SPHQ vs. NOBL

Last updated Jun 14, 2026

SPHQ (Invesco S&P 500 Quality ETF) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - SPHQ is a S&P 500 fund tracking the S&P 500 Quality Index, while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, SPHQ returned 15.27%/yr vs 9.94%/yr for NOBL. Their correlation of 0.82 suggests significant overlap in exposure. SPHQ charges 0.15%/yr vs 0.35%/yr for NOBL.

Performance

SPHQ vs. NOBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Quality ETF (SPHQ) 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, SPHQ achieves a 16.79% return, which is significantly higher than NOBL's 7.43% return. Over the past 10 years, SPHQ has outperformed NOBL with an annualized return of 15.27%, while NOBL has yielded a comparatively lower 9.94% annualized return.

SPHQ

• 1D: 1.02%
• 1M: 5.74%
• YTD: 16.79%
• 6M: 15.77%
• 1Y: 26.53%
• 3Y*: 22.40%
• 5Y*: 14.55%
• 10Y*: 15.27%

NOBL

• 1D: 0.54%
• 1M: 5.39%
• YTD: 7.43%
• 6M: 6.43%
• 1Y: 13.97%
• 3Y*: 8.55%
• 5Y*: 5.94%
• 10Y*: 9.94%

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

SPHQ vs. NOBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPHQ Invesco S&P 500 Quality ETF	16.79%	13.25%	25.44%	24.83%	-15.76%	28.03%	17.36%	33.64%	-7.10%	19.10%
NOBL ProShares S&P 500 Dividend Aristocrats ETF	7.43%	6.84%	6.72%	8.09%	-6.52%	25.46%	8.35%	27.39%	-3.26%	21.02%

Correlation

The correlation between SPHQ and NOBL is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013	0.82

The correlation between SPHQ and NOBL shifts across timeframes, from 0.63 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.

SPHQ vs. NOBL - Sectors Allocation Comparison

Sectors	SPHQ	NOBL
Technology	33.1%	4.6%
Industrials	20.7%	20.2%
Consumer Defensive	14.7%	23.6%
Financial Services	12.6%	12.8%
Healthcare	8.0%	10.2%
Consumer Cyclical	4.4%	5.3%
Utilities	3.4%	5.7%
Basic Materials	2.0%	10.2%
Energy	0.7%	2.9%
Communication Services	0.4%	-
Real Estate	-	4.6%

Return for Risk

SPHQ vs. NOBL — Risk / Return Rank

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

SPHQ

SPHQ Risk / Return Rank: 66
SPHQ Sharpe Ratio Rank: 65
SPHQ Sortino Ratio Rank: 68
SPHQ Omega Ratio Rank: 60
SPHQ Calmar Ratio Rank: 63
SPHQ Martin Ratio Rank: 73

NOBL

NOBL Risk / Return Rank: 32
NOBL Sharpe Ratio Rank: 34
NOBL Sortino Ratio Rank: 36
NOBL Omega Ratio Rank: 31
NOBL Calmar Ratio Rank: 32
NOBL Martin Ratio Rank: 28

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.

SPHQ vs. NOBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Quality ETF (SPHQ) 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.

	SPHQ	NOBL	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.09	+0.76
Sortino ratio: Return per unit of downside risk	2.67	1.67	+1.00
Omega ratio: Gain probability vs. loss probability	1.32	1.19	+0.13
Calmar ratio: Return relative to maximum drawdown	2.75	1.38	+1.37
Martin ratio: Return relative to average drawdown	11.76	3.53	+8.23

SPHQ vs. NOBL - Sharpe Ratio Comparison

The current SPHQ Sharpe Ratio is 1.85, which is higher than the NOBL Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of SPHQ 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

SPHQ vs. NOBL - Drawdown Comparison

The maximum SPHQ drawdown since its inception was -57.83%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for SPHQ and NOBL.

Drawdown Indicators

	SPHQ	NOBL	Difference
Max Drawdown Largest peak-to-trough decline	-57.83%	-35.43%	-22.40%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-9.11%	+0.21%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	-15.36%	-1.21%
Max Drawdown (5Y) Largest decline over 5 years	-25.04%	-17.92%	-7.12%
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	-35.43%	+3.83%
Current Drawdown Current decline from peak	0.00%	-2.43%	+2.43%
Average Drawdown Average peak-to-trough decline	-10.69%	-3.48%	-7.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	3.56%	-1.47%

Volatility

SPHQ vs. NOBL - Volatility Comparison

Invesco S&P 500 Quality ETF (SPHQ) has a higher volatility of 4.92% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 2.95%. This indicates that SPHQ'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.

Volatility by Period

	SPHQ	NOBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.92%	2.95%	+1.97%
Volatility (6M) Calculated over the trailing 6-month period	10.83%	8.11%	+2.72%
Volatility (1Y) Calculated over the trailing 1-year period	13.18%	11.52%	+1.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.53%	14.41%	+2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.90%	16.61%	+1.29%

SPHQ vs. NOBL - Expense Ratio Comparison

SPHQ has a 0.15% expense ratio, which is lower than NOBL's 0.35% expense ratio.

Dividends

SPHQ vs. NOBL - Dividend Comparison

SPHQ's dividend yield for the trailing twelve months is around 1.03%, less than NOBL's 2.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOBL ProShares S&P 500 Dividend Aristocrats ETF	2.04%	2.14%	2.05%	2.09%	1.94%	1.89%	2.14%	1.89%	2.37%	1.74%	2.13%	2.02%
SPHQ Invesco S&P 500 Quality ETF	1.03%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%

Frequently Asked Questions

Can I hold both SPHQ and NOBL in my portfolio?

SPHQ 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.

Which is riskier, SPHQ or NOBL?

SPHQ has higher volatility (4.92%) compared to NOBL (2.95%). In terms of maximum drawdown, SPHQ dropped -57.83% vs NOBL's -35.43%.

Which ETF is better, SPHQ or NOBL?

On 10-year performance, SPHQ leads with 15.27% vs 9.94% for NOBL. On fees, SPHQ is cheaper at 0.15% per year. On volatility, NOBL has been the lower-risk option at 2.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHQ or NOBL?

Over the 10-year period, SPHQ has performed better with a 15.27% return vs 9.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHQ or NOBL?

SPHQ is cheaper with a 0.15% expense ratio, compared with 0.35% for NOBL.

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

NOBL has the higher dividend yield at 2.04%, compared with 1.03% for SPHQ.

What is the main difference between SPHQ and NOBL?

SPHQ is categorized as S&P 500, while NOBL is Dividend. SPHQ tracks S&P 500 Quality Index, while NOBL tracks S&P 500 Dividend Aristocrats Index. They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.15% for SPHQ and 0.35% for NOBL.

Which has better risk-adjusted returns?

SPHQ currently has the higher Sharpe Ratio (1.85 vs 1.09), 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.