ONDG vs. ORLG

Last updated Jun 4, 2026

ONDG (Leverage Shares 2X Long ONDS Daily ETF) and ORLG (Leverage Shares 2X Long ORLY Daily ETF) are both Leveraged Equities funds from Leverage Shares - ONDG tracks the Ondas Holdings Inc. (ONDS) while ORLG tracks the O'Reilly Automotive, Inc. (ORLY). Both are passively managed. At a correlation of -0.06, they often move in opposite directions. Both charge a 0.75% expense ratio.

Performance

ONDG vs. ORLG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long ONDS Daily ETF (ONDG) and Leverage Shares 2X Long ORLY Daily ETF (ORLG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ONDG

• 1D: -28.69%
• 1M: 21.10%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ORLG

• 1D: 2.37%
• 1M: -14.98%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ONDG vs. ORLG - Yearly Performance Comparison

	2026 (YTD)
ONDG Leverage Shares 2X Long ONDS Daily ETF	-49.80%
ORLG Leverage Shares 2X Long ORLY Daily ETF	-19.31%

Correlation

The correlation between ONDG and ORLG is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 16, 2026	-0.06

Return for Risk

ONDG vs. ORLG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long ONDS Daily ETF (ONDG) and Leverage Shares 2X Long ORLY Daily ETF (ORLG). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ONDG	ORLG	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	-0.79	+0.37

Drawdowns

ONDG vs. ORLG - Drawdown Comparison

The maximum ONDG drawdown since its inception was -73.84%, which is greater than ORLG's maximum drawdown of -32.62%. Use the drawdown chart below to compare losses from any high point for ONDG and ORLG.

Drawdown Indicators

	ONDG	ORLG	Difference
Max Drawdown Largest peak-to-trough decline	-73.84%	-32.62%	-41.22%
Current Drawdown Current decline from peak	-57.35%	-31.02%	-26.33%
Average Drawdown Average peak-to-trough decline	-54.76%	-17.83%	-36.93%

Volatility

Volatility by Period

	ONDG	ORLG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	215.76%	55.34%	+160.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	215.76%	55.34%	+160.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	215.76%	55.34%	+160.42%

ONDG vs. ORLG - Expense Ratio Comparison

Both ONDG and ORLG have an expense ratio of 0.75%.

Dividends

ONDG vs. ORLG - Dividend Comparison

Neither ONDG nor ORLG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ONDG and ORLG in my portfolio?

ONDG and ORLG have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ONDG or ORLG?

Both ETFs have the same 0.75% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ONDG or ORLG?

ONDG and ORLG have the same expense ratio: 0.75% per year.

Which ETF pays a higher dividend yield, ONDG or ORLG?

ONDG and ORLG have nearly identical dividend yields, around 0.00%.

What is the main difference between ONDG and ORLG?

ONDG tracks Ondas Holdings Inc. (ONDS), while ORLG tracks O'Reilly Automotive, Inc. (ORLY).