NOBL
ProShares S&P 500 Dividend Aristocrats ETF
NOBL tracks the S&P 500 Dividend Aristocrats Index, investing in S&P 500 companies with 25+ consecutive years of dividend increases. Equal-weighted methodology ensures balanced exposure. Focuses on dividend growth and quality over current yield.
RDIV
Invesco Ultra Dividend Revenue ETF
RDIV tracks the Invesco Ultra Dividend Revenue Index, selecting companies with high dividend yields and strong revenue generation. Equal-weighted with revenue screening. Focuses on maximum current income with revenue quality overlay.
Key Metrics Comparison
| Metric | NOBL | RDIV | Winner |
|---|---|---|---|
| Dividend Yield | 2.15% | 4.85% | RDIV (+2.70%) |
| Expense Ratio | 0.35% | 0.39% | NOBL (-0.04%) |
| 5-Year Annual Return | 10.2% | 8.3% | NOBL (+1.9%) |
| Number of Holdings | 68 | 60 | NOBL (+8 more) |
| Assets Under Management | $12.8B | $1.4B | NOBL |
| 5-Year Dividend Growth | 8.2% | 2.5% | NOBL (+5.7%) |
| P/E Ratio | 19.8 | 14.2 | RDIV (cheaper) |
| Beta vs S&P 500 | 0.85 | 0.92 | NOBL (lower risk) |
Performance Comparison
NOBL Performance
Superior total returns with modest yield. Aristocrat quality provides dividend safety. Lower beta offers defensive characteristics. Strong dividend growth combats inflation. Equal-weighting prevents concentration. Excellent recession performance.
RDIV Performance
Ultra-high current income with moderate total returns. Revenue screening provides quality overlay. Higher yield cushions during flat markets. Value characteristics during downturns. Equal-weighted for diversification. Maximum income generation.
Strategy Analysis
NOBL Approach
Aristocrat quality and growth focus:
- Tracks S&P 500 Dividend Aristocrats Index
- Companies with 25+ years dividend increases
- Equal-weighted methodology
- S&P 500 constituents only
- 68 highest-quality dividend payers
- Annual reconstitution & rebalancing
- Focus on dividend growth, not yield
- Defensive characteristics
RDIV Approach
Ultra yield with revenue quality:
- Tracks Invesco Ultra Dividend Revenue Index
- Selects 60 highest-yielding companies
- Revenue screening for quality
- Equal-weighted methodology
- Quarterly rebalancing
- Maximum current income focus
- Value characteristics emphasized
- Balanced sector exposure
Quality vs Yield Philosophy
NOBL's aristocrat quality vs RDIV's ultra yield creates fundamentally different investment approaches.
Dividend History
Primary Focus
Quality Metric
Rebalancing
Quality Characteristics Comparison
NOBL focuses on dividend growth history while RDIV focuses on revenue generation and current yield.
Dividend Safety Metrics
Average Payout Ratio: NOBL 45% vs RDIV 68%
Dividend Coverage: NOBL 2.2x vs RDIV 1.5x
Cut Risk: NOBL extremely low vs RDIV moderate
Financial Health: NOBL superior vs RDIV good
Financial Metrics
ROE: NOBL 24% vs RDIV 18%
Debt/Equity: NOBL 0.8x vs RDIV 1.2x
Profit Margin: NOBL 16% vs RDIV 12%
Revenue Growth: NOBL 6% vs RDIV 8%
Historical Performance
2008-2009 cuts: NOBL 0% vs RDIV 15%
2020 cuts: NOBL 2% vs RDIV 12%
Recovery speed: NOBL faster vs RDIV slower
Dividend consistency: NOBL perfect vs RDIV good
Sector Allocation Comparison
Sector Weighting Differences
NOBL's equal-weighted aristocrats create balanced exposure, while RDIV's yield focus creates sector tilts.
Consumer Staples
Financials
Industrials
Utilities
Income Analysis
NOBL Income Profile
Modest current yield with exceptional growth. Aristocrat quality ensures dividend safety. Lower beta provides stable income. Strong inflation protection. Perfect dividend increase history. Superior long-term income growth.
RDIV Income Profile
Ultra-high current income with modest growth. Revenue screening provides quality overlay. Higher yield cushions during flat markets. Value characteristics during downturns. Maximum immediate cash flow.
Historical Performance & Backtesting
Long-Term Performance Comparison
NOBL has significantly outperformed RDIV over longer periods despite lower yield, thanks to superior quality and growth.
Since 2013 (NOBL inception)
Maximum Drawdown (2020)
Sharpe Ratio
Dividend Growth
Top Holdings Comparison
NOBL Top Holdings (Equal-Weighted Aristocrats)
Note: Equal-weighted (~1.47% each), 68 aristocrats, balanced sectors
RDIV Top Holdings (Equal-Weighted High Yield)
Note: Equal-weighted (~1.67% each), 60 high-yielders, yield-focused
Investment Recommendation
👑 Choose NOBL If:
- Dividend quality is paramount (25+ year history)
- Total returns are priority (10.2% vs 8.3%)
- Dividend growth matters (8.2% vs 2.5%)
- Lower risk appeals to you (beta 0.85 vs 0.92)
- Recession protection is important
- You have 10+ year time horizon
- Inflation protection through growth matters
- Dividend safety is non-negotiable
💰 Choose RDIV If:
- Maximum current income is priority (4.85% vs 2.15%)
- You're in or near retirement needing income
- Revenue quality screening appeals to you
- Value investing during downturns preferred
- Yield cushion during flat markets is valuable
- Shorter time horizon (under 5 years)
- Immediate cash flow is critical
- You can tolerate moderate dividend cut risk
💡 Portfolio Construction Strategy
For younger investors: Focus on NOBL (80-90%) for quality growth. For retirees: Use RDIV as core (60-70%) for income with NOBL satellite (30-40%) for growth. For balanced approach: 50% NOBL + 50% RDIV provides ~3.50% blended yield with better growth than RDIV alone. Consider combining with SCHD: 40% SCHD + 30% NOBL + 30% RDIV provides balanced quality/yield/growth. Important: The 2.70% yield gap means RDIV pays 125% more income initially. However, NOBL's superior growth (8.2% vs 2.5%) means income parity occurs in ~6 years. During recessions, NOBL historically loses less (-32% vs -38% in 2020). During recovery, NOBL rebounds faster. RDIV's revenue screening provides some quality, but not aristocrat-level safety.