Ondas Holdings vs Draganfly (ONDS vs DPRO) 2026: Stock Returns, Risk & Volatility

Q: Which is a better investment: ONDS or DPRO?

Over the past year, ONDS looks like the better investment: it had higher total return (ONDS +1373.9% vs DPRO +119.2%) and a higher Sharpe ratio (ONDS 2.74 vs DPRO 1.23). On risk, ONDS was less volatile (ONDS 126.5% vs DPRO 140.2%), ONDS had a smaller max drawdown (ONDS -53.4% vs DPRO -67.9%), and ONDS had less severe losses on the worst 5% of days (Expected Shortfall of ONDS -13.82% vs DPRO -20.26%).

Written by Gale Finance Team

Reviewed by Sid Kalla CFA Charterholder

Quick answer

Which is a better investment: ONDS or DPRO?

Over the past year, ONDS outperformed DPRO. ONDS returned +1373.9% compared with DPRO’s +119.2%. ONDS had the better risk-adjusted return, with a Sharpe ratio of 2.74 versus DPRO’s 1.23. ONDS was less volatile than DPRO, and ONDS had a smaller max drawdown than DPRO.

Total Return

ONDS +1373.9%

DPRO +119.2%

Sharpe Ratio

ONDS 2.74

DPRO 1.23

Annualized Volatility

ONDS 126.5%

DPRO 140.2%

Max Drawdown

ONDS -53.4%

DPRO -67.9%

Metric winners: Total Return: ONDS; Sharpe Ratio: ONDS; Annualized Volatility: ONDS (less volatile); Max Drawdown: ONDS (smaller drawdown).

ONDS Total Return

↑ +1373.9%

DPRO Total Return

↑ +119.2%

Relative Performance of ONDS vs DPRO (Normalized to 100)

ONDS DPRO

Normalized to 100 at start date for comparison

Trade ONDS or DPRO

Access these assets on trusted platforms.

Hyperliquid

Trade perpetual futures exposure where supportedONDSDPROTrade on Hyperliquid

Binance

Trade futures exposure on a global exchange where supportedONDSDPROTrade on Binance

Affiliate disclosure

Key Takeaways

Total Return: ONDS delivered a +1373.9% total return, while DPRO returned +119.2% over the same period. ONDS outperformed on total returns.
Risk-Adjusted Return (Sharpe Ratio): ONDS had a higher Sharpe (2.74 vs 1.23), indicating better risk-adjusted performance.
Volatility (Annualized): DPRO was more volatile, with 140.2% annualized volatility, versus 126.5% for ONDS.
Maximum Drawdown: ONDS's maximum drawdown was -53.4%, while DPRO experienced a deeper drawdown of -67.9%.
Tail Risk (VaR & Expected Shortfall): At the 5% level (daily log returns), ONDS's VaR was -10.34% and its Expected Shortfall (CVaR) was -13.82%; DPRO's were -11.86% and -20.26%. VaR is the cutoff; Expected Shortfall is the average move on the worst days.
Skew & Kurtosis: Skew: ONDS 0.33 vs DPRO -0.34. Excess kurtosis: ONDS 0.42 vs DPRO 4.49. Negative skew leans downside; higher excess kurtosis means fatter tails.
Tail Days & Extremes: 2σ tail days (down/up): ONDS 4/10, DPRO 7/5. Worst day: ONDS -17.95% (2025-08-13) vs DPRO -33.15% (2025-06-11). Best day: ONDS +29.47% (2025-11-24) vs DPRO +43.49% (2025-07-16).
Risk ratios: Sortino - ONDS: 4.97 vs. DPRO: 1.95 , Calmar - ONDS: 26.21 vs. DPRO: 1.77 , Sterling - ONDS: 63.16 vs. DPRO: 2.86 , Treynor - ONDS: 1.12 vs. DPRO: 0.62 , Ulcer Index - ONDS: 21.77% vs. DPRO: 39.18%

Investment Comparison

If you invested $10,000 in each asset on April 25, 2025:

ONDS $147,391.97 +1373.9%

DPRO $21,921.71 +119.2%

Difference: $125,470.26 (ONDS ahead)

Ondas Holdings vs Draganfly Performance Over Time

Metric	ONDS	DPRO
30 Days	-1.3%	-2.7%
90 Days	-13.4%	-35.6%
180 Days	41.3%	-34.7%
1 Year	1373.9%	119.2%

Shorter time frames can show different leaders as market conditions change. Consider your investment horizon when comparing performance.

