NOBL vs. SCDL
NOBL (ProShares S&P 500 Dividend Aristocrats ETF) and SCDL (ETRACS 2x Leveraged U.S. Dividend Factor TR ETN) are both exchange-traded funds - NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index, while SCDL is a Leveraged Equities fund tracking the Dow Jones U.S. Dividend 100 (200%). Both are passively managed. Over the past 5 years, NOBL returned 5.03%/yr vs 9.40%/yr for SCDL. Their correlation of 0.90 suggests significant overlap in exposure. NOBL charges 0.35%/yr vs 0.95%/yr for SCDL.
Performance
NOBL vs. SCDL - Performance Comparison
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Returns By Period
In the year-to-date period, NOBL achieves a 3.51% return, which is significantly lower than SCDL's 37.06% return.
NOBL
- 1D
- -0.17%
- 1M
- 1.01%
- YTD
- 3.51%
- 6M
- 3.45%
- 1Y
- 9.00%
- 3Y*
- 8.01%
- 5Y*
- 5.03%
- 10Y*
- 9.51%
SCDL
- 1D
- 0.51%
- 1M
- 5.01%
- YTD
- 37.06%
- 6M
- 35.80%
- 1Y
- 50.97%
- 3Y*
- 22.79%
- 5Y*
- 9.40%
- 10Y*
- —
NOBL vs. SCDL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 3.51% | 6.84% | 6.72% | 8.09% | -6.52% | 23.83% |
SCDL ETRACS 2x Leveraged U.S. Dividend Factor TR ETN | 37.06% | 2.05% | 14.99% | 0.18% | -13.06% | 52.47% |
Correlation
The correlation between NOBL and SCDL is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.90 |
The correlation between NOBL and SCDL has been stable across timeframes, ranging from 0.81 to 0.90 - a consistent structural relationship.
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Return for Risk
NOBL vs. SCDL — Risk / Return Rank
NOBL
SCDL
NOBL vs. SCDL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Dividend Aristocrats ETF (NOBL) and ETRACS 2x Leveraged U.S. Dividend Factor TR ETN (SCDL). 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.
| NOBL | SCDL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.57 | ||
| Sortino ratioReturn per unit of downside risk | -2.16 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.39 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 0.99 | 5.03 | -4.04 |
| Martin ratioReturn relative to average drawdown | 2.58 | 12.65 | -10.07 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NOBL | SCDL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.80 | 2.37 | -1.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 0.33 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 0.53 | +0.11 |
Drawdowns
NOBL vs. SCDL - Drawdown Comparison
The maximum NOBL drawdown since its inception was -35.43%, roughly equal to the maximum SCDL drawdown of -34.87%. Use the drawdown chart below to compare losses from any high point for NOBL and SCDL.
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Drawdown Indicators
| NOBL | SCDL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.43% | -34.87% | -0.56% |
Max Drawdown (1Y)Largest decline over 1 year | -9.11% | -10.19% | +1.08% |
Max Drawdown (3Y)Largest decline over 3 years | -15.36% | -32.79% | +17.43% |
Max Drawdown (5Y)Largest decline over 5 years | -17.92% | -34.87% | +16.95% |
Max Drawdown (10Y)Largest decline over 10 years | -35.43% | — | — |
Current DrawdownCurrent decline from peak | -5.99% | -2.79% | -3.20% |
Average DrawdownAverage peak-to-trough decline | -3.48% | -11.96% | +8.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.50% | 4.04% | -0.54% |
Volatility
NOBL vs. SCDL - Volatility Comparison
The current volatility for ProShares S&P 500 Dividend Aristocrats ETF (NOBL) is 2.36%, while ETRACS 2x Leveraged U.S. Dividend Factor TR ETN (SCDL) has a volatility of 5.20%. This indicates that NOBL experiences smaller price fluctuations and is considered to be less risky than SCDL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NOBL | SCDL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.36% | 5.20% | -2.84% |
Volatility (6M)Calculated over the trailing 6-month period | 8.00% | 14.82% | -6.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.33% | 21.66% | -10.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.38% | 29.02% | -14.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.60% | 28.89% | -12.29% |
NOBL vs. SCDL - Expense Ratio Comparison
NOBL has a 0.35% expense ratio, which is lower than SCDL's 0.95% expense ratio.
Dividends
NOBL vs. SCDL - Dividend Comparison
NOBL's dividend yield for the trailing twelve months is around 2.12%, while SCDL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 2.12% | 2.14% | 2.05% | 2.09% | 1.94% | 1.89% | 2.14% | 1.89% | 2.37% | 1.74% | 2.13% | 2.02% |
SCDL ETRACS 2x Leveraged U.S. Dividend Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NOBL and SCDL have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SCDL has higher volatility (5.20%) compared to NOBL (2.36%). In terms of maximum drawdown, NOBL dropped -35.43% vs SCDL's -34.87%.
On 5-year performance, SCDL leads with 9.40% vs 5.03% for NOBL. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 2.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SCDL has performed better with a 9.40% return vs 5.03%. 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 SCDL.
NOBL has the higher dividend yield at 2.12%, compared with 0.00% for SCDL.
NOBL is categorized as Dividend, while SCDL is Leveraged Equities. NOBL tracks S&P 500 Dividend Aristocrats Index, while SCDL tracks Dow Jones U.S. Dividend 100 (200%). They also come from different issuers: ProShares and UBS. Their fees differ too: 0.35% for NOBL and 0.95% for SCDL.
SCDL currently has the higher Sharpe Ratio (2.37 vs 0.80), 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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