OND vs. FDCF

Last updated Aug 2, 2026

OND (ProShares On-Demand ETF) and FDCF (Fidelity Disruptive Communications ETF) are both Communications Equities funds. OND is passively managed, while FDCF is actively managed. Over the past 3 years, OND returned 11.90%/yr vs 21.06%/yr for FDCF. Their correlation of 0.82 means they have usually moved in the same direction. OND charges 0.58%/yr vs 0.50%/yr for FDCF.

Performance

OND vs. FDCF - Performance Comparison

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

Returns By Period

In the year-to-date period, OND achieves a -15.89% return, which is significantly lower than FDCF's 0.82% 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%

FDCF

• 1D: 0.11%
• 1M: -3.29%
• 6M: 2.60%
• YTD: 0.82%
• 1Y: 9.32%
• 3Y*: 21.06%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 23.49%

*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)
FDCF Fidelity Disruptive Communications ETF	$337.50K	$344.89K	$440.84K
OND ProShares On-Demand ETF	$3.36K	$4.57K	$11.88K

OND vs. FDCF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
OND ProShares On-Demand ETF	-15.89%	26.72%	32.00%	9.15%
FDCF Fidelity Disruptive Communications ETF	0.82%	27.42%	28.37%	17.50%

Correlation

The correlation between OND and FDCF is 0.81, 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.	0.81
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (All Time) Calculated using the full available price history since Jun 12, 2023	0.82

The correlation between OND and FDCF has been stable across timeframes, ranging from 0.81 to 0.82 - a consistent structural relationship.

OND vs. FDCF - Sectors Allocation Comparison

Sectors	OND	FDCF
Communication Services	52.9%	48.5%
Technology	28.9%	36.8%
Consumer Cyclical	14.6%	9.8%
Industrials	3.6%	4.9%
Real Estate	2.6%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.3%
Healthcare	-	-
Utilities	-	-

Return for Risk

OND vs. FDCF — 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

FDCF

FDCF Risk / Return Rank: 18
FDCF Sharpe Ratio Rank: 19
FDCF Sortino Ratio Rank: 18
FDCF Omega Ratio Rank: 18
FDCF Calmar Ratio Rank: 17
FDCF Martin Ratio Rank: 19

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. FDCF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares On-Demand ETF (OND) and Fidelity Disruptive Communications ETF (FDCF). 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	FDCF	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	0.34	-1.22
Sortino ratio: Return per unit of downside risk	-1.16	0.60	-1.76
Omega ratio: Gain probability vs. loss probability	0.87	1.07	-0.21
Calmar ratio: Return relative to maximum drawdown	-0.55	0.38	-0.92
Martin ratio: Return relative to average drawdown	-0.86	1.08	-1.94

OND vs. FDCF - Sharpe Ratio Comparison

The current OND Sharpe Ratio is -0.88, which is lower than the FDCF Sharpe Ratio of 0.34. The chart below compares the historical Sharpe Ratios of OND and FDCF, 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. FDCF - Drawdown Comparison

The maximum OND drawdown since its inception was -59.02%, which is greater than FDCF's maximum drawdown of -22.53%. Use the drawdown chart below to compare losses from any high point for OND and FDCF.

Drawdown Indicators

	OND	FDCF	Difference
Max Drawdown Largest peak-to-trough decline	-59.02%	-22.53%	-36.49%
Max Drawdown (1Y) Largest decline over 1 year	-33.80%	-18.10%	-15.70%
Max Drawdown (3Y) Largest decline over 3 years	-33.80%	-22.53%	-11.27%
Current Drawdown Current decline from peak	-29.12%	-6.35%	-22.77%
Average Drawdown Average peak-to-trough decline	-30.27%	-4.18%	-26.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.38%	6.28%	+15.10%

Volatility

OND vs. FDCF - Volatility Comparison

ProShares On-Demand ETF (OND) has a higher volatility of 5.56% compared to Fidelity Disruptive Communications ETF (FDCF) at 4.96%. This indicates that OND's price experiences larger fluctuations and is considered to be riskier than FDCF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OND	FDCF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	4.96%	+0.60%
Volatility (6M) Calculated over the trailing 6-month period	16.70%	15.77%	+0.93%
Volatility (1Y) Calculated over the trailing 1-year period	21.12%	19.75%	+1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.97%	20.69%	+6.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.97%	20.69%	+6.28%

OND vs. FDCF - Expense Ratio Comparison

OND has a 0.58% expense ratio, which is higher than FDCF's 0.50% expense ratio.

Dividends

OND vs. FDCF - Dividend Comparison

OND has not paid dividends to shareholders, while FDCF's dividend yield for the trailing twelve months is around 0.07%.

Position	TTM	2025	2024	2023	2022	2021
FDCF Fidelity Disruptive Communications ETF	0.07%	0.09%	0.25%	0.19%	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 FDCF in my portfolio?

OND and FDCF have a correlation of 0.81, 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 FDCF?

OND has higher volatility (5.56%) compared to FDCF (4.96%). In terms of maximum drawdown, OND dropped -59.02% vs FDCF's -22.53%.

Which ETF is better, OND or FDCF?

On 3-year performance, FDCF leads with 21.06% vs 11.90% for OND. On fees, FDCF is cheaper at 0.50% per year. On volatility, FDCF has been the lower-risk option at 4.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OND or FDCF?

Over the 3-year period, FDCF has performed better with a 21.06% return vs 11.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OND or FDCF?

FDCF is cheaper with a 0.50% expense ratio, compared with 0.58% for OND.

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

FDCF has the higher dividend yield at 0.07%, compared with 0.00% for OND.

What is the main difference between OND and FDCF?

They also come from different issuers: ProShares and Fidelity. Their fees differ too: 0.58% for OND and 0.50% for FDCF.

Which has better risk-adjusted returns?

FDCF currently has the higher Sharpe Ratio (0.34 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.