The Vanguard High Dividend Yield ETF (VYM +0.38%) and the ProShares - S&P 500 Dividend Aristocrats ETF (NOBL +0.22%) differ most in cost, breadth, and yield: VYM holds 589 stocks and charges lower fees, while NOBL targets S&P 500 dividend consistency.
The Vanguard High Dividend Yield ETF tracks a broader index, holding hundreds of U.S. stocks forecasted to pay above-average dividends. VYM stands out as more affordable, with a 0.06% fee as of Oct. 31, 2025—less than one-fifth of NOBL’s 0.35%—potentially appealing for cost-conscious, income-seeking investors. Here’s how these two income-focused ETFs compare.
Snapshot (cost & size)
| Metric | NOBL | VYM |
|---|---|---|
| Issuer | ProShares | Vanguard |
| Expense ratio | 0.35% | 0.06% |
| 1-yr return (as of Oct. 31, 2025) | (1.8%) | 10.0% |
| Dividend yield | 2.1% | 2.5% |
| Beta | 0.86 | N/A |
| AUM | $11.1 billion | $81.3 billion |
Beta measures price volatility relative to the S&P 500; figures use five-year weekly returns.
Performance & risk comparison
| Metric | NOBL | VYM |
|---|---|---|
| Max drawdown (5 y) | (17.92%) | (15.85%) |
| Growth of $1,000 over 5 years | $1,396 | $1,734 |
What's inside
Vanguard High Dividend Yield ETF holds 589 U.S. stocks, tilting toward Financial Services (22%), Technology (16%), and Healthcare (12%). Its top holdings—Broadcom Inc (AVGO +1.33%), JPMorgan Chase (JPM +0.77%), and Exxon Mobil (XOM 0.76%)—each make up a small slice of the portfolio. The fund, now 19 years old, follows a rules-based approach to capture companies with forecasted above-average dividend yields.
The ProShares - S&P 500 Dividend Aristocrats ETF, by contrast, is built around long-term dividend growth, with 70 stocks equally weighted and capped sector exposure. Consumer Defensive, Industrials, and Financial Services dominate. Notable holdings include C.H. Robinson Worldwide (CHRW 1.29%), Cardinal Health (CAH +0.41%), and Caterpillar (CAT +2.01%), each at just 0.02% of assets. NOBL’s approach is narrower, focusing on proven dividend raisers within the S&P 500 universe.
For more guidance on ETF investing, check out the full guide at this link.
Foolish take
The Vanguard High Dividend Yield ETF tracks the FTSE All-World High Dividend Yield Index. The relatively successful index eschews real estate investment trusts and focuses on businesses that pay higher-than-average dividend yields. Stocks are ranked by their forward-looking dividend yields and market caps. Only those in the 45th percentile are included in the index.
The ProShares - S&P 500 Dividend Aristocrats ETF tracks companies in the S&P 500 index that have consistently raised their dividend payouts for at least 25 years.
Both of these ETFs fill their portfolios with high-yield dividend payers, but their performance has been very different. Over the past five years, the ProShares - S&P 500 Dividend Aristocrats ETF delivered a paltry 53.1% return if we include dividend payments. Significantly lower fees and inclusion of stocks not in the S&P 500 index helped the Vanguard High Dividend Yield ETF outperform with a total return of 98.5%. The S&P 500 index is up by 98% over the past five years, or 113% if you include dividend payments.
Glossary
ETF (Exchange-Traded Fund): An investment fund traded on stock exchanges, holding a basket of assets like stocks or bonds.
Expense ratio: The annual fee, as a percentage of assets, that a fund charges to cover operating costs.
Dividend yield: Annual dividends paid by a fund or stock, expressed as a percentage of its current price.
AUM (Assets Under Management): The total market value of all assets managed by a fund.
Beta: A measure of a fund's volatility compared to the overall market; values below 1 indicate less volatility.
Max drawdown: The largest percentage decline from a fund’s peak value to its lowest point over a specific period.
Rules-based approach: An investment strategy that follows predefined criteria or formulas rather than active management decisions.
Equally weighted: A portfolio construction method where each holding has the same weight, regardless of company size.
Sector exposure: The proportion of a fund’s assets invested in specific industry sectors.
Dividend Aristocrats: S&P 500 companies that have increased their dividends for at least 25 consecutive years.
Drawdown: The decline in value from a fund’s peak to its subsequent low, often used to assess risk.
