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 -11.75%/yr vs 9.85%/yr for NOBL. Their -0.69 correlation means they have often moved in opposite directions in the past. 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 -17.65% return, which is significantly lower than NOBL's 11.50% return. Over the past 10 years, SBB has underperformed NOBL with an annualized return of -11.75%, while NOBL has yielded a comparatively higher 9.85% annualized return.
SBB
- 1D
- -1.67%
- 1M
- -0.79%
- 6M
- -12.26%
- YTD
- -17.65%
- 1Y
- -25.03%
- 3Y*
- -9.75%
- 5Y*
- -6.46%
- 10Y*
- -11.75%
- ALL TIME*
- -12.42%
NOBL
- 1D
- 0.60%
- 1M
- -0.50%
- 6M
- 4.99%
- YTD
- 11.50%
- 1Y
- 16.10%
- 3Y*
- 8.76%
- 5Y*
- 6.69%
- 10Y*
- 9.85%
- ALL TIME*
- 10.74%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $70.34M | $67.56M | $62.19M | |
| $21.11K | $20.58K | $51.01K |
SBB vs. NOBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SBB ProShares Short SmallCap600 | -17.65% | -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 | 11.50% | 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 -0.59, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.59 |
Correlation (3Y) Balances recent behavior with more history. | -0.71 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.76 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.73 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013 | -0.69 |
The correlation between SBB and NOBL shifts across timeframes, from -0.76 (5 years) to -0.59 (1 year), reflecting how their relationship changes across market environments.
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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 | -2.78 | ||
| Sortino ratioReturn per unit of downside risk | -4.04 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.23 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -1.03 | 1.77 | -2.81 |
| Martin ratioReturn relative to average drawdown | -1.82 | 4.49 | -6.31 |
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Drawdowns
SBB vs. NOBL - Drawdown Comparison
The maximum SBB drawdown since its inception was -95.99%, 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 | -95.99% | -35.43% | -60.56% |
Max Drawdown (1Y)Largest decline over 1 year | -24.34% | -9.11% | -15.23% |
Max Drawdown (3Y)Largest decline over 3 years | -38.75% | -15.36% | -23.39% |
Max Drawdown (5Y)Largest decline over 5 years | -38.75% | -17.92% | -20.83% |
Max Drawdown (10Y)Largest decline over 10 years | -73.24% | -35.43% | -37.81% |
Current DrawdownCurrent decline from peak | -95.96% | -1.73% | -94.23% |
Average DrawdownAverage peak-to-trough decline | -74.70% | -3.46% | -71.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.95% | 3.59% | +11.36% |
Volatility
SBB vs. NOBL - Volatility Comparison
The current volatility for ProShares Short SmallCap600 (SBB) is 3.85%, while ProShares S&P 500 Dividend Aristocrats ETF (NOBL) has a volatility of 4.72%. This indicates that SBB experiences smaller price fluctuations and is considered to be less risky 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 | 3.85% | 4.72% | -0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 12.07% | 9.11% | +2.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.65% | 11.92% | +5.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.55% | 14.48% | +7.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.24% | 16.64% | +6.60% |
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 3.77%, more than NOBL's 2.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 2.03% | 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 | 3.77% | 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 -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NOBL has higher volatility (4.72%) compared to SBB (3.85%). In terms of maximum drawdown, SBB dropped -95.99% vs NOBL's -35.43%.
On 10-year performance, NOBL leads with 9.85% vs -11.75% for SBB. On fees, NOBL is cheaper at 0.35% per year. On volatility, SBB has been the lower-risk option at 3.85%. 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 9.85% return vs -11.75%. 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 3.77%, compared with 2.03% 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 (1.36 vs -1.43), 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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