SDP vs. NOBL
SDP (ProShares UltraShort Utilities) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - SDP is a Leveraged Equities fund tracking the Dow Jones U.S. Utilities Index (-200%), while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, SDP returned -20.83%/yr vs 9.58%/yr for NOBL. At a correlation of -0.48, they often move in opposite directions. SDP charges 0.95%/yr vs 0.35%/yr for NOBL.
Performance
SDP vs. NOBL - Performance Comparison
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Returns By Period
In the year-to-date period, SDP achieves a -6.57% return, which is significantly lower than NOBL's 4.61% return. Over the past 10 years, SDP has underperformed NOBL with an annualized return of -20.83%, while NOBL has yielded a comparatively higher 9.58% annualized return.
SDP
- 1D
- -1.07%
- 1M
- 11.41%
- YTD
- -6.57%
- 6M
- -3.26%
- 1Y
- -16.19%
- 3Y*
- -19.49%
- 5Y*
- -16.51%
- 10Y*
- -20.83%
NOBL
- 1D
- 1.06%
- 1M
- 1.10%
- YTD
- 4.61%
- 6M
- 4.84%
- 1Y
- 10.44%
- 3Y*
- 8.56%
- 5Y*
- 5.25%
- 10Y*
- 9.58%
SDP vs. NOBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | -6.57% | -22.59% | -30.11% | 18.95% | -12.54% | -33.14% | -36.27% | -35.57% | -9.31% | -22.03% |
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 4.61% | 6.84% | 6.72% | 8.09% | -6.52% | 25.46% | 8.35% | 27.39% | -3.26% | 21.02% |
Correlation
The correlation between SDP and NOBL is -0.37, 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 | -0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.50 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2013 | -0.48 |
The correlation between SDP and NOBL shifts across timeframes, from -0.57 (5 years) to -0.37 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SDP vs. NOBL — Risk / Return Rank
SDP
NOBL
SDP vs. NOBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Utilities (SDP) 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.
| SDP | NOBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -2.10 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.16 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | 1.15 | -1.71 |
| Martin ratioReturn relative to average drawdown | -0.93 | 2.98 | -3.91 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SDP | NOBL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.56 | 0.92 | -1.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.48 | 0.37 | -0.85 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.56 | 0.58 | -1.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.56 | 0.65 | -1.21 |
Drawdowns
SDP vs. NOBL - Drawdown Comparison
The maximum SDP drawdown since its inception was -99.56%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for SDP and NOBL.
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Drawdown Indicators
| SDP | NOBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.56% | -35.43% | -64.13% |
Max Drawdown (1Y)Largest decline over 1 year | -29.01% | -9.11% | -19.90% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -15.36% | -50.81% |
Max Drawdown (5Y)Largest decline over 5 years | -66.61% | -17.92% | -48.69% |
Max Drawdown (10Y)Largest decline over 10 years | -92.43% | -35.43% | -57.00% |
Current DrawdownCurrent decline from peak | -99.49% | -4.99% | -94.50% |
Average DrawdownAverage peak-to-trough decline | -82.12% | -3.48% | -78.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.42% | 3.51% | +13.91% |
Volatility
SDP vs. NOBL - Volatility Comparison
ProShares UltraShort Utilities (SDP) has a higher volatility of 10.92% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 2.40%. This indicates that SDP'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
| SDP | NOBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.92% | 2.40% | +8.52% |
Volatility (6M)Calculated over the trailing 6-month period | 23.04% | 8.05% | +14.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.23% | 11.37% | +17.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.37% | 14.39% | +19.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.50% | 16.60% | +20.90% |
SDP vs. NOBL - Expense Ratio Comparison
SDP has a 0.95% expense ratio, which is higher than NOBL's 0.35% expense ratio.
Dividends
SDP vs. NOBL - Dividend Comparison
SDP's dividend yield for the trailing twelve months is around 3.91%, more than NOBL's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 2.10% | 2.14% | 2.05% | 2.09% | 1.94% | 1.89% | 2.14% | 1.89% | 2.37% | 1.74% | 2.13% | 2.02% |
SDP ProShares UltraShort Utilities | 3.91% | 3.99% | 4.66% | 3.04% | 0.56% | 0.00% | 0.13% | 0.87% | 0.05% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SDP and NOBL have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDP has higher volatility (10.92%) compared to NOBL (2.40%). In terms of maximum drawdown, SDP dropped -99.56% vs NOBL's -35.43%.
On 10-year performance, NOBL leads with 9.58% vs -20.83% for SDP. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 2.40%. 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 9.58% return vs -20.83%. 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 SDP.
SDP has the higher dividend yield at 3.91%, compared with 2.10% for NOBL.
SDP is categorized as Leveraged Equities, while NOBL is Dividend. SDP tracks Dow Jones U.S. Utilities Index (-200%), while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.95% for SDP and 0.35% for NOBL.
NOBL currently has the higher Sharpe Ratio (0.92 vs -0.56), 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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