OND vs. TKO

Last updated Jun 3, 2026

OND (ProShares On-Demand ETF) is Communications Equities fund tracking the FactSet On-Demand Index, while TKO (TKO Group Holdings Inc.) is a stock. Over the past year, OND returned -6.53% vs 30.02% for TKO. At a 0.29 correlation, their price movements are largely independent.

Performance

OND vs. TKO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares On-Demand ETF (OND) and TKO Group Holdings Inc. (TKO). 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 TKO's -1.72% return.

OND

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

TKO

• 1D: -1.86%
• 1M: 10.02%
• YTD: -1.72%
• 6M: 5.93%
• 1Y: 30.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OND vs. TKO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
OND ProShares On-Demand ETF	-12.34%	26.72%	32.00%	9.42%
TKO TKO Group Holdings Inc.	-1.72%	48.92%	74.20%	-17.81%

Correlation

The correlation between OND and TKO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.29

Return for Risk

OND vs. TKO — 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

TKO

TKO Risk / Return Rank: 68
TKO Sharpe Ratio Rank: 69
TKO Sortino Ratio Rank: 66
TKO Omega Ratio Rank: 64
TKO Calmar Ratio Rank: 71
TKO Martin Ratio Rank: 69

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. TKO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares On-Demand ETF (OND) and TKO Group Holdings Inc. (TKO). 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	TKO	Difference
Sharpe ratio Return per unit of total volatility	-0.32	0.95	-1.27
Sortino ratio Return per unit of downside risk	-0.31	1.57	-1.88
Omega ratio Gain probability vs. loss probability	0.96	1.19	-0.23
Calmar ratio Return relative to maximum drawdown	-0.16	1.72	-1.88
Martin ratio Return relative to average drawdown	-0.31	3.62	-3.93
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. TKO - Sharpe Ratio Comparison

The current OND Sharpe Ratio is -0.32, which is lower than the TKO Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of OND and TKO, 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	TKO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.32	0.95	-1.27
Sharpe Ratio (All Time) Calculated using the full available price history	-0.06	0.95	-1.01

Drawdowns

OND vs. TKO - Drawdown Comparison

The maximum OND drawdown since its inception was -59.02%, which is greater than TKO's maximum drawdown of -28.35%. Use the drawdown chart below to compare losses from any high point for OND and TKO.

Drawdown Indicators

	OND	TKO	Difference
Max Drawdown Largest peak-to-trough decline	-59.02%	-28.35%	-30.67%
Max Drawdown (1Y) Largest decline over 1 year	-33.80%	-18.28%	-15.52%
Max Drawdown (3Y) Largest decline over 3 years	-33.80%	—	—
Current Drawdown Current decline from peak	-26.13%	-8.69%	-17.44%
Average Drawdown Average peak-to-trough decline	-30.32%	-8.73%	-21.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.73%	8.69%	+9.04%

Volatility

OND vs. TKO - Volatility Comparison

The current volatility for ProShares On-Demand ETF (OND) is 4.88%, while TKO Group Holdings Inc. (TKO) has a volatility of 9.89%. This indicates that OND experiences smaller price fluctuations and is considered to be less risky than TKO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OND	TKO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	9.89%	-5.01%
Volatility (6M) Calculated over the trailing 6-month period	15.25%	22.90%	-7.65%
Volatility (1Y) Calculated over the trailing 1-year period	20.48%	31.64%	-11.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.14%	33.04%	-5.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.14%	33.04%	-5.90%

Dividends

OND vs. TKO - Dividend Comparison

OND has not paid dividends to shareholders, while TKO's dividend yield for the trailing twelve months is around 1.32%.

Position	TTM	2025	2024	2023	2022	2021
OND ProShares On-Demand ETF	0.00%	0.00%	0.00%	0.78%	0.00%	0.02%
TKO TKO Group Holdings Inc.	1.32%	1.10%	0.00%	4.73%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OND and TKO in my portfolio?

OND and TKO have a correlation of 0.25, 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 TKO?

TKO has higher volatility (9.89%) compared to OND (4.88%). In terms of maximum drawdown, OND dropped -59.02% vs TKO's -28.35%.

Which has better risk-adjusted returns?

TKO currently has the higher Sharpe Ratio (0.95 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.