NOBL vs SDY: Grades, Fees and Holdings Compared

ProShares S&P 500 Dividend Aristocrats ETF

NOBLACboe

State Street SPDR S&P Dividend ETF

SDYANYSE Arca

Overlap

54.0%by weight

Expense ratio

NOBL0.35%SDY0.35%

Avg volume · 30D

NOBL 5.5×the volume

NOBL1.08MSDY197K

10Y return · a year

NOBL +0.6pt

NOBL+10.9%SDY+10.3%

NOBL vs SDY Performance

Oct 29, 2021 – Oct 30, 2026

+40.1%NOBL+48.9%SDY

Expense ratio: NOBL 0.35%; SDY 0.35%
Fund size: NOBL $11.9B; SDY $23.8B
1Y total return: NOBL +19.0%; SDY +20.2%, better
Yield (12M): NOBL 1.98%; SDY 2.35%, better
Holdings: NOBL 69; SDY 158
Avg volume (30D): NOBL 1.08M sh, better; SDY 197K sh
NAV per share: NOBL $59.15; SDY $160.21
52W range

ETF.net Grade

Pillar letters and Scores for NOBL, SDY, with each pillar’s weight
Pillar	NOBL	SDY
Cost30% weight	B65	B65
Mission25% weight	A88	A91Higher
Risk15% weight	C41	B67Higher
Tradability15% weight	A87Higher	A80
Holdings10% weight	B67	B69Higher
Durability5% weight	B69	A80Higher

Rank among Dividend Aristocrats funds

How we build Categories ›

Same Category. NOBL and SDY are both graded against the same 7 Dividend Aristocrats funds, so their Grades compare head to head.

Dividend Aristocrats⁠

Category · 7 funds

See all 7 ›

SDY ranks 1st and NOBL 2nd of 7 funds in the Dividend Aristocrats Category.

Rank 1ASDYState Street SPDR S&P Dividend ETFScore 75
Rank 2ANOBLProShares S&P 500 Dividend Aristocrats ETFScore 70
Rank 3BREGLProShares S&P MidCap 400 Dividend Aristocrats ETFScore 57

Our read on each fund

ETF.net Research

NOBLAProShares S&P 500 Dividend Aristocrats ETF

SDYAState Street SPDR S&P Dividend ETF

In short

NOBL Dividend investing without the yield chase. NOBL holds roughly 70 S&P 500 companies picked for their records as dividend growers, not for the fattest payout on the screen. A purist's take on the theme, running since 2013.

SDY The aristocrat fund that doesn't stop at the S&P 500. It fishes the whole S&P Composite 1500 for companies with at least 20 straight years of dividend increases, then weights them by yield, so the fattest payers get the biggest seats.

Stated mandate

NOBL The fund seeks to track, before fees and expenses, the S&P 500 Dividend Aristocrats Index.

SDY The fund seeks to track, before fees and expenses, the total return of the S&P High Yield Dividend Aristocrats Index. The index selects S&P Composite 1500 companies with at least 20 consecutive years of dividend increases and weights them by indicated yield.

Why people hold it

NOBL The screen is the product: a slice of about 70 names pulled from the S&P 500 on dividend-growth credentials, not headline yield.
At 0.35% a year, it sits below the typical fee in its dividend-growth peer group and matches SDY, the other big S&P dividend index fund.
A multi-billion-dollar fund that trades actively, and it has tracked its index tightly. One of the stronger builds in its niche.

SDY The bar is 20 consecutive years of dividend increases, drawn from the S&P Composite 1500, so seasoned mid- and small-cap raisers can make the cut alongside megacaps.ssga.com
Weighting is by indicated yield, not market cap. Money flows toward the higher-yielding survivors of the screen rather than the biggest companies in it.ssga.com
0.35% a year, below the typical fee among dividend aristocrat index funds, and it holds roughly 160 names rather than a token handful.
Trading since 2005, now a multi-billion-dollar fund that has stayed tight to its index. One of the strongest implementations in its aristocrat peer group.

Worth knowing

NOBL Mid-priced, not cheap. Broad sector-neutral dividend index funds such as SPDG charge a fraction of NOBL's 0.35%.
Roughly 70 stocks means real single-name and sector concentration next to the full S&P 500, and it is all-equity, so market drawdowns come through.
Cash lands quarterly, not monthly, and the mandate rewards payout consistency rather than the biggest current yield.

