NOBL Delivers 12.9% Return in 2026, Outpaces SPY's 7.88%

NOBL Outperforms SPY in 2026

In 2026, the ProShares Dividend Aristocrat ETF (NOBL) delivered a total return of 12.9%, surpassing the S&P 500 ETF (SPY) which returned 7.88% as of July 27, 2026. The performance highlights the resilience of companies with a history of consistent dividend growth.

Dividend Growth and Undervalued Opportunities

Dividend Aristocrats, defined as S&P 500 companies that have increased dividends for at least 25 consecutive years, averaged a 4.10% dividend increase in 2026. Notable raises came from Albemarle Corporation (ALB), Fastenal Company (FAST), and PPG Industries (PPG). Additionally, 25 Dividend Aristocrats appear undervalued and could offer long-term annualized returns of at least 10%, based on current valuations.

For reference, NOBL's dividend calculator can help project potential income, and its dividend history shows a record of consistent payments.

Global Market Context

As of July 27, 2026, six of nine major global stock indexes were positive for the year. Japan's Nikkei 225 led with a 29.0% gain, followed by Canada's TSX (+12.2%) and England's FTSE 100 (+8.6%). In contrast, India's BSE SENSEX fell 9.8%.

AI investment is rapidly increasing, with hyperscaler spending expected to grow from $673 billion in 2024 to $892 billion by 2028. Despite strong revenue growth from companies like Alphabet, concerns about overinvestment have caused significant market fluctuations.

The S&P 500 recently fell below its support level near 7420, reaching new monthly lows and indicating a subtle bearish shift. This movement suggests a slow topping process may be underway, with increased chances of a near-term retracement.

What it means for income investors

The 2026 outperformance of Dividend Aristocrats underscores the potential for steady income and capital appreciation in a diversified portfolio. With 25 undervalued names offering double-digit return potential, income-focused strategies may benefit from focusing on dividend growth and valuation discipline.

Reporting based on: Pluang. Figures verified against market data where available.