OND vs. QQQ

Last updated Jun 3, 2026

OND (ProShares On-Demand ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - OND is a Communications Equities fund tracking the FactSet On-Demand Index, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 3 years, OND returned 17.30%/yr vs 28.89%/yr for QQQ. A 0.75 correlation means they provide meaningful diversification when combined. OND charges 0.58%/yr vs 0.18%/yr for QQQ.

Performance

OND vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares On-Demand ETF (OND) and Invesco QQQ ETF (QQQ). 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 QQQ's 21.62% return.

OND

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

QQQ

• 1D: 0.46%
• 1M: 10.68%
• YTD: 21.62%
• 6M: 20.27%
• 1Y: 43.30%
• 3Y*: 28.89%
• 5Y*: 18.43%
• 10Y*: 21.97%

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

OND vs. QQQ - 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%
QQQ Invesco QQQ ETF	21.62%	20.77%	25.58%	54.86%	-32.58%	4.83%

Correlation

The correlation between OND and QQQ is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (All Time) Calculated using the full available price history since Oct 28, 2021	0.75

The correlation between OND and QQQ has been stable across timeframes, ranging from 0.69 to 0.75 - a consistent structural relationship.

OND vs. QQQ - Sectors Allocation Comparison

Sectors	OND	QQQ
Technology	24.8%	53.8%
Communication Services	23.5%	15.8%
Industrials	4.2%	2.8%
Real Estate	3.3%	0.1%
Consumer Cyclical	2.0%	12.3%
Basic Materials	-	1.1%
Consumer Defensive	-	7.7%
Energy	-	0.6%
Financial Services	-	0.2%
Healthcare	-	4.2%
Utilities	-	1.4%

Return for Risk

OND vs. QQQ — 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

QQQ

QQQ Risk / Return Rank: 77
QQQ Sharpe Ratio Rank: 83
QQQ Sortino Ratio Rank: 78
QQQ Omega Ratio Rank: 77
QQQ Calmar Ratio Rank: 73
QQQ Martin Ratio Rank: 74

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. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares On-Demand ETF (OND) and Invesco QQQ ETF (QQQ). 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	QQQ	Difference
Sharpe ratio Return per unit of total volatility	-0.32	2.73	-3.05
Sortino ratio Return per unit of downside risk	-0.31	3.55	-3.86
Omega ratio Gain probability vs. loss probability	0.96	1.47	-0.50
Calmar ratio Return relative to maximum drawdown	-0.16	3.71	-3.88
Martin ratio Return relative to average drawdown	-0.31	14.30	-14.61
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. QQQ - Sharpe Ratio Comparison

The current OND Sharpe Ratio is -0.32, which is lower than the QQQ Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of OND and QQQ, 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	QQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.32	2.73	-3.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.83	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.99	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.06	0.41	-0.47

Drawdowns

OND vs. QQQ - Drawdown Comparison

The maximum OND drawdown since its inception was -59.02%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for OND and QQQ.

Drawdown Indicators

	OND	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-59.02%	-82.97%	+23.95%
Max Drawdown (1Y) Largest decline over 1 year	-33.80%	-11.96%	-21.84%
Max Drawdown (3Y) Largest decline over 3 years	-33.80%	-22.77%	-11.03%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.12%	—
Current Drawdown Current decline from peak	-26.13%	0.00%	-26.13%
Average Drawdown Average peak-to-trough decline	-30.32%	-32.79%	+2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.73%	3.11%	+14.62%

Volatility

OND vs. QQQ - Volatility Comparison

ProShares On-Demand ETF (OND) has a higher volatility of 4.88% compared to Invesco QQQ ETF (QQQ) at 4.48%. This indicates that OND's price experiences larger fluctuations and is considered to be riskier than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OND	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	4.48%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	15.25%	12.11%	+3.14%
Volatility (1Y) Calculated over the trailing 1-year period	20.48%	15.95%	+4.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.14%	22.39%	+4.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.14%	22.30%	+4.84%

OND vs. QQQ - Expense Ratio Comparison

OND has a 0.58% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

OND vs. QQQ - Dividend Comparison

OND has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.38%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OND ProShares On-Demand ETF	0.00%	0.00%	0.00%	0.78%	0.00%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QQQ Invesco QQQ ETF	0.38%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Frequently Asked Questions

Can I hold both OND and QQQ in my portfolio?

OND and QQQ have a correlation of 0.69, 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 QQQ?

OND has higher volatility (4.88%) compared to QQQ (4.48%). In terms of maximum drawdown, OND dropped -59.02% vs QQQ's -82.97%.

Which ETF is better, OND or QQQ?

On 3-year performance, QQQ leads with 28.89% vs 17.30% for OND. On fees, QQQ is cheaper at 0.18% per year. On volatility, QQQ has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OND or QQQ?

Over the 3-year period, QQQ has performed better with a 28.89% 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 QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.58% for OND.

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

QQQ has the higher dividend yield at 0.38%, compared with 0.00% for OND.

What is the main difference between OND and QQQ?

OND is categorized as Communications Equities, while QQQ is Nasdaq-100. OND tracks FactSet On-Demand Index, while QQQ tracks NASDAQ-100 Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.58% for OND and 0.18% for QQQ.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (2.73 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.