Ondas Holdings vs Draganfly Correlation

Average Correlation

moderately correlated

0.43

Current (30-day) 0.65

30-day rolling range -0.04 to +0.86

Ondas Holdings and Draganfly are moderately correlated over the past year. With a correlation of 0.43, these assets show moderate co-movement, offering some diversification when held together.

For portfolio construction, this moderate correlation offers some diversification benefit, though the assets still tend to move together during major market moves.

Metric	Value
Current (30-day)	0.65
Average (full period)	0.43
Minimum (30-day rolling)	-0.04
Maximum (30-day rolling)	0.86

Correlation measures how closely two assets move together. Values near +1 indicate strong co-movement, near 0 indicates independence, and negative values indicate inverse movement. Current, minimum, and maximum figures are 30-day rolling correlations on shared daily returns.

Drawdown

Maximum Drawdown

ONDS

-53.4%

DPRO

-67.9%

Ondas Holdings experienced its maximum drawdown of -53.4% from 2025-10-08 to 2025-11-06. It took 60 days to recover.

Draganfly experienced its maximum drawdown of -67.9% from 2025-10-13 to 2026-03-30. It has not yet recovered to its previous peak.

Smaller drawdowns and faster recoveries indicate lower downside risk and greater resilience during market stress.

Ondas Holdings vs Draganfly Volatility (ONDS vs DPRO)

ONDS Volatility

126.5%

±7.97% 1-day vol

DPRO Volatility

140.2%

±8.83% 1-day vol

1-day volatility (1σ)

ONDS

±7.97%

DPRO

±8.83%

Ondas Holdings's 126.5% annualized volatility translates to about ±7.97% one-standard-deviation daily volatility.

Draganfly's 140.2% annualized volatility translates to about ±8.83% one-standard-deviation daily volatility.

DPRO had the wider volatility profile over this window. That means its day-to-day return distribution was broader; ONDS was calmer, but lower volatility does not by itself mean better returns.

Treat the ± daily figure as a one-standard-deviation estimate from historical returns, not a forecast or expected absolute daily move. For context, 15-18% annualized volatility is roughly ±1% one-standard-deviation daily volatility.

Risk-adjusted ratios

Sharpe Ratio of ONDS and DPRO

Sharpe Ratio: ONDS vs. DPRO

Return per total volatility

Sharpe gives us excess return per unit of risk. Upside and downside volatility both count as risk.

Higher is better

excess return / total volatility

Formula

\displaystyle \mathrm{Sharpe} = \frac{\mathbb{E}[R] - R_f}{\sigma_R}

Sharpe ratio measures return per unit of risk (volatility). A higher Sharpe indicates better risk-adjusted performance. ONDS had a higher Sharpe (2.74 vs 1.23), indicating better risk-adjusted performance.

A Sharpe above 1.0 is generally considered good, above 2.0 is excellent. Negative Sharpe means the asset underperformed the risk-free rate. Calculated on each asset's full 365-day lookback of available prices and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).

Sortino Ratio of ONDS and DPRO

Sortino Ratio: ONDS vs. DPRO

Return per downside volatility

Sortino keeps the return-over-risk idea, but only returns below the target rate count as volatility.

Higher is better

excess return / downside volatility

Formula

\displaystyle \mathrm{Sortino} = \frac{\mathbb{E}[R] - R_f}{\sigma_{\mathrm{down}}}

Sortino ratio measures return per unit of downside risk. Unlike Sharpe, it only counts downside deviation (returns below the target return). ONDS had better downside-adjusted returns.

A higher Sortino is better. It's useful when upside volatility is common (crypto is the obvious example). Downside deviation: ONDS 69.7% vs DPRO 88.3%. Calculated on each asset's full 365-day lookback of available prices, using the daily risk-free rate as the target return, and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).

