FDCF vs. OND

Last updated Jun 4, 2026

FDCF (Fidelity Disruptive Communications ETF) and OND (ProShares On-Demand ETF) are both Communications Equities funds. FDCF is actively managed, while OND is passively managed. Over the past year, FDCF returned 23.52% vs -8.96% for OND. Their correlation of 0.82 suggests significant overlap in exposure. FDCF charges 0.50%/yr vs 0.58%/yr for OND.

Performance

FDCF vs. OND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Disruptive Communications ETF (FDCF) 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, FDCF achieves a 5.62% return, which is significantly higher than OND's -14.28% return.

FDCF

• 1D: -1.77%
• 1M: 3.38%
• YTD: 5.62%
• 6M: 7.71%
• 1Y: 23.52%
• 3Y*: —
• 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)

FDCF vs. OND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FDCF Fidelity Disruptive Communications ETF	5.62%	27.42%	28.37%	16.39%
OND ProShares On-Demand ETF	-14.28%	26.72%	32.00%	7.96%

Correlation

The correlation between FDCF and OND is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Jun 13, 2023	0.82

The correlation between FDCF and OND has been stable across timeframes, ranging from 0.79 to 0.82 - a consistent structural relationship.

FDCF vs. OND - Sectors Allocation Comparison

Sectors	FDCF	OND
Communication Services	50.2%	23.5%
Technology	36.5%	24.8%
Consumer Cyclical	11.9%	2.0%
Industrials	1.4%	4.2%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	3.3%
Utilities	-	-

Return for Risk

FDCF vs. OND — Risk / Return Rank

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

FDCF

FDCF Risk / Return Rank: 31
FDCF Sharpe Ratio Rank: 35
FDCF Sortino Ratio Rank: 33
FDCF Omega Ratio Rank: 34
FDCF Calmar Ratio Rank: 27
FDCF Martin Ratio Rank: 28

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.

FDCF vs. OND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Disruptive Communications ETF (FDCF) 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.

	FDCF	OND	Difference
Sharpe ratio: Return per unit of total volatility	1.29	-0.44	+1.73
Sortino ratio: Return per unit of downside risk	1.79	-0.48	+2.28
Omega ratio: Gain probability vs. loss probability	1.23	0.94	+0.29
Calmar ratio: Return relative to maximum drawdown	1.31	-0.27	+1.57
Martin ratio: Return relative to average drawdown	3.95	-0.50	+4.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDCF vs. OND - Sharpe Ratio Comparison

The current FDCF Sharpe Ratio is 1.29, which is higher than the OND Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of FDCF 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

	FDCF	OND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	-0.44	+1.73
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	-0.08	+1.37

Drawdowns

FDCF vs. OND - Drawdown Comparison

The maximum FDCF drawdown since its inception was -22.53%, smaller than the maximum OND drawdown of -59.02%. Use the drawdown chart below to compare losses from any high point for FDCF and OND.

Drawdown Indicators

	FDCF	OND	Difference
Max Drawdown Largest peak-to-trough decline	-22.53%	-59.02%	+36.49%
Max Drawdown (1Y) Largest decline over 1 year	-18.10%	-33.80%	+15.70%
Max Drawdown (3Y) Largest decline over 3 years	—	-33.80%	—
Current Drawdown Current decline from peak	-1.90%	-27.76%	+25.86%
Average Drawdown Average peak-to-trough decline	-4.17%	-30.32%	+26.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.97%	17.81%	-11.84%

Volatility

FDCF vs. OND - Volatility Comparison

The current volatility for Fidelity Disruptive Communications ETF (FDCF) is 4.28%, while ProShares On-Demand ETF (OND) has a volatility of 5.40%. This indicates that FDCF 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

	FDCF	OND	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.28%	5.40%	-1.12%
Volatility (6M) Calculated over the trailing 6-month period	13.98%	15.38%	-1.40%
Volatility (1Y) Calculated over the trailing 1-year period	18.36%	20.57%	-2.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.58%	27.15%	-6.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.58%	27.15%	-6.57%

FDCF vs. OND - Expense Ratio Comparison

FDCF has a 0.50% expense ratio, which is lower than OND's 0.58% expense ratio.

Dividends

FDCF vs. OND - Dividend Comparison

FDCF's dividend yield for the trailing twelve months is around 0.03%, while OND has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FDCF Fidelity Disruptive Communications ETF	0.03%	0.09%	0.25%	0.19%	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 FDCF and OND in my portfolio?

FDCF and OND have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDCF or OND?

OND has higher volatility (5.40%) compared to FDCF (4.28%). In terms of maximum drawdown, FDCF dropped -22.53% vs OND's -59.02%.

Which ETF is better, FDCF or OND?

On 1-year performance, FDCF leads with 23.52% vs -8.96% for OND. On fees, FDCF is cheaper at 0.50% per year. On volatility, FDCF has been the lower-risk option at 4.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDCF or OND?

Over the 1-year period, FDCF has performed better with a 23.52% return vs -8.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDCF or OND?

FDCF is cheaper with a 0.50% expense ratio, compared with 0.58% for OND.

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

FDCF has the higher dividend yield at 0.03%, compared with 0.00% for OND.

What is the main difference between FDCF and OND?

They also come from different issuers: Fidelity and ProShares. Their fees differ too: 0.50% for FDCF and 0.58% for OND.

Which has better risk-adjusted returns?

FDCF currently has the higher Sharpe Ratio (1.29 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.