SMDD vs. NOBL
SMDD (ProShares UltraPro Short MidCap400) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - SMDD is a Leveraged Equities fund tracking the S&P MidCap 400 Index (-300%), while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, SMDD returned -39.71%/yr vs 9.76%/yr for NOBL. At a correlation of -0.81, they often move in opposite directions. SMDD charges 0.95%/yr vs 0.35%/yr for NOBL.
Performance
SMDD vs. NOBL - Performance Comparison
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Returns By Period
In the year-to-date period, SMDD achieves a -36.11% return, which is significantly lower than NOBL's 11.29% return. Over the past 10 years, SMDD has underperformed NOBL with an annualized return of -39.71%, while NOBL has yielded a comparatively higher 9.76% annualized return.
SMDD
- 1D
- -1.63%
- 1M
- -0.00%
- 6M
- -23.09%
- YTD
- -36.11%
- 1Y
- -45.70%
- 3Y*
- -34.48%
- 5Y*
- -31.60%
- 10Y*
- -39.71%
NOBL
- 1D
- 2.38%
- 1M
- 3.24%
- 6M
- 5.51%
- YTD
- 11.29%
- 1Y
- 14.89%
- 3Y*
- 8.85%
- 5Y*
- 6.91%
- 10Y*
- 9.76%
SMDD vs. NOBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMDD ProShares UltraPro Short MidCap400 | -36.11% | -27.46% | -31.02% | -38.37% | 7.69% | -58.01% | -74.71% | -53.34% | 33.50% | -39.87% |
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 11.29% | 6.84% | 6.72% | 8.09% | -6.52% | 25.46% | 8.35% | 27.39% | -3.26% | 21.02% |
Correlation
The correlation between SMDD and NOBL is -0.58, 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 | -0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.80 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013 | -0.81 |
Over the past year, the inverse relationship between SMDD and NOBL has weakened: their correlation has moved from -0.81 to -0.58, meaning they move in opposite directions less often than they have historically.
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Return for Risk
SMDD vs. NOBL — Risk / Return Rank
SMDD
NOBL
SMDD vs. NOBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short MidCap400 (SMDD) 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.
| SMDD | NOBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.24 | ||
| Sortino ratioReturn per unit of downside risk | -3.34 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.22 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 1.64 | -2.56 |
| Martin ratioReturn relative to average drawdown | -1.59 | 4.15 | -5.74 |
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Drawdowns
SMDD vs. NOBL - Drawdown Comparison
The maximum SMDD drawdown since its inception was -99.99%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for SMDD and NOBL.
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Drawdown Indicators
| SMDD | NOBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -35.43% | -64.56% |
Max Drawdown (1Y)Largest decline over 1 year | -50.01% | -9.11% | -40.90% |
Max Drawdown (3Y)Largest decline over 3 years | -82.62% | -15.36% | -67.26% |
Max Drawdown (5Y)Largest decline over 5 years | -88.24% | -17.92% | -70.32% |
Max Drawdown (10Y)Largest decline over 10 years | -99.45% | -35.43% | -64.02% |
Current DrawdownCurrent decline from peak | -99.99% | -0.69% | -99.30% |
Average DrawdownAverage peak-to-trough decline | -92.99% | -3.47% | -89.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.79% | 3.60% | +25.19% |
Volatility
SMDD vs. NOBL - Volatility Comparison
ProShares UltraPro Short MidCap400 (SMDD) has a higher volatility of 10.40% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 4.72%. This indicates that SMDD'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
| SMDD | NOBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.40% | 4.72% | +5.68% |
Volatility (6M)Calculated over the trailing 6-month period | 35.28% | 8.85% | +26.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.19% | 11.82% | +35.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.75% | 14.47% | +44.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 63.21% | 16.61% | +46.60% |
SMDD vs. NOBL - Expense Ratio Comparison
SMDD has a 0.95% expense ratio, which is higher than NOBL's 0.35% expense ratio.
Dividends
SMDD vs. NOBL - Dividend Comparison
SMDD's dividend yield for the trailing twelve months is around 5.85%, 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% |
SMDD ProShares UltraPro Short MidCap400 | 5.85% | 4.96% | 4.09% | 3.86% | 0.14% | 0.00% | 0.13% | 1.51% | 0.09% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMDD and NOBL have a correlation of -0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMDD has higher volatility (10.40%) compared to NOBL (4.72%). In terms of maximum drawdown, SMDD dropped -99.99% vs NOBL's -35.43%.
On 10-year performance, NOBL leads with 9.76% vs -39.71% for SMDD. 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 9.76% return vs -39.71%. 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 SMDD.
SMDD has the higher dividend yield at 5.85%, compared with 2.03% for NOBL.
SMDD is categorized as Leveraged Equities, while NOBL is Dividend. SMDD tracks S&P MidCap 400 Index (-300%), while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.95% for SMDD and 0.35% for NOBL.
NOBL currently has the higher Sharpe Ratio (1.27 vs -0.97), 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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