Calmar Ratio of ONDS and DPRO

Calmar Ratio: ONDS vs. DPRO

CAGR per worst drawdown

Calmar compares CAGR against the single deepest peak-to-trough loss over the period.

Higher is better

CAGR / max drawdown

Formula

\displaystyle \mathrm{Calmar} = \frac{\mathrm{CAGR}}{|\mathrm{MaxDD}|}

Calmar ratio compares CAGR to maximum drawdown. Higher Calmar means more return per unit of worst drawdown. ONDS posted the higher Calmar ratio.

Calmar is computed on each asset's full 365-day lookback and uses the max drawdown over that same window.

Sterling Ratio of ONDS and DPRO

Sterling Ratio: ONDS vs. DPRO

Return per average drawdown

Sterling smooths the drawdown penalty by using average drawdown events instead of only the worst one.

Higher is better

excess annual return / average deep drawdown

Formula

\displaystyle \mathrm{Sterling} = \frac{\mathrm{CAGR} - R_f}{\overline{D}_{>10\%}}

Sterling ratio measures excess return per unit of average drawdown (typically drawdowns worse than 10%). ONDS posted the higher Sterling ratio.

Sterling uses average drawdown events deeper than 10% and subtracts the risk-free rate to report excess return.

Treynor Ratio of ONDS and DPRO

Treynor Ratio: ONDS vs. DPRO

Excess return per market beta

Treynor divides excess annualized return by beta — the sensitivity of the asset to broad-market moves. The slope shown is each asset’s beta vs SPY.

Higher is better

excess return / market beta

Formula

\displaystyle \mathrm{Treynor} = \frac{\mathbb{E}[R] - R_f}{\beta}

Treynor ratio measures excess return per unit of market risk (beta) instead of total volatility. ONDS posted the higher Treynor ratio.

Treynor uses beta vs the S&P 500 (SPY) on shared dates and the average 3-month Treasury rate as the risk-free rate.

Ulcer Index of ONDS and DPRO

Ulcer Index: ONDS vs. DPRO

Drawdown pain

Ulcer Index is a risk index, not a return-over-risk ratio. Lower means smaller and shorter drawdowns.

Lower is better

root-mean-square drawdown

Formula

\displaystyle \mathrm{UI} = \sqrt{\mathbb{E}[D_t^2]}

Ulcer Index captures drawdown depth and duration. Lower Ulcer Index means less drawdown pain. ONDS had the lower Ulcer Index (less drawdown pain).

Ulcer Index is computed from each asset's drawdown series over the full lookback window.

Tail Risk & Distribution Shape (1-Year): Ondas Holdings vs. Draganfly

This section looks at the shape of daily returns, not just the average. Tail stats are computed per asset on its own daily series (crypto includes weekends). We use daily log returns $\ln\left(\frac{P_t}{P_{t-1}}\right)$ so multi-day moves add cleanly.

Definitions: Value at Risk (VaR), Expected Shortfall, skew, kurtosis, and fat tails.

Tail Risk & Distribution Shape: ONDS vs. DPRO (1-Year)

Actual daily return tails

The bars are real daily log-return observations from the article window. Darker bars are observations at or beyond each asset’s 5% VaR cutoff.

Observed returns

VaR marks the 5th percentile loss cutoff; Expected Shortfall averages the observations beyond that cutoff.

Formula

\displaystyle \mathrm{VaR}_{5\%}=Q_{0.05}(r_t),\quad \mathrm{ES}_{5\%}=\mathbb{E}[r_t\mid r_t\le \mathrm{VaR}_{5\%}]

Metric (1-Year)	ONDS	DPRO
5% VaR (daily log return)	-10.34%	-11.86%
5% Expected Shortfall (CVaR)	-13.82% (worst 13 days)	-20.26% (worst 13 days)
Skew	0.33	-0.34
Excess kurtosis	0.42	4.49
2σ tail days (down / up)	4 / 10	7 / 5
Worst day	-17.95% (2025-08-13)	-33.15% (2025-06-11)
Best day	+29.47% (2025-11-24)	+43.49% (2025-07-16)

Downside co-moves (2σ) — 1-Year

Computed on shared dates only (n=249). A “2σ downside move” means a shared-close log return more than 2 standard deviations below that asset’s own mean on this shared-date series. Dates below show simple returns (%) for readability.

