NOBL vs. USMV

Last updated Aug 4, 2026

NOBL (ProShares S&P 500 Dividend Aristocrats ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index, while USMV is a Low Volatility fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, NOBL returned 9.85%/yr vs 9.69%/yr for USMV. Their correlation of 0.87 means they have usually moved in the same direction. NOBL charges 0.35%/yr vs 0.15%/yr for USMV.

Performance

NOBL vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Dividend Aristocrats ETF (NOBL) and iShares MSCI USA Min Vol Factor ETF (USMV). 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 USMV's 5.12% return. Both investments have delivered pretty close results over the past 10 years, with NOBL having a 9.85% annualized return and USMV not far behind at 9.69%.

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%

USMV

• 1D: 0.35%
• 1M: 0.39%
• 6M: 3.78%
• YTD: 5.12%
• 1Y: 8.05%
• 3Y*: 11.61%
• 5Y*: 6.93%
• 10Y*: 9.69%
• ALL TIME*: 11.67%

*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
USMV iShares MSCI USA Min Vol Factor ETF	$238.33M	$228.63M	$219.79M

NOBL vs. USMV - 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%
USMV iShares MSCI USA Min Vol Factor ETF	5.12%	7.65%	15.74%	10.33%	-9.43%	20.85%	5.64%	27.69%	1.33%	18.91%

Correlation

The correlation between NOBL and USMV is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.73
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (10Y) Provides a long-term view across more market conditions.	0.85
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013	0.87

The correlation between NOBL and USMV shifts across timeframes, from 0.73 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.

NOBL vs. USMV - Sectors Allocation Comparison

Sectors	NOBL	USMV
Consumer Defensive	23.3%	9.3%
Industrials	20.3%	6.4%
Financial Services	13.2%	11.8%
Healthcare	10.8%	13.4%
Basic Materials	9.4%	2.2%
Utilities	5.7%	7.2%
Consumer Cyclical	5.3%	5.8%
Real Estate	4.6%	2.6%
Technology	4.3%	33.0%
Energy	2.9%	2.6%
Communication Services	-	5.7%

Return for Risk

NOBL vs. USMV — 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

USMV

USMV Risk / Return Rank: 37
USMV Sharpe Ratio Rank: 38
USMV Sortino Ratio Rank: 37
USMV Omega Ratio Rank: 34
USMV Calmar Ratio Rank: 36
USMV Martin Ratio Rank: 39

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. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Dividend Aristocrats ETF (NOBL) and iShares MSCI USA Min Vol Factor ETF (USMV). 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	USMV	Difference
Sharpe ratio: Return per unit of total volatility	1.36	0.95	+0.41
Sortino ratio: Return per unit of downside risk	2.07	1.40	+0.67
Omega ratio: Gain probability vs. loss probability	1.23	1.17	+0.07
Calmar ratio: Return relative to maximum drawdown	1.77	1.25	+0.52
Martin ratio: Return relative to average drawdown	4.49	4.09	+0.41

NOBL vs. USMV - Sharpe Ratio Comparison

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

The maximum NOBL drawdown since its inception was -35.43%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for NOBL and USMV.

Drawdown Indicators

	NOBL	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-35.43%	-33.10%	-2.33%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-6.46%	-2.65%
Max Drawdown (3Y) Largest decline over 3 years	-15.36%	-9.36%	-6.00%
Max Drawdown (5Y) Largest decline over 5 years	-17.92%	-17.93%	+0.01%
Max Drawdown (10Y) Largest decline over 10 years	-35.43%	-33.10%	-2.33%
Current Drawdown Current decline from peak	-1.73%	-0.29%	-1.44%
Average Drawdown Average peak-to-trough decline	-3.46%	-2.86%	-0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	1.98%	+1.61%

Volatility

NOBL vs. USMV - Volatility Comparison

ProShares S&P 500 Dividend Aristocrats ETF (NOBL) has a higher volatility of 4.72% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.63%. This indicates that NOBL's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOBL	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.72%	2.63%	+2.09%
Volatility (6M) Calculated over the trailing 6-month period	9.11%	6.44%	+2.67%
Volatility (1Y) Calculated over the trailing 1-year period	11.92%	8.54%	+3.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.48%	12.38%	+2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.64%	14.51%	+2.13%

NOBL vs. USMV - Expense Ratio Comparison

NOBL has a 0.35% expense ratio, which is higher than USMV's 0.15% expense ratio.

Dividends

NOBL vs. USMV - Dividend Comparison

NOBL's dividend yield for the trailing twelve months is around 2.03%, more than USMV's 1.47% 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%
USMV iShares MSCI USA Min Vol Factor ETF	1.47%	1.49%	1.67%	1.82%	1.62%	1.26%	1.81%	1.88%	2.12%	1.77%	2.22%	2.02%

Frequently Asked Questions

Can I hold both NOBL and USMV in my portfolio?

NOBL and USMV have a correlation of 0.73, 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 USMV?

NOBL has higher volatility (4.72%) compared to USMV (2.63%). In terms of maximum drawdown, NOBL dropped -35.43% vs USMV's -33.10%.

Which ETF is better, NOBL or USMV?

On 10-year performance, NOBL leads with 9.85% vs 9.69% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NOBL or USMV?

Over the 10-year period, NOBL has performed better with a 9.85% return vs 9.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NOBL or USMV?

USMV is cheaper with a 0.15% expense ratio, compared with 0.35% for NOBL.

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

NOBL has the higher dividend yield at 2.03%, compared with 1.47% for USMV.

What is the main difference between NOBL and USMV?

NOBL is categorized as Dividend, while USMV is Low Volatility. NOBL tracks S&P 500 Dividend Aristocrats Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.35% for NOBL and 0.15% for USMV.

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.