NOBL Dividend Growth Calculator

What NOBL actually holds

The ProShares S&P 500 Dividend Aristocrats ETF (NOBL) tracks the S&P 500 Dividend Aristocrats Index — the narrow set of S&P 500 members that have raised their dividend for at least 25 consecutive years. That single rule is the fund's whole identity. It is not a yield screen and not a growth-rate screen; it is a durability screen, and the 25-year streak is a demanding one that leaves the fund holding roughly 65–70 names, most of them mature industrials, consumer-staples, and healthcare businesses that have paid through multiple recessions. Just as important, NOBL weights those holdings roughly equally and rebalances quarterly rather than letting the largest companies dominate, which tilts it away from the mega-cap technology names that drive a market-cap fund like VOO.

Who this profile tends to suit

NOBL answers a different question than most funds in this cluster. It is oriented toward an investor who prizes a payout that has never been cut over one that is either large today or growing fast. The trade-off is visible right in the headline above: the ~2% starting yield is lower than SCHD or VYM, and the ~4.5% trailing dividend-per-share growth is slower than a growth-tilted fund like DGRO. You are not maximizing income and you are not maximizing compounding — you are buying consistency and the equal-weight diversification that comes with it. Whether that is worth it depends on what you value; it is a defensiveness bet, not a return-maximizing one.

How DRIP turns a raise streak into yield-on-cost

With reinvestment switched on, each distribution buys more shares, and those shares pay their own dividend next period. Because the underlying companies keep lifting their per-share payout — that is the entire point of the Aristocrats screen — yield-on-cost (income divided by what you actually contributed) drifts above the fund's ~2% headline yield over a long hold, even as the market yield stays near where it started. Turn DRIP off and the share count stops compounding and the income line flattens sooner. NOBL's slower dividend growth means that drift is gentler here than in a faster-growing fund, so the calculator shows it as a band rather than a promise.

The two frictions worth naming

First, cost: NOBL's 0.35% expense ratio is several times what an index or low-cost dividend-growth fund charges, and that fee is dragged off the projection every year — a real, compounding headwind on a fund whose whole pitch is steadiness. Second, tax: NOBL's distributions are largely qualified dividends, taxed at long-term capital-gains rates in a taxable brokerage account, but they are still taxed in the year they are paid — even when you reinvest every cent. "Reinvested" is not "tax-deferred." The Account toggle above models this directly: the default taxable path subtracts the qualified-dividend tax before the DRIP reinvests, while a Traditional IRA or Roth compounds the same paths untaxed, so you can see the gap for your own bracket before treating the reinvested path as free.

All figures here are illustrative and as-of 2026-06; forward price and dividend growth are assumptions, not forecasts. Educational estimates, not investment advice.