USD vs. NOBL

Last updated Jun 5, 2026

USD (ProShares Ultra Semiconductors) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors 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, USD returned 61.24%/yr vs 9.58%/yr for NOBL. At a 0.46 correlation, their price movements are largely independent. USD charges 0.95%/yr vs 0.35%/yr for NOBL.

Performance

USD vs. NOBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Semiconductors (USD) 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, USD achieves a 103.32% return, which is significantly higher than NOBL's 4.61% return. Over the past 10 years, USD has outperformed NOBL with an annualized return of 61.24%, while NOBL has yielded a comparatively lower 9.58% annualized return.

USD

• 1D: -4.99%
• 1M: 31.62%
• YTD: 103.32%
• 6M: 97.79%
• 1Y: 250.81%
• 3Y*: 125.78%
• 5Y*: 67.80%
• 10Y*: 61.24%

NOBL

• 1D: 1.06%
• 1M: 1.10%
• YTD: 4.61%
• 6M: 4.84%
• 1Y: 10.44%
• 3Y*: 8.56%
• 5Y*: 5.25%
• 10Y*: 9.58%

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

USD vs. NOBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USD ProShares Ultra Semiconductors	103.32%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%
NOBL ProShares S&P 500 Dividend Aristocrats ETF	4.61%	6.84%	6.72%	8.09%	-6.52%	25.46%	8.35%	27.39%	-3.26%	21.02%

Correlation

The correlation between USD and NOBL is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Oct 11, 2013	0.46

The correlation between USD and NOBL shifts across timeframes, from -0.02 (1 year) to 0.46 (all time), reflecting how their relationship changes across market environments.

USD vs. NOBL - Sectors Allocation Comparison

Sectors	USD	NOBL
Financial Services	27.8%	12.4%
Technology	27.4%	3.6%
Energy	0.0%	3.4%
Basic Materials	-	10.9%
Communication Services	-	-
Consumer Cyclical	-	5.1%
Consumer Defensive	-	23.5%
Healthcare	-	9.7%
Industrials	-	20.3%
Real Estate	-	4.6%
Utilities	-	6.4%

Return for Risk

USD vs. NOBL — Risk / Return Rank

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

USD

USD Risk / Return Rank: 89
USD Sharpe Ratio Rank: 96
USD Sortino Ratio Rank: 82
USD Omega Ratio Rank: 81
USD Calmar Ratio Rank: 95
USD Martin Ratio Rank: 92

NOBL

NOBL Risk / Return Rank: 25
NOBL Sharpe Ratio Rank: 26
NOBL Sortino Ratio Rank: 27
NOBL Omega Ratio Rank: 24
NOBL Calmar Ratio Rank: 25
NOBL Martin Ratio Rank: 23

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.

USD vs. NOBL - Risk-Adjusted Trends Comparison

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

	USD	NOBL	Difference
Sharpe ratio: Return per unit of total volatility	4.12	0.92	+3.20
Sortino ratio: Return per unit of downside risk	3.62	1.42	+2.19
Omega ratio: Gain probability vs. loss probability	1.48	1.16	+0.32
Calmar ratio: Return relative to maximum drawdown	7.94	1.15	+6.79
Martin ratio: Return relative to average drawdown	22.96	2.98	+19.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USD vs. NOBL - Sharpe Ratio Comparison

The current USD Sharpe Ratio is 4.12, which is higher than the NOBL Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of USD 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.

Sharpe Ratios by Period

	USD	NOBL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.12	0.92	+3.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	0.37	+0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	0.58	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.65	-0.16

Drawdowns

USD vs. NOBL - Drawdown Comparison

The maximum USD drawdown since its inception was -88.63%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for USD and NOBL.

Drawdown Indicators

	USD	NOBL	Difference
Max Drawdown Largest peak-to-trough decline	-88.63%	-35.43%	-53.20%
Max Drawdown (1Y) Largest decline over 1 year	-31.80%	-9.11%	-22.69%
Max Drawdown (3Y) Largest decline over 3 years	-64.46%	-15.36%	-49.10%
Max Drawdown (5Y) Largest decline over 5 years	-77.85%	-17.92%	-59.93%
Max Drawdown (10Y) Largest decline over 10 years	-77.85%	-35.43%	-42.42%
Current Drawdown Current decline from peak	-6.07%	-4.99%	-1.08%
Average Drawdown Average peak-to-trough decline	-32.35%	-3.48%	-28.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.98%	3.51%	+7.47%

Volatility

USD vs. NOBL - Volatility Comparison

ProShares Ultra Semiconductors (USD) has a higher volatility of 21.29% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 2.40%. This indicates that USD'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

	USD	NOBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.29%	2.40%	+18.89%
Volatility (6M) Calculated over the trailing 6-month period	46.74%	8.05%	+38.69%
Volatility (1Y) Calculated over the trailing 1-year period	61.28%	11.37%	+49.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.56%	14.39%	+62.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.24%	16.60%	+52.64%

USD vs. NOBL - Expense Ratio Comparison

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

Dividends

USD vs. NOBL - Dividend Comparison

USD's dividend yield for the trailing twelve months is around 0.23%, less than NOBL's 2.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NOBL ProShares S&P 500 Dividend Aristocrats ETF	2.10%	2.14%	2.05%	2.09%	1.94%	1.89%	2.14%	1.89%	2.37%	1.74%	2.13%	2.02%
USD ProShares Ultra Semiconductors	0.23%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both USD and NOBL in my portfolio?

USD and NOBL have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USD or NOBL?

USD has higher volatility (21.29%) compared to NOBL (2.40%). In terms of maximum drawdown, USD dropped -88.63% vs NOBL's -35.43%.

Which ETF is better, USD or NOBL?

On 10-year performance, USD leads with 61.24% vs 9.58% for NOBL. On fees, NOBL is cheaper at 0.35% per year. On volatility, NOBL has been the lower-risk option at 2.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USD or NOBL?

Over the 10-year period, USD has performed better with a 61.24% return vs 9.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USD or NOBL?

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

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

NOBL has the higher dividend yield at 2.10%, compared with 0.23% for USD.

What is the main difference between USD and NOBL?

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

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.12 vs 0.92), 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.