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 -20.62%/yr vs 9.85%/yr for NOBL. Their -0.48 correlation means they have often moved in opposite directions in the past. 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 -9.06% return, which is significantly lower than NOBL's 11.50% return. Over the past 10 years, SDP has underperformed NOBL with an annualized return of -20.62%, while NOBL has yielded a comparatively higher 9.85% annualized return.
SDP
- 1D
- 0.11%
- 1M
- 6.41%
- 6M
- -9.83%
- YTD
- -9.06%
- 1Y
- -8.08%
- 3Y*
- -21.20%
- 5Y*
- -15.97%
- 10Y*
- -20.62%
- ALL TIME*
- -21.26%
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 | |
| $191.10K | $103.59K | $83.62K |
SDP vs. NOBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDP ProShares UltraShort Utilities | -9.06% | -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 | 11.50% | 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 -0.41, 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. | -0.41 |
Correlation (3Y) Balances recent behavior with more history. | -0.50 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.58 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.50 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013 | -0.48 |
The correlation between SDP and NOBL shifts across timeframes, from -0.58 (5 years) to -0.41 (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.
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.
| SDP | NOBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.63 | ||
| Sortino ratioReturn per unit of downside risk | -2.26 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.23 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 1.77 | -2.09 |
| Martin ratioReturn relative to average drawdown | -0.52 | 4.49 | -5.02 |
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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 | -25.44% | -9.11% | -16.33% |
Max Drawdown (3Y)Largest decline over 3 years | -66.17% | -15.36% | -50.81% |
Max Drawdown (5Y)Largest decline over 5 years | -66.17% | -17.92% | -48.25% |
Max Drawdown (10Y)Largest decline over 10 years | -92.43% | -35.43% | -57.00% |
Current DrawdownCurrent decline from peak | -99.50% | -1.73% | -97.77% |
Average DrawdownAverage peak-to-trough decline | -82.25% | -3.46% | -78.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.48% | 3.59% | +11.89% |
Volatility
SDP vs. NOBL - Volatility Comparison
ProShares UltraShort Utilities (SDP) has a higher volatility of 8.39% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 4.72%. 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 | 8.39% | 4.72% | +3.67% |
Volatility (6M)Calculated over the trailing 6-month period | 24.16% | 9.11% | +15.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.20% | 11.92% | +18.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.44% | 14.48% | +19.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.64% | 16.64% | +21.00% |
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 4.08%, 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% |
SDP ProShares UltraShort Utilities | 4.08% | 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 -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDP has higher volatility (8.39%) compared to NOBL (4.72%). In terms of maximum drawdown, SDP dropped -99.56% vs NOBL's -35.43%.
On 10-year performance, NOBL leads with 9.85% vs -20.62% for SDP. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 4.72%. 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 -20.62%. 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 4.08%, compared with 2.03% 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 (1.36 vs -0.27), 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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