NOBL vs. SQQQ

Last updated Aug 4, 2026

NOBL (ProShares S&P 500 Dividend Aristocrats ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, NOBL returned 9.85%/yr vs -54.51%/yr for SQQQ. Their -0.58 correlation means they have often moved in opposite directions in the past. NOBL charges 0.35%/yr vs 0.95%/yr for SQQQ.

Performance

NOBL vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Dividend Aristocrats ETF (NOBL) and ProShares UltraPro Short QQQ (SQQQ). 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 SQQQ's -38.05% return. Over the past 10 years, NOBL has outperformed SQQQ with an annualized return of 9.85%, while SQQQ has yielded a comparatively lower -54.51% annualized 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%

SQQQ

• 1D: -5.26%
• 1M: 3.70%
• 6M: -34.63%
• YTD: -38.05%
• 1Y: -54.82%
• 3Y*: -52.10%
• 5Y*: -44.80%
• 10Y*: -54.51%
• ALL TIME*: -52.82%

*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	$70.34M	$67.56M	$62.19M
SQQQ ProShares UltraPro Short QQQ	$2.77B	$2.43B	$2.72B

NOBL vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOBL ProShares S&P 500 Dividend Aristocrats ETF	11.50%	6.84%	6.72%	8.09%	-6.52%	25.46%	8.35%	27.39%	-3.26%	21.02%
SQQQ ProShares UltraPro Short QQQ	-38.05%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%

Correlation

The correlation between NOBL and SQQQ is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.06
Correlation (3Y) Balances recent behavior with more history.	-0.29
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.48
Correlation (10Y) Provides a long-term view across more market conditions.	-0.53
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013	-0.58

Over the past year, the inverse relationship between NOBL and SQQQ has weakened: their correlation has moved from -0.58 to -0.06, meaning they move in opposite directions less often than they have historically.

NOBL vs. SQQQ - Sectors Allocation Comparison

Sectors	NOBL	SQQQ
Consumer Defensive	23.3%	-
Industrials	20.3%	-
Financial Services	13.2%	89.7%
Healthcare	10.8%	-
Basic Materials	9.4%	-
Utilities	5.7%	-
Consumer Cyclical	5.3%	-
Real Estate	4.6%	-
Technology	4.3%	-
Energy	2.9%	-
Communication Services	-	-

Return for Risk

NOBL vs. SQQQ — 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

SQQQ

SQQQ Risk / Return Rank: 1
SQQQ Sharpe Ratio Rank: 2
SQQQ Sortino Ratio Rank: 2
SQQQ Omega Ratio Rank: 2
SQQQ Calmar Ratio Rank: 1
SQQQ Martin Ratio Rank: 0

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. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Dividend Aristocrats ETF (NOBL) and ProShares UltraPro Short QQQ (SQQQ). 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	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.36	-0.95	+2.31
Sortino ratio: Return per unit of downside risk	2.07	-1.51	+3.58
Omega ratio: Gain probability vs. loss probability	1.23	0.84	+0.40
Calmar ratio: Return relative to maximum drawdown	1.77	-0.92	+2.70
Martin ratio: Return relative to average drawdown	4.49	-1.65	+6.14

NOBL vs. SQQQ - Sharpe Ratio Comparison

The current NOBL Sharpe Ratio is 1.36, which is higher than the SQQQ Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of NOBL and SQQQ, 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. SQQQ - Drawdown Comparison

The maximum NOBL drawdown since its inception was -35.43%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for NOBL and SQQQ.

Drawdown Indicators

	NOBL	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-35.43%	-100.00%	+64.57%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-59.62%	+50.51%
Max Drawdown (3Y) Largest decline over 3 years	-15.36%	-92.51%	+77.15%
Max Drawdown (5Y) Largest decline over 5 years	-17.92%	-97.27%	+79.35%
Max Drawdown (10Y) Largest decline over 10 years	-35.43%	-99.97%	+64.54%
Current Drawdown Current decline from peak	-1.73%	-100.00%	+98.27%
Average Drawdown Average peak-to-trough decline	-3.46%	-92.78%	+89.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	35.25%	-31.66%

Volatility

NOBL vs. SQQQ - Volatility Comparison

The current volatility for ProShares S&P 500 Dividend Aristocrats ETF (NOBL) is 4.72%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 21.07%. This indicates that NOBL experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOBL	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.72%	21.07%	-16.35%
Volatility (6M) Calculated over the trailing 6-month period	9.11%	48.20%	-39.09%
Volatility (1Y) Calculated over the trailing 1-year period	11.92%	57.95%	-46.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.48%	68.24%	-53.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.64%	66.78%	-50.14%

NOBL vs. SQQQ - Expense Ratio Comparison

NOBL has a 0.35% expense ratio, which is lower than SQQQ's 0.95% expense ratio.

Dividends

NOBL vs. SQQQ - Dividend Comparison

NOBL's dividend yield for the trailing twelve months is around 2.03%, less than SQQQ's 9.64% 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%
SQQQ ProShares UltraPro Short QQQ	9.64%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NOBL and SQQQ in my portfolio?

NOBL and SQQQ have a correlation of -0.06, 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 SQQQ?

SQQQ has higher volatility (21.07%) compared to NOBL (4.72%). In terms of maximum drawdown, NOBL dropped -35.43% vs SQQQ's -100.00%.

Which ETF is better, NOBL or SQQQ?

On 10-year performance, NOBL leads with 9.85% vs -54.51% for SQQQ. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 4.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NOBL or SQQQ?

Over the 10-year period, NOBL has performed better with a 9.85% return vs -54.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NOBL or SQQQ?

NOBL is cheaper with a 0.35% expense ratio, compared with 0.95% for SQQQ.

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

SQQQ has the higher dividend yield at 9.64%, compared with 2.03% for NOBL.

What is the main difference between NOBL and SQQQ?

NOBL is categorized as Dividend, while SQQQ is Leveraged Equities. NOBL tracks S&P 500 Dividend Aristocrats Index, while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.35% for NOBL and 0.95% for SQQQ.

Which has better risk-adjusted returns?

NOBL currently has the higher Sharpe Ratio (1.36 vs -0.95), 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.