OND vs. SQQQ

Last updated Jun 4, 2026

OND (ProShares On-Demand ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - OND is a Communications Equities fund tracking the FactSet On-Demand Index, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 3 years, OND returned 16.43%/yr vs -56.19%/yr for SQQQ. At a correlation of -0.75, they often move in opposite directions. OND charges 0.58%/yr vs 0.95%/yr for SQQQ.

Performance

OND vs. SQQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, OND achieves a -14.28% return, which is significantly higher than SQQQ's -45.27% return.

OND

• 1D: -2.21%
• 1M: 1.68%
• YTD: -14.28%
• 6M: -16.72%
• 1Y: -8.96%
• 3Y*: 16.43%
• 5Y*: —
• 10Y*: —

SQQQ

• 1D: 0.76%
• 1M: -26.37%
• YTD: -45.27%
• 6M: -42.79%
• 1Y: -65.16%
• 3Y*: -56.19%
• 5Y*: -49.17%
• 10Y*: -56.01%

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

OND vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OND ProShares On-Demand ETF	-14.28%	26.72%	32.00%	27.03%	-41.93%	-14.36%
SQQQ ProShares UltraPro Short QQQ	-45.27%	-53.05%	-49.79%	-73.61%	82.40%	-16.69%

Correlation

The correlation between OND and SQQQ is -0.69, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	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 SQQQ has been stable across timeframes, ranging from -0.75 to -0.69 - a consistent structural relationship.

OND vs. SQQQ - Sectors Allocation Comparison

Sectors	OND	SQQQ
Technology	24.8%	-
Communication Services	23.5%	-
Industrials	4.2%	-
Real Estate	3.3%	-
Consumer Cyclical	2.0%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	97.1%
Healthcare	-	-
Utilities	-	-

Return for Risk

OND vs. SQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OND

OND Risk / Return Rank: 5
OND Sharpe Ratio Rank: 5
OND Sortino Ratio Rank: 5
OND Omega Ratio Rank: 5
OND Calmar Ratio Rank: 6
OND Martin Ratio Rank: 6

SQQQ

SQQQ Risk / Return Rank: 0
SQQQ Sharpe Ratio Rank: 0
SQQQ Sortino Ratio Rank: 0
SQQQ Omega Ratio Rank: 0
SQQQ Calmar Ratio Rank: 0
SQQQ Martin Ratio Rank: 0

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. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares On-Demand ETF (OND) and ProShares UltraPro Short QQQ (SQQQ). 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	SQQQ	Difference
Sharpe ratio Return per unit of total volatility	-0.44	-1.37	+0.93
Sortino ratio Return per unit of downside risk	-0.48	-2.63	+2.15
Omega ratio Gain probability vs. loss probability	0.94	0.72	+0.22
Calmar ratio Return relative to maximum drawdown	-0.27	-0.99	+0.72
Martin ratio Return relative to average drawdown	-0.50	-1.82	+1.32
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. SQQQ - Sharpe Ratio Comparison

The current OND Sharpe Ratio is -0.44, which is higher than the SQQQ Sharpe Ratio of -1.37. The chart below compares the historical Sharpe Ratios of OND and SQQQ, 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	SQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.44	-1.37	+0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.74	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	-0.88	+0.80

Drawdowns

OND vs. SQQQ - Drawdown Comparison

The maximum OND drawdown since its inception was -59.02%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for OND and SQQQ.

Drawdown Indicators

	OND	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-59.02%	-100.00%	+40.98%
Max Drawdown (1Y) Largest decline over 1 year	-33.80%	-65.95%	+32.15%
Max Drawdown (3Y) Largest decline over 3 years	-33.80%	-92.38%	+58.58%
Max Drawdown (5Y) Largest decline over 5 years	—	-97.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.98%	—
Current Drawdown Current decline from peak	-27.76%	-100.00%	+72.24%
Average Drawdown Average peak-to-trough decline	-30.32%	-92.40%	+62.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.81%	35.73%	-17.92%

Volatility

OND vs. SQQQ - Volatility Comparison

The current volatility for ProShares On-Demand ETF (OND) is 5.40%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 13.75%. This indicates that OND experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OND	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.40%	13.75%	-8.35%
Volatility (6M) Calculated over the trailing 6-month period	15.38%	36.45%	-21.07%
Volatility (1Y) Calculated over the trailing 1-year period	20.57%	47.79%	-27.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.15%	66.64%	-39.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.15%	66.11%	-38.96%

OND vs. SQQQ - Expense Ratio Comparison

OND has a 0.58% expense ratio, which is lower than SQQQ's 0.95% expense ratio.

Dividends

OND vs. SQQQ - Dividend Comparison

OND has not paid dividends to shareholders, while SQQQ's dividend yield for the trailing twelve months is around 12.48%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SQQQ ProShares UltraPro Short QQQ	12.48%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%

Frequently Asked Questions

Can I hold both OND and SQQQ in my portfolio?

OND and SQQQ 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 SQQQ?

SQQQ has higher volatility (13.75%) compared to OND (5.40%). In terms of maximum drawdown, OND dropped -59.02% vs SQQQ's -100.00%.

Which ETF is better, OND or SQQQ?

On 3-year performance, OND leads with 16.43% vs -56.19% for SQQQ. On fees, OND is cheaper at 0.58% per year. On volatility, OND has been the lower-risk option at 5.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OND or SQQQ?

Over the 3-year period, OND has performed better with a 16.43% return vs -56.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OND or SQQQ?

OND is cheaper with a 0.58% expense ratio, compared with 0.95% for SQQQ.

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

SQQQ has the higher dividend yield at 12.48%, compared with 0.00% for OND.

What is the main difference between OND and SQQQ?

OND is categorized as Communications Equities, while SQQQ is Leveraged Equities. OND tracks FactSet On-Demand Index, while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.58% for OND and 0.95% for SQQQ.

Which has better risk-adjusted returns?

OND currently has the higher Sharpe Ratio (-0.44 vs -1.37), 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.