DAT vs. OND

Last updated Jun 4, 2026

DAT (ProShares Big Data Refiners ETF) and OND (ProShares On-Demand ETF) are both exchange-traded funds - DAT is a Technology Equities fund tracking the FactSet Big Data Refiners Index, while OND is a Communications Equities fund tracking the FactSet On-Demand Index. Both are passively managed. Over the past 3 years, DAT returned 16.04%/yr vs 16.43%/yr for OND. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.58% expense ratio.

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.

Returns By Period

In the year-to-date period, DAT achieves a -3.11% return, which is significantly higher than OND's -14.28% return.

DAT

• 1D: -4.79%
• 1M: 16.04%
• YTD: -3.11%
• 6M: -3.15%
• 1Y: -3.73%
• 3Y*: 16.04%
• 5Y*: —
• 10Y*: —

OND

• 1D: -2.21%
• 1M: 1.68%
• YTD: -14.28%
• 6M: -16.72%
• 1Y: -8.96%
• 3Y*: 16.43%
• 5Y*: —
• 10Y*: —

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

DAT vs. OND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DAT ProShares Big Data Refiners ETF	-3.11%	3.49%	33.22%	51.76%	-44.33%	-6.87%
OND ProShares On-Demand ETF	-14.28%	26.72%	32.00%	27.03%	-41.93%	-14.36%

Correlation

The correlation between DAT and OND is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Oct 28, 2021	0.71

The correlation between DAT and OND shifts across timeframes, from 0.53 (1 year) to 0.71 (all time), reflecting how their relationship changes across market environments.

DAT vs. OND - Sectors Allocation Comparison

Sectors	DAT	OND
Technology	97.1%	24.8%
Communication Services	2.2%	23.5%
Utilities	1.2%	-
Healthcare	0.8%	-
Basic Materials	-	-
Consumer Cyclical	-	2.0%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Industrials	-	4.2%
Real Estate	-	3.3%

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: 8
DAT Sharpe Ratio Rank: 7
DAT Sortino Ratio Rank: 8
DAT Omega Ratio Rank: 8
DAT Calmar Ratio Rank: 8
DAT Martin Ratio Rank: 8

OND

OND Risk / Return Rank: 5
OND Sharpe Ratio Rank: 5
OND Sortino Ratio Rank: 5
OND Omega Ratio Rank: 5
OND Calmar Ratio Rank: 6
OND Martin Ratio Rank: 6

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	-0.13	-0.44	+0.31
Sortino ratio: Return per unit of downside risk	0.03	-0.48	+0.51
Omega ratio: Gain probability vs. loss probability	1.00	0.94	+0.06
Calmar ratio: Return relative to maximum drawdown	-0.11	-0.27	+0.16
Martin ratio: Return relative to average drawdown	-0.25	-0.50	+0.26
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 -0.13, which is higher than the OND Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of DAT 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.

Sharpe Ratios by Period

	DAT	OND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.13	-0.44	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	-0.08	+0.13

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	-34.70%	-33.80%	-0.90%
Max Drawdown (3Y) Largest decline over 3 years	-34.73%	-33.80%	-0.93%
Current Drawdown Current decline from peak	-10.08%	-27.76%	+17.68%
Average Drawdown Average peak-to-trough decline	-26.23%	-30.32%	+4.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.10%	17.81%	-2.71%

Volatility

DAT vs. OND - Volatility Comparison

ProShares Big Data Refiners ETF (DAT) has a higher volatility of 13.55% compared to ProShares On-Demand ETF (OND) at 5.40%. 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	13.55%	5.40%	+8.15%
Volatility (6M) Calculated over the trailing 6-month period	25.18%	15.38%	+9.80%
Volatility (1Y) Calculated over the trailing 1-year period	29.78%	20.57%	+9.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.02%	27.15%	+6.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.02%	27.15%	+6.87%

DAT vs. OND - Expense Ratio Comparison

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

Dividends

DAT vs. OND - Dividend Comparison

Neither DAT nor OND has paid dividends to shareholders.

Position	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%

Frequently Asked Questions

Can I hold both DAT and OND in my portfolio?

DAT and OND have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DAT or OND?

DAT has higher volatility (13.55%) compared to OND (5.40%). In terms of maximum drawdown, DAT dropped -56.22% vs OND's -59.02%.

Which ETF is better, DAT or OND?

On 3-year performance, OND leads with 16.43% vs 16.04% for DAT. Both ETFs have the same 0.58% expense ratio. On volatility, OND has been the lower-risk option at 5.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DAT or OND?

Over the 3-year period, OND has performed better with a 16.43% return vs 16.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DAT or OND?

DAT and OND have the same expense ratio: 0.58% per year.

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

DAT and OND have nearly identical dividend yields, around 0.00%.

What is the main difference between DAT and OND?

DAT is categorized as Technology Equities, while OND is Communications Equities. DAT tracks FactSet Big Data Refiners Index, while OND tracks FactSet On-Demand Index.

Which has better risk-adjusted returns?

DAT currently has the higher Sharpe Ratio (-0.13 vs -0.44), 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.