Core Insights - The Vanguard Dividend Appreciation ETF (VIG) and ProShares - S&P 500 Dividend Aristocrats ETF (NOBL) both focus on companies with strong dividend histories but differ in their index construction and outcomes as market leadership changes [1][2]. Cost and Size Comparison - VIG has a significantly lower expense ratio of 0.05% compared to NOBL's 0.35% [3][4]. - As of December 12, 2025, VIG achieved a 1-year return of 12.73%, while NOBL's return was 3.05% [3]. - VIG has a larger Assets Under Management (AUM) of $120.4 billion compared to NOBL's $11.3 billion [3]. Performance and Risk Metrics - Over the past five years, VIG experienced a maximum drawdown of 20.39%, while NOBL had a drawdown of 17.92% [5]. - An investment of $1,000 in VIG would have grown to $1,557 over five years, compared to $1,319 for NOBL [5]. Portfolio Composition - VIG holds a diversified portfolio of 338 companies, with significant sector weights in technology (28%), financial services (22%), and healthcare (15%) [6]. - NOBL's portfolio consists of 70 equally weighted stocks, with major exposure to industrials (23%) and consumer defensive sectors (22%) [7]. Investment Implications - VIG's broader approach allows for greater influence from larger, successful companies, while NOBL's equal-weight strategy provides steadier returns but may limit growth from faster-growing companies [10][11]. - The distinction between VIG and NOBL lies in how they source dividend growth, with VIG adapting to market leaders and NOBL maintaining a historical standard of dividend endurance [11].