OND vs. FDN

Last updated Jun 3, 2026

OND (ProShares On-Demand ETF) and FDN (First Trust Dow Jones Internet Index) are both exchange-traded funds - OND is a Communications Equities fund tracking the FactSet On-Demand Index, while FDN is a Large Cap Growth Equities fund tracking the Dow Jones Internet Index. Both are passively managed. Over the past 3 years, OND returned 17.30%/yr vs 21.44%/yr for FDN. A 0.79 correlation means they provide meaningful diversification when combined. OND charges 0.58%/yr vs 0.52%/yr for FDN.

Performance

OND vs. FDN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares On-Demand ETF (OND) and First Trust Dow Jones Internet Index (FDN). 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 FDN's 6.19% return.

OND

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

FDN

• 1D: -1.35%
• 1M: 7.41%
• YTD: 6.19%
• 6M: 5.23%
• 1Y: 12.94%
• 3Y*: 21.44%
• 5Y*: 5.00%
• 10Y*: 14.59%

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

OND vs. FDN - 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%
FDN First Trust Dow Jones Internet Index	6.19%	10.70%	30.35%	51.48%	-45.54%	-6.33%

Correlation

The correlation between OND and FDN is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since Oct 28, 2021	0.79

The correlation between OND and FDN shifts across timeframes, from 0.67 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.

OND vs. FDN - Sectors Allocation Comparison

Sectors	OND	FDN
Technology	24.8%	37.7%
Communication Services	23.5%	29.7%
Industrials	4.2%	1.4%
Real Estate	3.3%	-
Consumer Cyclical	2.0%	27.7%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	2.4%
Healthcare	-	1.1%
Utilities	-	-

Return for Risk

OND vs. FDN — 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

FDN

FDN Risk / Return Rank: 19
FDN Sharpe Ratio Rank: 21
FDN Sortino Ratio Rank: 20
FDN Omega Ratio Rank: 20
FDN Calmar Ratio Rank: 16
FDN Martin Ratio Rank: 16

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. FDN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares On-Demand ETF (OND) and First Trust Dow Jones Internet Index (FDN). 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	FDN	Difference
Sharpe ratio Return per unit of total volatility	-0.32	0.69	-1.01
Sortino ratio Return per unit of downside risk	-0.31	1.03	-1.34
Omega ratio Gain probability vs. loss probability	0.96	1.13	-0.17
Calmar ratio Return relative to maximum drawdown	-0.16	0.65	-0.81
Martin ratio Return relative to average drawdown	-0.31	1.65	-1.97
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. FDN - Sharpe Ratio Comparison

The current OND Sharpe Ratio is -0.32, which is lower than the FDN Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of OND and FDN, 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	FDN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.32	0.69	-1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.18	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.06	0.55	-0.61

Drawdowns

OND vs. FDN - Drawdown Comparison

The maximum OND drawdown since its inception was -59.02%, roughly equal to the maximum FDN drawdown of -61.55%. Use the drawdown chart below to compare losses from any high point for OND and FDN.

Drawdown Indicators

	OND	FDN	Difference
Max Drawdown Largest peak-to-trough decline	-59.02%	-61.55%	+2.53%
Max Drawdown (1Y) Largest decline over 1 year	-33.80%	-21.31%	-12.49%
Max Drawdown (3Y) Largest decline over 3 years	-33.80%	-24.98%	-8.82%
Max Drawdown (5Y) Largest decline over 5 years	—	-53.97%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-53.97%	—
Current Drawdown Current decline from peak	-26.13%	-1.35%	-24.78%
Average Drawdown Average peak-to-trough decline	-30.32%	-11.83%	-18.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.73%	8.35%	+9.38%

Volatility

OND vs. FDN - Volatility Comparison

ProShares On-Demand ETF (OND) has a higher volatility of 4.88% compared to First Trust Dow Jones Internet Index (FDN) at 4.64%. This indicates that OND's price experiences larger fluctuations and is considered to be riskier than FDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OND	FDN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	4.64%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	15.25%	14.31%	+0.94%
Volatility (1Y) Calculated over the trailing 1-year period	20.48%	18.95%	+1.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.14%	27.25%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.14%	25.60%	+1.54%

OND vs. FDN - Expense Ratio Comparison

OND has a 0.58% expense ratio, which is higher than FDN's 0.52% expense ratio.

Dividends

OND vs. FDN - Dividend Comparison

Neither OND nor FDN has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FDN First Trust Dow Jones Internet Index	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 FDN in my portfolio?

OND and FDN have a correlation of 0.67, 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 FDN?

OND has higher volatility (4.88%) compared to FDN (4.64%). In terms of maximum drawdown, OND dropped -59.02% vs FDN's -61.55%.

Which ETF is better, OND or FDN?

On 3-year performance, FDN leads with 21.44% vs 17.30% for OND. On fees, FDN is cheaper at 0.52% per year. On volatility, FDN has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OND or FDN?

Over the 3-year period, FDN has performed better with a 21.44% 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 FDN?

FDN is cheaper with a 0.52% expense ratio, compared with 0.58% for OND.

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

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

What is the main difference between OND and FDN?

OND is categorized as Communications Equities, while FDN is Large Cap Growth Equities. OND tracks FactSet On-Demand Index, while FDN tracks Dow Jones Internet Index. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.58% for OND and 0.52% for FDN.

Which has better risk-adjusted returns?

FDN currently has the higher Sharpe Ratio (0.69 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.