ASO vs. ONON
ASO (Academy Sports and Outdoors, Inc.) and ONON (On Holding AG) are both stocks. Both are in the Consumer Cyclical sector — ASO in Specialty Retail, ONON in Apparel Retail. Over the past 3 years, ASO returned 0.88%/yr vs 5.70%/yr for ONON. At a 0.42 correlation, their price movements are largely independent.
Performance
ASO vs. ONON - Performance Comparison
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Returns By Period
In the year-to-date period, ASO achieves a 0.06% return, which is significantly higher than ONON's -24.40% return.
ASO
- 1D
- -4.20%
- 1M
- -5.08%
- YTD
- 0.06%
- 6M
- -0.14%
- 1Y
- 14.17%
- 3Y*
- 0.88%
- 5Y*
- 4.04%
- 10Y*
- —
ONON
- 1D
- -2.95%
- 1M
- -11.73%
- YTD
- -24.40%
- 6M
- -26.62%
- 1Y
- -33.79%
- 3Y*
- 5.70%
- 5Y*
- —
- 10Y*
- —
ASO vs. ONON - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ASO Academy Sports and Outdoors, Inc. | 0.06% | -12.23% | -12.18% | 26.44% | 20.55% | -3.11% |
ONON On Holding AG | -24.40% | -15.14% | 103.08% | 57.17% | -54.62% | 6.81% |
Correlation
The correlation between ASO and ONON is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | 0.42 |
Fundamentals
ASO:
$3.28B
ONON:
$11.79B
ASO:
$5.70
ONON:
CHF 0.75
ASO:
8.72
ONON:
37.83
ASO:
0.54
ONON:
3.05
ASO:
1.55
ONON:
5.40
ASO:
$6.14B
ONON:
CHF 3.13B
ASO:
$2.13B
ONON:
CHF 2.00B
ASO:
$614.39M
ONON:
CHF 422.52M
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Return for Risk
ASO vs. ONON — Risk / Return Rank
ASO
ONON
ASO vs. ONON - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Academy Sports and Outdoors, Inc. (ASO) and On Holding AG (ONON). 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.
| ASO | ONON | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +1.75 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.89 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.54 | -0.82 | +1.36 |
| Martin ratioReturn relative to average drawdown | 1.27 | -1.47 | +2.74 |
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Drawdowns
ASO vs. ONON - Drawdown Comparison
The maximum ASO drawdown since its inception was -54.17%, smaller than the maximum ONON drawdown of -68.90%. Use the drawdown chart below to compare losses from any high point for ASO and ONON.
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Drawdown Indicators
| ASO | ONON | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.17% | -68.90% | +14.73% |
Max Drawdown (1Y)Largest decline over 1 year | -26.42% | -41.35% | +14.93% |
Max Drawdown (3Y)Largest decline over 3 years | -54.17% | -49.89% | -4.28% |
Max Drawdown (5Y)Largest decline over 5 years | -54.17% | — | — |
Current DrawdownCurrent decline from peak | -32.27% | -44.77% | +12.50% |
Average DrawdownAverage peak-to-trough decline | -19.31% | -36.03% | +16.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.19% | 23.01% | -11.82% |
Volatility
ASO vs. ONON - Volatility Comparison
Academy Sports and Outdoors, Inc. (ASO) has a higher volatility of 13.25% compared to On Holding AG (ONON) at 11.62%. This indicates that ASO's price experiences larger fluctuations and is considered to be riskier than ONON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ASO | ONON | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.25% | 11.62% | +1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 30.21% | 32.07% | -1.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.94% | 45.44% | -2.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.21% | 57.13% | -10.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.95% | 57.13% | -10.18% |
Dividends
ASO vs. ONON - Dividend Comparison
ASO's dividend yield for the trailing twelve months is around 1.13%, while ONON has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
ASO Academy Sports and Outdoors, Inc. | 1.13% | 1.04% | 0.76% | 0.55% | 0.57% |
ONON On Holding AG | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Financials
ASO vs. ONON - Financials Comparison
This section allows you to compare key financial metrics between Academy Sports and Outdoors, Inc. and On Holding AG. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
ASO vs. ONON - Profitability Comparison
ASO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Academy Sports and Outdoors, Inc. reported a gross profit of 479.35M and revenue of 1.44B. Therefore, the gross margin over that period was 33.2%.
ONON - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, On Holding AG reported a gross profit of 546.22M and revenue of 850.46M. Therefore, the gross margin over that period was 64.2%.
ASO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Academy Sports and Outdoors, Inc. reported an operating income of 74.66M and revenue of 1.44B, resulting in an operating margin of 5.2%.
ONON - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, On Holding AG reported an operating income of 120.02M and revenue of 850.46M, resulting in an operating margin of 14.1%.
ASO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Academy Sports and Outdoors, Inc. reported a net income of 52.70M and revenue of 1.44B, resulting in a net margin of 3.7%.
ONON - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, On Holding AG reported a net income of 105.60M and revenue of 850.46M, resulting in a net margin of 12.4%.
Frequently Asked Questions
ASO and ONON have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ASO has higher volatility (13.25%) compared to ONON (11.62%). In terms of maximum drawdown, ASO dropped -54.17% vs ONON's -68.90%.
ASO currently has the higher Sharpe Ratio (0.33 vs -0.75), 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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