EPV vs. NOBL

Last updated Jun 4, 2026

EPV (ProShares UltraShort FTSE Europe) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - EPV is a Leveraged Equities fund tracking the FTSE All Cap Developed Europe (-200%), while NOBL is a S&P 500 fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, EPV returned -22.24%/yr vs 9.51%/yr for NOBL. At a correlation of -0.69, they often move in opposite directions. EPV charges 0.95%/yr vs 0.35%/yr for NOBL.

Performance

EPV vs. NOBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort FTSE Europe (EPV) 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, EPV achieves a -11.73% return, which is significantly lower than NOBL's 3.51% return. Over the past 10 years, EPV has underperformed NOBL with an annualized return of -22.24%, while NOBL has yielded a comparatively higher 9.51% annualized return.

EPV

• 1D: 2.25%
• 1M: -5.85%
• YTD: -11.73%
• 6M: -16.26%
• 1Y: -27.09%
• 3Y*: -24.57%
• 5Y*: -17.86%
• 10Y*: -22.24%

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%

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

EPV vs. NOBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPV ProShares UltraShort FTSE Europe	-11.73%	-45.21%	2.02%	-30.81%	15.53%	-31.62%	-37.31%	-36.11%	32.22%	-39.79%
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 EPV and NOBL is -0.56, 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	-0.56
Correlation (3Y) Calculated over the trailing 3-year period	-0.58
Correlation (5Y) Calculated over the trailing 5-year period	-0.66
Correlation (10Y) Calculated over the trailing 10-year period	-0.67
Correlation (All Time) Calculated using the full available price history since Oct 11, 2013	-0.69

The correlation between EPV and NOBL shifts across timeframes, from -0.69 (all time) to -0.56 (1 year), reflecting how their relationship changes across market environments.

EPV vs. NOBL - Sectors Allocation Comparison

Sectors	EPV	NOBL
Financial Services	35.3%	12.4%
Basic Materials	-	10.9%
Communication Services	-	-
Consumer Cyclical	-	5.1%
Consumer Defensive	-	23.5%
Energy	-	3.4%
Healthcare	-	9.7%
Industrials	-	20.3%
Real Estate	-	4.6%
Technology	-	3.6%
Utilities	-	6.4%

Return for Risk

EPV vs. NOBL — Risk / Return Rank

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

EPV

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

NOBL

NOBL Risk / Return Rank: 22
NOBL Sharpe Ratio Rank: 22
NOBL Sortino Ratio Rank: 23
NOBL Omega Ratio Rank: 20
NOBL Calmar Ratio Rank: 22
NOBL Martin Ratio Rank: 21

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.

EPV vs. NOBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort FTSE Europe (EPV) 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.

	EPV	NOBL	Difference
Sharpe ratio Return per unit of total volatility	-0.87	0.80	-1.67
Sortino ratio Return per unit of downside risk	-1.17	1.24	-2.41
Omega ratio Gain probability vs. loss probability	0.87	1.14	-0.27
Calmar ratio Return relative to maximum drawdown	-0.85	0.99	-1.84
Martin ratio Return relative to average drawdown	-1.45	2.58	-4.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EPV vs. NOBL - Sharpe Ratio Comparison

The current EPV Sharpe Ratio is -0.87, which is lower than the NOBL Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of EPV 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.

Sharpe Ratios by Period

	EPV	NOBL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.87	0.80	-1.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.50	0.35	-0.85
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.59	0.57	-1.16
Sharpe Ratio (All Time) Calculated using the full available price history	-0.61	0.64	-1.26

Drawdowns

EPV vs. NOBL - Drawdown Comparison

The maximum EPV 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 EPV and NOBL.

Drawdown Indicators

	EPV	NOBL	Difference
Max Drawdown Largest peak-to-trough decline	-99.38%	-35.43%	-63.95%
Max Drawdown (1Y) Largest decline over 1 year	-31.91%	-9.11%	-22.80%
Max Drawdown (3Y) Largest decline over 3 years	-65.62%	-15.36%	-50.26%
Max Drawdown (5Y) Largest decline over 5 years	-79.29%	-17.92%	-61.37%
Max Drawdown (10Y) Largest decline over 10 years	-93.61%	-35.43%	-58.18%
Current Drawdown Current decline from peak	-99.35%	-5.99%	-93.36%
Average Drawdown Average peak-to-trough decline	-88.38%	-3.48%	-84.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.69%	3.50%	+15.19%

Volatility

EPV vs. NOBL - Volatility Comparison

ProShares UltraShort FTSE Europe (EPV) has a higher volatility of 11.72% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 2.36%. This indicates that EPV'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

	EPV	NOBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.72%	2.36%	+9.36%
Volatility (6M) Calculated over the trailing 6-month period	26.10%	8.00%	+18.10%
Volatility (1Y) Calculated over the trailing 1-year period	31.19%	11.33%	+19.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.76%	14.38%	+21.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.80%	16.60%	+21.20%

EPV vs. NOBL - Expense Ratio Comparison

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

Dividends

EPV vs. NOBL - Dividend Comparison

EPV's dividend yield for the trailing twelve months is around 4.79%, more than NOBL's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPV ProShares UltraShort FTSE Europe	4.79%	4.80%	4.83%	3.17%	0.33%	0.01%	0.09%	1.10%	0.19%	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

Can I hold both EPV and NOBL in my portfolio?

EPV and NOBL have a correlation of -0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPV or NOBL?

EPV has higher volatility (11.72%) compared to NOBL (2.36%). In terms of maximum drawdown, EPV dropped -99.38% vs NOBL's -35.43%.

Which ETF is better, EPV or NOBL?

On 10-year performance, NOBL leads with 9.51% vs -22.24% for EPV. 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.

Which ETF has performed better, EPV or NOBL?

Over the 10-year period, NOBL has performed better with a 9.51% return vs -22.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPV or NOBL?

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

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

EPV has the higher dividend yield at 4.79%, compared with 2.12% for NOBL.

What is the main difference between EPV and NOBL?

EPV is categorized as Leveraged Equities, while NOBL is S&P 500. EPV tracks FTSE All Cap Developed Europe (-200%), while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.95% for EPV and 0.35% for NOBL.

Which has better risk-adjusted returns?

NOBL currently has the higher Sharpe Ratio (0.80 vs -0.87), 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.