OND vs. TQQQ

Last updated Aug 2, 2026

OND (ProShares On-Demand ETF) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - OND is a Communications Equities fund tracking the FactSet On-Demand Index, while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 3 years, OND returned 11.90%/yr vs 43.81%/yr for TQQQ. Their 0.74 correlation means they have sometimes moved together and sometimes differently. OND charges 0.58%/yr vs 0.95%/yr for TQQQ.

Performance

OND vs. TQQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, OND achieves a -15.89% return, which is significantly lower than TQQQ's 23.06% 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%

TQQQ

• 1D: 2.09%
• 1M: -11.90%
• 6M: 20.14%
• YTD: 23.06%
• 1Y: 56.87%
• 3Y*: 43.81%
• 5Y*: 15.36%
• 10Y*: 39.46%
• ALL TIME*: 42.33%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
OND ProShares On-Demand ETF	$3.36K	$4.57K	$11.88K
TQQQ ProShares UltraPro QQQ	$4.37B	$4.57B	$5.33B

OND vs. TQQQ - 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%
TQQQ ProShares UltraPro QQQ	23.06%	34.35%	58.27%	198.04%	-79.09%	13.24%

Correlation

The correlation between OND and TQQQ is 0.66, 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.	0.66
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (All Time) Calculated using the full available price history since Oct 27, 2021	0.74

The correlation between OND and TQQQ has been stable across timeframes, ranging from 0.66 to 0.74 - a consistent structural relationship.

OND vs. TQQQ - Sectors Allocation Comparison

Sectors	OND	TQQQ
Communication Services	52.9%	15.8%
Technology	28.9%	53.8%
Consumer Cyclical	14.6%	12.3%
Industrials	3.6%	2.8%
Real Estate	2.6%	0.1%
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. TQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

OND

OND Risk / Return Rank: 4
OND Sharpe Ratio Rank: 2
OND Sortino Ratio Rank: 3
OND Omega Ratio Rank: 3
OND Calmar Ratio Rank: 5
OND Martin Ratio Rank: 5

TQQQ

TQQQ Risk / Return Rank: 36
TQQQ Sharpe Ratio Rank: 34
TQQQ Sortino Ratio Rank: 37
TQQQ Omega Ratio Rank: 36
TQQQ Calmar Ratio Rank: 37
TQQQ Martin Ratio Rank: 36

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

OND vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares On-Demand ETF (OND) and ProShares UltraPro QQQ (TQQQ). 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	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	0.83	-1.71
Sortino ratio: Return per unit of downside risk	-1.16	1.38	-2.54
Omega ratio: Gain probability vs. loss probability	0.87	1.17	-0.31
Calmar ratio: Return relative to maximum drawdown	-0.55	1.29	-1.84
Martin ratio: Return relative to average drawdown	-0.86	3.60	-4.46

OND vs. TQQQ - Sharpe Ratio Comparison

The current OND Sharpe Ratio is -0.88, which is lower than the TQQQ Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of OND and TQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

OND vs. TQQQ - Drawdown Comparison

The maximum OND drawdown since its inception was -59.02%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for OND and TQQQ.

Drawdown Indicators

	OND	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-59.02%	-81.66%	+22.64%
Max Drawdown (1Y) Largest decline over 1 year	-33.80%	-36.97%	+3.17%
Max Drawdown (3Y) Largest decline over 3 years	-33.80%	-58.04%	+24.24%
Max Drawdown (5Y) Largest decline over 5 years	—	-81.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-81.66%	—
Current Drawdown Current decline from peak	-29.12%	-25.74%	-3.38%
Average Drawdown Average peak-to-trough decline	-30.27%	-18.49%	-11.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.38%	13.24%	+8.14%

Volatility

OND vs. TQQQ - Volatility Comparison

The current volatility for ProShares On-Demand ETF (OND) is 5.56%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.41%. This indicates that OND experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OND	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	20.41%	-14.85%
Volatility (6M) Calculated over the trailing 6-month period	16.70%	47.79%	-31.09%
Volatility (1Y) Calculated over the trailing 1-year period	21.12%	57.62%	-36.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.97%	68.04%	-41.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.97%	66.57%	-39.60%

OND vs. TQQQ - Expense Ratio Comparison

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

Dividends

OND vs. TQQQ - Dividend Comparison

OND has not paid dividends to shareholders, while TQQQ's dividend yield for the trailing twelve months is around 0.58%.

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%
TQQQ ProShares UltraPro QQQ	0.58%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%

Frequently Asked Questions

Can I hold both OND and TQQQ in my portfolio?

OND and TQQQ have a correlation of 0.66, 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 TQQQ?

TQQQ has higher volatility (20.41%) compared to OND (5.56%). In terms of maximum drawdown, OND dropped -59.02% vs TQQQ's -81.66%.

Which ETF is better, OND or TQQQ?

On 3-year performance, TQQQ leads with 43.81% vs 11.90% for OND. On fees, OND is cheaper at 0.58% 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.

Which ETF has performed better, OND or TQQQ?

Over the 3-year period, TQQQ has performed better with a 43.81% return vs 11.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OND or TQQQ?

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

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

TQQQ has the higher dividend yield at 0.58%, compared with 0.00% for OND.

What is the main difference between OND and TQQQ?

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

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (0.83 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.