OND vs. TQQQ
Compare and contrast key facts about ProShares On-Demand ETF (OND) and ProShares UltraPro QQQ (TQQQ).
OND and TQQQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. OND is a passively managed fund by ProShares that tracks the performance of the FactSet On-Demand Index. It was launched on Oct 26, 2021. TQQQ is a passively managed fund by ProShares that tracks the performance of the NASDAQ-100 Index (300%). It was launched on Feb 9, 2010. Both OND and TQQQ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
OND vs. TQQQ - Performance Comparison
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OND vs. TQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
OND ProShares On-Demand ETF | -18.80% | 26.72% | 32.00% | 27.03% | -41.93% | -14.36% |
TQQQ ProShares UltraPro QQQ | -17.87% | 34.35% | 58.27% | 198.04% | -79.09% | 12.35% |
Returns By Period
The year-to-date returns for both investments are quite close, with OND having a -18.80% return and TQQQ slightly higher at -17.87%.
OND
- 1D
- 0.08%
- 1M
- -7.66%
- YTD
- -18.80%
- 6M
- -30.68%
- 1Y
- 0.65%
- 3Y*
- 15.19%
- 5Y*
- —
- 10Y*
- —
TQQQ
- 1D
- 3.72%
- 1M
- -12.88%
- YTD
- -17.87%
- 6M
- -17.28%
- 1Y
- 48.52%
- 3Y*
- 46.87%
- 5Y*
- 13.55%
- 10Y*
- 35.31%
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OND vs. TQQQ - Expense Ratio Comparison
OND has a 0.58% expense ratio, which is lower than TQQQ's 0.95% expense ratio.
Return for Risk
OND vs. TQQQ — Risk / Return Rank
OND
TQQQ
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.
| OND | TQQQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.03 | 0.72 | -0.70 |
Sortino ratioReturn per unit of downside risk | 0.20 | 1.41 | -1.21 |
Omega ratioGain probability vs. loss probability | 1.02 | 1.20 | -0.17 |
Calmar ratioReturn relative to maximum drawdown | 0.04 | 1.41 | -1.36 |
Martin ratioReturn relative to average drawdown | 0.11 | 4.28 | -4.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OND | TQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.03 | 0.72 | -0.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.20 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.54 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.12 | 0.65 | -0.77 |
Correlation
The correlation between OND and TQQQ is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
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 0.73%.
| 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 | 0.73% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
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.
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Drawdown Indicators
| OND | TQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 (5Y)Largest decline over 5 years | — | -81.66% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -81.66% | — |
Current DrawdownCurrent decline from peak | -31.57% | -28.08% | -3.49% |
Average DrawdownAverage peak-to-trough decline | -30.39% | -18.66% | -11.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.51% | 12.13% | +1.38% |
Volatility
OND vs. TQQQ - Volatility Comparison
The current volatility for ProShares On-Demand ETF (OND) is 6.86%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 19.74%. 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.
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Volatility by Period
| OND | TQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.86% | 19.74% | -12.88% |
Volatility (6M)Calculated over the trailing 6-month period | 15.55% | 38.50% | -22.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.56% | 67.35% | -44.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.36% | 66.53% | -39.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.36% | 65.83% | -38.47% |