OND vs. ESPO
OND (ProShares On-Demand ETF) and ESPO (VanEck Video Gaming and eSports ETF) are both exchange-traded funds - OND is a Communications Equities fund tracking the FactSet On-Demand Index, while ESPO is a Gaming fund tracking the MVIS Global Video Gaming and eSports Index. Both are passively managed. Over the past 3 years, OND returned 11.90%/yr vs 18.46%/yr for ESPO. Their correlation of 0.86 means they have usually moved in the same direction. OND charges 0.58%/yr vs 0.55%/yr for ESPO.
Performance
OND vs. ESPO - 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 ESPO's -9.09% 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%
ESPO
- 1D
- -3.16%
- 1M
- 2.45%
- 6M
- -5.98%
- YTD
- -9.09%
- 1Y
- -10.16%
- 3Y*
- 18.46%
- 5Y*
- 8.32%
- 10Y*
- —
- ALL TIME*
- 16.59%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.98M | $1.50M | $1.55M | |
| $3.36K | $4.57K | $11.88K |
OND vs. ESPO - 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% |
ESPO VanEck Video Gaming and eSports ETF | -9.09% | 25.79% | 47.61% | 33.64% | -34.71% | -1.63% |
Correlation
The correlation between OND and ESPO is 0.82, 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. | 0.82 |
Correlation (3Y) Balances recent behavior with more history. | 0.81 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2021 | 0.86 |
The correlation between OND and ESPO has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.
OND vs. ESPO - Sectors Allocation Comparison
Sectors
OND
ESPO
Communication Services
Technology
Consumer Cyclical
Industrials
-
Real Estate
-
Basic Materials
-
-
Consumer Defensive
-
-
Energy
-
-
Financial Services
-
-
Healthcare
-
-
Utilities
-
-
Communication Services
OND
ESPO
Technology
OND
ESPO
Consumer Cyclical
OND
ESPO
Industrials
OND
ESPO
-
Real Estate
OND
ESPO
-
Basic Materials
OND
-
ESPO
-
Consumer Defensive
OND
-
ESPO
-
Energy
OND
-
ESPO
-
Financial Services
OND
-
ESPO
-
Healthcare
OND
-
ESPO
-
Utilities
OND
-
ESPO
-
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Return for Risk
OND vs. ESPO — Risk / Return Rank
OND
ESPO
OND vs. ESPO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares On-Demand ETF (OND) and VanEck Video Gaming and eSports ETF (ESPO). 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 | ESPO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.45 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.92 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | -0.39 | -0.16 |
| Martin ratioReturn relative to average drawdown | -0.86 | -0.62 | -0.24 |
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Drawdowns
OND vs. ESPO - Drawdown Comparison
The maximum OND drawdown since its inception was -59.02%, which is greater than ESPO's maximum drawdown of -50.99%. Use the drawdown chart below to compare losses from any high point for OND and ESPO.
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Drawdown Indicators
| OND | ESPO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.02% | -50.99% | -8.03% |
Max Drawdown (1Y)Largest decline over 1 year | -33.80% | -29.43% | -4.37% |
Max Drawdown (3Y)Largest decline over 3 years | -33.80% | -29.43% | -4.37% |
Max Drawdown (5Y)Largest decline over 5 years | — | -48.33% | — |
Current DrawdownCurrent decline from peak | -29.12% | -22.03% | -7.09% |
Average DrawdownAverage peak-to-trough decline | -30.27% | -15.23% | -15.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.38% | 18.32% | +3.06% |
Volatility
OND vs. ESPO - Volatility Comparison
The current volatility for ProShares On-Demand ETF (OND) is 5.56%, while VanEck Video Gaming and eSports ETF (ESPO) has a volatility of 6.66%. This indicates that OND experiences smaller price fluctuations and is considered to be less risky than ESPO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OND | ESPO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.56% | 6.66% | -1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 16.70% | 16.07% | +0.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.12% | 19.65% | +1.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.97% | 25.12% | +1.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.97% | 25.65% | +1.32% |
OND vs. ESPO - Expense Ratio Comparison
OND has a 0.58% expense ratio, which is higher than ESPO's 0.55% expense ratio.
Dividends
OND vs. ESPO - Dividend Comparison
OND has not paid dividends to shareholders, while ESPO's dividend yield for the trailing twelve months is around 1.37%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
ESPO VanEck Video Gaming and eSports ETF | 1.37% | 1.24% | 0.44% | 0.96% | 0.91% | 3.36% | 0.12% | 0.22% | 0.04% |
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 ESPO have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ESPO has higher volatility (6.66%) compared to OND (5.56%). In terms of maximum drawdown, OND dropped -59.02% vs ESPO's -50.99%.
On 3-year performance, ESPO leads with 18.46% vs 11.90% for OND. On fees, ESPO is cheaper at 0.55% 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, ESPO has performed better with a 18.46% return vs 11.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ESPO is cheaper with a 0.55% expense ratio, compared with 0.58% for OND.
ESPO has the higher dividend yield at 1.37%, compared with 0.00% for OND.
OND is categorized as Communications Equities, while ESPO is Gaming. OND tracks FactSet On-Demand Index, while ESPO tracks MVIS Global Video Gaming and eSports Index. They also come from different issuers: ProShares and VanEck. Their fees differ too: 0.58% for OND and 0.55% for ESPO.
ESPO currently has the higher Sharpe Ratio (-0.58 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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