XLI vs. NOBL

Last updated Jun 14, 2026

XLI (Industrial Select Sector SPDR Fund) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - XLI is a Industrials Equities fund tracking the Industrial Select Sector Index, while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, XLI returned 14.15%/yr vs 9.94%/yr for NOBL. Their correlation of 0.85 suggests significant overlap in exposure. XLI charges 0.08%/yr vs 0.35%/yr for NOBL.

Performance

XLI vs. NOBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Industrial Select Sector SPDR Fund (XLI) 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, XLI achieves a 13.90% return, which is significantly higher than NOBL's 7.43% return. Over the past 10 years, XLI has outperformed NOBL with an annualized return of 14.15%, while NOBL has yielded a comparatively lower 9.94% annualized return.

XLI

• 1D: 0.59%
• 1M: 0.96%
• YTD: 13.90%
• 6M: 13.10%
• 1Y: 25.17%
• 3Y*: 20.87%
• 5Y*: 12.93%
• 10Y*: 14.15%

NOBL

• 1D: 0.54%
• 1M: 4.72%
• YTD: 7.43%
• 6M: 6.43%
• 1Y: 13.97%
• 3Y*: 8.55%
• 5Y*: 5.94%
• 10Y*: 9.94%

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

XLI vs. NOBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLI Industrial Select Sector SPDR Fund	13.90%	19.35%	17.31%	18.13%	-5.57%	21.08%	10.91%	29.08%	-13.25%	23.98%
NOBL ProShares S&P 500 Dividend Aristocrats ETF	7.43%	6.84%	6.72%	8.09%	-6.52%	25.46%	8.35%	27.39%	-3.26%	21.02%

Correlation

The correlation between XLI and NOBL is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013	0.85

The correlation between XLI and NOBL shifts across timeframes, from 0.66 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

XLI vs. NOBL - Sectors Allocation Comparison

Sectors	XLI	NOBL
Industrials	90.9%	20.2%
Utilities	4.8%	5.7%
Technology	3.8%	4.6%
Consumer Cyclical	0.5%	5.3%
Basic Materials	-	10.2%
Communication Services	-	-
Consumer Defensive	-	23.6%
Energy	-	2.9%
Financial Services	-	12.8%
Healthcare	-	10.2%
Real Estate	-	4.6%

Return for Risk

XLI vs. NOBL — Risk / Return Rank

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

XLI

XLI Risk / Return Rank: 48
XLI Sharpe Ratio Rank: 49
XLI Sortino Ratio Rank: 50
XLI Omega Ratio Rank: 46
XLI Calmar Ratio Rank: 45
XLI Martin Ratio Rank: 52

NOBL

NOBL Risk / Return Rank: 32
NOBL Sharpe Ratio Rank: 34
NOBL Sortino Ratio Rank: 36
NOBL Omega Ratio Rank: 31
NOBL Calmar Ratio Rank: 32
NOBL Martin Ratio Rank: 28

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.

XLI vs. NOBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Industrial Select Sector SPDR Fund (XLI) 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.

	XLI	NOBL	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.09	+0.41
Sortino ratio: Return per unit of downside risk	2.17	1.67	+0.50
Omega ratio: Gain probability vs. loss probability	1.26	1.19	+0.07
Calmar ratio: Return relative to maximum drawdown	1.98	1.38	+0.60
Martin ratio: Return relative to average drawdown	7.82	3.53	+4.28

XLI vs. NOBL - Sharpe Ratio Comparison

The current XLI Sharpe Ratio is 1.50, which is higher than the NOBL Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of XLI 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

XLI vs. NOBL - Drawdown Comparison

The maximum XLI drawdown since its inception was -62.26%, which is greater than NOBL's maximum drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for XLI and NOBL.

Drawdown Indicators

	XLI	NOBL	Difference
Max Drawdown Largest peak-to-trough decline	-62.26%	-35.43%	-26.83%
Max Drawdown (1Y) Largest decline over 1 year	-12.21%	-9.11%	-3.10%
Max Drawdown (3Y) Largest decline over 3 years	-18.49%	-15.36%	-3.13%
Max Drawdown (5Y) Largest decline over 5 years	-21.64%	-17.92%	-3.72%
Max Drawdown (10Y) Largest decline over 10 years	-42.33%	-35.43%	-6.90%
Current Drawdown Current decline from peak	-1.24%	-2.43%	+1.19%
Average Drawdown Average peak-to-trough decline	-9.20%	-3.48%	-5.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	3.56%	-0.47%

Volatility

XLI vs. NOBL - Volatility Comparison

Industrial Select Sector SPDR Fund (XLI) has a higher volatility of 6.22% compared to ProShares S&P 500 Dividend Aristocrats ETF (NOBL) at 2.95%. This indicates that XLI'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

	XLI	NOBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.22%	2.95%	+3.27%
Volatility (6M) Calculated over the trailing 6-month period	13.59%	8.11%	+5.48%
Volatility (1Y) Calculated over the trailing 1-year period	16.17%	11.52%	+4.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.55%	14.41%	+3.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.04%	16.61%	+3.43%

XLI vs. NOBL - Expense Ratio Comparison

XLI has a 0.08% expense ratio, which is lower than NOBL's 0.35% expense ratio.

Dividends

XLI vs. NOBL - Dividend Comparison

XLI's dividend yield for the trailing twelve months is around 1.16%, 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%
XLI Industrial Select Sector SPDR Fund	1.16%	1.29%	1.44%	1.63%	1.63%	1.25%	1.55%	1.94%	2.15%	1.77%	2.07%	2.15%

Frequently Asked Questions

Can I hold both XLI and NOBL in my portfolio?

XLI and NOBL have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XLI or NOBL?

XLI has higher volatility (6.22%) compared to NOBL (2.95%). In terms of maximum drawdown, XLI dropped -62.26% vs NOBL's -35.43%.

Which ETF is better, XLI or NOBL?

On 10-year performance, XLI leads with 14.15% vs 9.94% for NOBL. On fees, XLI is cheaper at 0.08% per year. On volatility, NOBL has been the lower-risk option at 2.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLI or NOBL?

Over the 10-year period, XLI has performed better with a 14.15% return vs 9.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLI or NOBL?

XLI is cheaper with a 0.08% expense ratio, compared with 0.35% for NOBL.

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

NOBL has the higher dividend yield at 2.04%, compared with 1.16% for XLI.

What is the main difference between XLI and NOBL?

XLI is categorized as Industrials Equities, while NOBL is Dividend. XLI tracks Industrial Select Sector Index, while NOBL tracks S&P 500 Dividend Aristocrats Index. They also come from different issuers: State Street and ProShares. Their fees differ too: 0.08% for XLI and 0.35% for NOBL.

Which has better risk-adjusted returns?

XLI currently has the higher Sharpe Ratio (1.50 vs 1.09), 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.