Downside co-move map: ONDS vs. DPRO (2σ)

Shared-close daily returns

Dots mark actual downside days: asset-colored dots are one-sided downside moves, and red dots are joint downside days. Grey dots add sampled shared-return context when available. The shaded lower-left zone shows where both ONDS and DPRO crossed their own 2σ downside threshold.

2σ

Show downside tail dates

Dates below are shared-date observations. The “Date” is the period end (close). Tail thresholds are computed on log returns, but the table shows simple returns (%) for readability. Returns are computed from the previous shared close to this one (for example, Friday → Monday includes weekend moves).

Days when both ONDS and DPRO had a big down day (2σ)

Date (interval)	ONDS	DPRO
2025-10-16	-13.77%	-16.70%

Days when ONDS had a big down day

Date (interval)	ONDS	DPRO
2025-08-13	-17.95%	-3.14%
2025-10-16	-13.77%	-16.70%
2025-11-20	-16.40%	+2.10%
2026-02-04	-14.94%	-12.06%

Days when DPRO had a big down day

Date (interval)	ONDS	DPRO
2025-05-02	+3.82%	-32.52%
2025-06-11	-2.63%	-33.15%
2025-07-18	-7.08%	-24.52%
2025-10-16	-13.77%	-16.70%
2026-01-23 → 2026-01-26	-8.30%	-15.88%
2026-02-26	+1.46%	-15.93%
2026-03-25	-3.46%	-21.80%

Read this as “how ugly the ugly days get”, not as a precise forecast. One-year samples are small, so tail estimates are inherently noisy.

Full Comparison of Ondas Holdings vs. Draganfly (1-Year)

Metric	ONDS	DPRO
Total Return	+1373.9%	+119.2%
Annualized Volatility	126.5%	140.2%
Sharpe Ratio	2.74	1.23
Sortino Ratio	4.97	1.95
Calmar Ratio	26.21	1.77
Sterling Ratio	63.16	2.86
Treynor Ratio	1.12	0.62
Ulcer Index	21.77%	39.18%
Max Drawdown	-53.4%	-67.9%
Avg Correlation to S&P 500	0.31	0.30
5% VaR (daily log return)	-10.34%	-11.86%
5% Expected Shortfall (CVaR)	-13.82%	-20.26%
Skew	0.33	-0.34
Excess kurtosis	0.42	4.49
2σ tail days (down / up)	4 / 10	7 / 5

Audit this calculation

Formulas, inputs, and conventions used to compute the metrics on this page.

Inputs & conventions

Shared window for pair metrics: 2025-04-25 → 2026-04-23 (last shared close).
Rolling correlation sample (shared closes): 220 rolling 30-day values (from 249 shared daily returns).
Annualization (days/year): ONDS: 252 days/year; DPRO: 252 days/year.
Risk-free rate: Uses the 3-month U.S. Treasury yield (FRED: DGS3MO), averaged over each asset’s window:

ONDS: 4.17% over 2025-04-25 → 2026-04-23.

DPRO: 4.17% over 2025-04-25 → 2026-04-23.
Volatility drag (rule of thumb): Estimated from annualized volatility (simple returns). For the log-return framing, see Log returns.

ONDS: ≈ -80.0%/yr

DPRO: ≈ -98.3%/yr
Data alignment: No forward fill. Correlation and tail co-moves are computed on shared closes only.
For cross-calendar pairs (e.g., crypto vs stocks), weekend/holiday moves roll into the next shared close.
Return conventions: Volatility/Sharpe/Sortino use simple daily returns. Tail-risk uses daily log returns for distribution stats (but tables show simple returns). Log returns.

Formulas

Daily simple return

r_t = \frac{P_t}{P_{t-1}} - 1

Volatility

\sigma_{ann} = \sigma(r_t)\sqrt{A}

Volatility drag (approx.)

