DECK vs. ONON
DECK (Deckers Outdoor Corporation) and ONON (On Holding AG) are both stocks. Both operate in the Footwear & Accessories industry within the Consumer Cyclical sector. Over the past 3 years, DECK returned 2.62%/yr vs 2.41%/yr for ONON. Their 0.58 correlation means they have sometimes moved together and sometimes differently.
Performance
DECK vs. ONON - Performance Comparison
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Returns By Period
In the year-to-date period, DECK achieves a -4.02% return, which is significantly higher than ONON's -18.35% return.
DECK
- 1D
- 2.70%
- 1M
- -4.96%
- 6M
- -14.41%
- YTD
- -4.02%
- 1Y
- -3.73%
- 3Y*
- 2.62%
- 5Y*
- 6.46%
- 10Y*
- 24.98%
- ALL TIME*
- 14.78%
ONON
- 1D
- 4.72%
- 1M
- 3.04%
- 6M
- -17.39%
- YTD
- -18.35%
- 1Y
- -19.31%
- 3Y*
- 2.41%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 1.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $287.55M | $234.62M | $239.45M | |
ONON On Holding AG | $159.61M | $147.29M | $203.59M |
DECK vs. ONON - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DECK Deckers Outdoor Corporation | -4.02% | -48.95% | 82.30% | 67.46% | 8.97% | -16.11% |
ONON On Holding AG | -18.35% | -15.14% | 103.08% | 57.17% | -54.62% | 6.81% |
Correlation
The correlation between DECK and ONON is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.61 |
Correlation (3Y) Balances recent behavior with more history. | 0.54 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | 0.58 |
The correlation between DECK and ONON has been stable across timeframes, ranging from 0.54 to 0.61 - a consistent structural relationship.
Fundamentals
DECK:
$13.55B
ONON:
$12.65B
DECK:
$7.05
ONON:
CHF 0.75
DECK:
14.12
ONON:
40.63
DECK:
0.51
ONON:
0.59
DECK:
2.59
ONON:
3.27
DECK:
5.99
ONON:
5.82
DECK:
$5.52B
ONON:
CHF 3.13B
DECK:
$3.17B
ONON:
CHF 2.00B
DECK:
$1.36B
ONON:
CHF 422.52M
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Return for Risk
DECK vs. ONON — Risk / Return Rank
DECK
ONON
DECK vs. ONON - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Deckers Outdoor Corporation (DECK) 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.
| DECK | ONON | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.96 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.10 | -0.52 | +0.42 |
| Martin ratioReturn relative to average drawdown | -0.21 | -0.96 | +0.75 |
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Drawdowns
DECK vs. ONON - Drawdown Comparison
The maximum DECK drawdown since its inception was -94.36%, which is greater than ONON's maximum drawdown of -68.90%. Use the drawdown chart below to compare losses from any high point for DECK and ONON.
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Drawdown Indicators
| DECK | ONON | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.36% | -68.90% | -25.46% |
Max Drawdown (1Y)Largest decline over 1 year | -35.81% | -37.03% | +1.22% |
Max Drawdown (3Y)Largest decline over 3 years | -64.35% | -49.89% | -14.46% |
Max Drawdown (5Y)Largest decline over 5 years | -64.35% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -64.35% | — | — |
Current DrawdownCurrent decline from peak | -55.40% | -40.35% | -15.05% |
Average DrawdownAverage peak-to-trough decline | -40.40% | -36.16% | -4.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.63% | 20.04% | -2.41% |
Volatility
DECK vs. ONON - Volatility Comparison
Deckers Outdoor Corporation (DECK) has a higher volatility of 12.63% compared to On Holding AG (ONON) at 11.43%. This indicates that DECK'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
| DECK | ONON | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.63% | 11.43% | +1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 27.50% | 32.82% | -5.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.92% | 46.08% | -1.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.26% | 56.81% | -12.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.60% | 56.81% | -14.21% |
Dividends
DECK vs. ONON - Dividend Comparison
Neither DECK nor ONON has paid dividends to shareholders.
Financials
DECK vs. ONON - Financials Comparison
This section allows you to compare key financial metrics between Deckers Outdoor Corporation 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
DECK vs. ONON - Profitability Comparison
DECK - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Deckers Outdoor Corporation reported a gross profit of 575.16M and revenue of 1.02B. Therefore, the gross margin over that period was 56.4%.
ONON - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 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%.
DECK - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Deckers Outdoor Corporation reported an operating income of 155.30M and revenue of 1.02B, resulting in an operating margin of 15.2%.
ONON - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, On Holding AG reported an operating income of 120.02M and revenue of 850.46M, resulting in an operating margin of 14.1%.
DECK - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Deckers Outdoor Corporation reported a net income of 129.97M and revenue of 1.02B, resulting in a net margin of 12.8%.
ONON - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 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
DECK and ONON have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DECK has higher volatility (12.63%) compared to ONON (11.43%). In terms of maximum drawdown, DECK dropped -94.36% vs ONON's -68.90%.
DECK currently has the higher Sharpe Ratio (-0.08 vs -0.42), 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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