SDY vs. NOBL

Last updated Jun 24, 2026

SDY (SPDR S&P Dividend ETF) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - SDY is a Mid Cap Value Equities fund tracking the S&P High Yield Dividend Aristocrats Index, while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, SDY returned 9.56%/yr vs 9.97%/yr for NOBL. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.35% expense ratio.

Performance

SDY vs. NOBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Dividend ETF (SDY) and ProShares S&P 500 Dividend Aristocrats ETF (NOBL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SDY achieves a 9.15% return, which is significantly higher than NOBL's 6.48% return. Both investments have delivered pretty close results over the past 10 years, with SDY having a 9.56% annualized return and NOBL not far ahead at 9.97%.

SDY

• 1D: 0.46%
• 1M: 0.67%
• YTD: 9.15%
• 6M: 8.72%
• 1Y: 14.49%
• 3Y*: 10.83%
• 5Y*: 6.94%
• 10Y*: 9.56%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SDY vs. NOBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SDY SPDR S&P Dividend ETF	9.15%	8.18%	8.45%	2.61%	-0.54%	25.32%	1.71%	23.29%	-2.74%	15.82%
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 SDY and NOBL is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013	0.96

The correlation between SDY and NOBL has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

SDY vs. NOBL - Sectors Allocation Comparison

Sectors	SDY	NOBL
Industrials	17.1%	20.2%
Consumer Defensive	16.1%	23.6%
Utilities	14.0%	5.7%
Financial Services	11.9%	12.8%
Technology	11.8%	4.6%
Healthcare	7.4%	10.2%
Basic Materials	5.9%	10.2%
Consumer Cyclical	5.9%	5.3%
Real Estate	4.4%	4.6%
Energy	3.0%	2.9%
Communication Services	2.5%	-

Return for Risk

SDY vs. NOBL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SDY

SDY Risk / Return Rank: 39
SDY Sharpe Ratio Rank: 41
SDY Sortino Ratio Rank: 44
SDY Omega Ratio Rank: 38
SDY Calmar Ratio Rank: 39
SDY Martin Ratio Rank: 35

NOBL

NOBL Risk / Return Rank: 29
NOBL Sharpe Ratio Rank: 31
NOBL Sortino Ratio Rank: 32
NOBL Omega Ratio Rank: 28
NOBL Calmar Ratio Rank: 28
NOBL Martin Ratio Rank: 27

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SDY vs. NOBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Dividend ETF (SDY) 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.

	SDY	NOBL	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.10	+0.30
Sortino ratio: Return per unit of downside risk	2.13	1.67	+0.46
Omega ratio: Gain probability vs. loss probability	1.24	1.19	+0.05
Calmar ratio: Return relative to maximum drawdown	1.90	1.38	+0.52
Martin ratio: Return relative to average drawdown	5.10	3.50	+1.60

SDY vs. NOBL - Sharpe Ratio Comparison

The current SDY Sharpe Ratio is 1.40, which is comparable to the NOBL Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of SDY and NOBL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SDY vs. NOBL - Drawdown Comparison

The maximum SDY drawdown since its inception was -54.75%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for SDY and NOBL.

Drawdown Indicators

	SDY	NOBL	Difference
Max Drawdown Largest peak-to-trough decline	-54.75%	-35.43%	-19.32%
Max Drawdown (1Y) Largest decline over 1 year	-7.67%	-9.11%	+1.44%
Max Drawdown (3Y) Largest decline over 3 years	-14.39%	-15.36%	+0.97%
Max Drawdown (5Y) Largest decline over 5 years	-15.21%	-17.92%	+2.71%
Max Drawdown (10Y) Largest decline over 10 years	-36.70%	-35.43%	-1.27%
Current Drawdown Current decline from peak	-2.59%	-3.29%	+0.70%
Average Drawdown Average peak-to-trough decline	-6.20%	-3.48%	-2.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.85%	3.58%	-0.73%

Volatility

SDY vs. NOBL - Volatility Comparison

The current volatility for SPDR S&P Dividend ETF (SDY) is 3.08%, while ProShares S&P 500 Dividend Aristocrats ETF (NOBL) has a volatility of 3.31%. This indicates that SDY 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.

Volatility by Period

	SDY	NOBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	3.31%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	7.55%	8.22%	-0.67%
Volatility (1Y) Calculated over the trailing 1-year period	10.45%	11.52%	-1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.99%	14.38%	-0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.08%	16.60%	+0.48%

SDY vs. NOBL - Expense Ratio Comparison

Both SDY and NOBL have an expense ratio of 0.35%.

Dividends

SDY vs. NOBL - Dividend Comparison

SDY's dividend yield for the trailing twelve months is around 2.49%, 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%
SDY SPDR S&P Dividend ETF	2.49%	2.61%	2.56%	2.64%	2.55%	2.63%	2.85%	2.45%	2.73%	4.69%	3.30%	6.20%

Frequently Asked Questions

Can I hold both SDY and NOBL in my portfolio?

With a correlation of 0.96, SDY and NOBL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SDY or NOBL?

NOBL has higher volatility (3.31%) compared to SDY (3.08%). In terms of maximum drawdown, SDY dropped -54.75% vs NOBL's -35.43%.

Which ETF is better, SDY or NOBL?

On 10-year performance, NOBL leads with 9.97% vs 9.56% for SDY. Both ETFs have the same 0.35% expense ratio. On volatility, SDY has been the lower-risk option at 3.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDY or NOBL?

Over the 10-year period, NOBL has performed better with a 9.97% return vs 9.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDY or NOBL?

SDY and NOBL have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, SDY or NOBL?

SDY has the higher dividend yield at 2.49%, compared with 2.06% for NOBL.

What is the main difference between SDY and NOBL?

SDY is categorized as Mid Cap Value Equities, while NOBL is Dividend. SDY tracks S&P High Yield Dividend Aristocrats Index, while NOBL tracks S&P 500 Dividend Aristocrats Index. They also come from different issuers: State Street and ProShares.

Which has better risk-adjusted returns?

SDY currently has the higher Sharpe Ratio (1.40 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.