HDV vs. NOBL

Last updated Jun 12, 2026

HDV (iShares Core High Dividend ETF) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both Dividend funds - HDV tracks the Morningstar Dividend Yield Focus Index while NOBL tracks the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, HDV returned 9.37%/yr vs 9.89%/yr for NOBL. Their correlation of 0.85 suggests significant overlap in exposure. HDV charges 0.08%/yr vs 0.35%/yr for NOBL.

Performance

HDV vs. NOBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core High Dividend ETF (HDV) 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, HDV achieves a 14.31% return, which is significantly higher than NOBL's 6.85% return. Over the past 10 years, HDV has underperformed NOBL with an annualized return of 9.37%, while NOBL has yielded a comparatively higher 9.89% annualized return.

HDV

• 1D: -0.18%
• 1M: 1.58%
• YTD: 14.31%
• 6M: 14.38%
• 1Y: 21.29%
• 3Y*: 14.99%
• 5Y*: 10.72%
• 10Y*: 9.37%

NOBL

• 1D: 0.75%
• 1M: 3.77%
• YTD: 6.85%
• 6M: 6.04%
• 1Y: 12.41%
• 3Y*: 8.70%
• 5Y*: 5.83%
• 10Y*: 9.89%

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

HDV vs. NOBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDV iShares Core High Dividend ETF	14.31%	11.90%	14.16%	1.72%	7.05%	19.45%	-6.48%	20.22%	-3.01%	13.40%
NOBL ProShares S&P 500 Dividend Aristocrats ETF	6.85%	6.84%	6.72%	8.09%	-6.52%	25.46%	8.35%	27.39%	-3.26%	21.02%

Correlation

The correlation between HDV and NOBL is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013	0.85

The correlation between HDV and NOBL shifts across timeframes, from 0.72 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

HDV vs. NOBL - Sectors Allocation Comparison

Sectors	HDV	NOBL
Consumer Defensive	24.1%	23.5%
Energy	22.3%	3.4%
Healthcare	16.5%	9.7%
Financial Services	11.1%	12.4%
Utilities	9.2%	6.4%
Technology	8.2%	3.6%
Consumer Cyclical	6.1%	5.1%
Industrials	1.4%	20.3%
Basic Materials	1.2%	10.9%
Communication Services	0.1%	-
Real Estate	-	4.6%

Return for Risk

HDV vs. NOBL — Risk / Return Rank

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

HDV

HDV Risk / Return Rank: 81
HDV Sharpe Ratio Rank: 82
HDV Sortino Ratio Rank: 86
HDV Omega Ratio Rank: 78
HDV Calmar Ratio Rank: 87
HDV Martin Ratio Rank: 74

NOBL

NOBL Risk / Return Rank: 34
NOBL Sharpe Ratio Rank: 36
NOBL Sortino Ratio Rank: 38
NOBL Omega Ratio Rank: 33
NOBL Calmar Ratio Rank: 33
NOBL Martin Ratio Rank: 30

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.

HDV vs. NOBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core High Dividend ETF (HDV) 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.

	HDV	NOBL	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.08	+1.12
Sortino ratio: Return per unit of downside risk	3.26	1.66	+1.60
Omega ratio: Gain probability vs. loss probability	1.38	1.19	+0.19
Calmar ratio: Return relative to maximum drawdown	4.13	1.37	+2.76
Martin ratio: Return relative to average drawdown	11.43	3.50	+7.93

HDV vs. NOBL - Sharpe Ratio Comparison

The current HDV Sharpe Ratio is 2.20, which is higher than the NOBL Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of HDV 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

HDV vs. NOBL - Drawdown Comparison

The maximum HDV drawdown since its inception was -37.04%, roughly equal to the maximum NOBL drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for HDV and NOBL.

Drawdown Indicators

	HDV	NOBL	Difference
Max Drawdown Largest peak-to-trough decline	-37.04%	-35.43%	-1.61%
Max Drawdown (1Y) Largest decline over 1 year	-5.18%	-9.11%	+3.93%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	-15.36%	+4.87%
Max Drawdown (5Y) Largest decline over 5 years	-15.42%	-17.92%	+2.50%
Max Drawdown (10Y) Largest decline over 10 years	-37.04%	-35.43%	-1.61%
Current Drawdown Current decline from peak	-1.14%	-2.96%	+1.82%
Average Drawdown Average peak-to-trough decline	-3.08%	-3.48%	+0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	3.55%	-1.68%

Volatility

HDV vs. NOBL - Volatility Comparison

iShares Core High Dividend ETF (HDV) and ProShares S&P 500 Dividend Aristocrats ETF (NOBL) have volatilities of 3.01% and 3.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDV	NOBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	3.02%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	7.46%	8.19%	-0.73%
Volatility (1Y) Calculated over the trailing 1-year period	9.70%	11.52%	-1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.83%	14.42%	-1.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.73%	16.62%	-0.89%

HDV vs. NOBL - Expense Ratio Comparison

HDV has a 0.08% expense ratio, which is lower than NOBL's 0.35% expense ratio.

Dividends

HDV vs. NOBL - Dividend Comparison

HDV's dividend yield for the trailing twelve months is around 2.87%, more than NOBL's 2.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDV iShares Core High Dividend ETF	2.87%	3.22%	3.67%	3.82%	3.56%	3.47%	4.07%	3.27%	3.67%	3.27%	3.28%	3.92%
NOBL ProShares S&P 500 Dividend Aristocrats ETF	2.05%	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 HDV and NOBL in my portfolio?

HDV and NOBL have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDV or NOBL?

NOBL has higher volatility (3.02%) compared to HDV (3.01%). In terms of maximum drawdown, HDV dropped -37.04% vs NOBL's -35.43%.

Which ETF is better, HDV or NOBL?

On 10-year performance, NOBL leads with 9.89% vs 9.37% for HDV. On fees, HDV is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDV or NOBL?

Over the 10-year period, NOBL has performed better with a 9.89% return vs 9.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDV or NOBL?

HDV is cheaper with a 0.08% expense ratio, compared with 0.35% for NOBL.

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

HDV has the higher dividend yield at 2.87%, compared with 2.05% for NOBL.

What is the main difference between HDV and NOBL?

HDV tracks Morningstar Dividend Yield Focus Index, while NOBL tracks S&P 500 Dividend Aristocrats Index. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.08% for HDV and 0.35% for NOBL.

Which has better risk-adjusted returns?

HDV currently has the higher Sharpe Ratio (2.20 vs 1.08), 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.