\text{drag} \approx \tfrac{1}{2}\sigma_{ann}^2

Sharpe Ratio

S = \frac{A\,\bar{r} - r_f}{\sigma(r_t)\sqrt{A}}

Sortino Ratio

So = \frac{A\,\bar{r} - r_f}{\sqrt{\mathbb{E}[\min(0,\,r_t - r_f/A)^2]}\,\sqrt{A}}

Maximum Drawdown

MDD = \min_t\left(\frac{P_t}{\max_{s \le t} P_s} - 1\right)

Average Correlation

\rho = \frac{\operatorname{cov}(r^A,\,r^B)}{\sigma_A\,\sigma_B}

Log returns

\ell_t = \ln\left(\frac{P_t}{P_{t-1}}\right)

Notation

$P_t$: Price on day t.
$r_t$: Simple daily return.
$\ell_t$: Log daily return.
$\bar{r}$: Average daily return.
$\sigma(r_t)$: Standard deviation of daily returns.
$A$: Annualization factor (days/year).
$r_f$: Annual risk-free rate.

Ondas Holdings vs Draganfly: Frequently Asked Questions

Which has higher volatility: ONDS or DPRO?

DPRO showed higher volatility at 140.2% annualized, compared to 126.5% for ONDS Over the past year. Higher volatility means larger price swings in both directions.

Does ONDS provide diversification when held with DPRO?

ONDS and DPRO are moderately correlated over the past year, with an average correlation of 0.43. This offers some diversification benefit, though they still tend to move together during major market moves.

How bad are the worst 5% days for ONDS vs DPRO?

Over the past year, ONDS's 5% VaR was -10.34% and its 5% Expected Shortfall was -13.82% (worst 13 days). DPRO's were -11.86% and -20.26% (worst 13 days).

Do ONDS and DPRO crash together on bad days?

On shared dates (n=249), when DPRO has a 2σ down day, ONDS also does 14.3% (1/7 days). In the other direction, when ONDS has one, DPRO also does 25.0% (1/4 days).

Which has better risk-adjusted returns: ONDS or DPRO?

ONDS showed better risk-adjusted performance with a Sharpe ratio of 2.74 versus DPRO's 1.23 Over the past year.

Can ONDS and DPRO be combined in a portfolio?

Yes, though allocation sizing matters. Their moderate correlation offers some diversification benefits. DPRO's higher volatility (140.2%) means even small allocations can materially impact overall portfolio risk.

Explore our financial glossary

Which is a better investment: ONDS or DPRO?

Share This Comparison of ONDS vs DPRO

Relative Performance of ONDS vs DPRO (Normalized to 100)

Trade ONDS or DPRO

Key Takeaways

Investment Comparison

Ondas Holdings vs Draganfly Performance Over Time

Ondas Holdings vs Draganfly Correlation

Drawdown

Ondas Holdings vs Draganfly Volatility (ONDS vs DPRO)

Risk-adjusted ratios

Sharpe Ratio of ONDS and DPRO

Sharpe Ratio: ONDS vs. DPRO

Sortino Ratio of ONDS and DPRO

Sortino Ratio: ONDS vs. DPRO

Calmar Ratio of ONDS and DPRO

Calmar Ratio: ONDS vs. DPRO

Sterling Ratio of ONDS and DPRO

Sterling Ratio: ONDS vs. DPRO

Treynor Ratio of ONDS and DPRO

Treynor Ratio: ONDS vs. DPRO

Ulcer Index of ONDS and DPRO

Ulcer Index: ONDS vs. DPRO

Tail Risk & Distribution Shape (1-Year): Ondas Holdings vs. Draganfly

Tail Risk & Distribution Shape: ONDS vs. DPRO (1-Year)

Downside co-moves (2σ) — 1-Year

Downside co-move map: ONDS vs. DPRO (2σ)

Days when both ONDS and DPRO had a big down day (2σ)

Days when ONDS had a big down day

Days when DPRO had a big down day

Full Comparison of Ondas Holdings vs. Draganfly (1-Year)

Inputs & conventions

Formulas

Ondas Holdings vs Draganfly: Frequently Asked Questions

Which has higher volatility: ONDS or DPRO?

Does ONDS provide diversification when held with DPRO?

How bad are the worst 5% days for ONDS vs DPRO?

Do ONDS and DPRO crash together on bad days?

Which has better risk-adjusted returns: ONDS or DPRO?

Can ONDS and DPRO be combined in a portfolio?