UPV vs. NOBL

Last updated Jul 14, 2026

UPV (ProShares Ultra Europe) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - UPV is a Leveraged Equities fund tracking the MSCI Europe Index (200%), while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, UPV returned 11.66%/yr vs 9.69%/yr for NOBL. A 0.63 correlation means they provide meaningful diversification when combined. UPV charges 0.95%/yr vs 0.35%/yr for NOBL.

Performance

UPV vs. NOBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Europe (UPV) 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, UPV achieves a 8.72% return, which is significantly lower than NOBL's 10.60% return. Over the past 10 years, UPV has outperformed NOBL with an annualized return of 11.66%, while NOBL has yielded a comparatively lower 9.69% annualized return.

UPV

• 1D: -1.70%
• 1M: -1.91%
• 6M: 2.53%
• YTD: 8.72%
• 1Y: 24.66%
• 3Y*: 21.43%
• 5Y*: 8.50%
• 10Y*: 11.66%

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%

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

UPV vs. NOBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPV ProShares Ultra Europe	8.72%	68.63%	-4.51%	32.16%	-36.58%	32.38%	-3.15%	47.04%	-32.64%	57.44%
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 UPV and NOBL is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013	0.63

The correlation between UPV and NOBL shifts across timeframes, from 0.49 (1 year) to 0.65 (5 years), reflecting how their relationship changes across market environments.

UPV vs. NOBL - Sectors Allocation Comparison

Sectors	UPV	NOBL
Financial Services	36.9%	12.8%
Basic Materials	-	10.2%
Communication Services	-	-
Consumer Cyclical	-	5.3%
Consumer Defensive	-	23.6%
Energy	-	2.9%
Healthcare	-	10.2%
Industrials	-	20.2%
Real Estate	-	4.6%
Technology	-	4.6%
Utilities	-	5.7%

Return for Risk

UPV vs. NOBL — Risk / Return Rank

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

UPV

UPV Risk / Return Rank: 28
UPV Sharpe Ratio Rank: 27
UPV Sortino Ratio Rank: 28
UPV Omega Ratio Rank: 26
UPV Calmar Ratio Rank: 27
UPV Martin Ratio Rank: 30

NOBL

NOBL Risk / Return Rank: 37
NOBL Sharpe Ratio Rank: 40
NOBL Sortino Ratio Rank: 42
NOBL Omega Ratio Rank: 36
NOBL Calmar Ratio Rank: 36
NOBL Martin Ratio Rank: 32

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.

UPV vs. NOBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Europe (UPV) 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.

	UPV	NOBL	Difference
Sharpe ratio: Return per unit of total volatility	0.78	1.15	-0.37
Sortino ratio: Return per unit of downside risk	1.27	1.76	-0.48
Omega ratio: Gain probability vs. loss probability	1.15	1.20	-0.05
Calmar ratio: Return relative to maximum drawdown	1.06	1.47	-0.41
Martin ratio: Return relative to average drawdown	3.51	3.73	-0.22

UPV vs. NOBL - Sharpe Ratio Comparison

The current UPV Sharpe Ratio is 0.78, which is lower than the NOBL Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of UPV 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

UPV vs. NOBL - Drawdown Comparison

The maximum UPV drawdown since its inception was -67.25%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for UPV and NOBL.

Drawdown Indicators

	UPV	NOBL	Difference
Max Drawdown Largest peak-to-trough decline	-67.25%	-35.43%	-31.82%
Max Drawdown (1Y) Largest decline over 1 year	-23.41%	-9.11%	-14.30%
Max Drawdown (3Y) Largest decline over 3 years	-27.54%	-15.36%	-12.18%
Max Drawdown (5Y) Largest decline over 5 years	-58.33%	-17.92%	-40.41%
Max Drawdown (10Y) Largest decline over 10 years	-67.25%	-35.43%	-31.82%
Current Drawdown Current decline from peak	-6.23%	-1.31%	-4.92%
Average Drawdown Average peak-to-trough decline	-20.73%	-3.47%	-17.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.04%	3.59%	+3.45%

Volatility

UPV vs. NOBL - Volatility Comparison

ProShares Ultra Europe (UPV) has a higher volatility of 9.50% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 3.93%. This indicates that UPV'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

	UPV	NOBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.50%	3.93%	+5.57%
Volatility (6M) Calculated over the trailing 6-month period	27.31%	8.46%	+18.85%
Volatility (1Y) Calculated over the trailing 1-year period	31.73%	11.63%	+20.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.54%	14.42%	+21.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.14%	16.59%	+19.55%

UPV vs. NOBL - Expense Ratio Comparison

UPV has a 0.95% expense ratio, which is higher than NOBL's 0.35% expense ratio.

Dividends

UPV vs. NOBL - Dividend Comparison

UPV's dividend yield for the trailing twelve months is around 2.28%, 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%
UPV ProShares Ultra Europe	2.28%	2.11%	2.70%	1.57%	0.00%	0.00%	0.00%	0.65%	3.80%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UPV and NOBL in my portfolio?

UPV and NOBL have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPV or NOBL?

UPV has higher volatility (9.50%) compared to NOBL (3.93%). In terms of maximum drawdown, UPV dropped -67.25% vs NOBL's -35.43%.

Which ETF is better, UPV or NOBL?

On 10-year performance, UPV leads with 11.66% vs 9.69% for NOBL. 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.

Which ETF has performed better, UPV or NOBL?

Over the 10-year period, UPV has performed better with a 11.66% return vs 9.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPV or NOBL?

NOBL is cheaper with a 0.35% expense ratio, compared with 0.95% for UPV.

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

UPV has the higher dividend yield at 2.28%, compared with 2.05% for NOBL.

What is the main difference between UPV and NOBL?

UPV is categorized as Leveraged Equities, while NOBL is Dividend. UPV tracks MSCI Europe Index (200%), while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.95% for UPV and 0.35% for NOBL.

Which has better risk-adjusted returns?

NOBL currently has the higher Sharpe Ratio (1.15 vs 0.78), 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.