NOBL vs. CCEF

Last updated Aug 4, 2026

NOBL (ProShares S&P 500 Dividend Aristocrats ETF) and CCEF (Calamos CEF Income & Arbitrage ETF) are both Dividend funds. NOBL is passively managed, while CCEF is actively managed. Over the past year, NOBL returned 16.10% vs 13.67% for CCEF. Their 0.54 correlation means they have sometimes moved together and sometimes differently. NOBL charges 0.35%/yr vs 2.74%/yr for CCEF.

Performance

NOBL vs. CCEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Dividend Aristocrats ETF (NOBL) and Calamos CEF Income & Arbitrage ETF (CCEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOBL achieves a 11.50% return, which is significantly higher than CCEF's 7.28% return.

NOBL

• 1D: 0.60%
• 1M: -0.50%
• 6M: 4.99%
• YTD: 11.50%
• 1Y: 16.10%
• 3Y*: 8.76%
• 5Y*: 6.69%
• 10Y*: 9.85%
• ALL TIME*: 10.74%

CCEF

• 1D: 0.71%
• 1M: 0.39%
• 6M: 3.87%
• YTD: 7.28%
• 1Y: 13.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.21%

*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)
CCEF Calamos CEF Income & Arbitrage ETF	$84.87K	$111.22K	$103.52K
NOBL ProShares S&P 500 Dividend Aristocrats ETF	$70.34M	$67.56M	$62.19M

NOBL vs. CCEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NOBL ProShares S&P 500 Dividend Aristocrats ETF	11.50%	6.84%	7.18%
CCEF Calamos CEF Income & Arbitrage ETF	7.28%	13.47%	17.80%

Correlation

The correlation between NOBL and CCEF is 0.36, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.36
Correlation (All Time) Calculated using the full available price history since Jan 16, 2024	0.54

The correlation between NOBL and CCEF shifts across timeframes, from 0.36 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NOBL vs. CCEF — Risk / Return Rank

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

NOBL

NOBL Risk / Return Rank: 51
NOBL Sharpe Ratio Rank: 56
NOBL Sortino Ratio Rank: 60
NOBL Omega Ratio Rank: 50
NOBL Calmar Ratio Rank: 48
NOBL Martin Ratio Rank: 42

CCEF

CCEF Risk / Return Rank: 62
CCEF Sharpe Ratio Rank: 68
CCEF Sortino Ratio Rank: 67
CCEF Omega Ratio Rank: 68
CCEF Calmar Ratio Rank: 47
CCEF Martin Ratio Rank: 60

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.

NOBL vs. CCEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Dividend Aristocrats ETF (NOBL) and Calamos CEF Income & Arbitrage ETF (CCEF). 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.

	NOBL	CCEF	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.63	-0.27
Sortino ratio: Return per unit of downside risk	2.07	2.28	-0.21
Omega ratio: Gain probability vs. loss probability	1.23	1.30	-0.07
Calmar ratio: Return relative to maximum drawdown	1.77	1.77	0.00
Martin ratio: Return relative to average drawdown	4.49	7.56	-3.07

NOBL vs. CCEF - Sharpe Ratio Comparison

The current NOBL Sharpe Ratio is 1.36, which is comparable to the CCEF Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of NOBL and CCEF, 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

NOBL vs. CCEF - Drawdown Comparison

The maximum NOBL drawdown since its inception was -35.43%, which is greater than CCEF's maximum drawdown of -13.25%. Use the drawdown chart below to compare losses from any high point for NOBL and CCEF.

Drawdown Indicators

	NOBL	CCEF	Difference
Max Drawdown Largest peak-to-trough decline	-35.43%	-13.25%	-22.18%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-7.75%	-1.36%
Max Drawdown (3Y) Largest decline over 3 years	-15.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.92%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.43%	—	—
Current Drawdown Current decline from peak	-1.73%	-0.15%	-1.58%
Average Drawdown Average peak-to-trough decline	-3.46%	-1.32%	-2.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	1.81%	+1.78%

Volatility

NOBL vs. CCEF - Volatility Comparison

ProShares S&P 500 Dividend Aristocrats ETF (NOBL) has a higher volatility of 4.72% compared to Calamos CEF Income & Arbitrage ETF (CCEF) at 2.18%. This indicates that NOBL's price experiences larger fluctuations and is considered to be riskier than CCEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOBL	CCEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.72%	2.18%	+2.54%
Volatility (6M) Calculated over the trailing 6-month period	9.11%	7.18%	+1.93%
Volatility (1Y) Calculated over the trailing 1-year period	11.92%	8.43%	+3.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.48%	10.66%	+3.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.64%	10.66%	+5.98%

NOBL vs. CCEF - Expense Ratio Comparison

NOBL has a 0.35% expense ratio, which is lower than CCEF's 2.74% expense ratio.

Dividends

NOBL vs. CCEF - Dividend Comparison

NOBL's dividend yield for the trailing twelve months is around 2.03%, less than CCEF's 8.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCEF Calamos CEF Income & Arbitrage ETF	8.02%	8.08%	6.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NOBL ProShares S&P 500 Dividend Aristocrats ETF	2.03%	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 NOBL and CCEF in my portfolio?

NOBL and CCEF have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOBL or CCEF?

NOBL has higher volatility (4.72%) compared to CCEF (2.18%). In terms of maximum drawdown, NOBL dropped -35.43% vs CCEF's -13.25%.

Which ETF is better, NOBL or CCEF?

On 1-year performance, NOBL leads with 16.10% vs 13.67% for CCEF. On fees, NOBL is cheaper at 0.35% per year. On volatility, CCEF has been the lower-risk option at 2.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NOBL or CCEF?

Over the 1-year period, NOBL has performed better with a 16.10% return vs 13.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NOBL or CCEF?

NOBL is cheaper with a 0.35% expense ratio, compared with 2.74% for CCEF.

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

CCEF has the higher dividend yield at 8.02%, compared with 2.03% for NOBL.

What is the main difference between NOBL and CCEF?

They also come from different issuers: ProShares and Calamos. Their fees differ too: 0.35% for NOBL and 2.74% for CCEF.

Which has better risk-adjusted returns?

CCEF currently has the higher Sharpe Ratio (1.63 vs 1.36), 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.