BNGE vs. OND

Last updated Jun 26, 2026

BNGE (First Trust S-Network Streaming and Gaming ETF) and OND (ProShares On-Demand ETF) are both exchange-traded funds - BNGE is a Technology Equities fund tracking the S-Network Streaming & Gaming Index, while OND is a Communications Equities fund tracking the FactSet On-Demand Index. Both are passively managed. Over the past 3 years, BNGE returned 12.24%/yr vs 13.46%/yr for OND. Their correlation of 0.89 suggests significant overlap in exposure. BNGE charges 0.70%/yr vs 0.58%/yr for OND.

Performance

BNGE vs. OND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust S-Network Streaming and Gaming ETF (BNGE) and ProShares On-Demand ETF (OND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BNGE achieves a -20.97% return, which is significantly lower than OND's -19.45% return.

BNGE

• 1D: -1.34%
• 1M: -3.30%
• YTD: -20.97%
• 6M: -21.44%
• 1Y: -17.18%
• 3Y*: 12.24%
• 5Y*: —
• 10Y*: —

OND

• 1D: -0.58%
• 1M: -6.90%
• YTD: -19.45%
• 6M: -19.91%
• 1Y: -19.98%
• 3Y*: 13.46%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BNGE vs. OND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BNGE First Trust S-Network Streaming and Gaming ETF	-20.97%	35.18%	19.23%	37.21%	-28.77%
OND ProShares On-Demand ETF	-19.45%	26.72%	32.00%	27.03%	-30.99%

Correlation

The correlation between BNGE and OND is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 26, 2022	0.89

The correlation between BNGE and OND has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

BNGE vs. OND - Sectors Allocation Comparison

Sectors	BNGE	OND
Communication Services	65.7%	23.8%
Consumer Cyclical	26.5%	1.8%
Technology	7.9%	25.9%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	3.6%
Real Estate	-	3.1%
Utilities	-	-

Return for Risk

BNGE vs. OND — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BNGE

BNGE Risk / Return Rank: 3
BNGE Sharpe Ratio Rank: 2
BNGE Sortino Ratio Rank: 3
BNGE Omega Ratio Rank: 3
BNGE Calmar Ratio Rank: 4
BNGE Martin Ratio Rank: 4

OND

OND Risk / Return Rank: 3
OND Sharpe Ratio Rank: 2
OND Sortino Ratio Rank: 3
OND Omega Ratio Rank: 3
OND Calmar Ratio Rank: 4
OND Martin Ratio Rank: 5

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BNGE vs. OND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust S-Network Streaming and Gaming ETF (BNGE) and ProShares On-Demand ETF (OND). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BNGE	OND	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	-0.97	-0.01
Sortino ratio: Return per unit of downside risk	-1.30	-1.30	0.00
Omega ratio: Gain probability vs. loss probability	0.85	0.85	0.00
Calmar ratio: Return relative to maximum drawdown	-0.62	-0.59	-0.03
Martin ratio: Return relative to average drawdown	-1.13	-1.04	-0.09

BNGE vs. OND - Sharpe Ratio Comparison

The current BNGE Sharpe Ratio is -0.98, which is comparable to the OND Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of BNGE and OND, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BNGE vs. OND - Drawdown Comparison

The maximum BNGE drawdown since its inception was -40.54%, smaller than the maximum OND drawdown of -59.02%. Use the drawdown chart below to compare losses from any high point for BNGE and OND.

Drawdown Indicators

	BNGE	OND	Difference
Max Drawdown Largest peak-to-trough decline	-40.54%	-59.02%	+18.48%
Max Drawdown (1Y) Largest decline over 1 year	-27.88%	-33.80%	+5.92%
Max Drawdown (3Y) Largest decline over 3 years	-27.88%	-33.80%	+5.92%
Current Drawdown Current decline from peak	-27.17%	-32.12%	+4.95%
Average Drawdown Average peak-to-trough decline	-13.96%	-30.29%	+16.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.24%	19.27%	-4.03%

Volatility

BNGE vs. OND - Volatility Comparison

The current volatility for First Trust S-Network Streaming and Gaming ETF (BNGE) is 4.85%, while ProShares On-Demand ETF (OND) has a volatility of 6.35%. This indicates that BNGE experiences smaller price fluctuations and is considered to be less risky than OND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNGE	OND	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.85%	6.35%	-1.50%
Volatility (6M) Calculated over the trailing 6-month period	13.60%	15.79%	-2.19%
Volatility (1Y) Calculated over the trailing 1-year period	17.60%	20.59%	-2.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.06%	27.07%	-2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.06%	27.07%	-2.01%

BNGE vs. OND - Expense Ratio Comparison

BNGE has a 0.70% expense ratio, which is higher than OND's 0.58% expense ratio.

Dividends

BNGE vs. OND - Dividend Comparison

BNGE's dividend yield for the trailing twelve months is around 1.31%, while OND has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
BNGE First Trust S-Network Streaming and Gaming ETF	1.31%	0.89%	0.01%	0.81%	0.59%	0.00%
OND ProShares On-Demand ETF	0.00%	0.00%	0.00%	0.78%	0.00%	0.02%

Frequently Asked Questions

Can I hold both BNGE and OND in my portfolio?

BNGE and OND have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BNGE or OND?

OND has higher volatility (6.35%) compared to BNGE (4.85%). In terms of maximum drawdown, BNGE dropped -40.54% vs OND's -59.02%.

Which ETF is better, BNGE or OND?

On 3-year performance, OND leads with 13.46% vs 12.24% for BNGE. On fees, OND is cheaper at 0.58% per year. On volatility, BNGE has been the lower-risk option at 4.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNGE or OND?

Over the 3-year period, OND has performed better with a 13.46% return vs 12.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNGE or OND?

OND is cheaper with a 0.58% expense ratio, compared with 0.70% for BNGE.

Which ETF pays a higher dividend yield, BNGE or OND?

BNGE has the higher dividend yield at 1.31%, compared with 0.00% for OND.

What is the main difference between BNGE and OND?

BNGE is categorized as Technology Equities, while OND is Communications Equities. BNGE tracks S-Network Streaming & Gaming Index, while OND tracks FactSet On-Demand Index. They also come from different issuers: First Trust and ProShares. Their fees differ too: 0.70% for BNGE and 0.58% for OND.

Which has better risk-adjusted returns?

OND currently has the higher Sharpe Ratio (-0.97 vs -0.98), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.