OND vs SPY
Proshares On Demand ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, OND or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 49.7%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | OND | SPY |
|---|---|---|
| Expense Ratio | 0.58% | 0.09%Best |
| AUM | $2M | $823.2B |
| Dividend Yield | 0.00% | 0.99% |
| Holdings | 27 | 1,515 |
| Volatility (annualized) | 24.4% | 15.4%Best |
| Max Drawdown | -59.0% | -24.5%Best |
| $10,000 over 5 years | $8,548 | $18,424Best |
| Top 10 Weight | 49.7% | 38.2%Best |
| Fund Family | ProShares | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Oct 26, 2021 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 18 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. OND has data through Oct 12, 2026 and SPY through Oct 30, 2026.
Volatility and max drawdown, and the $10,000 over 5 years row, are measured over the window both funds cover: Oct 27, 2021 to Oct 12, 2026 (5 years).
Risk: Volatility and Drawdowns
OND has been the more volatile fund, with annualized monthly volatility of 24.4% compared with 15.4% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -59.0% for OND and -24.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.77. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
OND charges 0.58% per year while SPY charges 0.09%. On a $10,000 position that is $58 vs $9 annually, a gap of $49 per year that compounds over a long holding period. On income, OND currently yields 0.00% against 0.99% for SPY.
Holdings Overlap
24.8% of OND's money is in holdings SPY also owns. 8.7% of SPY's money is in holdings OND also owns.
OND and SPY share little of their money.
5 positions in common, counted across the 27 positions we hold weights for in OND and 504 in SPY, against full books of 27 and 1,515.
What only one of them owns
Our book lists 492 positions for SPY that do not appear in our book for OND (90.5% of the fund), and 5 for OND that do not appear in SPY (15.3%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
24.8% of OND is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, OND or SPY?
OND has an expense ratio of 0.58% while SPY charges 0.09%. SPY is the cheaper option, by $49 a year on a $10,000 investment.
Which is riskier, OND or SPY?
OND has been the more volatile fund at 24.4% annualized versus 15.4% for SPY. Worst drawdown: OND -59.0% vs SPY -24.5%.
Should I hold both OND and SPY?
OND and SPY have a monthly-return correlation of 0.77, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between OND and SPY?
24.8% of OND's money is in holdings SPY also owns. 8.7% of SPY's is in holdings OND also owns. They hold 5 positions in common, counted across the 27 positions we hold weights for in OND and 504 in SPY.
Which pays a higher dividend, OND or SPY?
OND yields 0.00% while SPY yields 0.99%, so SPY currently pays the higher dividend yield.
Is SPY better than OND?
SPY has a lower expense ratio. SPY led over 1Y and the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 49.7%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.