NOBL vs. UDIV

Last updated Aug 4, 2026

NOBL (ProShares S&P 500 Dividend Aristocrats ETF) and UDIV (Franklin U.S. Core Dividend Tilt Index ETF) are both Dividend funds - NOBL tracks the S&P 500 Dividend Aristocrats Index while UDIV tracks the Linked Morningstar US Dividend Enhanced Select Index. Both are passively managed. Over the past 10 years, NOBL returned 9.85%/yr vs 11.74%/yr for UDIV. Their 0.70 correlation means they have sometimes moved together and sometimes differently. NOBL charges 0.35%/yr vs 0.06%/yr for UDIV.

Performance

NOBL vs. UDIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Dividend Aristocrats ETF (NOBL) and Franklin U.S. Core Dividend Tilt Index ETF (UDIV). 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 lower than UDIV's 15.34% return. Over the past 10 years, NOBL has underperformed UDIV with an annualized return of 9.85%, while UDIV has yielded a comparatively higher 11.74% 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%

UDIV

• 1D: 1.29%
• 1M: 1.88%
• 6M: 12.09%
• YTD: 15.34%
• 1Y: 27.20%
• 3Y*: 22.93%
• 5Y*: 14.20%
• 10Y*: 11.74%
• ALL TIME*: 11.87%

*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
UDIV Franklin U.S. Core Dividend Tilt Index ETF	$440.44K	$429.58K	$923.42K

NOBL vs. UDIV - 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%
UDIV Franklin U.S. Core Dividend Tilt Index ETF	15.34%	19.00%	25.61%	25.21%	-15.00%	19.66%	5.54%	24.60%	-8.83%	17.44%

Correlation

The correlation between NOBL and UDIV is 0.29, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.29
Correlation (3Y) Balances recent behavior with more history.	0.54
Correlation (5Y) Shows whether the relationship held over a longer period.	0.69
Correlation (10Y) Provides a long-term view across more market conditions.	0.71
Correlation (All Time) Calculated using the full available price history since Jun 3, 2016	0.70

Over the past year, the correlation between NOBL and UDIV has dropped to 0.29 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

NOBL vs. UDIV - Sectors Allocation Comparison

Sectors	NOBL	UDIV
Consumer Defensive	23.3%	5.4%
Industrials	20.3%	6.0%
Financial Services	13.2%	11.4%
Healthcare	10.8%	7.7%
Basic Materials	9.4%	0.7%
Utilities	5.7%	2.7%
Consumer Cyclical	5.3%	8.9%
Real Estate	4.6%	3.7%
Technology	4.3%	40.3%
Energy	2.9%	3.3%
Communication Services	-	10.1%

Return for Risk

NOBL vs. UDIV — 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

UDIV

UDIV Risk / Return Rank: 85
UDIV Sharpe Ratio Rank: 87
UDIV Sortino Ratio Rank: 84
UDIV Omega Ratio Rank: 85
UDIV Calmar Ratio Rank: 84
UDIV Martin Ratio Rank: 87

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. UDIV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Dividend Aristocrats ETF (NOBL) and Franklin U.S. Core Dividend Tilt Index ETF (UDIV). 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	UDIV	Difference
Sharpe ratio: Return per unit of total volatility	1.36	2.11	-0.75
Sortino ratio: Return per unit of downside risk	2.07	2.86	-0.79
Omega ratio: Gain probability vs. loss probability	1.23	1.38	-0.14
Calmar ratio: Return relative to maximum drawdown	1.77	3.24	-1.46
Martin ratio: Return relative to average drawdown	4.49	13.30	-8.80

NOBL vs. UDIV - Sharpe Ratio Comparison

The current NOBL Sharpe Ratio is 1.36, which is lower than the UDIV Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of NOBL and UDIV, 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. UDIV - Drawdown Comparison

The maximum NOBL drawdown since its inception was -35.43%, roughly equal to the maximum UDIV drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for NOBL and UDIV.

Drawdown Indicators

	NOBL	UDIV	Difference
Max Drawdown Largest peak-to-trough decline	-35.43%	-35.21%	-0.22%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-8.44%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-15.36%	-19.19%	+3.83%
Max Drawdown (5Y) Largest decline over 5 years	-17.92%	-23.18%	+5.26%
Max Drawdown (10Y) Largest decline over 10 years	-35.43%	-35.21%	-0.22%
Current Drawdown Current decline from peak	-1.73%	-0.39%	-1.34%
Average Drawdown Average peak-to-trough decline	-3.46%	-4.60%	+1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	2.05%	+1.54%

Volatility

NOBL vs. UDIV - Volatility Comparison

ProShares S&P 500 Dividend Aristocrats ETF (NOBL) has a higher volatility of 4.72% compared to Franklin U.S. Core Dividend Tilt Index ETF (UDIV) at 4.09%. This indicates that NOBL's price experiences larger fluctuations and is considered to be riskier than UDIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOBL	UDIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.72%	4.09%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	9.11%	10.33%	-1.22%
Volatility (1Y) Calculated over the trailing 1-year period	11.92%	13.00%	-1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.48%	15.67%	-1.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.64%	16.18%	+0.46%

NOBL vs. UDIV - Expense Ratio Comparison

NOBL has a 0.35% expense ratio, which is higher than UDIV's 0.06% expense ratio.

Dividends

NOBL vs. UDIV - Dividend Comparison

NOBL's dividend yield for the trailing twelve months is around 2.03%, more than UDIV's 1.46% 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%
UDIV Franklin U.S. Core Dividend Tilt Index ETF	1.46%	1.53%	2.05%	1.91%	3.20%	2.97%	2.90%	3.40%	3.74%	3.47%	1.63%	0.00%

Frequently Asked Questions

Can I hold both NOBL and UDIV in my portfolio?

NOBL and UDIV have a correlation of 0.29, 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 UDIV?

NOBL has higher volatility (4.72%) compared to UDIV (4.09%). In terms of maximum drawdown, NOBL dropped -35.43% vs UDIV's -35.21%.

Which ETF is better, NOBL or UDIV?

On 10-year performance, UDIV leads with 11.74% vs 9.85% for NOBL. On fees, UDIV is cheaper at 0.06% per year. On volatility, UDIV has been the lower-risk option at 4.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NOBL or UDIV?

Over the 10-year period, UDIV has performed better with a 11.74% 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 UDIV?

UDIV is cheaper with a 0.06% expense ratio, compared with 0.35% for NOBL.

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

NOBL has the higher dividend yield at 2.03%, compared with 1.46% for UDIV.

What is the main difference between NOBL and UDIV?

NOBL tracks S&P 500 Dividend Aristocrats Index, while UDIV tracks Linked Morningstar US Dividend Enhanced Select Index. They also come from different issuers: ProShares and Franklin Templeton. Their fees differ too: 0.35% for NOBL and 0.06% for UDIV.

Which has better risk-adjusted returns?

UDIV currently has the higher Sharpe Ratio (2.11 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.