TBT vs. NOBL
TBT (ProShares UltraShort 20+ Year Treasury) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, TBT returned 2.32%/yr vs 9.97%/yr for NOBL. At a 0.12 correlation, their price movements are largely independent. TBT charges 0.93%/yr vs 0.35%/yr for NOBL.
Performance
TBT vs. NOBL - Performance Comparison
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Returns By Period
In the year-to-date period, TBT achieves a 1.05% return, which is significantly lower than NOBL's 6.48% return. Over the past 10 years, TBT has underperformed NOBL with an annualized return of 2.32%, while NOBL has yielded a comparatively higher 9.97% annualized return.
TBT
- 1D
- -0.51%
- 1M
- -4.25%
- YTD
- 1.05%
- 6M
- 2.51%
- 1Y
- -0.72%
- 3Y*
- 10.52%
- 5Y*
- 16.22%
- 10Y*
- 2.32%
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%
TBT vs. NOBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 1.05% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
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 TBT and NOBL is -0.28, 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 | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013 | 0.12 |
The correlation between TBT and NOBL shifts across timeframes, from -0.28 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TBT vs. NOBL — Risk / Return Rank
TBT
NOBL
TBT vs. NOBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) 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.
| TBT | NOBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.13 | ||
| Sortino ratioReturn per unit of downside risk | -1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.19 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 1.38 | -1.43 |
| Martin ratioReturn relative to average drawdown | -0.10 | 3.50 | -3.60 |
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Drawdowns
TBT vs. NOBL - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for TBT and NOBL.
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Drawdown Indicators
| TBT | NOBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -35.43% | -59.56% |
Max Drawdown (1Y)Largest decline over 1 year | -14.89% | -9.11% | -5.78% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -15.36% | -18.47% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -17.92% | -15.91% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | -35.43% | -29.66% |
Current DrawdownCurrent decline from peak | -85.92% | -3.29% | -82.63% |
Average DrawdownAverage peak-to-trough decline | -77.34% | -3.48% | -73.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.55% | 3.58% | +3.97% |
Volatility
TBT vs. NOBL - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 4.53% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 3.31%. This indicates that TBT'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
| TBT | NOBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 3.31% | +1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 8.22% | +5.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.19% | 11.52% | +7.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.32% | 14.38% | +16.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.75% | 16.60% | +12.15% |
TBT vs. NOBL - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is higher than NOBL's 0.35% expense ratio.
Dividends
TBT vs. NOBL - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.95%, 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% |
TBT ProShares UltraShort 20+ Year Treasury | 2.95% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TBT and NOBL have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (4.53%) compared to NOBL (3.31%). In terms of maximum drawdown, TBT dropped -94.99% vs NOBL's -35.43%.
On 10-year performance, NOBL leads with 9.97% vs 2.32% for TBT. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 3.31%. 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 9.97% return vs 2.32%. 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 0.93% for TBT.
TBT has the higher dividend yield at 2.95%, compared with 2.06% for NOBL.
TBT is categorized as Inverse Bonds, while NOBL is Dividend. TBT tracks ICE U.S. Treasury 20+ Year Bond Index, while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.93% for TBT and 0.35% for NOBL.
NOBL currently has the higher Sharpe Ratio (1.10 vs -0.04), 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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