SDY Yield weighting is a tilt, not a neutral stance: the largest positions are the highest payers, which pulls the portfolio toward slower-growth, high-payout corners of the market.
Not the cheap seat in the category. Sector-neutral dividend indexing is available for a fraction of the fee, for example SPDG at 0.05%.
Distributions land quarterly, not monthly, and a long raise streak describes a company's past behavior, not a commitment.

Full NOBL profile⁠

Full SDY profile⁠

NOBL vs SDY Holdings

How NOBL and SDY differ

Overlap by weight

54.0%

Shared holdings make up 99.5% of NOBL and 56.2% of SDY.

Level by level

Holdings68 in both54.0%
Sector11 Sectors84.6%
Countryby domicile98.5%
Asset classEquity100%

Sector

Sector weights in NOBL and SDY, widest gap first
Sector	More in NOBLMore in SDY	NOBL	SDY
Utilities	SDY +7.6 points	5.4%	13.0%
Consumer Staples	NOBL +7.1 points	22.7%	15.6%
Technology	SDY +4.4 points	5.2%	9.6%
Communication	SDY +2.8 points	0.0%	2.8%
Health Care	NOBL +2.6 points	11.0%	8.4%
Materials	NOBL +2.6 points	10.0%	7.4%
Industrials	NOBL +1.3 points	19.9%	18.6%
Financials	NOBL +1.1 points	13.2%	12.1%
Energy	SDY +0.6 points	3.3%	3.9%
Consumer Discretionary	NOBL +0.5 points	5.6%	5.1%
Real Estate	Same weight	3.8%	3.8%

Country, concentration and asset class

Country by domicile

Country weights in NOBL and SDY, widest gap first
Country	More in NOBLMore in SDY	NOBL	SDY
United States	SDY +1.6 points	97.0%	98.6%
Switzerland	NOBL +1.0 points	1.5%	0.5%
United Kingdom	NOBL +0.6 points	1.5%	0.9%

Concentration

Weight in the 10 largest Holdings

NOBL16.6%
SDY20.5%

Securities held

NOBL68
SDY156

Asset class

NOBL: Equity
SDY: Equity

Holdings

Only in NOBL0
In both68
Only in SDY88

Only in NOBL

0 securities, 0.0% of NOBL by weight

Only in SDY

88 securities, 43.6% of SDY by weight

Accenture PLC Class A3.87%
Verizon Communications Inc2.76%
Kenvue Inc1.54%
Nike Inc Class B1.52%
Lockheed Martin Corp1.42%
Wec Energy Group Inc1.38%
Southern Co/The1.29%
Xcel Energy Inc1.22%
Qualcomm Inc0.88%
Northrop Grumman Corp0.87%
Edison International0.87%
Texas Instruments Inc0.84%
Evergy Inc0.81%
Microchip Technology Inc0.80%
Alliant Energy Corp0.77%
L3HARRIS Technologies Inc0.70%
Best Buy Co Inc0.70%
Waste Management Inc0.69%
Travelers Cos Inc/The0.68%
Ameriprise Financial Inc0.59%
Assurant Inc0.58%
Carlisle Cos Inc0.58%
Lincoln Electric Holdings0.57%
Microsoft Corp0.56%
Rpm International Inc0.55%
Steris PLC0.55%
Republic Services Inc0.54%
Analog Devices Inc0.52%
Csx Corp0.52%
Essential Utilities Inc0.48%
Graco Inc0.48%
Royal Gold Inc0.47%
Equity Lifestyle Properties0.46%
Toro Co0.44%
Jack Henry & Associates Inc0.44%
American Financial Group Inc0.43%
Ryder System Inc0.42%
Umb Financial Corp0.40%
Donaldson Co Inc0.40%
Cencora Inc0.39%
Cullen/Frost Bankers Inc0.39%
Cummins Inc0.37%
Rb Global Inc0.36%
Sei Investments Company0.35%
Old Republic Intl Corp0.35%
Hanover Insurance Group Inc/0.34%
Aptargroup Inc0.33%
Commerce Bancshares Inc0.30%
Nnn Reit Inc0.30%
Prosperity Bancshares Inc0.30%

Weight gaps

All 68 Holdings in both funds, largest gap first.

