SBB vs. NOBL
SBB (ProShares Short SmallCap600) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - SBB is a Inverse Equities fund tracking the S&P SmallCap 600 Index (-100%), while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, SBB returned -12.11%/yr vs 9.97%/yr for NOBL. At a correlation of -0.70, they often move in opposite directions. SBB charges 0.95%/yr vs 0.35%/yr for NOBL.
Performance
SBB vs. NOBL - Performance Comparison
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Returns By Period
In the year-to-date period, SBB achieves a -15.25% return, which is significantly lower than NOBL's 6.48% return. Over the past 10 years, SBB has underperformed NOBL with an annualized return of -12.11%, while NOBL has yielded a comparatively higher 9.97% annualized return.
SBB
- 1D
- 0.40%
- 1M
- -3.90%
- YTD
- -15.25%
- 6M
- -13.02%
- 1Y
- -23.27%
- 3Y*
- -11.07%
- 5Y*
- -5.14%
- 10Y*
- -12.11%
NOBL
- 1D
- 0.68%
- 1M
- 2.27%
- YTD
- 6.48%
- 6M
- 5.98%
- 1Y
- 12.52%
- 3Y*
- 8.50%
- 5Y*
- 6.18%
- 10Y*
- 9.97%
SBB vs. NOBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | -15.25% | -3.56% | -3.73% | -10.44% | 13.75% | -25.40% | -26.53% | -18.64% | 8.40% | -12.70% |
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 6.48% | 6.84% | 6.72% | 8.09% | -6.52% | 25.46% | 8.35% | 27.39% | -3.26% | 21.02% |
Correlation
The correlation between SBB and NOBL is -0.68, 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 | -0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.73 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013 | -0.70 |
The correlation between SBB and NOBL has been stable across timeframes, ranging from -0.77 to -0.68 - a consistent structural relationship.
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Return for Risk
SBB vs. NOBL — Risk / Return Rank
SBB
NOBL
SBB vs. NOBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short SmallCap600 (SBB) 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.
| SBB | NOBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.39 | ||
| Sortino ratioReturn per unit of downside risk | -3.46 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.19 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 1.38 | -2.37 |
| Martin ratioReturn relative to average drawdown | -1.80 | 3.50 | -5.30 |
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Drawdowns
SBB vs. NOBL - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.86%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for SBB and NOBL.
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Drawdown Indicators
| SBB | NOBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.86% | -35.43% | -60.43% |
Max Drawdown (1Y)Largest decline over 1 year | -23.47% | -9.11% | -14.36% |
Max Drawdown (3Y)Largest decline over 3 years | -36.82% | -15.36% | -21.46% |
Max Drawdown (5Y)Largest decline over 5 years | -36.82% | -17.92% | -18.90% |
Max Drawdown (10Y)Largest decline over 10 years | -73.52% | -35.43% | -38.09% |
Current DrawdownCurrent decline from peak | -95.85% | -3.29% | -92.56% |
Average DrawdownAverage peak-to-trough decline | -74.58% | -3.48% | -71.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.06% | 3.58% | +9.48% |
Volatility
SBB vs. NOBL - Volatility Comparison
ProShares Short SmallCap600 (SBB) has a higher volatility of 4.93% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 3.31%. This indicates that SBB'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
| SBB | NOBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.93% | 3.31% | +1.62% |
Volatility (6M)Calculated over the trailing 6-month period | 12.38% | 8.22% | +4.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.01% | 11.52% | +6.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.68% | 14.38% | +7.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.28% | 16.60% | +6.68% |
SBB vs. NOBL - Expense Ratio Comparison
SBB has a 0.95% expense ratio, which is higher than NOBL's 0.35% expense ratio.
Dividends
SBB vs. NOBL - Dividend Comparison
SBB's dividend yield for the trailing twelve months is around 3.71%, more than NOBL's 2.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 2.06% | 2.14% | 2.05% | 2.09% | 1.94% | 1.89% | 2.14% | 1.89% | 2.37% | 1.74% | 2.13% | 2.02% |
SBB ProShares Short SmallCap600 | 3.71% | 3.44% | 4.86% | 4.64% | 0.31% | 0.00% | 0.04% | 1.20% | 0.17% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SBB and NOBL have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SBB has higher volatility (4.93%) compared to NOBL (3.31%). In terms of maximum drawdown, SBB dropped -95.86% vs NOBL's -35.43%.
On 10-year performance, NOBL leads with 9.97% vs -12.11% for SBB. 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 9.97% return vs -12.11%. 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 SBB.
SBB has the higher dividend yield at 3.71%, compared with 2.06% for NOBL.
SBB is categorized as Inverse Equities, while NOBL is Dividend. SBB tracks S&P SmallCap 600 Index (-100%), while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.95% for SBB and 0.35% for NOBL.
NOBL currently has the higher Sharpe Ratio (1.10 vs -1.30), 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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