PEJ vs. OND

Last updated Jun 26, 2026

PEJ (Invesco Dynamic Leisure & Entertainment ETF) and OND (ProShares On-Demand ETF) are both exchange-traded funds - PEJ is a Consumer Discretionary Equities fund tracking the Dynamic Leisure and Entertainment Intellidex Index, while OND is a Communications Equities fund tracking the FactSet On-Demand Index. Both are passively managed. Over the past 3 years, PEJ returned 18.11%/yr vs 13.46%/yr for OND. A 0.70 correlation means they provide meaningful diversification when combined. PEJ charges 0.55%/yr vs 0.58%/yr for OND.

Performance

PEJ vs. OND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Leisure & Entertainment ETF (PEJ) and ProShares On-Demand ETF (OND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PEJ achieves a 7.97% return, which is significantly higher than OND's -19.45% return.

PEJ

• 1D: -0.08%
• 1M: 7.19%
• YTD: 7.97%
• 6M: 6.62%
• 1Y: 20.05%
• 3Y*: 18.11%
• 5Y*: 5.10%
• 10Y*: 8.11%

OND

• 1D: -0.58%
• 1M: -6.90%
• YTD: -19.45%
• 6M: -19.91%
• 1Y: -19.98%
• 3Y*: 13.46%
• 5Y*: —
• 10Y*: —

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

PEJ vs. OND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PEJ Invesco Dynamic Leisure & Entertainment ETF	7.97%	17.78%	25.08%	15.73%	-25.37%	-4.35%
OND ProShares On-Demand ETF	-19.45%	26.72%	32.00%	27.03%	-41.93%	-15.04%

Correlation

The correlation between PEJ and OND is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (All Time) Calculated using the full available price history since Oct 27, 2021	0.70

The correlation between PEJ and OND shifts across timeframes, from 0.57 (1 year) to 0.70 (all time), reflecting how their relationship changes across market environments.

PEJ vs. OND - Sectors Allocation Comparison

Sectors	PEJ	OND
Consumer Cyclical	59.4%	1.8%
Communication Services	30.1%	23.8%
Consumer Defensive	7.8%	-
Technology	4.2%	25.9%
Industrials	2.6%	3.6%
Financial Services	0.1%	-
Basic Materials	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	3.1%
Utilities	-	-

Return for Risk

PEJ vs. OND — Risk / Return Rank

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

PEJ

PEJ Risk / Return Rank: 36
PEJ Sharpe Ratio Rank: 33
PEJ Sortino Ratio Rank: 35
PEJ Omega Ratio Rank: 31
PEJ Calmar Ratio Rank: 44
PEJ Martin Ratio Rank: 36

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: 4
OND Martin Ratio Rank: 5

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.

PEJ vs. OND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Leisure & Entertainment ETF (PEJ) and ProShares On-Demand ETF (OND). 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.

	PEJ	OND	Difference
Sharpe ratio: Return per unit of total volatility	1.09	-0.97	+2.07
Sortino ratio: Return per unit of downside risk	1.70	-1.30	+3.00
Omega ratio: Gain probability vs. loss probability	1.20	0.85	+0.35
Calmar ratio: Return relative to maximum drawdown	1.96	-0.59	+2.55
Martin ratio: Return relative to average drawdown	5.07	-1.04	+6.11

PEJ vs. OND - Sharpe Ratio Comparison

The current PEJ Sharpe Ratio is 1.09, which is higher than the OND Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of PEJ and OND, 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

PEJ vs. OND - Drawdown Comparison

The maximum PEJ drawdown since its inception was -66.03%, which is greater than OND's maximum drawdown of -59.02%. Use the drawdown chart below to compare losses from any high point for PEJ and OND.

Drawdown Indicators

	PEJ	OND	Difference
Max Drawdown Largest peak-to-trough decline	-66.03%	-59.02%	-7.01%
Max Drawdown (1Y) Largest decline over 1 year	-10.29%	-33.80%	+23.51%
Max Drawdown (3Y) Largest decline over 3 years	-25.75%	-33.80%	+8.05%
Max Drawdown (5Y) Largest decline over 5 years	-34.74%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-58.96%	—	—
Current Drawdown Current decline from peak	-0.08%	-32.12%	+32.04%
Average Drawdown Average peak-to-trough decline	-12.29%	-30.29%	+18.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.97%	19.27%	-15.30%

Volatility

PEJ vs. OND - Volatility Comparison

The current volatility for Invesco Dynamic Leisure & Entertainment ETF (PEJ) is 4.53%, while ProShares On-Demand ETF (OND) has a volatility of 6.35%. This indicates that PEJ experiences smaller price fluctuations and is considered to be less risky than OND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEJ	OND	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.53%	6.35%	-1.82%
Volatility (6M) Calculated over the trailing 6-month period	14.21%	15.79%	-1.58%
Volatility (1Y) Calculated over the trailing 1-year period	18.42%	20.59%	-2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.77%	27.07%	-4.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.73%	27.07%	-2.34%

PEJ vs. OND - Expense Ratio Comparison

PEJ has a 0.55% expense ratio, which is lower than OND's 0.58% expense ratio.

Dividends

PEJ vs. OND - Dividend Comparison

PEJ's dividend yield for the trailing twelve months is around 0.51%, while OND has not paid dividends to shareholders.

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%
PEJ Invesco Dynamic Leisure & Entertainment ETF	0.51%	0.24%	0.40%	0.46%	0.43%	0.34%	0.92%	0.39%	0.78%	0.68%	0.68%	0.52%

Frequently Asked Questions

Can I hold both PEJ and OND in my portfolio?

PEJ and OND have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PEJ or OND?

OND has higher volatility (6.35%) compared to PEJ (4.53%). In terms of maximum drawdown, PEJ dropped -66.03% vs OND's -59.02%.

Which ETF is better, PEJ or OND?

On 3-year performance, PEJ leads with 18.11% vs 13.46% for OND. On fees, PEJ is cheaper at 0.55% per year. On volatility, PEJ has been the lower-risk option at 4.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEJ or OND?

Over the 3-year period, PEJ has performed better with a 18.11% return vs 13.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEJ or OND?

PEJ is cheaper with a 0.55% expense ratio, compared with 0.58% for OND.

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

PEJ has the higher dividend yield at 0.51%, compared with 0.00% for OND.

What is the main difference between PEJ and OND?

PEJ is categorized as Consumer Discretionary Equities, while OND is Communications Equities. PEJ tracks Dynamic Leisure and Entertainment Intellidex Index, while OND tracks FactSet On-Demand Index. They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.55% for PEJ and 0.58% for OND.

Which has better risk-adjusted returns?

PEJ currently has the higher Sharpe Ratio (1.09 vs -0.97), 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.