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 3.38%/yr vs 9.69%/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 6.47% return, which is significantly lower than NOBL's 10.60% return. Over the past 10 years, TBT has underperformed NOBL with an annualized return of 3.38%, while NOBL has yielded a comparatively higher 9.69% annualized return.
TBT
- 1D
- 1.35%
- 1M
- 4.17%
- 6M
- 7.64%
- YTD
- 6.47%
- 1Y
- 2.30%
- 3Y*
- 11.05%
- 5Y*
- 18.74%
- 10Y*
- 3.38%
NOBL
- 1D
- 0.29%
- 1M
- 2.95%
- 6M
- 6.96%
- YTD
- 10.60%
- 1Y
- 13.34%
- 3Y*
- 8.63%
- 5Y*
- 6.73%
- 10Y*
- 9.69%
TBT vs. NOBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 6.47% | -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 | 10.60% | 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 -0.26, 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 | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
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 -0.26 (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 | -1.03 | ||
| Sortino ratioReturn per unit of downside risk | -1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.20 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.16 | 1.47 | -1.32 |
| Martin ratioReturn relative to average drawdown | 0.30 | 3.73 | -3.43 |
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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 | -85.17% | -1.31% | -83.86% |
Average DrawdownAverage peak-to-trough decline | -77.36% | -3.47% | -73.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.71% | 3.59% | +4.12% |
Volatility
TBT vs. NOBL - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 5.79% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 3.93%. 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 | 5.79% | 3.93% | +1.86% |
Volatility (6M)Calculated over the trailing 6-month period | 13.88% | 8.46% | +5.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.99% | 11.63% | +7.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.30% | 14.42% | +16.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.67% | 16.59% | +12.08% |
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 2.63%, more than NOBL's 2.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 2.05% | 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 | 2.63% | 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 -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (5.79%) compared to NOBL (3.93%). In terms of maximum drawdown, TBT dropped -94.99% vs NOBL's -35.43%.
On 10-year performance, NOBL leads with 9.69% vs 3.38% for TBT. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 3.93%. 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 9.69% return vs 3.38%. 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 2.63%, compared with 2.05% 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 (1.15 vs 0.12), 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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