NOBL vs. SPY

Last updated Jul 28, 2026

NOBL (ProShares S&P 500 Dividend Aristocrats ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, NOBL returned 9.85%/yr vs 14.86%/yr for SPY. Their 0.79 correlation means they have sometimes moved together and sometimes differently. NOBL charges 0.35%/yr vs 0.09%/yr for SPY.

Performance

NOBL vs. SPY - Performance Comparison

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

Returns By Period

In the year-to-date period, NOBL achieves a 11.60% return, which is significantly higher than SPY's 8.96% return. Over the past 10 years, NOBL has underperformed SPY with an annualized return of 9.85%, while SPY has yielded a comparatively higher 14.86% annualized return.

NOBL

• 1D: 0.98%
• 1M: 2.10%
• 6M: 6.02%
• YTD: 11.60%
• 1Y: 12.24%
• 3Y*: 8.21%
• 5Y*: 6.79%
• 10Y*: 9.85%
• ALL TIME*: 10.77%

SPY

• 1D: 0.02%
• 1M: 1.39%
• 6M: 7.26%
• YTD: 8.96%
• 1Y: 17.29%
• 3Y*: 18.85%
• 5Y*: 12.50%
• 10Y*: 14.86%
• ALL TIME*: 10.76%

*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)
NOBL ProShares S&P 500 Dividend Aristocrats ETF	$66.18M	$67.22M	$58.93M
SPY State Street SPDR S&P 500 ETF	$33.26B	$34.73B	$38.70B

NOBL vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOBL ProShares S&P 500 Dividend Aristocrats ETF	11.60%	6.84%	6.72%	8.09%	-6.52%	25.46%	8.35%	27.39%	-3.26%	21.02%
SPY State Street SPDR S&P 500 ETF	8.96%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between NOBL and SPY is 0.30, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.30
Correlation (3Y) Balances recent behavior with more history.	0.53
Correlation (5Y) Shows whether the relationship held over a longer period.	0.68
Correlation (10Y) Provides a long-term view across more market conditions.	0.75
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013	0.79

Over the past year, the correlation between NOBL and SPY has dropped to 0.30 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

NOBL vs. SPY - Sectors Allocation Comparison

Sectors	NOBL	SPY
Consumer Defensive	23.5%	4.5%
Industrials	20.1%	8.3%
Financial Services	13.3%	12.1%
Healthcare	10.9%	9.1%
Basic Materials	9.4%	1.7%
Utilities	5.7%	2.3%
Consumer Cyclical	5.3%	8.8%
Real Estate	4.6%	1.9%
Technology	4.3%	38.4%
Energy	2.8%	3.4%
Communication Services	-	9.2%

Return for Risk

NOBL vs. SPY — Risk / Return Rank

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

NOBL

NOBL Risk / Return Rank: 39
NOBL Sharpe Ratio Rank: 41
NOBL Sortino Ratio Rank: 44
NOBL Omega Ratio Rank: 38
NOBL Calmar Ratio Rank: 38
NOBL Martin Ratio Rank: 34

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 55
SPY Omega Ratio Rank: 56
SPY Calmar Ratio Rank: 55
SPY Martin Ratio Rank: 69

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.

NOBL vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Dividend Aristocrats ETF (NOBL) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.04	1.37	-0.33
Sortino ratio: Return per unit of downside risk	1.62	1.93	-0.30
Omega ratio: Gain probability vs. loss probability	1.18	1.25	-0.07
Calmar ratio: Return relative to maximum drawdown	1.35	1.95	-0.61
Martin ratio: Return relative to average drawdown	3.42	8.40	-4.98

NOBL vs. SPY - Sharpe Ratio Comparison

The current NOBL Sharpe Ratio is 1.04, which is comparable to the SPY Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of NOBL and SPY, 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. SPY - Drawdown Comparison

The maximum NOBL drawdown since its inception was -35.43%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for NOBL and SPY.

Drawdown Indicators

	NOBL	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-35.43%	-55.19%	+19.76%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-8.88%	-0.23%
Max Drawdown (3Y) Largest decline over 3 years	-15.36%	-18.76%	+3.40%
Max Drawdown (5Y) Largest decline over 5 years	-17.92%	-24.50%	+6.58%
Max Drawdown (10Y) Largest decline over 10 years	-35.43%	-33.72%	-1.71%
Current Drawdown Current decline from peak	-0.42%	-2.45%	+2.03%
Average Drawdown Average peak-to-trough decline	-3.47%	-9.02%	+5.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	2.06%	+1.55%

Volatility

NOBL vs. SPY - Volatility Comparison

ProShares S&P 500 Dividend Aristocrats ETF (NOBL) has a higher volatility of 4.53% compared to State Street SPDR S&P 500 ETF (SPY) at 3.28%. This indicates that NOBL's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOBL	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.53%	3.28%	+1.25%
Volatility (6M) Calculated over the trailing 6-month period	8.83%	9.88%	-1.05%
Volatility (1Y) Calculated over the trailing 1-year period	11.80%	12.70%	-0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.45%	17.15%	-2.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.62%	17.94%	-1.32%

NOBL vs. SPY - Expense Ratio Comparison

NOBL has a 0.35% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

NOBL vs. SPY - Dividend Comparison

NOBL's dividend yield for the trailing twelve months is around 2.03%, more than SPY's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPY State Street SPDR S&P 500 ETF	1.02%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both NOBL and SPY in my portfolio?

NOBL and SPY have a correlation of 0.30, 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 SPY?

NOBL has higher volatility (4.53%) compared to SPY (3.28%). In terms of maximum drawdown, NOBL dropped -35.43% vs SPY's -55.19%.

Which ETF is better, NOBL or SPY?

On 10-year performance, SPY leads with 14.86% vs 9.85% for NOBL. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NOBL or SPY?

Over the 10-year period, SPY has performed better with a 14.86% return vs 9.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NOBL or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.35% for NOBL.

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

NOBL has the higher dividend yield at 2.03%, compared with 1.02% for SPY.

What is the main difference between NOBL and SPY?

NOBL is categorized as Dividend, while SPY is S&P 500. NOBL tracks S&P 500 Dividend Aristocrats Index, while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.35% for NOBL and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.37 vs 1.04), 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.