OND vs. USD
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 11.90%/yr vs 87.71%/yr for USD. Their 0.65 correlation means they have sometimes moved together and sometimes differently. OND charges 0.58%/yr vs 0.95%/yr for USD.
Performance
OND vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, OND achieves a -15.89% return, which is significantly lower than USD's 50.25% 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%
USD
- 1D
- 1.44%
- 1M
- -10.08%
- 6M
- 34.80%
- YTD
- 50.25%
- 1Y
- 92.29%
- 3Y*
- 87.71%
- 5Y*
- 55.02%
- 10Y*
- 54.19%
- ALL TIME*
- 28.07%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.36K | $4.57K | $11.88K | |
| $68.86M | $72.62M | $95.81M |
OND vs. USD - 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% |
USD ProShares Ultra Semiconductors | 50.25% | 62.08% | 139.64% | 228.79% | -68.57% | 34.74% |
Correlation
The correlation between OND and USD is 0.49, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.49 |
Correlation (3Y) Balances recent behavior with more history. | 0.58 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2021 | 0.65 |
The correlation between OND and USD shifts across timeframes, from 0.49 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.
OND vs. USD - Sectors Allocation Comparison
Sectors
OND
USD
Communication Services
-
Technology
Consumer Cyclical
-
Industrials
-
Real Estate
-
Basic Materials
-
-
Consumer Defensive
-
-
Energy
-
Financial Services
-
Healthcare
-
-
Utilities
-
-
Communication Services
OND
USD
-
Technology
OND
USD
Consumer Cyclical
OND
USD
-
Industrials
OND
USD
-
Real Estate
OND
USD
-
Basic Materials
OND
-
USD
-
Consumer Defensive
OND
-
USD
-
Energy
OND
-
USD
Financial Services
OND
-
USD
Healthcare
OND
-
USD
-
Utilities
OND
-
USD
-
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Return for Risk
OND vs. USD — Risk / Return Rank
OND
USD
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 ratioReturn per unit of total volatility | -2.03 | ||
| Sortino ratioReturn per unit of downside risk | -2.88 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.22 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.55 | 2.16 | -2.70 |
| Martin ratioReturn relative to average drawdown | -0.86 | 6.21 | -7.08 |
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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.
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Drawdown Indicators
| OND | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.02% | -88.63% | +29.61% |
Max Drawdown (1Y)Largest decline over 1 year | -33.80% | -39.33% | +5.53% |
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 DrawdownCurrent decline from peak | -29.12% | -30.59% | +1.47% |
Average DrawdownAverage peak-to-trough decline | -30.27% | -32.23% | +1.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.38% | 13.62% | +7.76% |
Volatility
OND vs. USD - Volatility Comparison
The current volatility for ProShares On-Demand ETF (OND) is 5.56%, while ProShares Ultra Semiconductors (USD) has a volatility of 28.19%. 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.
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Volatility by Period
| OND | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.56% | 28.19% | -22.63% |
Volatility (6M)Calculated over the trailing 6-month period | 16.70% | 61.13% | -44.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.12% | 73.80% | -52.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.97% | 78.73% | -51.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.97% | 70.38% | -43.41% |
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 0.39%.
| 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 | 0.39% | 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
OND and USD have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (28.19%) compared to OND (5.56%). In terms of maximum drawdown, OND dropped -59.02% vs USD's -88.63%.
On 3-year performance, USD leads with 87.71% 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.
Over the 3-year period, USD has performed better with a 87.71% return vs 11.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
OND is cheaper with a 0.58% expense ratio, compared with 0.95% for USD.
USD has the higher dividend yield at 0.39%, compared with 0.00% for OND.
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.
USD currently has the higher Sharpe Ratio (1.15 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.
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