OND vs. USD

Last updated Jun 24, 2026

OND (ProShares On-Demand ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - OND is a Communications Equities fund tracking the FactSet On-Demand Index, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 3 years, OND returned 13.96%/yr vs 114.28%/yr for USD. A 0.66 correlation means they provide meaningful diversification when combined. OND charges 0.58%/yr vs 0.95%/yr for USD.

Performance

OND vs. USD - Performance Comparison

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

Returns By Period

In the year-to-date period, OND achieves a -18.87% return, which is significantly lower than USD's 84.65% return.

OND

• 1D: -2.16%
• 1M: -5.24%
• YTD: -18.87%
• 6M: -19.28%
• 1Y: -17.46%
• 3Y*: 13.96%
• 5Y*: —
• 10Y*: —

USD

• 1D: -12.35%
• 1M: 1.73%
• YTD: 84.65%
• 6M: 79.76%
• 1Y: 206.76%
• 3Y*: 114.28%
• 5Y*: 63.13%
• 10Y*: 61.02%

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

OND vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OND ProShares On-Demand ETF	-18.87%	26.72%	32.00%	27.03%	-41.93%	-15.04%
USD ProShares Ultra Semiconductors	84.65%	62.08%	139.64%	228.79%	-68.57%	34.74%

Correlation

The correlation between OND and USD is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Oct 27, 2021	0.66

The correlation between OND and USD shifts across timeframes, from 0.54 (1 year) to 0.66 (all time), reflecting how their relationship changes across market environments.

OND vs. USD - Sectors Allocation Comparison

Sectors	OND	USD
Technology	25.9%	26.3%
Communication Services	23.8%	-
Industrials	3.6%	-
Real Estate	3.1%	-
Consumer Cyclical	1.8%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Financial Services	-	26.0%
Healthcare	-	-
Utilities	-	-

Return for Risk

OND vs. USD — Risk / Return Rank

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

OND

OND Risk / Return Rank: 3
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

USD

USD Risk / Return Rank: 82
USD Sharpe Ratio Rank: 92
USD Sortino Ratio Rank: 67
USD Omega Ratio Rank: 71
USD Calmar Ratio Rank: 94
USD Martin Ratio Rank: 87

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. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares On-Demand ETF (OND) and ProShares Ultra Semiconductors (USD). 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	USD	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	3.06	-3.90
Sortino ratio: Return per unit of downside risk	-1.10	2.94	-4.03
Omega ratio: Gain probability vs. loss probability	0.87	1.40	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.52	6.54	-7.06
Martin ratio: Return relative to average drawdown	-0.92	18.16	-19.07

OND vs. USD - Sharpe Ratio Comparison

The current OND Sharpe Ratio is -0.84, which is lower than the USD Sharpe Ratio of 3.06. The chart below compares the historical Sharpe Ratios of OND and USD, 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. USD - Drawdown Comparison

The maximum OND drawdown since its inception was -59.02%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for OND and USD.

Drawdown Indicators

	OND	USD	Difference
Max Drawdown Largest peak-to-trough decline	-59.02%	-88.63%	+29.61%
Max Drawdown (1Y) Largest decline over 1 year	-33.80%	-31.80%	-2.00%
Max Drawdown (3Y) Largest decline over 3 years	-33.80%	-64.46%	+30.66%
Max Drawdown (5Y) Largest decline over 5 years	—	-77.85%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-77.85%	—
Current Drawdown Current decline from peak	-31.63%	-14.69%	-16.94%
Average Drawdown Average peak-to-trough decline	-30.29%	-32.29%	+2.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.06%	11.44%	+7.62%

Volatility

OND vs. USD - Volatility Comparison

The current volatility for ProShares On-Demand ETF (OND) is 6.52%, while ProShares Ultra Semiconductors (USD) has a volatility of 34.07%. This indicates that OND experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OND	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.52%	34.07%	-27.55%
Volatility (6M) Calculated over the trailing 6-month period	15.83%	54.13%	-38.30%
Volatility (1Y) Calculated over the trailing 1-year period	20.91%	67.96%	-47.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.10%	77.73%	-50.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.10%	69.83%	-42.73%

OND vs. USD - Expense Ratio Comparison

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

Dividends

OND vs. USD - Dividend Comparison

OND has not paid dividends to shareholders, while USD's dividend yield for the trailing twelve months is around 0.25%.

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%
USD ProShares Ultra Semiconductors	0.25%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both OND and USD in my portfolio?

OND and USD have a correlation of 0.54, 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 USD?

USD has higher volatility (34.07%) compared to OND (6.52%). In terms of maximum drawdown, OND dropped -59.02% vs USD's -88.63%.

Which ETF is better, OND or USD?

On 3-year performance, USD leads with 114.28% vs 13.96% for OND. On fees, OND is cheaper at 0.58% per year. On volatility, OND has been the lower-risk option at 6.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OND or USD?

Over the 3-year period, USD has performed better with a 114.28% return vs 13.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OND or USD?

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

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

USD has the higher dividend yield at 0.25%, compared with 0.00% for OND.

What is the main difference between OND and USD?

OND is categorized as Communications Equities, while USD is Leveraged Equities. OND tracks FactSet On-Demand Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). Their fees differ too: 0.58% for OND and 0.95% for USD.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (3.06 vs -0.84), 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.