OND vs. SMH
OND (ProShares On-Demand ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - OND is a Communications Equities fund tracking the FactSet On-Demand Index, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 3 years, OND returned 11.90%/yr vs 50.56%/yr for SMH. Their 0.65 correlation means they have sometimes moved together and sometimes differently. OND charges 0.58%/yr vs 0.35%/yr for SMH.
Performance
OND vs. SMH - 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 SMH's 50.09% 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%
SMH
- 1D
- 0.30%
- 1M
- -8.74%
- 6M
- 33.97%
- YTD
- 50.09%
- 1Y
- 90.95%
- 3Y*
- 50.56%
- 5Y*
- 33.46%
- 10Y*
- 34.16%
- ALL TIME*
- 11.06%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.36K | $4.57K | $11.88K | |
| $8.28B | $7.64B | $7.07B |
OND vs. SMH - 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% |
SMH VanEck Semiconductor ETF | 50.09% | 49.17% | 39.10% | 73.38% | -33.53% | 14.96% |
Correlation
The correlation between OND and SMH is 0.51, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.51 |
Correlation (3Y) Balances recent behavior with more history. | 0.59 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2021 | 0.65 |
The correlation between OND and SMH shifts across timeframes, from 0.51 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.
OND vs. SMH - Sectors Allocation Comparison
Sectors
OND
SMH
Communication Services
-
Technology
Consumer Cyclical
-
Industrials
-
Real Estate
-
Basic Materials
-
-
Consumer Defensive
-
-
Energy
-
-
Financial Services
-
-
Healthcare
-
-
Utilities
-
-
Communication Services
OND
SMH
-
Technology
OND
SMH
Consumer Cyclical
OND
SMH
-
Industrials
OND
SMH
-
Real Estate
OND
SMH
-
Basic Materials
OND
-
SMH
-
Consumer Defensive
OND
-
SMH
-
Energy
OND
-
SMH
-
Financial Services
OND
-
SMH
-
Healthcare
OND
-
SMH
-
Utilities
OND
-
SMH
-
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Return for Risk
OND vs. SMH — Risk / Return Rank
OND
SMH
OND vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares On-Demand ETF (OND) and VanEck Semiconductor ETF (SMH). 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 | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.17 | ||
| Sortino ratioReturn per unit of downside risk | -3.85 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.36 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | 3.58 | -4.13 |
| Martin ratioReturn relative to average drawdown | -0.86 | 14.64 | -15.51 |
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Drawdowns
OND vs. SMH - Drawdown Comparison
The maximum OND drawdown since its inception was -59.02%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for OND and SMH.
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Drawdown Indicators
| OND | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.02% | -84.96% | +25.94% |
Max Drawdown (1Y)Largest decline over 1 year | -33.80% | -24.62% | -9.18% |
Max Drawdown (3Y)Largest decline over 3 years | -33.80% | -35.74% | +1.94% |
Max Drawdown (5Y)Largest decline over 5 years | — | -45.30% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.30% | — |
Current DrawdownCurrent decline from peak | -29.12% | -19.19% | -9.93% |
Average DrawdownAverage peak-to-trough decline | -30.27% | -40.89% | +10.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.38% | 6.01% | +15.37% |
Volatility
OND vs. SMH - Volatility Comparison
The current volatility for ProShares On-Demand ETF (OND) is 5.56%, while VanEck Semiconductor ETF (SMH) has a volatility of 14.70%. This indicates that OND experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OND | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.56% | 14.70% | -9.14% |
Volatility (6M)Calculated over the trailing 6-month period | 16.70% | 33.13% | -16.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.12% | 38.57% | -17.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.97% | 36.50% | -9.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.97% | 33.32% | -6.35% |
OND vs. SMH - Expense Ratio Comparison
OND has a 0.58% expense ratio, which is higher than SMH's 0.35% expense ratio.
Dividends
OND vs. SMH - Dividend Comparison
OND has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.20%.
| 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% |
SMH VanEck Semiconductor ETF | 0.20% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
Frequently Asked Questions
OND and SMH have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (14.70%) compared to OND (5.56%). In terms of maximum drawdown, OND dropped -59.02% vs SMH's -84.96%.
On 3-year performance, SMH leads with 50.56% vs 11.90% for OND. On fees, SMH is cheaper at 0.35% 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, SMH has performed better with a 50.56% return vs 11.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMH is cheaper with a 0.35% expense ratio, compared with 0.58% for OND.
SMH has the higher dividend yield at 0.20%, compared with 0.00% for OND.
OND is categorized as Communications Equities, while SMH is Semiconductors. OND tracks FactSet On-Demand Index, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: ProShares and VanEck. Their fees differ too: 0.58% for OND and 0.35% for SMH.
SMH currently has the higher Sharpe Ratio (2.29 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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