 1D
- 0.88%
- 1M
- -3.23%
- YTD
- -6.98%
- 6M
- -8.53%
- 1Y
- -14.24%
- 3Y*
- -9.77%
- 5Y*
- -5.38%
- 10Y*
- -8.29%
NOBL
- 1D
- -0.17%
- 1M
- 1.01%
- YTD
- 3.51%
- 6M
- 3.45%
- 1Y
- 9.00%
- 3Y*
- 8.01%
- 5Y*
- 5.03%
- 10Y*
- 9.51%
EFZ vs. NOBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -6.98% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 16.26% | -20.18% |
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 3.51% | 6.84% | 6.72% | 8.09% | -6.52% | 25.46% | 8.35% | 27.39% | -3.26% | 21.02% |
Correlation
The correlation between EFZ and NOBL is -0.52, 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 | -0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.69 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2013 | -0.71 |
The correlation between EFZ and NOBL shifts across timeframes, from -0.71 (all time) to -0.52 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EFZ vs. NOBL — Risk / Return Rank
EFZ
NOBL
EFZ vs. NOBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) 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.
| EFZ | NOBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.67 | ||
| Sortino ratioReturn per unit of downside risk | -2.43 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.14 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 0.99 | -1.81 |
| Martin ratioReturn relative to average drawdown | -1.47 | 2.58 | -4.05 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EFZ | NOBL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.88 | 0.80 | -1.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | 0.35 | -0.68 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | 0.57 | -1.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.34 | 0.64 | -0.98 |
Drawdowns
EFZ vs. NOBL - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.08%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for EFZ and NOBL.
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Drawdown Indicators
| EFZ | NOBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.08% | -35.43% | -52.65% |
Max Drawdown (1Y)Largest decline over 1 year | -17.36% | -9.11% | -8.25% |
Max Drawdown (3Y)Largest decline over 3 years | -35.42% | -15.36% | -20.06% |
Max Drawdown (5Y)Largest decline over 5 years | -43.77% | -17.92% | -25.85% |
Max Drawdown (10Y)Largest decline over 10 years | -61.88% | -35.43% | -26.45% |
Current DrawdownCurrent decline from peak | -87.82% | -5.99% | -81.83% |
Average DrawdownAverage peak-to-trough decline | -67.08% | -3.48% | -63.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.71% | 3.50% | +6.21% |
Volatility
EFZ vs. NOBL - Volatility Comparison
ProShares Short MSCI EAFE (EFZ) has a higher volatility of 5.19% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 2.36%. This indicates that EFZ'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
| EFZ | NOBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.19% | 2.36% | +2.83% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 8.00% | +5.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.35% | 11.33% | +5.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.72% | 14.38% | +2.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.38% | 16.60% | +0.78% |
EFZ vs. NOBL - Expense Ratio Comparison
EFZ has a 0.95% expense ratio, which is higher than NOBL's 0.35% expense ratio.
Dividends
EFZ vs. NOBL - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 4.04%, more than NOBL's 2.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 4.04% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% | 0.00% | 0.00% | 0.00% |
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 2.12% | 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
EFZ and NOBL have a correlation of -0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EFZ has higher volatility (5.19%) compared to NOBL (2.36%). In terms of maximum drawdown, EFZ dropped -88.08% vs NOBL's -35.43%.
On 10-year performance, NOBL leads with 9.51% vs -8.29% for EFZ. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 2.36%. 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 9.51% return vs -8.29%. 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 EFZ.
EFZ has the higher dividend yield at 4.04%, compared with 2.12% for NOBL.
EFZ is categorized as Inverse Equities, while NOBL is Dividend. EFZ tracks MSCI EAFE Index (-100%), while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.95% for EFZ and 0.35% for NOBL.
NOBL currently has the higher Sharpe Ratio (0.80 vs -0.88), 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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