OND vs. DAT

Last updated Jun 3, 2026

OND (ProShares On-Demand ETF) and DAT (ProShares Big Data Refiners ETF) are both exchange-traded funds - OND is a Communications Equities fund tracking the FactSet On-Demand Index, while DAT is a Technology Equities fund tracking the FactSet Big Data Refiners Index. Both are passively managed. Over the past 3 years, OND returned 17.30%/yr vs 17.95%/yr for DAT. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.58% expense ratio.

Performance

OND vs. DAT - Performance Comparison

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

Returns By Period

In the year-to-date period, OND achieves a -12.34% return, which is significantly lower than DAT's 1.76% return.

OND

• 1D: -0.10%
• 1M: 3.42%
• YTD: -12.34%
• 6M: -15.06%
• 1Y: -6.53%
• 3Y*: 17.30%
• 5Y*: —
• 10Y*: —

DAT

• 1D: -2.75%
• 1M: 24.72%
• YTD: 1.76%
• 6M: 3.26%
• 1Y: 2.17%
• 3Y*: 17.95%
• 5Y*: —
• 10Y*: —

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

OND vs. DAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OND ProShares On-Demand ETF	-12.34%	26.72%	32.00%	27.03%	-41.93%	-14.36%
DAT ProShares Big Data Refiners ETF	1.76%	3.49%	33.22%	51.76%	-44.33%	-6.87%

Correlation

The correlation between OND and DAT is 0.52, 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	0.52
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 OND and DAT shifts across timeframes, from 0.52 (1 year) to 0.71 (all time), reflecting how their relationship changes across market environments.

OND vs. DAT - Sectors Allocation Comparison

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

Return for Risk

OND vs. DAT — Risk / Return Rank

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

OND

OND Risk / Return Rank: 6
OND Sharpe Ratio Rank: 6
OND Sortino Ratio Rank: 5
OND Omega Ratio Rank: 5
OND Calmar Ratio Rank: 7
OND Martin Ratio Rank: 7

DAT

DAT Risk / Return Rank: 10
DAT Sharpe Ratio Rank: 10
DAT Sortino Ratio Rank: 10
DAT Omega Ratio Rank: 10
DAT Calmar Ratio Rank: 9
DAT Martin Ratio Rank: 9

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.

OND vs. DAT - Risk-Adjusted Trends Comparison

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

	OND	DAT	Difference
Sharpe ratio Return per unit of total volatility	-0.32	0.07	-0.39
Sortino ratio Return per unit of downside risk	-0.31	0.32	-0.63
Omega ratio Gain probability vs. loss probability	0.96	1.04	-0.07
Calmar ratio Return relative to maximum drawdown	-0.16	0.07	-0.24
Martin ratio Return relative to average drawdown	-0.31	0.17	-0.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OND vs. DAT - Sharpe Ratio Comparison

The current OND Sharpe Ratio is -0.32, which is lower than the DAT Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of OND and DAT, 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

	OND	DAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.32	0.07	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	-0.06	0.08	-0.15

Drawdowns

OND vs. DAT - Drawdown Comparison

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

Drawdown Indicators

	OND	DAT	Difference
Max Drawdown Largest peak-to-trough decline	-59.02%	-56.22%	-2.80%
Max Drawdown (1Y) Largest decline over 1 year	-33.80%	-34.70%	+0.90%
Max Drawdown (3Y) Largest decline over 3 years	-33.80%	-34.73%	+0.93%
Current Drawdown Current decline from peak	-26.13%	-5.56%	-20.57%
Average Drawdown Average peak-to-trough decline	-30.32%	-26.25%	-4.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.73%	15.09%	+2.64%

Volatility

OND vs. DAT - Volatility Comparison

The current volatility for ProShares On-Demand ETF (OND) is 4.88%, while ProShares Big Data Refiners ETF (DAT) has a volatility of 12.27%. This indicates that OND experiences smaller price fluctuations and is considered to be less risky than DAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OND	DAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	12.27%	-7.39%
Volatility (6M) Calculated over the trailing 6-month period	15.25%	24.70%	-9.45%
Volatility (1Y) Calculated over the trailing 1-year period	20.48%	29.39%	-8.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.14%	33.96%	-6.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.14%	33.96%	-6.82%

OND vs. DAT - Expense Ratio Comparison

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

Dividends

OND vs. DAT - Dividend Comparison

Neither OND nor DAT 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 OND and DAT in my portfolio?

OND and DAT have a correlation of 0.52, 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 DAT?

DAT has higher volatility (12.27%) compared to OND (4.88%). In terms of maximum drawdown, OND dropped -59.02% vs DAT's -56.22%.

Which ETF is better, OND or DAT?

On 3-year performance, DAT leads with 17.95% vs 17.30% for OND. Both ETFs have the same 0.58% expense ratio. On volatility, OND has been the lower-risk option at 4.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OND or DAT?

Over the 3-year period, DAT has performed better with a 17.95% return vs 17.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OND or DAT?

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

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

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

What is the main difference between OND and DAT?

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

Which has better risk-adjusted returns?

DAT currently has the higher Sharpe Ratio (0.07 vs -0.32), 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.