FVD vs. NOBL

Last updated Aug 2, 2026

FVD (First Trust Value Line Dividend Index Fund) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - FVD is a Mid Cap Value Equities fund tracking the Value Line Dividend Index, while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, FVD returned 8.75%/yr vs 9.86%/yr for NOBL. Their correlation of 0.94 means they have usually moved in the same direction. FVD charges 0.61%/yr vs 0.35%/yr for NOBL.

Performance

FVD vs. NOBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Value Line Dividend Index Fund (FVD) 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, FVD achieves a 10.07% return, which is significantly lower than NOBL's 10.84% return. Over the past 10 years, FVD has underperformed NOBL with an annualized return of 8.75%, while NOBL has yielded a comparatively higher 9.86% annualized return.

FVD

• 1D: -0.18%
• 1M: 1.52%
• 6M: 5.94%
• YTD: 10.07%
• 1Y: 14.68%
• 3Y*: 9.72%
• 5Y*: 6.75%
• 10Y*: 8.75%
• ALL TIME*: 9.74%

NOBL

• 1D: -0.19%
• 1M: -1.09%
• 6M: 4.89%
• YTD: 10.84%
• 1Y: 15.41%
• 3Y*: 8.04%
• 5Y*: 6.49%
• 10Y*: 9.86%
• ALL TIME*: 10.70%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FVD First Trust Value Line Dividend Index Fund	$21.15M	$21.63M	$33.04M
NOBL ProShares S&P 500 Dividend Aristocrats ETF	$66.40M	$66.46M	$60.79M

FVD vs. NOBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FVD First Trust Value Line Dividend Index Fund	10.07%	8.16%	10.04%	4.11%	-5.18%	25.08%	-0.02%	26.58%	-3.49%	12.51%
NOBL ProShares S&P 500 Dividend Aristocrats ETF	10.84%	6.84%	6.72%	8.09%	-6.52%	25.46%	8.35%	27.39%	-3.26%	21.02%

Correlation

The correlation between FVD and NOBL is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013	0.94

The correlation between FVD and NOBL has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

FVD vs. NOBL - Sectors Allocation Comparison

Sectors	FVD	NOBL
Financial Services	19.8%	13.2%
Utilities	17.3%	5.7%
Industrials	14.4%	20.3%
Consumer Defensive	10.9%	23.3%
Healthcare	8.2%	10.8%
Real Estate	8.1%	4.6%
Technology	6.7%	4.3%
Consumer Cyclical	5.3%	5.3%
Energy	3.5%	2.9%
Communication Services	3.1%	-
Basic Materials	2.8%	9.4%

Return for Risk

FVD vs. NOBL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FVD

FVD Risk / Return Rank: 57
FVD Sharpe Ratio Rank: 60
FVD Sortino Ratio Rank: 67
FVD Omega Ratio Rank: 56
FVD Calmar Ratio Rank: 56
FVD Martin Ratio Rank: 45

NOBL

NOBL Risk / Return Rank: 47
NOBL Sharpe Ratio Rank: 51
NOBL Sortino Ratio Rank: 55
NOBL Omega Ratio Rank: 47
NOBL Calmar Ratio Rank: 45
NOBL Martin Ratio Rank: 39

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FVD vs. NOBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Value Line Dividend Index Fund (FVD) 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.

	FVD	NOBL	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.24	+0.18
Sortino ratio: Return per unit of downside risk	2.19	1.90	+0.29
Omega ratio: Gain probability vs. loss probability	1.25	1.21	+0.03
Calmar ratio: Return relative to maximum drawdown	1.99	1.62	+0.37
Martin ratio: Return relative to average drawdown	5.07	4.10	+0.97

FVD vs. NOBL - Sharpe Ratio Comparison

The current FVD Sharpe Ratio is 1.42, which is comparable to the NOBL Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of FVD 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

FVD vs. NOBL - Drawdown Comparison

The maximum FVD drawdown since its inception was -51.00%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for FVD and NOBL.

Drawdown Indicators

	FVD	NOBL	Difference
Max Drawdown Largest peak-to-trough decline	-51.00%	-35.43%	-15.57%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-9.11%	+1.88%
Max Drawdown (3Y) Largest decline over 3 years	-11.97%	-15.36%	+3.39%
Max Drawdown (5Y) Largest decline over 5 years	-16.41%	-17.92%	+1.51%
Max Drawdown (10Y) Largest decline over 10 years	-35.25%	-35.43%	+0.18%
Current Drawdown Current decline from peak	-1.72%	-2.31%	+0.59%
Average Drawdown Average peak-to-trough decline	-5.42%	-3.46%	-1.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	3.59%	-0.76%

Volatility

FVD vs. NOBL - Volatility Comparison

The current volatility for First Trust Value Line Dividend Index Fund (FVD) is 4.37%, while ProShares S&P 500 Dividend Aristocrats ETF (NOBL) has a volatility of 5.07%. This indicates that FVD experiences smaller price fluctuations and is considered to be less risky than NOBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FVD	NOBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	5.07%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	8.01%	9.11%	-1.10%
Volatility (1Y) Calculated over the trailing 1-year period	10.14%	11.92%	-1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.84%	14.48%	-1.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.47%	16.63%	-1.16%

FVD vs. NOBL - Expense Ratio Comparison

FVD has a 0.61% expense ratio, which is higher than NOBL's 0.35% expense ratio.

Dividends

FVD vs. NOBL - Dividend Comparison

FVD's dividend yield for the trailing twelve months is around 2.23%, more than NOBL's 2.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FVD First Trust Value Line Dividend Index Fund	2.23%	2.36%	2.23%	2.34%	2.20%	1.75%	2.31%	2.03%	2.50%	2.10%	2.04%	2.34%
NOBL ProShares S&P 500 Dividend Aristocrats ETF	2.04%	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 FVD and NOBL in my portfolio?

With a correlation of 0.93, FVD and NOBL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FVD or NOBL?

NOBL has higher volatility (5.07%) compared to FVD (4.37%). In terms of maximum drawdown, FVD dropped -51.00% vs NOBL's -35.43%.

Which ETF is better, FVD or NOBL?

On 10-year performance, NOBL leads with 9.86% vs 8.75% for FVD. On fees, NOBL is cheaper at 0.35% per year. On volatility, FVD has been the lower-risk option at 4.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FVD or NOBL?

Over the 10-year period, NOBL has performed better with a 9.86% return vs 8.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FVD or NOBL?

NOBL is cheaper with a 0.35% expense ratio, compared with 0.61% for FVD.

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

FVD has the higher dividend yield at 2.23%, compared with 2.04% for NOBL.

What is the main difference between FVD and NOBL?

FVD is categorized as Mid Cap Value Equities, while NOBL is Dividend. FVD tracks Value Line Dividend Index, while NOBL tracks S&P 500 Dividend Aristocrats Index. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.61% for FVD and 0.35% for NOBL.

Which has better risk-adjusted returns?

FVD currently has the higher Sharpe Ratio (1.42 vs 1.24), 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.