UPW vs. NOBL

Last updated Aug 2, 2026

UPW (ProShares Ultra Utilities) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - UPW is a Leveraged Equities fund tracking the Dow Jones U.S. Utilities 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, UPW returned 9.38%/yr vs 9.86%/yr for NOBL. Their 0.48 correlation means their historical movements had little consistent relationship. UPW charges 0.95%/yr vs 0.35%/yr for NOBL.

Performance

UPW vs. NOBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Utilities (UPW) 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, UPW achieves a 5.68% return, which is significantly lower than NOBL's 10.84% return. Over the past 10 years, UPW has underperformed NOBL with an annualized return of 9.38%, while NOBL has yielded a comparatively higher 9.86% annualized return.

UPW

• 1D: -1.15%
• 1M: -6.24%
• 6M: 3.76%
• YTD: 5.68%
• 1Y: 4.16%
• 3Y*: 17.45%
• 5Y*: 9.79%
• 10Y*: 9.38%
• ALL TIME*: 9.54%

NOBL

• 1D: -0.19%
• 1M: -1.09%
• 6M: 4.89%
• YTD: 10.84%
• 1Y: 15.41%
• 3Y*: 8.04%
• 5Y*: 6.49%
• 10Y*: 9.86%
• ALL TIME*: 10.70%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NOBL ProShares S&P 500 Dividend Aristocrats ETF	$66.40M	$66.46M	$60.79M
UPW ProShares Ultra Utilities	$399.58K	$331.97K	$346.79K

UPW vs. NOBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPW ProShares Ultra Utilities	5.68%	23.61%	37.67%	-22.37%	-4.59%	32.57%	-17.15%	48.59%	2.36%	22.53%
NOBL ProShares S&P 500 Dividend Aristocrats ETF	10.84%	6.84%	6.72%	8.09%	-6.52%	25.46%	8.35%	27.39%	-3.26%	21.02%

Correlation

The correlation between UPW and NOBL is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (3Y) Balances recent behavior with more history.	0.50
Correlation (5Y) Shows whether the relationship held over a longer period.	0.58
Correlation (10Y) Provides a long-term view across more market conditions.	0.50
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013	0.48

The correlation between UPW and NOBL shifts across timeframes, from 0.41 (1 year) to 0.58 (5 years), reflecting how their relationship changes across market environments.

UPW vs. NOBL - Sectors Allocation Comparison

Sectors	UPW	NOBL
Utilities	100.0%	5.7%
Basic Materials	-	9.4%
Communication Services	-	-
Consumer Cyclical	-	5.3%
Consumer Defensive	-	23.3%
Energy	-	2.9%
Financial Services	-	13.2%
Healthcare	-	10.8%
Industrials	-	20.3%
Real Estate	-	4.6%
Technology	-	4.3%

Return for Risk

UPW vs. NOBL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

UPW

UPW Risk / Return Rank: 15
UPW Sharpe Ratio Rank: 14
UPW Sortino Ratio Rank: 15
UPW Omega Ratio Rank: 15
UPW Calmar Ratio Rank: 15
UPW Martin Ratio Rank: 14

NOBL

NOBL Risk / Return Rank: 47
NOBL Sharpe Ratio Rank: 51
NOBL Sortino Ratio Rank: 55
NOBL Omega Ratio Rank: 47
NOBL Calmar Ratio Rank: 45
NOBL Martin Ratio Rank: 39

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

UPW vs. NOBL - Risk-Adjusted Trends Comparison

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

	UPW	NOBL	Difference
Sharpe ratio: Return per unit of total volatility	0.16	1.24	-1.08
Sortino ratio: Return per unit of downside risk	0.43	1.90	-1.47
Omega ratio: Gain probability vs. loss probability	1.05	1.21	-0.16
Calmar ratio: Return relative to maximum drawdown	0.25	1.62	-1.36
Martin ratio: Return relative to average drawdown	0.49	4.10	-3.61

UPW vs. NOBL - Sharpe Ratio Comparison

The current UPW Sharpe Ratio is 0.16, which is lower than the NOBL Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of UPW 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

UPW vs. NOBL - Drawdown Comparison

The maximum UPW drawdown since its inception was -77.75%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for UPW and NOBL.

Drawdown Indicators

	UPW	NOBL	Difference
Max Drawdown Largest peak-to-trough decline	-77.75%	-35.43%	-42.32%
Max Drawdown (1Y) Largest decline over 1 year	-19.15%	-9.11%	-10.04%
Max Drawdown (3Y) Largest decline over 3 years	-25.06%	-15.36%	-9.70%
Max Drawdown (5Y) Largest decline over 5 years	-49.42%	-17.92%	-31.50%
Max Drawdown (10Y) Largest decline over 10 years	-62.67%	-35.43%	-27.24%
Current Drawdown Current decline from peak	-14.30%	-2.31%	-11.99%
Average Drawdown Average peak-to-trough decline	-22.50%	-3.46%	-19.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.91%	3.59%	+6.32%

Volatility

UPW vs. NOBL - Volatility Comparison

ProShares Ultra Utilities (UPW) has a higher volatility of 9.72% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 5.07%. This indicates that UPW'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

	UPW	NOBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.72%	5.07%	+4.65%
Volatility (6M) Calculated over the trailing 6-month period	24.35%	9.11%	+15.24%
Volatility (1Y) Calculated over the trailing 1-year period	30.15%	11.92%	+18.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.49%	14.48%	+20.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.29%	16.63%	+20.66%

UPW vs. NOBL - Expense Ratio Comparison

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

Dividends

UPW vs. NOBL - Dividend Comparison

UPW's dividend yield for the trailing twelve months is around 1.48%, 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%
UPW ProShares Ultra Utilities	1.48%	1.67%	1.83%	2.40%	1.55%	1.30%	0.83%	0.83%	1.98%	1.51%	1.70%	2.16%

Frequently Asked Questions

Can I hold both UPW and NOBL in my portfolio?

UPW and NOBL have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UPW or NOBL?

UPW has higher volatility (9.72%) compared to NOBL (5.07%). In terms of maximum drawdown, UPW dropped -77.75% vs NOBL's -35.43%.

Which ETF is better, UPW or NOBL?

On 10-year performance, NOBL leads with 9.86% vs 9.38% for UPW. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 5.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UPW or NOBL?

Over the 10-year period, NOBL has performed better with a 9.86% return vs 9.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UPW or NOBL?

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

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

NOBL has the higher dividend yield at 2.04%, compared with 1.48% for UPW.

What is the main difference between UPW and NOBL?

UPW is categorized as Leveraged Equities, while NOBL is Dividend. UPW tracks Dow Jones U.S. Utilities Index (200%), while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.95% for UPW and 0.35% for NOBL.

Which has better risk-adjusted returns?

NOBL currently has the higher Sharpe Ratio (1.24 vs 0.16), 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.