UBT vs. NOBL
UBT (ProShares Ultra 20+ Year Treasury) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - UBT is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (200% Daily), while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, UBT returned -9.58%/yr vs 9.85%/yr for NOBL. Their -0.12 correlation means they have often moved in opposite directions in the past. UBT charges 0.95%/yr vs 0.35%/yr for NOBL.
Performance
UBT vs. NOBL - Performance Comparison
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Returns By Period
In the year-to-date period, UBT achieves a -9.14% return, which is significantly lower than NOBL's 11.50% return. Over the past 10 years, UBT has underperformed NOBL with an annualized return of -9.58%, while NOBL has yielded a comparatively higher 9.85% annualized return.
UBT
- 1D
- 0.81%
- 1M
- -7.64%
- 6M
- -8.31%
- YTD
- -9.14%
- 1Y
- -9.25%
- 3Y*
- -9.00%
- 5Y*
- -21.58%
- 10Y*
- -9.58%
- ALL TIME*
- 0.30%
NOBL
- 1D
- 0.60%
- 1M
- -0.50%
- 6M
- 4.99%
- YTD
- 11.50%
- 1Y
- 16.10%
- 3Y*
- 8.76%
- 5Y*
- 6.69%
- 10Y*
- 9.85%
- ALL TIME*
- 10.74%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $70.34M | $67.56M | $62.19M | |
| $607.37K | $624.24K | $851.60K |
UBT vs. NOBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | -9.14% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 31.87% | 24.46% | -6.54% | 16.12% |
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 11.50% | 6.84% | 6.72% | 8.09% | -6.52% | 25.46% | 8.35% | 27.39% | -3.26% | 21.02% |
Correlation
The correlation between UBT and NOBL is 0.24, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.24 |
Correlation (3Y) Balances recent behavior with more history. | 0.24 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.06 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013 | -0.12 |
The correlation between UBT and NOBL shifts across timeframes, from -0.12 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
UBT vs. NOBL — Risk / Return Rank
UBT
NOBL
UBT vs. NOBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) 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.
| UBT | NOBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.87 | ||
| Sortino ratioReturn per unit of downside risk | -2.68 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.23 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | 1.77 | -2.28 |
| Martin ratioReturn relative to average drawdown | -1.08 | 4.49 | -5.57 |
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Drawdowns
UBT vs. NOBL - Drawdown Comparison
The maximum UBT drawdown since its inception was -78.90%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for UBT and NOBL.
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Drawdown Indicators
| UBT | NOBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -35.43% | -43.47% |
Max Drawdown (1Y)Largest decline over 1 year | -18.25% | -9.11% | -9.14% |
Max Drawdown (3Y)Largest decline over 3 years | -31.18% | -15.36% | -15.82% |
Max Drawdown (5Y)Largest decline over 5 years | -72.49% | -17.92% | -54.57% |
Max Drawdown (10Y)Largest decline over 10 years | -78.90% | -35.43% | -43.47% |
Current DrawdownCurrent decline from peak | -78.21% | -1.73% | -76.48% |
Average DrawdownAverage peak-to-trough decline | -32.73% | -3.46% | -29.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.58% | 3.59% | +4.99% |
Volatility
UBT vs. NOBL - Volatility Comparison
ProShares Ultra 20+ Year Treasury (UBT) has a higher volatility of 5.23% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 4.72%. This indicates that UBT'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
| UBT | NOBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.23% | 4.72% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 13.51% | 9.11% | +4.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.34% | 11.92% | +6.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.09% | 14.48% | +16.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.18% | 16.64% | +12.54% |
UBT vs. NOBL - Expense Ratio Comparison
UBT has a 0.95% expense ratio, which is higher than NOBL's 0.35% expense ratio.
Dividends
UBT vs. NOBL - Dividend Comparison
UBT's dividend yield for the trailing twelve months is around 3.77%, 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% |
UBT ProShares Ultra 20+ Year Treasury | 3.77% | 4.26% | 4.50% | 3.54% | 0.30% | 0.00% | 0.26% | 1.50% | 1.55% | 1.37% | 0.75% | 1.56% |
Frequently Asked Questions
UBT and NOBL have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UBT has higher volatility (5.23%) compared to NOBL (4.72%). In terms of maximum drawdown, UBT dropped -78.90% vs NOBL's -35.43%.
On 10-year performance, NOBL leads with 9.85% vs -9.58% for UBT. 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 9.85% return vs -9.58%. 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 UBT.
UBT has the higher dividend yield at 3.77%, compared with 2.03% for NOBL.
UBT is categorized as Leveraged Bonds, while NOBL is Dividend. UBT tracks ICE U.S. Treasury 20+ Year Bond Index (200% Daily), while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.95% for UBT and 0.35% for NOBL.
NOBL currently has the higher Sharpe Ratio (1.36 vs -0.51), 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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