MZZ vs. NOBL
MZZ (ProShares UltraShort MidCap400) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - MZZ is a Leveraged Equities fund tracking the S&P MidCap 400 Index (-200%), while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, MZZ returned -24.79%/yr vs 9.69%/yr for NOBL. At a correlation of -0.81, they often move in opposite directions. MZZ charges 0.95%/yr vs 0.35%/yr for NOBL.
Performance
MZZ vs. NOBL - Performance Comparison
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Returns By Period
In the year-to-date period, MZZ achieves a -23.87% return, which is significantly lower than NOBL's 10.28% return. Over the past 10 years, MZZ has underperformed NOBL with an annualized return of -24.79%, while NOBL has yielded a comparatively higher 9.69% annualized return.
MZZ
- 1D
- -0.17%
- 1M
- 0.80%
- 6M
- -16.61%
- YTD
- -23.87%
- 1Y
- -29.15%
- 3Y*
- -20.89%
- 5Y*
- -16.96%
- 10Y*
- -24.79%
NOBL
- 1D
- 0.85%
- 1M
- 2.65%
- 6M
- 7.17%
- YTD
- 10.28%
- 1Y
- 13.02%
- 3Y*
- 8.61%
- 5Y*
- 6.59%
- 10Y*
- 9.69%
MZZ vs. NOBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | -23.87% | -14.68% | -17.75% | -23.67% | 13.02% | -42.14% | -53.08% | -38.03% | 22.83% | -27.72% |
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 10.28% | 6.84% | 6.72% | 8.09% | -6.52% | 25.46% | 8.35% | 27.39% | -3.26% | 21.02% |
Correlation
The correlation between MZZ and NOBL is -0.59, 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 | -0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.80 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013 | -0.81 |
Over the past year, the inverse relationship between MZZ and NOBL has weakened: their correlation has moved from -0.81 to -0.59, meaning they move in opposite directions less often than they have historically.
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Return for Risk
MZZ vs. NOBL — Risk / Return Rank
MZZ
NOBL
MZZ vs. NOBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MidCap400 (MZZ) 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.
| MZZ | NOBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.92 | ||
| Sortino ratioReturn per unit of downside risk | -2.75 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.18 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 1.32 | -2.12 |
| Martin ratioReturn relative to average drawdown | -1.48 | 3.35 | -4.83 |
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Drawdowns
MZZ vs. NOBL - Drawdown Comparison
The maximum MZZ drawdown since its inception was -99.90%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for MZZ and NOBL.
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Drawdown Indicators
| MZZ | NOBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.90% | -35.43% | -64.47% |
Max Drawdown (1Y)Largest decline over 1 year | -35.02% | -9.11% | -25.91% |
Max Drawdown (3Y)Largest decline over 3 years | -64.13% | -15.36% | -48.77% |
Max Drawdown (5Y)Largest decline over 5 years | -70.29% | -17.92% | -52.37% |
Max Drawdown (10Y)Largest decline over 10 years | -94.79% | -35.43% | -59.36% |
Current DrawdownCurrent decline from peak | -99.90% | -1.59% | -98.31% |
Average DrawdownAverage peak-to-trough decline | -86.13% | -3.47% | -82.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.96% | 3.59% | +15.37% |
Volatility
MZZ vs. NOBL - Volatility Comparison
ProShares UltraShort MidCap400 (MZZ) has a higher volatility of 9.27% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 3.96%. This indicates that MZZ'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
| MZZ | NOBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.27% | 3.96% | +5.31% |
Volatility (6M)Calculated over the trailing 6-month period | 23.59% | 8.59% | +15.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.72% | 11.67% | +20.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.15% | 14.42% | +24.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.23% | 16.58% | +24.65% |
MZZ vs. NOBL - Expense Ratio Comparison
MZZ has a 0.95% expense ratio, which is higher than NOBL's 0.35% expense ratio.
Dividends
MZZ vs. NOBL - Dividend Comparison
MZZ's dividend yield for the trailing twelve months is around 5.67%, more than NOBL's 2.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MZZ ProShares UltraShort MidCap400 | 5.67% | 5.27% | 6.36% | 4.52% | 0.25% | 0.00% | 0.22% | 1.53% | 0.53% | 0.00% | 0.00% | 0.00% |
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
MZZ and NOBL have a correlation of -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MZZ has higher volatility (9.27%) compared to NOBL (3.96%). In terms of maximum drawdown, MZZ dropped -99.90% vs NOBL's -35.43%.
On 10-year performance, NOBL leads with 9.69% vs -24.79% for MZZ. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 3.96%. 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 9.69% return vs -24.79%. 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 MZZ.
MZZ has the higher dividend yield at 5.67%, compared with 2.05% for NOBL.
MZZ is categorized as Leveraged Equities, while NOBL is Dividend. MZZ tracks S&P MidCap 400 Index (-200%), while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.95% for MZZ and 0.35% for NOBL.
NOBL currently has the higher Sharpe Ratio (1.04 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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