HDG vs. NOBL

Last updated Jun 5, 2026

HDG (ProShares Hedge Replication) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - HDG is a Long-Short fund tracking the Merrill Lynch Factor Model - Exchange Series, while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, HDG returned 3.89%/yr vs 9.58%/yr for NOBL. A 0.65 correlation means they provide meaningful diversification when combined. HDG charges 0.95%/yr vs 0.35%/yr for NOBL.

Performance

HDG vs. NOBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Hedge Replication (HDG) 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, HDG achieves a 6.62% return, which is significantly higher than NOBL's 4.61% return. Over the past 10 years, HDG has underperformed NOBL with an annualized return of 3.89%, while NOBL has yielded a comparatively higher 9.58% annualized return.

HDG

• 1D: 0.21%
• 1M: 1.08%
• YTD: 6.62%
• 6M: 7.09%
• 1Y: 13.32%
• 3Y*: 7.63%
• 5Y*: 3.06%
• 10Y*: 3.89%

NOBL

• 1D: 1.06%
• 1M: 1.10%
• YTD: 4.61%
• 6M: 4.84%
• 1Y: 10.44%
• 3Y*: 8.56%
• 5Y*: 5.25%
• 10Y*: 9.58%

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

HDG vs. NOBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDG ProShares Hedge Replication	6.62%	7.18%	5.12%	7.14%	-8.48%	2.97%	7.45%	9.58%	-4.52%	5.59%
NOBL ProShares S&P 500 Dividend Aristocrats ETF	4.61%	6.84%	6.72%	8.09%	-6.52%	25.46%	8.35%	27.39%	-3.26%	21.02%

Correlation

The correlation between HDG and NOBL is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.60
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 11, 2013	0.65

The correlation between HDG and NOBL shifts across timeframes, from 0.51 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

HDG vs. NOBL - Sectors Allocation Comparison

Sectors	HDG	NOBL
Industrials	17.7%	20.3%
Technology	17.0%	3.6%
Healthcare	16.5%	9.7%
Financial Services	15.8%	12.4%
Consumer Cyclical	8.4%	5.1%
Real Estate	6.1%	4.6%
Energy	6.1%	3.4%
Basic Materials	4.8%	10.9%
Utilities	2.9%	6.4%
Communication Services	2.4%	-
Consumer Defensive	2.4%	23.5%

Return for Risk

HDG vs. NOBL — Risk / Return Rank

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

HDG

HDG Risk / Return Rank: 75
HDG Sharpe Ratio Rank: 74
HDG Sortino Ratio Rank: 80
HDG Omega Ratio Rank: 79
HDG Calmar Ratio Rank: 68
HDG Martin Ratio Rank: 75

NOBL

NOBL Risk / Return Rank: 25
NOBL Sharpe Ratio Rank: 26
NOBL Sortino Ratio Rank: 27
NOBL Omega Ratio Rank: 24
NOBL Calmar Ratio Rank: 25
NOBL Martin Ratio Rank: 23

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.

HDG vs. NOBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Hedge Replication (HDG) 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.

	HDG	NOBL	Difference
Sharpe ratio: Return per unit of total volatility	2.37	0.92	+1.45
Sortino ratio: Return per unit of downside risk	3.52	1.42	+2.10
Omega ratio: Gain probability vs. loss probability	1.46	1.16	+0.30
Calmar ratio: Return relative to maximum drawdown	3.37	1.15	+2.22
Martin ratio: Return relative to average drawdown	13.91	2.98	+10.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDG vs. NOBL - Sharpe Ratio Comparison

The current HDG Sharpe Ratio is 2.37, which is higher than the NOBL Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of HDG 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

	HDG	NOBL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	0.92	+1.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.37	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.58	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.65	-0.22

Drawdowns

HDG vs. NOBL - Drawdown Comparison

The maximum HDG drawdown since its inception was -15.31%, smaller than the maximum NOBL drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for HDG and NOBL.

Drawdown Indicators

	HDG	NOBL	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-35.43%	+20.12%
Max Drawdown (1Y) Largest decline over 1 year	-3.97%	-9.11%	+5.14%
Max Drawdown (3Y) Largest decline over 3 years	-7.20%	-15.36%	+8.16%
Max Drawdown (5Y) Largest decline over 5 years	-15.31%	-17.92%	+2.61%
Max Drawdown (10Y) Largest decline over 10 years	-15.31%	-35.43%	+20.12%
Current Drawdown Current decline from peak	-0.15%	-4.99%	+4.84%
Average Drawdown Average peak-to-trough decline	-2.77%	-3.48%	+0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	3.51%	-2.55%

Volatility

HDG vs. NOBL - Volatility Comparison

The current volatility for ProShares Hedge Replication (HDG) is 1.72%, while ProShares S&P 500 Dividend Aristocrats ETF (NOBL) has a volatility of 2.40%. This indicates that HDG 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

	HDG	NOBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	2.40%	-0.68%
Volatility (6M) Calculated over the trailing 6-month period	4.58%	8.05%	-3.47%
Volatility (1Y) Calculated over the trailing 1-year period	5.63%	11.37%	-5.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.15%	14.39%	-7.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.11%	16.60%	-9.49%

HDG vs. NOBL - Expense Ratio Comparison

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

Dividends

HDG vs. NOBL - Dividend Comparison

HDG's dividend yield for the trailing twelve months is around 2.35%, more than NOBL's 2.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDG ProShares Hedge Replication	2.35%	2.55%	3.50%	3.48%	0.39%	0.00%	0.08%	1.09%	0.51%	0.00%	0.00%	0.00%
NOBL ProShares S&P 500 Dividend Aristocrats ETF	2.10%	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 HDG and NOBL in my portfolio?

HDG and NOBL have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDG or NOBL?

NOBL has higher volatility (2.40%) compared to HDG (1.72%). In terms of maximum drawdown, HDG dropped -15.31% vs NOBL's -35.43%.

Which ETF is better, HDG or NOBL?

On 10-year performance, NOBL leads with 9.58% vs 3.89% for HDG. On fees, NOBL is cheaper at 0.35% per year. On volatility, HDG has been the lower-risk option at 1.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDG or NOBL?

Over the 10-year period, NOBL has performed better with a 9.58% return vs 3.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDG or NOBL?

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

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

HDG has the higher dividend yield at 2.35%, compared with 2.10% for NOBL.

What is the main difference between HDG and NOBL?

HDG is categorized as Long-Short, while NOBL is Dividend. HDG tracks Merrill Lynch Factor Model - Exchange Series, while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.95% for HDG and 0.35% for NOBL.

Which has better risk-adjusted returns?

HDG currently has the higher Sharpe Ratio (2.37 vs 0.92), 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.