DAT vs. OND

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Big Data Refiners ETF (DAT) and ProShares On-Demand ETF (OND).

DAT and OND are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DAT is a passively managed fund by ProShares that tracks the performance of the FactSet Big Data Refiners Index. It was launched on Sep 29, 2021. OND is a passively managed fund by ProShares that tracks the performance of the FactSet On-Demand Index. It was launched on Oct 26, 2021. Both DAT and OND are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

DAT vs. OND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Big Data Refiners ETF (DAT) and ProShares On-Demand ETF (OND). The values are adjusted to include any dividend payments, if applicable.

DAT vs. OND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DAT ProShares Big Data Refiners ETF	-24.83%	3.49%	33.22%	51.76%	-44.33%	-6.87%
OND ProShares On-Demand ETF	-18.86%	26.72%	32.00%	27.03%	-41.93%	-14.36%

Returns By Period

In the year-to-date period, DAT achieves a -24.83% return, which is significantly lower than OND's -18.86% return.

DAT

• 1D: 2.47%
• 1M: -6.54%
• YTD: -24.83%
• 6M: -28.77%
• 1Y: -13.31%
• 3Y*: 11.65%
• 5Y*: —
• 10Y*: —

OND

• 1D: 3.29%
• 1M: -8.40%
• YTD: -18.86%
• 6M: -30.71%
• 1Y: 1.35%
• 3Y*: 15.16%
• 5Y*: —
• 10Y*: —

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

DAT vs. OND - Expense Ratio Comparison

Both DAT and OND have an expense ratio of 0.58%.

DAT

ProShares Big Data Refiners ETF

OND

ProShares On-Demand ETF

Return for Risk

DAT vs. OND — Risk / Return Rank

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

DAT

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

OND

OND Risk / Return Rank: 13
OND Sharpe Ratio Rank: 13
OND Sortino Ratio Rank: 13
OND Omega Ratio Rank: 13
OND Calmar Ratio Rank: 12
OND Martin Ratio Rank: 12

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.

DAT vs. OND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Big Data Refiners ETF (DAT) 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.

	DAT	OND	Difference
Sharpe ratio Return per unit of total volatility	-0.42	0.06	-0.48
Sortino ratio Return per unit of downside risk	-0.42	0.24	-0.66
Omega ratio Gain probability vs. loss probability	0.95	1.03	-0.08
Calmar ratio Return relative to maximum drawdown	-0.47	0.01	-0.48
Martin ratio Return relative to average drawdown	-1.27	0.04	-1.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DAT vs. OND - Sharpe Ratio Comparison

The current DAT Sharpe Ratio is -0.42, which is lower than the OND Sharpe Ratio of 0.06. The chart below compares the historical Sharpe Ratios of DAT and OND, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DAT	OND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.42	0.06	-0.48
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	-0.13	+0.01

Correlation

The correlation between DAT and OND is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DAT vs. OND - Dividend Comparison

Neither DAT nor OND has paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021
DAT ProShares Big Data Refiners ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
OND ProShares On-Demand ETF	0.00%	0.00%	0.00%	0.78%	0.00%	0.02%

Drawdowns

DAT vs. OND - Drawdown Comparison

The maximum DAT drawdown since its inception was -56.22%, roughly equal to the maximum OND drawdown of -59.02%. Use the drawdown chart below to compare losses from any high point for DAT and OND.

Drawdown Indicators

	DAT	OND	Difference
Max Drawdown Largest peak-to-trough decline	-56.22%	-59.02%	+2.80%
Max Drawdown (1Y) Largest decline over 1 year	-31.89%	-33.80%	+1.91%
Current Drawdown Current decline from peak	-30.23%	-31.63%	+1.40%
Average Drawdown Average peak-to-trough decline	-26.38%	-30.39%	+4.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.70%	13.36%	-1.66%

Volatility

DAT vs. OND - Volatility Comparison

ProShares Big Data Refiners ETF (DAT) has a higher volatility of 7.86% compared to ProShares On-Demand ETF (OND) at 7.13%. This indicates that DAT's price experiences larger fluctuations and is considered to be riskier than OND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAT	OND	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.86%	7.13%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	20.08%	15.54%	+4.54%
Volatility (1Y) Calculated over the trailing 1-year period	31.52%	22.58%	+8.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.61%	27.37%	+6.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.61%	27.37%	+6.24%