REK vs. NOBL
REK (ProShares Short Real Estate) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - REK is a REIT fund tracking the DJ Global United States (All) / Real Estate -SS (-100%), while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, REK returned -6.46%/yr vs 10.02%/yr for NOBL. At a correlation of -0.66, they often move in opposite directions. REK charges 0.95%/yr vs 0.35%/yr for NOBL.
Performance
REK vs. NOBL - Performance Comparison
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Returns By Period
In the year-to-date period, REK achieves a -9.73% return, which is significantly lower than NOBL's 6.93% return. Over the past 10 years, REK has underperformed NOBL with an annualized return of -6.46%, while NOBL has yielded a comparatively higher 10.02% annualized return.
REK
- 1D
- -0.55%
- 1M
- -1.21%
- YTD
- -9.73%
- 6M
- -9.36%
- 1Y
- -4.46%
- 3Y*
- -5.42%
- 5Y*
- -0.55%
- 10Y*
- -6.46%
NOBL
- 1D
- 0.42%
- 1M
- 2.70%
- YTD
- 6.93%
- 6M
- 5.89%
- 1Y
- 12.41%
- 3Y*
- 8.66%
- 5Y*
- 6.13%
- 10Y*
- 10.02%
REK vs. NOBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REK ProShares Short Real Estate | -9.73% | 2.35% | 1.42% | -6.61% | 29.17% | -30.58% | -11.33% | -20.96% | 4.61% | -9.34% |
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 6.93% | 6.84% | 6.72% | 8.09% | -6.52% | 25.46% | 8.35% | 27.39% | -3.26% | 21.02% |
Correlation
The correlation between REK and NOBL is -0.67, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.67 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013 | -0.66 |
The correlation between REK and NOBL has been stable across timeframes, ranging from -0.75 to -0.66 - a consistent structural relationship.
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Return for Risk
REK vs. NOBL — Risk / Return Rank
REK
NOBL
REK vs. NOBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Real Estate (REK) 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.
| REK | NOBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.41 | ||
| Sortino ratioReturn per unit of downside risk | -2.04 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.19 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.41 | 1.37 | -1.77 |
| Martin ratioReturn relative to average drawdown | -0.90 | 3.47 | -4.36 |
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Drawdowns
REK vs. NOBL - Drawdown Comparison
The maximum REK drawdown since its inception was -84.57%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for REK and NOBL.
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Drawdown Indicators
| REK | NOBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.57% | -35.43% | -49.14% |
Max Drawdown (1Y)Largest decline over 1 year | -11.05% | -9.11% | -1.94% |
Max Drawdown (3Y)Largest decline over 3 years | -26.93% | -15.36% | -11.57% |
Max Drawdown (5Y)Largest decline over 5 years | -26.93% | -17.92% | -9.01% |
Max Drawdown (10Y)Largest decline over 10 years | -58.67% | -35.43% | -23.24% |
Current DrawdownCurrent decline from peak | -82.56% | -2.89% | -79.67% |
Average DrawdownAverage peak-to-trough decline | -64.12% | -3.48% | -60.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.98% | 3.59% | +1.39% |
Volatility
REK vs. NOBL - Volatility Comparison
ProShares Short Real Estate (REK) has a higher volatility of 5.24% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 3.31%. This indicates that REK'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.
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Volatility by Period
| REK | NOBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.24% | 3.31% | +1.93% |
Volatility (6M)Calculated over the trailing 6-month period | 10.60% | 8.22% | +2.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.06% | 11.47% | +2.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.92% | 14.38% | +4.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.35% | 16.60% | +3.75% |
REK vs. NOBL - Expense Ratio Comparison
REK has a 0.95% expense ratio, which is higher than NOBL's 0.35% expense ratio.
Dividends
REK vs. NOBL - Dividend Comparison
REK's dividend yield for the trailing twelve months is around 3.38%, more than NOBL's 2.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 2.05% | 2.14% | 2.05% | 2.09% | 1.94% | 1.89% | 2.14% | 1.89% | 2.37% | 1.74% | 2.13% | 2.02% |
REK ProShares Short Real Estate | 3.38% | 3.43% | 6.22% | 4.50% | 0.48% | 0.00% | 0.07% | 1.28% | 0.43% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
REK and NOBL have a correlation of -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REK has higher volatility (5.24%) compared to NOBL (3.31%). In terms of maximum drawdown, REK dropped -84.57% vs NOBL's -35.43%.
On 10-year performance, NOBL leads with 10.02% vs -6.46% for REK. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 3.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NOBL has performed better with a 10.02% return vs -6.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NOBL is cheaper with a 0.35% expense ratio, compared with 0.95% for REK.
REK has the higher dividend yield at 3.38%, compared with 2.05% for NOBL.
REK is categorized as REIT, while NOBL is Dividend. REK tracks DJ Global United States (All) / Real Estate -SS (-100%), while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.95% for REK and 0.35% for NOBL.
NOBL currently has the higher Sharpe Ratio (1.09 vs -0.32), 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.
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