OND vs. DBE
OND (ProShares On-Demand ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - OND is a Communications Equities fund tracking the FactSet On-Demand Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 3 years, OND returned 16.43%/yr vs 23.42%/yr for DBE. At a 0.04 correlation, their price movements are largely independent. OND charges 0.58%/yr vs 0.78%/yr for DBE.
Performance
OND vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, OND achieves a -14.28% return, which is significantly lower than DBE's 83.68% return.
OND
- 1D
- -2.21%
- 1M
- 1.68%
- YTD
- -14.28%
- 6M
- -16.72%
- 1Y
- -8.96%
- 3Y*
- 16.43%
- 5Y*
- —
- 10Y*
- —
DBE
- 1D
- 2.33%
- 1M
- -5.45%
- YTD
- 83.68%
- 6M
- 74.95%
- 1Y
- 84.41%
- 3Y*
- 23.42%
- 5Y*
- 19.66%
- 10Y*
- 12.03%
OND vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
OND ProShares On-Demand ETF | -14.28% | 26.72% | 32.00% | 27.03% | -41.93% | -14.36% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | 33.77% | -6.46% |
Correlation
The correlation between OND and DBE is -0.25, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2021 | 0.04 |
The correlation between OND and DBE shifts across timeframes, from -0.25 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
OND vs. DBE — Risk / Return Rank
OND
DBE
OND vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares On-Demand ETF (OND) and Invesco DB Energy Fund (DBE). 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 | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.86 | ||
| Sortino ratioReturn per unit of downside risk | -3.44 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.40 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.27 | 5.89 | -6.16 |
| Martin ratioReturn relative to average drawdown | -0.50 | 11.53 | -12.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OND | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.44 | 2.43 | -2.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.08 | 0.09 | -0.17 |
Drawdowns
OND vs. DBE - Drawdown Comparison
The maximum OND drawdown since its inception was -59.02%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for OND and DBE.
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Drawdown Indicators
| OND | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.02% | -86.69% | +27.67% |
Max Drawdown (1Y)Largest decline over 1 year | -33.80% | -14.41% | -19.39% |
Max Drawdown (3Y)Largest decline over 3 years | -33.80% | -23.89% | -9.91% |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -27.76% | -30.27% | +2.51% |
Average DrawdownAverage peak-to-trough decline | -30.32% | -57.31% | +26.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.81% | 7.35% | +10.46% |
Volatility
OND vs. DBE - Volatility Comparison
The current volatility for ProShares On-Demand ETF (OND) is 5.40%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that OND experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OND | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.40% | 12.95% | -7.55% |
Volatility (6M)Calculated over the trailing 6-month period | 15.38% | 30.86% | -15.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.57% | 34.97% | -14.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.15% | 29.39% | -2.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.15% | 28.33% | -1.18% |
OND vs. DBE - Expense Ratio Comparison
OND has a 0.58% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
OND vs. DBE - Dividend Comparison
OND has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
OND ProShares On-Demand ETF | 0.00% | 0.00% | 0.00% | 0.78% | 0.00% | 0.02% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OND and DBE have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.95%) compared to OND (5.40%). In terms of maximum drawdown, OND dropped -59.02% vs DBE's -86.69%.
On 3-year performance, DBE leads with 23.42% vs 16.43% for OND. On fees, OND is cheaper at 0.58% per year. 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.
Over the 3-year period, DBE has performed better with a 23.42% return vs 16.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OND is cheaper with a 0.58% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.10%, compared with 0.00% for OND.
OND is categorized as Communications Equities, while DBE is Oil & Gas. OND tracks FactSet On-Demand Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.58% for OND and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 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.
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