OND vs. SMH

Last updated Jun 3, 2026

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 17.30%/yr vs 63.68%/yr for SMH. A 0.67 correlation means they provide meaningful diversification when combined. OND charges 0.58%/yr vs 0.35%/yr for SMH.

Performance

OND vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares On-Demand ETF (OND) and VanEck Semiconductor ETF (SMH). 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 SMH's 75.55% return.

OND

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

SMH

• 1D: 4.01%
• 1M: 24.01%
• YTD: 75.55%
• 6M: 76.44%
• 1Y: 160.66%
• 3Y*: 63.68%
• 5Y*: 39.58%
• 10Y*: 37.55%

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

OND vs. SMH - 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%
SMH VanEck Semiconductor ETF	75.55%	49.17%	39.10%	73.38%	-33.53%	15.94%

Correlation

The correlation between OND and SMH is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Oct 28, 2021	0.67

The correlation between OND and SMH shifts across timeframes, from 0.55 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

OND vs. SMH - Sectors Allocation Comparison

Sectors	OND	SMH
Technology	24.8%	100.0%
Communication Services	23.5%	-
Industrials	4.2%	-
Real Estate	3.3%	-
Consumer Cyclical	2.0%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Utilities	-	-

Return for Risk

OND vs. SMH — 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

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 98
SMH Sortino Ratio Rank: 95
SMH Omega Ratio Rank: 95
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 97

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. 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.

	OND	SMH	Difference
Sharpe ratio Return per unit of total volatility	-0.32	5.29	-5.61
Sortino ratio Return per unit of downside risk	-0.31	5.29	-5.60
Omega ratio Gain probability vs. loss probability	0.96	1.73	-0.77
Calmar ratio Return relative to maximum drawdown	-0.16	11.02	-11.18
Martin ratio Return relative to average drawdown	-0.31	42.34	-42.65
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. SMH - Sharpe Ratio Comparison

The current OND Sharpe Ratio is -0.32, which is lower than the SMH Sharpe Ratio of 5.29. The chart below compares the historical Sharpe Ratios of OND and SMH, 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	SMH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.32	5.29	-5.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.14	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.06	0.34	-0.40

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.

Drawdown Indicators

	OND	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-59.02%	-84.96%	+25.94%
Max Drawdown (1Y) Largest decline over 1 year	-33.80%	-14.93%	-18.87%
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 Drawdown Current decline from peak	-26.13%	0.00%	-26.13%
Average Drawdown Average peak-to-trough decline	-30.32%	-41.09%	+10.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.73%	3.89%	+13.84%

Volatility

OND vs. SMH - Volatility Comparison

The current volatility for ProShares On-Demand ETF (OND) is 4.88%, while VanEck Semiconductor ETF (SMH) has a volatility of 11.59%. 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.

Volatility by Period

	OND	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	11.59%	-6.71%
Volatility (6M) Calculated over the trailing 6-month period	15.25%	24.29%	-9.04%
Volatility (1Y) Calculated over the trailing 1-year period	20.48%	30.57%	-10.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.14%	35.02%	-7.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.14%	32.58%	-5.44%

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 0.17%.

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	0.17%	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

Can I hold both OND and SMH in my portfolio?

OND and SMH have a correlation of 0.55, 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 SMH?

SMH has higher volatility (11.59%) compared to OND (4.88%). In terms of maximum drawdown, OND dropped -59.02% vs SMH's -84.96%.

Which ETF is better, OND or SMH?

On 3-year performance, SMH leads with 63.68% vs 17.30% for OND. On fees, SMH is cheaper at 0.35% per year. On volatility, OND has been the lower-risk option at 4.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OND or SMH?

Over the 3-year period, SMH has performed better with a 63.68% 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 SMH?

SMH is cheaper with a 0.35% expense ratio, compared with 0.58% for OND.

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

SMH has the higher dividend yield at 0.17%, compared with 0.00% for OND.

What is the main difference between OND and SMH?

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.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (5.29 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.