NWBI vs. NOBL

Last updated Jun 4, 2026

NWBI (Northwest Bancshares, Inc.) is a stock, while NOBL (ProShares S&P 500 Dividend Aristocrats ETF) is S&P 500 fund tracking the S&P 500 Dividend Aristocrats Index. Over the past 10 years, NWBI returned 5.03%/yr vs 9.51%/yr for NOBL. A 0.56 correlation means they provide meaningful diversification when combined.

Performance

NWBI vs. NOBL - Performance Comparison

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

Returns By Period

In the year-to-date period, NWBI achieves a 18.42% return, which is significantly higher than NOBL's 3.51% return. Over the past 10 years, NWBI has underperformed NOBL with an annualized return of 5.03%, while NOBL has yielded a comparatively higher 9.51% annualized return.

NWBI

• 1D: -2.54%
• 1M: 1.59%
• YTD: 18.42%
• 6M: 13.96%
• 1Y: 20.03%
• 3Y*: 13.85%
• 5Y*: 5.78%
• 10Y*: 5.03%

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%

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

NWBI vs. NOBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NWBI Northwest Bancshares, Inc.	18.42%	-2.86%	12.66%	-4.38%	4.60%	17.77%	-18.03%	2.36%	5.40%	-3.53%
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%

Correlation

The correlation between NWBI and NOBL is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Oct 11, 2013	0.56

The correlation between NWBI and NOBL has been stable across timeframes, ranging from 0.55 to 0.56 - a consistent structural relationship.

Return for Risk

NWBI vs. NOBL — Risk / Return Rank

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

NWBI

NWBI Risk / Return Rank: 65
NWBI Sharpe Ratio Rank: 67
NWBI Sortino Ratio Rank: 62
NWBI Omega Ratio Rank: 60
NWBI Calmar Ratio Rank: 68
NWBI Martin Ratio Rank: 67

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

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.

NWBI vs. NOBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northwest Bancshares, Inc. (NWBI) and ProShares S&P 500 Dividend Aristocrats ETF (NOBL). 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.

	NWBI	NOBL	Difference
Sharpe ratio Return per unit of total volatility	0.84	0.80	+0.04
Sortino ratio Return per unit of downside risk	1.36	1.24	+0.12
Omega ratio Gain probability vs. loss probability	1.16	1.14	+0.03
Calmar ratio Return relative to maximum drawdown	1.44	0.99	+0.45
Martin ratio Return relative to average drawdown	3.21	2.58	+0.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NWBI vs. NOBL - Sharpe Ratio Comparison

The current NWBI Sharpe Ratio is 0.84, which is comparable to the NOBL Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of NWBI and NOBL, 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

	NWBI	NOBL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	0.80	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.35	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	0.57	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.64	-0.33

Drawdowns

NWBI vs. NOBL - Drawdown Comparison

The maximum NWBI drawdown since its inception was -64.95%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for NWBI and NOBL.

Drawdown Indicators

	NWBI	NOBL	Difference
Max Drawdown Largest peak-to-trough decline	-64.95%	-35.43%	-29.52%
Max Drawdown (1Y) Largest decline over 1 year	-13.97%	-9.11%	-4.86%
Max Drawdown (3Y) Largest decline over 3 years	-26.56%	-15.36%	-11.20%
Max Drawdown (5Y) Largest decline over 5 years	-32.59%	-17.92%	-14.67%
Max Drawdown (10Y) Largest decline over 10 years	-48.65%	-35.43%	-13.22%
Current Drawdown Current decline from peak	-2.54%	-5.99%	+3.45%
Average Drawdown Average peak-to-trough decline	-14.66%	-3.48%	-11.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.26%	3.50%	+2.76%

Volatility

NWBI vs. NOBL - Volatility Comparison

Northwest Bancshares, Inc. (NWBI) has a higher volatility of 5.67% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 2.36%. This indicates that NWBI's price experiences larger fluctuations and is considered to be riskier than NOBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NWBI	NOBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.67%	2.36%	+3.31%
Volatility (6M) Calculated over the trailing 6-month period	15.45%	8.00%	+7.45%
Volatility (1Y) Calculated over the trailing 1-year period	23.97%	11.33%	+12.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.41%	14.38%	+11.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.63%	16.60%	+10.03%

Dividends

NWBI vs. NOBL - Dividend Comparison

NWBI's dividend yield for the trailing twelve months is around 5.80%, more than NOBL's 2.12% 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%
NWBI Northwest Bancshares, Inc.	5.80%	6.67%	6.07%	6.41%	5.72%	5.58%	5.97%	4.33%	4.01%	3.83%	3.33%	4.18%

Frequently Asked Questions

Can I hold both NWBI and NOBL in my portfolio?

NWBI and NOBL have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NWBI or NOBL?

NWBI has higher volatility (5.67%) compared to NOBL (2.36%). In terms of maximum drawdown, NWBI dropped -64.95% vs NOBL's -35.43%.

Which has better risk-adjusted returns?

NWBI currently has the higher Sharpe Ratio (0.84 vs 0.80), 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.