OND vs. BNGE

Last updated Aug 2, 2026

OND (ProShares On-Demand ETF) and BNGE (First Trust S-Network Streaming and Gaming ETF) are both exchange-traded funds - OND is a Communications Equities fund tracking the FactSet On-Demand Index, while BNGE is a Technology Equities fund tracking the S-Network Streaming & Gaming Index. Both are passively managed. Over the past 3 years, OND returned 11.90%/yr vs 11.61%/yr for BNGE. Their correlation of 0.89 means they have usually moved in the same direction. OND charges 0.58%/yr vs 0.70%/yr for BNGE.

Performance

OND vs. BNGE - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with OND having a -15.89% return and BNGE slightly higher at -15.67%.

OND

• 1D: -1.16%
• 1M: -1.00%
• 6M: -11.55%
• YTD: -15.89%
• 1Y: -17.52%
• 3Y*: 11.90%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -2.61%

BNGE

• 1D: -2.14%
• 1M: 0.85%
• 6M: -8.94%
• YTD: -15.67%
• 1Y: -14.18%
• 3Y*: 11.61%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.50%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BNGE First Trust S-Network Streaming and Gaming ETF	$14.72K	$39.70K	$27.51K
OND ProShares On-Demand ETF	$3.36K	$4.57K	$11.88K

OND vs. BNGE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OND ProShares On-Demand ETF	-15.89%	26.72%	32.00%	27.03%	-30.99%
BNGE First Trust S-Network Streaming and Gaming ETF	-15.67%	35.18%	19.23%	37.21%	-28.77%

Correlation

The correlation between OND and BNGE is 0.80, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.85
Correlation (All Time) Calculated using the full available price history since Jan 26, 2022	0.89

The correlation between OND and BNGE has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.

OND vs. BNGE - Sectors Allocation Comparison

Sectors	OND	BNGE
Communication Services	52.9%	64.6%
Technology	28.9%	7.5%
Consumer Cyclical	14.6%	27.9%
Industrials	3.6%	-
Real Estate	2.6%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Utilities	-	-

Return for Risk

OND vs. BNGE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

OND

OND Risk / Return Rank: 4
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

BNGE

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

OND vs. BNGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares On-Demand ETF (OND) and First Trust S-Network Streaming and Gaming ETF (BNGE). 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.

	OND	BNGE	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	-0.85	-0.03
Sortino ratio: Return per unit of downside risk	-1.16	-1.12	-0.04
Omega ratio: Gain probability vs. loss probability	0.87	0.87	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.55	-0.56	+0.01
Martin ratio: Return relative to average drawdown	-0.86	-0.92	+0.06

OND vs. BNGE - Sharpe Ratio Comparison

The current OND Sharpe Ratio is -0.88, which is comparable to the BNGE Sharpe Ratio of -0.85. The chart below compares the historical Sharpe Ratios of OND and BNGE, 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

OND vs. BNGE - Drawdown Comparison

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

Drawdown Indicators

	OND	BNGE	Difference
Max Drawdown Largest peak-to-trough decline	-59.02%	-40.54%	-18.48%
Max Drawdown (1Y) Largest decline over 1 year	-33.80%	-27.88%	-5.92%
Max Drawdown (3Y) Largest decline over 3 years	-33.80%	-27.88%	-5.92%
Current Drawdown Current decline from peak	-29.12%	-22.30%	-6.82%
Average Drawdown Average peak-to-trough decline	-30.27%	-14.16%	-16.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.38%	16.88%	+4.50%

Volatility

OND vs. BNGE - Volatility Comparison

ProShares On-Demand ETF (OND) and First Trust S-Network Streaming and Gaming ETF (BNGE) have volatilities of 5.56% and 5.69%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OND	BNGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	5.69%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	16.70%	14.61%	+2.09%
Volatility (1Y) Calculated over the trailing 1-year period	21.12%	18.30%	+2.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.97%	24.97%	+2.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.97%	24.97%	+2.00%

OND vs. BNGE - Expense Ratio Comparison

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

Dividends

OND vs. BNGE - Dividend Comparison

OND has not paid dividends to shareholders, while BNGE's dividend yield for the trailing twelve months is around 0.38%.

Position	TTM	2025	2024	2023	2022	2021
BNGE First Trust S-Network Streaming and Gaming ETF	0.38%	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 OND and BNGE in my portfolio?

OND and BNGE have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OND or BNGE?

BNGE has higher volatility (5.69%) compared to OND (5.56%). In terms of maximum drawdown, OND dropped -59.02% vs BNGE's -40.54%.

Which ETF is better, OND or BNGE?

On 3-year performance, OND leads with 11.90% vs 11.61% for BNGE. On fees, OND is cheaper at 0.58% per year. On volatility, OND has been the lower-risk option at 5.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OND or BNGE?

Over the 3-year period, OND has performed better with a 11.90% return vs 11.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OND or BNGE?

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

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

BNGE has the higher dividend yield at 0.38%, compared with 0.00% for OND.

What is the main difference between OND and BNGE?

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

Which has better risk-adjusted returns?

BNGE currently has the higher Sharpe Ratio (-0.85 vs -0.88), 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.