Holding weights in NOBL and SDY, widest gap first
Holding	More in NOBLMore in SDY	NOBL	SDY
West Pharmaceutical ServicesWST	NOBL +1.36 points	1.48%	0.12%
Brown-Forman Corp-Class BBF.B	NOBL +1.23 points	1.43%	0.20%
Pentair PLCPNR	NOBL +1.24 points	1.77%	0.53%
Hormel Foods CorpHRL	NOBL +1.22 points	1.47%	0.25%
Erie Indemnity Company-Cl AERIE	NOBL +1.21 points	1.51%	0.30%
Smith (A.o.) CorpAOS	NOBL +1.18 points	1.49%	0.31%
Federal Realty Invs TrustFRT	NOBL +1.12 points	1.47%	0.35%
Ww Grainger IncGWW	NOBL +1.11 points	1.42%	0.31%
Dover CorpDOV	NOBL +1.08 points	1.46%	0.38%
Kimberly-Clark CorpKMB	NOBL +1.08 points	2.59%	1.51%
Walmart IncWMT	NOBL +1.07 points	1.48%	0.41%
S&P Global IncSPGI	NOBL +1.05 points	1.48%	0.43%
Roper Technologies IncROP	NOBL +1.05 points	1.65%	0.60%
Clorox CompanyCLX	NOBL +1.02 points	1.46%	0.44%
Factset Research Systems IncFDS	NOBL +1.00 points	1.45%	0.45%
Caterpillar IncCAT	NOBL +0.99 points	1.18%	0.19%
Franklin Templeton IncBEN	NOBL +0.99 points	1.41%	0.42%
Sherwin-Williams Co/TheSHW	NOBL +0.99 points	1.39%	0.40%
Ecolab IncECL	NOBL +0.99 points	1.48%	0.49%
Nucor CorpNUE	NOBL +0.97 points	1.46%	0.49%
Mccormick & Co-Non Vtg ShrsMKC	NOBL +0.97 points	1.44%	0.47%
Albemarle CorpALB	NOBL +0.96 points	1.36%	0.40%
Expeditors Intl Wash IncEXPD	NOBL +0.95 points	1.42%	0.47%
Cardinal Health IncCAH	NOBL +0.96 points	1.37%	0.41%
Brown & Brown IncBRO	NOBL +0.94 points	1.39%	0.45%
Linde PLCLIN	NOBL +0.94 points	1.45%	0.51%
Cintas CorpCTAS	NOBL +0.93 points	1.41%	0.48%
Chubb LtdCB	NOBL +0.91 points	1.44%	0.53%
Jm Smucker Co/TheSJM	NOBL +0.90 points	1.43%	0.53%
C.h. Robinson Worldwide IncCHRW	NOBL +0.91 points	1.25%	0.34%
Church & Dwight Co IncCHD	NOBL +0.86 points	1.44%	0.58%
Nordson CorpNDSN	NOBL +0.86 points	1.37%	0.51%
Stanley Black & Decker IncSWK	NOBL +0.83 points	1.53%	0.70%
General Dynamics CorpGD	NOBL +0.77 points	1.52%	0.75%
Chevron CorpCVX	SDY +0.70 points	1.46%	2.16%
Genuine Parts CoGPC	NOBL +0.68 points	1.36%	0.68%
Essex Property Trust IncESS	NOBL +0.66 points	1.36%	0.70%
Emerson Electric CoEMR	NOBL +0.63 points	1.42%	0.79%
Cincinnati Financial CorpCINF	NOBL +0.61 points	1.47%	0.86%
Aflac IncAFL	NOBL +0.58 points	1.45%	0.87%
Amcor PLCAMCR	NOBL +0.57 points	1.47%	0.90%
Johnson & JohnsonJNJ	NOBL +0.54 points	1.49%	0.95%
Lowe's Cos IncLOW	NOBL +0.54 points	1.50%	0.96%
Ppg Industries IncPPG	NOBL +0.53 points	1.53%	1.00%
Atmos Energy CorpATO	NOBL +0.52 points	1.45%	0.93%
T Rowe Price Group IncTROW	NOBL +0.50 points	1.42%	0.92%
Realty Income CorpO	SDY +0.47 points	1.45%	1.92%
Eversource EnergyES	NOBL +0.45 points	1.47%	1.02%
Colgate-Palmolive CoCL	NOBL +0.46 points	1.44%	0.98%
Fastenal CoFAST	NOBL +0.42 points	1.39%	0.97%
Nextera Energy IncNEE	NOBL +0.42 points	1.51%	1.09%
Illinois Tool WorksITW	NOBL +0.40 points	1.42%	1.02%
Air Products & Chemicals IncAPD	NOBL +0.38 points	1.47%	1.09%
Pepsico IncPEP	SDY +0.37 points	1.44%	1.81%
Archer-Daniels-Midland CoADM	NOBL +0.37 points	1.36%	0.99%
Medtronic PLCMDT	SDY +0.37 points	1.46%	1.83%
Mcdonald's CorpMCD	NOBL +0.35 points	1.48%	1.13%
Sysco CorpSYY	NOBL +0.31 points	1.42%	1.11%
Abbott LaboratoriesABT	NOBL +0.28 points	1.49%	1.21%
Coca-Cola Co/TheKO	NOBL +0.20 points	1.43%	1.23%
Target CorpTGT	SDY +0.18 points	1.43%	1.61%
Intl Business Machines CorpIBM	NOBL +0.18 points	1.44%	1.26%
AbbVie IncABBV	NOBL +0.14 points	1.46%	1.32%
Procter & Gamble Co/ThePG	NOBL +0.11 points	1.45%	1.34%
Automatic Data ProcessingADP	SDY +0.09 points	1.41%	1.50%
Consolidated Edison IncED	NOBL +0.09 points	1.47%	1.38%
Becton Dickinson and CoBDX	SDY +0.08 points	1.43%	1.51%
Exxonmobil Holdings CorpXOM	SDY +0.02 points	1.48%	1.50%

