NOBL vs. USMV

Last updated Jun 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 Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, NOBL returned 9.51%/yr vs 9.93%/yr for USMV. Their correlation of 0.87 suggests significant overlap in exposure. 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 3.51% return, which is significantly higher than USMV's 2.65% return. Both investments have delivered pretty close results over the past 10 years, with NOBL having a 9.51% annualized return and USMV not far ahead at 9.93%.

NOBL

• 1D: -0.17%
• 1M: 1.01%
• YTD: 3.51%
• 6M: 3.45%
• 1Y: 9.00%
• 3Y*: 8.01%
• 5Y*: 5.03%
• 10Y*: 9.51%

USMV

• 1D: -0.69%
• 1M: 2.01%
• YTD: 2.65%
• 6M: 2.61%
• 1Y: 4.37%
• 3Y*: 11.79%
• 5Y*: 7.45%
• 10Y*: 9.93%

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

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	3.51%	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	2.65%	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 share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Oct 11, 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	23.5%	10.0%
Industrials	20.3%	5.7%
Financial Services	12.4%	12.4%
Basic Materials	10.9%	2.2%
Healthcare	9.7%	12.5%
Utilities	6.4%	7.5%
Consumer Cyclical	5.1%	5.7%
Real Estate	4.6%	2.2%
Technology	3.6%	30.8%
Energy	3.4%	3.6%
Communication Services	-	5.9%

Return for Risk

NOBL vs. USMV — Risk / Return Rank

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

NOBL

NOBL Risk / Return Rank: 22
NOBL Sharpe Ratio Rank: 22
NOBL Sortino Ratio Rank: 23
NOBL Omega Ratio Rank: 20
NOBL Calmar Ratio Rank: 22
NOBL Martin Ratio Rank: 21

USMV

USMV Risk / Return Rank: 17
USMV Sharpe Ratio Rank: 16
USMV Sortino Ratio Rank: 16
USMV Omega Ratio Rank: 15
USMV Calmar Ratio Rank: 17
USMV Martin Ratio Rank: 19

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. 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.

	NOBL	USMV	Difference
Sharpe ratio: Return per unit of total volatility	0.80	0.52	+0.28
Sortino ratio: Return per unit of downside risk	1.24	0.79	+0.46
Omega ratio: Gain probability vs. loss probability	1.14	1.09	+0.05
Calmar ratio: Return relative to maximum drawdown	0.99	0.68	+0.31
Martin ratio: Return relative to average drawdown	2.58	2.27	+0.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NOBL vs. USMV - Sharpe Ratio Comparison

The current NOBL Sharpe Ratio is 0.80, which is higher than the USMV Sharpe Ratio of 0.52. 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.

Sharpe Ratios by Period

	NOBL	USMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	0.52	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.61	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.69	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.87	-0.22

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	-5.99%	-1.18%	-4.81%
Average Drawdown Average peak-to-trough decline	-3.48%	-2.88%	-0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	1.93%	+1.57%

Volatility

NOBL vs. USMV - Volatility Comparison

ProShares S&P 500 Dividend Aristocrats ETF (NOBL) and iShares MSCI USA Min Vol Factor ETF (USMV) have volatilities of 2.36% and 2.38%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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	2.36%	2.38%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	8.00%	5.91%	+2.09%
Volatility (1Y) Calculated over the trailing 1-year period	11.33%	8.50%	+2.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.38%	12.35%	+2.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.60%	14.51%	+2.09%

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 2.12%, more than USMV's 1.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOBL ProShares S&P 500 Dividend Aristocrats ETF	2.12%	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	1.53%	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?

USMV has higher volatility (2.38%) compared to NOBL (2.36%). 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, USMV leads with 9.93% vs 9.51% for NOBL. On fees, USMV is cheaper at 0.15% per year. Their volatility is very similar. 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, USMV has performed better with a 9.93% return vs 9.51%. 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 2.12%, compared with 1.53% for USMV.

What is the main difference between NOBL and USMV?

NOBL is categorized as Dividend, while USMV is Large Cap Blend Equities. 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 (0.80 vs 0.52), 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.