VIXY vs. NOBL
VIXY (ProShares VIX Short-Term Futures ETF) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - VIXY is a Volatility fund tracking the S&P 500 VIX Short-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, VIXY returned -47.17%/yr vs 9.69%/yr for NOBL. At a correlation of -0.64, they often move in opposite directions. VIXY charges 0.85%/yr vs 0.35%/yr for NOBL.
Performance
VIXY vs. NOBL - Performance Comparison
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Returns By Period
In the year-to-date period, VIXY achieves a -18.02% return, which is significantly lower than NOBL's 10.60% return. Over the past 10 years, VIXY has underperformed NOBL with an annualized return of -47.17%, while NOBL has yielded a comparatively higher 9.69% annualized return.
VIXY
- 1D
- 3.34%
- 1M
- -9.75%
- 6M
- -16.02%
- YTD
- -18.02%
- 1Y
- -52.30%
- 3Y*
- -39.72%
- 5Y*
- -46.37%
- 10Y*
- -47.17%
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%
VIXY vs. NOBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | -18.02% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -67.81% | 66.78% | -72.78% |
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 VIXY and NOBL is -0.35, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.59 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013 | -0.64 |
Over the past year, the inverse relationship between VIXY and NOBL has weakened: their correlation has moved from -0.64 to -0.35, meaning they move in opposite directions less often than they have historically.
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Return for Risk
VIXY vs. NOBL — Risk / Return Rank
VIXY
NOBL
VIXY vs. NOBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) 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.
| VIXY | NOBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.09 | ||
| Sortino ratioReturn per unit of downside risk | -3.23 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.20 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 1.47 | -2.43 |
| Martin ratioReturn relative to average drawdown | -1.54 | 3.73 | -5.26 |
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Drawdowns
VIXY vs. NOBL - Drawdown Comparison
The maximum VIXY drawdown since its inception was -100.00%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for VIXY and NOBL.
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Drawdown Indicators
| VIXY | NOBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -35.43% | -64.57% |
Max Drawdown (1Y)Largest decline over 1 year | -54.62% | -9.11% | -45.51% |
Max Drawdown (3Y)Largest decline over 3 years | -81.19% | -15.36% | -65.83% |
Max Drawdown (5Y)Largest decline over 5 years | -96.44% | -17.92% | -78.52% |
Max Drawdown (10Y)Largest decline over 10 years | -99.84% | -35.43% | -64.41% |
Current DrawdownCurrent decline from peak | -100.00% | -1.31% | -98.69% |
Average DrawdownAverage peak-to-trough decline | -92.21% | -3.47% | -88.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.02% | 3.59% | +30.43% |
Volatility
VIXY vs. NOBL - Volatility Comparison
ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 14.22% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 3.93%. This indicates that VIXY'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
| VIXY | NOBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.22% | 3.93% | +10.29% |
Volatility (6M)Calculated over the trailing 6-month period | 44.20% | 8.46% | +35.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.45% | 11.63% | +44.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.29% | 14.42% | +55.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.84% | 16.59% | +55.25% |
VIXY vs. NOBL - Expense Ratio Comparison
VIXY has a 0.85% expense ratio, which is higher than NOBL's 0.35% expense ratio.
Dividends
VIXY vs. NOBL - Dividend Comparison
VIXY has not paid dividends to shareholders, while NOBL's dividend yield for the trailing twelve months is around 2.05%.
| 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% |
VIXY ProShares VIX Short-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
VIXY and NOBL have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXY has higher volatility (14.22%) compared to NOBL (3.93%). In terms of maximum drawdown, VIXY dropped -100.00% vs NOBL's -35.43%.
On 10-year performance, NOBL leads with 9.69% vs -47.17% for VIXY. 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.
Over the 10-year period, NOBL has performed better with a 9.69% return vs -47.17%. 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 VIXY.
NOBL has the higher dividend yield at 2.05%, compared with 0.00% for VIXY.
VIXY is categorized as Volatility, while NOBL is Dividend. VIXY tracks S&P 500 VIX Short-Term Futures Index, while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.85% for VIXY and 0.35% for NOBL.
NOBL currently has the higher Sharpe Ratio (1.15 vs -0.93), 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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