O vs. NOBL

Last updated Jun 13, 2026

O (Realty Income Corporation) is a stock, while NOBL (ProShares S&P 500 Dividend Aristocrats ETF) is Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Over the past 10 years, O returned 4.89%/yr vs 9.94%/yr for NOBL. At a 0.47 correlation, their price movements are largely independent.

Performance

O vs. NOBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Realty Income Corporation (O) 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, O achieves a 13.70% return, which is significantly higher than NOBL's 7.43% return. Over the past 10 years, O has underperformed NOBL with an annualized return of 4.89%, while NOBL has yielded a comparatively higher 9.94% annualized return.

O

• 1D: 1.31%
• 1M: 1.67%
• YTD: 13.70%
• 6M: 11.57%
• 1Y: 14.88%
• 3Y*: 6.59%
• 5Y*: 3.49%
• 10Y*: 4.89%

NOBL

• 1D: 0.54%
• 1M: 4.72%
• YTD: 7.43%
• 6M: 6.43%
• 1Y: 13.97%
• 3Y*: 8.55%
• 5Y*: 5.94%
• 10Y*: 9.94%

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

O vs. NOBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
O Realty Income Corporation	13.70%	12.20%	-2.11%	-4.55%	-7.38%	23.95%	-11.60%	21.27%	15.94%	3.67%
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%	21.02%

Correlation

The correlation between O and NOBL is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013	0.47

The correlation between O and NOBL shifts across timeframes, from 0.45 (1 year) to 0.57 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

O vs. NOBL — Risk / Return Rank

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

O

O Risk / Return Rank: 66
O Sharpe Ratio Rank: 71
O Sortino Ratio Rank: 62
O Omega Ratio Rank: 61
O Calmar Ratio Rank: 68
O Martin Ratio Rank: 69

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

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.

O vs. NOBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Realty Income Corporation (O) 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.

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.

	O	NOBL	Difference
Sharpe ratio: Return per unit of total volatility	0.88	1.09	-0.21
Sortino ratio: Return per unit of downside risk	1.26	1.67	-0.41
Omega ratio: Gain probability vs. loss probability	1.15	1.19	-0.03
Calmar ratio: Return relative to maximum drawdown	1.29	1.38	-0.09
Martin ratio: Return relative to average drawdown	3.12	3.53	-0.42

O vs. NOBL - Sharpe Ratio Comparison

The current O Sharpe Ratio is 0.88, which is comparable to the NOBL Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of O 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.

Drawdowns

O vs. NOBL - Drawdown Comparison

The maximum O drawdown since its inception was -48.45%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for O and NOBL.

Drawdown Indicators

	O	NOBL	Difference
Max Drawdown Largest peak-to-trough decline	-48.45%	-35.43%	-13.02%
Max Drawdown (1Y) Largest decline over 1 year	-11.10%	-9.11%	-1.99%
Max Drawdown (3Y) Largest decline over 3 years	-26.49%	-15.36%	-11.13%
Max Drawdown (5Y) Largest decline over 5 years	-34.48%	-17.92%	-16.56%
Max Drawdown (10Y) Largest decline over 10 years	-48.28%	-35.43%	-12.85%
Current Drawdown Current decline from peak	-5.94%	-2.43%	-3.51%
Average Drawdown Average peak-to-trough decline	-9.20%	-3.48%	-5.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.58%	3.56%	+1.02%

Volatility

O vs. NOBL - Volatility Comparison

Realty Income Corporation (O) has a higher volatility of 5.29% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 2.95%. This indicates that O'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

	O	NOBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.29%	2.95%	+2.34%
Volatility (6M) Calculated over the trailing 6-month period	11.98%	8.11%	+3.87%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	11.52%	+4.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.92%	14.41%	+4.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.64%	16.61%	+9.03%

Dividends

O vs. NOBL - Dividend Comparison

O's dividend yield for the trailing twelve months is around 5.16%, more than NOBL's 2.04% 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%
O Realty Income Corporation	5.16%	6.19%	5.37%	5.33%	4.68%	3.87%	4.51%	3.69%	4.19%	4.45%	4.18%	4.41%

Frequently Asked Questions

Can I hold both O and NOBL in my portfolio?

O and NOBL have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, O or NOBL?

O has higher volatility (5.29%) compared to NOBL (2.95%). In terms of maximum drawdown, O dropped -48.45% vs NOBL's -35.43%.

Which has better risk-adjusted returns?

NOBL currently has the higher Sharpe Ratio (1.09 vs 0.88), 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.