NOBL vs. TAIL

Last updated Jun 14, 2026

NOBL (ProShares S&P 500 Dividend Aristocrats ETF) and TAIL (Cambria Tail Risk ETF) are both exchange-traded funds - NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index, while TAIL is a Volatility Hedged Equity fund actively managed by Cambria. NOBL is passively managed, while TAIL is actively managed. Over the past 5 years, NOBL returned 5.94%/yr vs -8.40%/yr for TAIL. At a correlation of -0.53, they often move in opposite directions. NOBL charges 0.35%/yr vs 0.59%/yr for TAIL.

Performance

NOBL vs. TAIL - Performance Comparison

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

Returns By Period

In the year-to-date period, NOBL achieves a 7.43% return, which is significantly higher than TAIL's -5.78% return.

NOBL

• 1D: 0.54%
• 1M: 5.39%
• YTD: 7.43%
• 6M: 6.43%
• 1Y: 13.97%
• 3Y*: 8.55%
• 5Y*: 5.94%
• 10Y*: 9.94%

TAIL

• 1D: -0.60%
• 1M: 0.14%
• YTD: -5.78%
• 6M: -6.25%
• 1Y: -8.88%
• 3Y*: -4.93%
• 5Y*: -8.40%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

NOBL vs. TAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOBL ProShares S&P 500 Dividend Aristocrats ETF	7.43%	6.84%	6.72%	8.09%	-6.52%	25.46%	8.35%	27.39%	-3.26%	11.27%
TAIL Cambria Tail Risk ETF	-5.78%	5.48%	-9.62%	-13.29%	-13.13%	-12.81%	6.91%	-14.27%	2.85%	-7.55%

Correlation

The correlation between NOBL and TAIL is -0.18, 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	-0.18
Correlation (3Y) Calculated over the trailing 3-year period	-0.23
Correlation (5Y) Calculated over the trailing 5-year period	-0.43
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017	-0.53

Over the past year, the inverse relationship between NOBL and TAIL has weakened: their correlation has moved from -0.53 to -0.18, meaning they move in opposite directions less often than they have historically.

NOBL vs. TAIL - Sectors Allocation Comparison

Sectors	NOBL	TAIL
Consumer Defensive	23.6%	4.5%
Industrials	20.2%	7.8%
Financial Services	12.8%	11.1%
Healthcare	10.2%	8.3%
Basic Materials	10.2%	1.7%
Utilities	5.7%	2.1%
Consumer Cyclical	5.3%	9.9%
Technology	4.6%	39.0%
Real Estate	4.6%	1.8%
Energy	2.9%	3.1%
Communication Services	-	10.6%

Return for Risk

NOBL vs. TAIL — Risk / Return Rank

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

NOBL

NOBL Risk / Return Rank: 32
NOBL Sharpe Ratio Rank: 34
NOBL Sortino Ratio Rank: 36
NOBL Omega Ratio Rank: 31
NOBL Calmar Ratio Rank: 32
NOBL Martin Ratio Rank: 28

TAIL

TAIL Risk / Return Rank: 2
TAIL Sharpe Ratio Rank: 2
TAIL Sortino Ratio Rank: 2
TAIL Omega Ratio Rank: 2
TAIL Calmar Ratio Rank: 3
TAIL Martin Ratio Rank: 0

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. TAIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Dividend Aristocrats ETF (NOBL) and Cambria Tail Risk ETF (TAIL). 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	TAIL	Difference
Sharpe ratio: Return per unit of total volatility	1.09	-1.00	+2.09
Sortino ratio: Return per unit of downside risk	1.67	-1.43	+3.10
Omega ratio: Gain probability vs. loss probability	1.19	0.84	+0.35
Calmar ratio: Return relative to maximum drawdown	1.38	-0.78	+2.16
Martin ratio: Return relative to average drawdown	3.53	-1.82	+5.35

NOBL vs. TAIL - Sharpe Ratio Comparison

The current NOBL Sharpe Ratio is 1.09, which is higher than the TAIL Sharpe Ratio of -1.00. The chart below compares the historical Sharpe Ratios of NOBL and TAIL, 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. TAIL - Drawdown Comparison

The maximum NOBL drawdown since its inception was -35.43%, smaller than the maximum TAIL drawdown of -52.36%. Use the drawdown chart below to compare losses from any high point for NOBL and TAIL.

Drawdown Indicators

	NOBL	TAIL	Difference
Max Drawdown Largest peak-to-trough decline	-35.43%	-52.36%	+16.93%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-10.99%	+1.88%
Max Drawdown (3Y) Largest decline over 3 years	-15.36%	-20.69%	+5.33%
Max Drawdown (5Y) Largest decline over 5 years	-17.92%	-38.44%	+20.52%
Max Drawdown (10Y) Largest decline over 10 years	-35.43%	—	—
Current Drawdown Current decline from peak	-2.43%	-51.35%	+48.92%
Average Drawdown Average peak-to-trough decline	-3.48%	-29.18%	+25.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	4.68%	-1.12%

Volatility

NOBL vs. TAIL - Volatility Comparison

ProShares S&P 500 Dividend Aristocrats ETF (NOBL) has a higher volatility of 2.95% compared to Cambria Tail Risk ETF (TAIL) at 1.51%. This indicates that NOBL's price experiences larger fluctuations and is considered to be riskier than TAIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOBL	TAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	1.51%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	8.11%	6.56%	+1.55%
Volatility (1Y) Calculated over the trailing 1-year period	11.52%	8.51%	+3.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.41%	14.91%	-0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.61%	14.92%	+1.69%

NOBL vs. TAIL - Expense Ratio Comparison

NOBL has a 0.35% expense ratio, which is lower than TAIL's 0.59% expense ratio.

Dividends

NOBL vs. TAIL - Dividend Comparison

NOBL's dividend yield for the trailing twelve months is around 2.04%, less than TAIL's 3.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOBL ProShares S&P 500 Dividend Aristocrats ETF	2.04%	2.14%	2.05%	2.09%	1.94%	1.89%	2.14%	1.89%	2.37%	1.74%	2.13%	2.02%
TAIL Cambria Tail Risk ETF	3.48%	2.88%	3.48%	3.74%	1.50%	0.49%	0.36%	1.58%	1.52%	0.91%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NOBL and TAIL in my portfolio?

NOBL and TAIL have a correlation of -0.18, 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 TAIL?

NOBL has higher volatility (2.95%) compared to TAIL (1.51%). In terms of maximum drawdown, NOBL dropped -35.43% vs TAIL's -52.36%.

Which ETF is better, NOBL or TAIL?

On 5-year performance, NOBL leads with 5.94% vs -8.40% for TAIL. On fees, NOBL is cheaper at 0.35% per year. On volatility, TAIL has been the lower-risk option at 1.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NOBL or TAIL?

Over the 5-year period, NOBL has performed better with a 5.94% return vs -8.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NOBL or TAIL?

NOBL is cheaper with a 0.35% expense ratio, compared with 0.59% for TAIL.

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

TAIL has the higher dividend yield at 3.48%, compared with 2.04% for NOBL.

What is the main difference between NOBL and TAIL?

NOBL is categorized as Dividend, while TAIL is Volatility Hedged Equity. They also come from different issuers: ProShares and Cambria. Their fees differ too: 0.35% for NOBL and 0.59% for TAIL.

Which has better risk-adjusted returns?

NOBL currently has the higher Sharpe Ratio (1.09 vs -1.00), 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.