VIXM vs. NOBL
VIXM (ProShares VIX Mid-Term Futures ETF) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - VIXM is a Volatility fund tracking the S&P 500 VIX Mid-Term Futures Index, while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, VIXM returned -11.18%/yr vs 9.99%/yr for NOBL. Their -0.60 correlation means they have often moved in opposite directions in the past. VIXM charges 0.85%/yr vs 0.35%/yr for NOBL.
Performance
VIXM vs. NOBL - Performance Comparison
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Returns By Period
In the year-to-date period, VIXM achieves a -5.57% return, which is significantly lower than NOBL's 12.94% return. Over the past 10 years, VIXM has underperformed NOBL with an annualized return of -11.18%, while NOBL has yielded a comparatively higher 9.99% annualized return.
VIXM
- 1D
- 0.21%
- 1M
- 0.70%
- 6M
- -5.57%
- YTD
- -5.57%
- 1Y
- -14.47%
- 3Y*
- -10.95%
- 5Y*
- -14.33%
- 10Y*
- -11.18%
- ALL TIME*
- -18.02%
NOBL
- 1D
- 1.29%
- 1M
- 0.78%
- 6M
- 5.71%
- YTD
- 12.94%
- 1Y
- 16.34%
- 3Y*
- 9.22%
- 5Y*
- 6.92%
- 10Y*
- 9.99%
- ALL TIME*
- 10.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $71.96M | $68.15M | $62.59M | |
| $8.24M | $6.07M | $4.69M |
VIXM vs. NOBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXM ProShares VIX Mid-Term Futures ETF | -5.57% | 5.60% | -13.67% | -44.83% | -0.69% | -16.70% | 72.38% | -20.38% | 26.43% | -50.05% |
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 12.94% | 6.84% | 6.72% | 8.09% | -6.52% | 25.46% | 8.35% | 27.39% | -3.26% | 21.02% |
Correlation
The correlation between VIXM and NOBL is -0.32, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.32 |
Correlation (3Y) Balances recent behavior with more history. | -0.43 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.53 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.56 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013 | -0.60 |
Over the past year, the inverse relationship between VIXM and NOBL has weakened: their correlation has moved from -0.60 to -0.32, meaning they move in opposite directions less often than they have historically.
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Return for Risk
VIXM vs. NOBL — Risk / Return Rank
VIXM
NOBL
VIXM vs. NOBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Mid-Term Futures ETF (VIXM) 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.
| VIXM | NOBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.17 | ||
| Sortino ratioReturn per unit of downside risk | -3.11 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.24 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 1.80 | -2.55 |
| Martin ratioReturn relative to average drawdown | -1.43 | 4.56 | -5.99 |
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Drawdowns
VIXM vs. NOBL - Drawdown Comparison
The maximum VIXM drawdown since its inception was -96.23%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for VIXM and NOBL.
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Drawdown Indicators
| VIXM | NOBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.23% | -35.43% | -60.80% |
Max Drawdown (1Y)Largest decline over 1 year | -19.36% | -9.11% | -10.25% |
Max Drawdown (3Y)Largest decline over 3 years | -37.26% | -15.36% | -21.90% |
Max Drawdown (5Y)Largest decline over 5 years | -63.40% | -17.92% | -45.48% |
Max Drawdown (10Y)Largest decline over 10 years | -72.34% | -35.43% | -36.91% |
Current DrawdownCurrent decline from peak | -96.04% | -0.46% | -95.58% |
Average DrawdownAverage peak-to-trough decline | -81.65% | -3.46% | -78.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.17% | 3.59% | +6.58% |
Volatility
VIXM vs. NOBL - Volatility Comparison
The current volatility for ProShares VIX Mid-Term Futures ETF (VIXM) is 3.09%, while ProShares S&P 500 Dividend Aristocrats ETF (NOBL) has a volatility of 4.83%. This indicates that VIXM experiences smaller price fluctuations and is considered to be less risky 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
| VIXM | NOBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.09% | 4.83% | -1.74% |
Volatility (6M)Calculated over the trailing 6-month period | 13.72% | 9.18% | +4.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.41% | 11.96% | +6.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.50% | 14.48% | +16.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.61% | 16.64% | +15.97% |
VIXM vs. NOBL - Expense Ratio Comparison
VIXM has a 0.85% expense ratio, which is higher than NOBL's 0.35% expense ratio.
Dividends
VIXM vs. NOBL - Dividend Comparison
VIXM has not paid dividends to shareholders, while NOBL's dividend yield for the trailing twelve months is around 2.00%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 2.00% | 2.14% | 2.05% | 2.09% | 1.94% | 1.89% | 2.14% | 1.89% | 2.37% | 1.74% | 2.13% | 2.02% |
VIXM ProShares VIX Mid-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VIXM and NOBL have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NOBL has higher volatility (4.83%) compared to VIXM (3.09%). In terms of maximum drawdown, VIXM dropped -96.23% vs NOBL's -35.43%.
On 10-year performance, NOBL leads with 9.99% vs -11.18% for VIXM. On fees, NOBL is cheaper at 0.35% per year. On volatility, VIXM has been the lower-risk option at 3.09%. 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 9.99% return vs -11.18%. 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 0.85% for VIXM.
NOBL has the higher dividend yield at 2.00%, compared with 0.00% for VIXM.
VIXM is categorized as Volatility, while NOBL is Dividend. VIXM tracks S&P 500 VIX Mid-Term Futures Index, while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.85% for VIXM and 0.35% for NOBL.
NOBL currently has the higher Sharpe Ratio (1.38 vs -0.79), 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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