SDD vs. NOBL
SDD (ProShares UltraShort SmallCap600) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - SDD is a Inverse Equities fund tracking the S&P Small Cap 600 (-200%), while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, SDD returned -26.98%/yr vs 9.69%/yr for NOBL. At a correlation of -0.70, they often move in opposite directions. SDD charges 0.95%/yr vs 0.35%/yr for NOBL.
Performance
SDD vs. NOBL - Performance Comparison
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Returns By Period
In the year-to-date period, SDD achieves a -32.06% return, which is significantly lower than NOBL's 10.28% return. Over the past 10 years, SDD has underperformed NOBL with an annualized return of -26.98%, while NOBL has yielded a comparatively higher 9.69% annualized return.
SDD
- 1D
- 0.02%
- 1M
- -2.88%
- 6M
- -25.07%
- YTD
- -32.06%
- 1Y
- -40.76%
- 3Y*
- -24.65%
- 5Y*
- -17.22%
- 10Y*
- -26.98%
NOBL
- 1D
- 0.85%
- 1M
- 2.65%
- 6M
- 7.17%
- YTD
- 10.28%
- 1Y
- 13.02%
- 3Y*
- 8.61%
- 5Y*
- 6.59%
- 10Y*
- 9.69%
SDD vs. NOBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | -32.06% | -14.69% | -13.60% | -25.99% | 20.50% | -46.57% | -55.11% | -36.30% | 14.10% | -25.45% |
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 10.28% | 6.84% | 6.72% | 8.09% | -6.52% | 25.46% | 8.35% | 27.39% | -3.26% | 21.02% |
Correlation
The correlation between SDD and NOBL is -0.63, 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 | -0.63 |
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 SDD and NOBL shifts across timeframes, from -0.77 (5 years) to -0.63 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SDD vs. NOBL — Risk / Return Rank
SDD
NOBL
SDD vs. NOBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort SmallCap600 (SDD) 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.
| SDD | NOBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.14 | ||
| Sortino ratioReturn per unit of downside risk | -3.17 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.18 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 1.32 | -2.15 |
| Martin ratioReturn relative to average drawdown | -1.45 | 3.35 | -4.80 |
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Drawdowns
SDD vs. NOBL - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.94%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for SDD and NOBL.
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Drawdown Indicators
| SDD | NOBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -35.43% | -64.51% |
Max Drawdown (1Y)Largest decline over 1 year | -47.71% | -9.11% | -38.60% |
Max Drawdown (3Y)Largest decline over 3 years | -69.10% | -15.36% | -53.74% |
Max Drawdown (5Y)Largest decline over 5 years | -71.26% | -17.92% | -53.34% |
Max Drawdown (10Y)Largest decline over 10 years | -96.11% | -35.43% | -60.68% |
Current DrawdownCurrent decline from peak | -99.94% | -1.59% | -98.35% |
Average DrawdownAverage peak-to-trough decline | -86.96% | -3.47% | -83.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.29% | 3.59% | +23.70% |
Volatility
SDD vs. NOBL - Volatility Comparison
ProShares UltraShort SmallCap600 (SDD) has a higher volatility of 8.95% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 3.96%. This indicates that SDD'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
| SDD | NOBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.95% | 3.96% | +4.99% |
Volatility (6M)Calculated over the trailing 6-month period | 24.79% | 8.59% | +16.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.96% | 11.67% | +24.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.10% | 14.42% | +28.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.02% | 16.58% | +28.44% |
SDD vs. NOBL - Expense Ratio Comparison
SDD has a 0.95% expense ratio, which is higher than NOBL's 0.35% expense ratio.
Dividends
SDD vs. NOBL - Dividend Comparison
SDD's dividend yield for the trailing twelve months is around 6.33%, 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% |
SDD ProShares UltraShort SmallCap600 | 6.33% | 5.07% | 4.34% | 3.84% | 0.33% | 0.00% | 0.00% | 1.20% | 0.52% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SDD and NOBL have a correlation of -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDD has higher volatility (8.95%) compared to NOBL (3.96%). In terms of maximum drawdown, SDD dropped -99.94% vs NOBL's -35.43%.
On 10-year performance, NOBL leads with 9.69% vs -26.98% for SDD. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 3.96%. 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 9.69% return vs -26.98%. 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 SDD.
SDD has the higher dividend yield at 6.33%, compared with 2.05% for NOBL.
SDD is categorized as Inverse Equities, while NOBL is Dividend. SDD tracks S&P Small Cap 600 (-200%), while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.95% for SDD and 0.35% for NOBL.
NOBL currently has the higher Sharpe Ratio (1.04 vs -1.10), 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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