MUSQ vs. OND

Last updated Jun 24, 2026

MUSQ (MUSQ Global Music Industry Index ETF) and OND (ProShares On-Demand ETF) are both Communications Equities funds - MUSQ tracks the MUSQ Global Music Industry Index while OND tracks the FactSet On-Demand Index. Both are passively managed. Over the past year, MUSQ returned -11.97% vs -17.46% for OND. A 0.72 correlation means they provide meaningful diversification when combined. MUSQ charges 0.76%/yr vs 0.58%/yr for OND.

Performance

MUSQ vs. OND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MUSQ Global Music Industry Index ETF (MUSQ) 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, MUSQ achieves a -13.09% return, which is significantly higher than OND's -18.87% return.

MUSQ

• 1D: -1.40%
• 1M: -7.39%
• YTD: -13.09%
• 6M: -12.45%
• 1Y: -11.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OND

• 1D: -2.16%
• 1M: -5.24%
• YTD: -18.87%
• 6M: -19.28%
• 1Y: -17.46%
• 3Y*: 13.96%
• 5Y*: —
• 10Y*: —

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

MUSQ vs. OND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MUSQ MUSQ Global Music Industry Index ETF	-13.09%	19.60%	-4.94%	0.81%
OND ProShares On-Demand ETF	-18.87%	26.72%	32.00%	7.99%

Correlation

The correlation between MUSQ and OND is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Jul 7, 2023	0.72

The correlation between MUSQ and OND has been stable across timeframes, ranging from 0.69 to 0.72 - a consistent structural relationship.

MUSQ vs. OND - Sectors Allocation Comparison

Sectors	MUSQ	OND
Communication Services	76.5%	23.8%
Consumer Cyclical	12.1%	1.8%
Technology	10.8%	25.9%
Industrials	0.6%	3.6%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	3.1%
Utilities	-	-

Return for Risk

MUSQ vs. OND — Risk / Return Rank

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

MUSQ

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

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: 5
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.

MUSQ vs. OND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MUSQ Global Music Industry Index ETF (MUSQ) 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.

	MUSQ	OND	Difference
Sharpe ratio: Return per unit of total volatility	-0.69	-0.84	+0.15
Sortino ratio: Return per unit of downside risk	-0.89	-1.10	+0.20
Omega ratio: Gain probability vs. loss probability	0.90	0.87	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.52	-0.52	0.00
Martin ratio: Return relative to average drawdown	-1.18	-0.92	-0.26

MUSQ vs. OND - Sharpe Ratio Comparison

The current MUSQ Sharpe Ratio is -0.69, which is comparable to the OND Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of MUSQ 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

MUSQ vs. OND - Drawdown Comparison

The maximum MUSQ drawdown since its inception was -23.11%, smaller than the maximum OND drawdown of -59.02%. Use the drawdown chart below to compare losses from any high point for MUSQ and OND.

Drawdown Indicators

	MUSQ	OND	Difference
Max Drawdown Largest peak-to-trough decline	-23.11%	-59.02%	+35.91%
Max Drawdown (1Y) Largest decline over 1 year	-23.11%	-33.80%	+10.69%
Max Drawdown (3Y) Largest decline over 3 years	—	-33.80%	—
Current Drawdown Current decline from peak	-18.92%	-31.63%	+12.71%
Average Drawdown Average peak-to-trough decline	-6.75%	-30.29%	+23.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.15%	19.06%	-8.91%

Volatility

MUSQ vs. OND - Volatility Comparison

The current volatility for MUSQ Global Music Industry Index ETF (MUSQ) is 6.06%, while ProShares On-Demand ETF (OND) has a volatility of 6.52%. This indicates that MUSQ 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

	MUSQ	OND	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.06%	6.52%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	13.98%	15.83%	-1.85%
Volatility (1Y) Calculated over the trailing 1-year period	17.33%	20.91%	-3.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.96%	27.10%	-9.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.96%	27.10%	-9.14%

MUSQ vs. OND - Expense Ratio Comparison

MUSQ has a 0.76% expense ratio, which is higher than OND's 0.58% expense ratio.

Dividends

MUSQ vs. OND - Dividend Comparison

MUSQ's dividend yield for the trailing twelve months is around 0.73%, while OND has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
MUSQ MUSQ Global Music Industry Index ETF	0.73%	0.63%	1.08%	0.74%	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 MUSQ and OND in my portfolio?

MUSQ and OND have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MUSQ or OND?

OND has higher volatility (6.52%) compared to MUSQ (6.06%). In terms of maximum drawdown, MUSQ dropped -23.11% vs OND's -59.02%.

Which ETF is better, MUSQ or OND?

On 1-year performance, MUSQ leads with -11.97% vs -17.46% for OND. On fees, OND is cheaper at 0.58% per year. On volatility, MUSQ has been the lower-risk option at 6.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MUSQ or OND?

Over the 1-year period, MUSQ has performed better with a -11.97% return vs -17.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MUSQ or OND?

OND is cheaper with a 0.58% expense ratio, compared with 0.76% for MUSQ.

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

MUSQ has the higher dividend yield at 0.73%, compared with 0.00% for OND.

What is the main difference between MUSQ and OND?

MUSQ tracks MUSQ Global Music Industry Index, while OND tracks FactSet On-Demand Index. They also come from different issuers: Exchange Traded Concepts and ProShares. Their fees differ too: 0.76% for MUSQ and 0.58% for OND.

Which has better risk-adjusted returns?

MUSQ currently has the higher Sharpe Ratio (-0.69 vs -0.84), 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.