DGRO vs NOBL: returns, risk and drawdowns compared
iShares Core Dividend Growth ETF against ProShares S&P 500 Dividend Aristocrats ETF, over the same 12 years (July 2014 to October 2026) with dividends reinvested.
Data updated October 2026
From July 2014 to October 2026, DGRO returned 12.3% a year and NOBL 8.8% a year on average, so DGRO came out ahead by 3.5% a year. NOBL was the more volatile of the two (14.4% against 13.5% a year), and the deepest falls from a month-end high were 21.9% for DGRO and 23.5% for NOBL.
The correlation of monthly returns was 0.96: they moved almost in lockstep. Over 113 rolling 3-year periods, DGRO did better in 99% and NOBL in 1%.
Side by side
| DGRO | NOBL | |
|---|---|---|
| Annual return (CAGR) | +12.3% | +8.8% |
| Total return | +317% | +182% |
| Annual volatility | 13.5% | 14.4% |
| Maximum drawdown (month-end) | −21.9% | −23.5% |
| Worst month | −12.8% | −14.0% |
| Best month | +12.1% | +12.0% |
| Positive months | 67% | 62% |
| Best year | 2019: +29.9% | 2019: +26.1% |
| Worst year | 2022: −7.9% | 2022: −7.4% |
| 1-year return | +18.0% | +12.7% |
| 5 years, a year | +10.9% | +5.5% |
| 10 years, a year | +13.8% | +9.2% |
| Trading currency | USD | USD |
First nine rows: the same 148 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: DGRO vs NOBL
Returns by calendar year
| Year | DGRO | NOBL |
|---|---|---|
| 2025 | +15.7% | +5.7% |
| 2024 | +16.6% | +5.6% |
| 2023 | +10.5% | +6.9% |
| 2022 | −7.9% | −7.4% |
| 2021 | +26.7% | +24.2% |
| 2020 | +9.5% | +7.0% |
| 2019 | +29.9% | +26.1% |
| 2018 | −2.4% | −4.4% |
| 2017 | +23.0% | +19.9% |
| 2016 | +15.2% | +10.5% |
| 2015 | −0.7% | −0.6% |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, DGRO or NOBL?
From July 2014 to October 2026, DGRO returned +12.3% a year and NOBL +8.8% a year, with dividends reinvested. Over rolling 3-year periods DGRO did better in 99% of cases. Past returns do not predict future returns.
Which is riskier, DGRO or NOBL?
Over the same months annual volatility was 13.5% for DGRO and 14.4% for NOBL; the deepest fall from a month-end high was 21.9% and 23.5%, and the worst single month −12.8% and −14.0%.
How correlated are DGRO and NOBL?
The correlation of their monthly returns was 0.96: they moved almost in lockstep. Holding both adds little diversification compared with holding one.
More comparisons
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.