OND vs. DBO
OND (ProShares On-Demand ETF) and DBO (Invesco DB Oil Fund) are both exchange-traded funds - OND is a Communications Equities fund tracking the FactSet On-Demand Index, while DBO is a Oil & Gas fund tracking the DBIQ Optimum Yield Crude Oil Index Excess Return. Both are passively managed. Over the past 3 years, OND returned 11.90%/yr vs 14.86%/yr for DBO. Their 0.03 correlation means their historical movements had little consistent relationship. OND charges 0.58%/yr vs 0.78%/yr for DBO.
Performance
OND vs. DBO - Performance Comparison
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Returns By Period
In the year-to-date period, OND achieves a -15.89% return, which is significantly lower than DBO's 76.48% return.
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%
DBO
- 1D
- 1.56%
- 1M
- 24.59%
- 6M
- 53.46%
- YTD
- 76.48%
- 1Y
- 60.30%
- 3Y*
- 14.86%
- 5Y*
- 13.46%
- 10Y*
- 12.59%
- ALL TIME*
- 0.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.01M | $10.23M | $13.95M | |
| $3.36K | $4.57K | $11.88K |
OND vs. DBO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
OND ProShares On-Demand ETF | -15.89% | 26.72% | 32.00% | 27.03% | -41.93% | -15.04% |
DBO Invesco DB Oil Fund | 76.48% | -11.71% | 7.85% | -4.44% | 13.04% | -12.13% |
Correlation
The correlation between OND and DBO is -0.20, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.20 |
Correlation (3Y) Balances recent behavior with more history. | -0.06 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2021 | 0.03 |
The correlation between OND and DBO shifts across timeframes, from -0.20 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
OND vs. DBO — Risk / Return Rank
OND
DBO
OND vs. DBO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares On-Demand ETF (OND) and Invesco DB Oil Fund (DBO). 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 | DBO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.32 | ||
| Sortino ratioReturn per unit of downside risk | -3.21 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.25 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | 2.01 | -2.55 |
| Martin ratioReturn relative to average drawdown | -0.86 | 6.09 | -6.95 |
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Drawdowns
OND vs. DBO - Drawdown Comparison
The maximum OND drawdown since its inception was -59.02%, smaller than the maximum DBO drawdown of -90.18%. Use the drawdown chart below to compare losses from any high point for OND and DBO.
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Drawdown Indicators
| OND | DBO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.02% | -90.18% | +31.16% |
Max Drawdown (1Y)Largest decline over 1 year | -33.80% | -27.73% | -6.07% |
Max Drawdown (3Y)Largest decline over 3 years | -33.80% | -28.20% | -5.60% |
Max Drawdown (5Y)Largest decline over 5 years | — | -37.68% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.69% | — |
Current DrawdownCurrent decline from peak | -29.12% | -53.56% | +24.44% |
Average DrawdownAverage peak-to-trough decline | -30.27% | -62.20% | +31.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.38% | 9.96% | +11.42% |
Volatility
OND vs. DBO - Volatility Comparison
The current volatility for ProShares On-Demand ETF (OND) is 5.56%, while Invesco DB Oil Fund (DBO) has a volatility of 17.75%. This indicates that OND experiences smaller price fluctuations and is considered to be less risky than DBO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OND | DBO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.56% | 17.75% | -12.19% |
Volatility (6M)Calculated over the trailing 6-month period | 16.70% | 33.77% | -17.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.12% | 38.53% | -17.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.97% | 33.35% | -6.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.97% | 32.20% | -5.23% |
OND vs. DBO - Expense Ratio Comparison
OND has a 0.58% expense ratio, which is lower than DBO's 0.78% expense ratio.
Dividends
OND vs. DBO - Dividend Comparison
OND has not paid dividends to shareholders, while DBO's dividend yield for the trailing twelve months is around 1.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBO Invesco DB Oil Fund | 1.99% | 3.51% | 4.68% | 4.59% | 0.66% | 0.00% | 0.00% | 1.63% | 1.58% |
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 DBO have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBO has higher volatility (17.75%) compared to OND (5.56%). In terms of maximum drawdown, OND dropped -59.02% vs DBO's -90.18%.
On 3-year performance, DBO leads with 14.86% vs 11.90% for OND. 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.
Over the 3-year period, DBO has performed better with a 14.86% return vs 11.90%. 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 DBO.
DBO has the higher dividend yield at 1.99%, compared with 0.00% for OND.
OND is categorized as Communications Equities, while DBO is Oil & Gas. OND tracks FactSet On-Demand Index, while DBO tracks DBIQ Optimum Yield Crude Oil Index Excess Return. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.58% for OND and 0.78% for DBO.
DBO currently has the higher Sharpe Ratio (1.45 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.
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