All 71 NOBL holdings⁠All 155 SDY holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

NOBL vs SDY Cost

Same expense ratio

$7,126

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

NOBL 0.35%
$7,126
SDY 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

NOBL 0.35%
SDY 0.35%

Year by year

Year	NOBL	SDY
10	$634	$634
20	$2,454	$2,454
30	$7,126	$7,126

Expense ratio

0.35%NOBL
0.35%SDY

NOBL0.35%SDY0.35%

0.15%0.60%

Middle half of Dividend Aristocrats funds
Median 0.40%

NOBL 2nd cheapest of 7 funds

SDY 2nd cheapest of 7 funds

NOBL vs SDY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): NOBL 1.98%; SDY 2.35%, better
Payout (12M): NOBL $1.17; SDY $3.78
Last payment: NOBL $0.28; SDY $0.92
Ex-dividend: NOBL Sep 23, 2026; SDY Sep 21, 2026
Paid on: NOBL Sep 29, 2026; SDY Sep 23, 2026
Frequency: NOBL Quarterly; SDY Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

NOBLQuarterly · 39 paymentsAll NOBL payments⁠

SDYQuarterly · 39 paymentsAll SDY payments⁠

NOBL vs SDY Risk

Fall from peak · 5 years

NOBL
SDY

Risk facts

VolatilityStd dev, 3 years: NOBL 13.5%SDY 13.2%, better
Return per unit of riskSharpe ratio, 3 years: NOBL 0.70SDY 0.85, better
Worst fallMax drawdown, 5 years: NOBL −17.9%SDY −15.2%, better
Market sensitivityBeta, 5 years: NOBL 0.64SDY 0.58; Market = 1

NOBL and SDY in the news

All news⁠

Category Review
Index option income was not one bet this year
Updated Oct 5, 2026NOBL
First-Year Review
Liberty One's Spectrum ETF returned 6.4%, 8.9 percentage points behind an S&P 500 fund
Oct 1, 2026NOBL

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NOBL vs SDY

In short

Stated mandate

Why people hold it

Worth knowing

How NOBL and SDY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in NOBL

Only in SDY

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Index option income was not one bet this year

Liberty One's Spectrum ETF returned 6.4%, 8.9 percentage points behind an S&P 500 fund

How NOBL and SDY differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in NOBL

Only in SDY

Weight gaps