DECK vs. ONON
DECK (Deckers Outdoor Corporation) and ONON (On Holding AG) are both stocks. Both are in the Consumer Cyclical sector — DECK in Footwear & Accessories, ONON in Apparel Retail. Over the past 3 years, DECK returned 10.55%/yr vs 10.29%/yr for ONON. A 0.57 correlation means they provide meaningful diversification when combined.
Performance
DECK vs. ONON - Performance Comparison
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Returns By Period
In the year-to-date period, DECK achieves a 3.56% return, which is significantly higher than ONON's -19.28% return.
DECK
- 1D
- -3.10%
- 1M
- 9.94%
- YTD
- 3.56%
- 6M
- 13.05%
- 1Y
- 1.45%
- 3Y*
- 10.55%
- 5Y*
- 14.73%
- 10Y*
- 28.07%
ONON
- 1D
- -2.09%
- 1M
- 9.42%
- YTD
- -19.28%
- 6M
- -20.29%
- 1Y
- -35.90%
- 3Y*
- 10.29%
- 5Y*
- —
- 10Y*
- —
DECK vs. ONON - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DECK Deckers Outdoor Corporation | 3.56% | -48.95% | 82.30% | 67.46% | 8.97% | -16.03% |
ONON On Holding AG | -19.28% | -15.14% | 103.08% | 57.17% | -54.62% | 8.03% |
Correlation
The correlation between DECK and ONON is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2021 | 0.57 |
The correlation between DECK and ONON has been stable across timeframes, ranging from 0.52 to 0.57 - a consistent structural relationship.
Fundamentals
DECK:
$15.19B
ONON:
$12.59B
DECK:
$6.98
ONON:
$0.75
DECK:
15.38
ONON:
49.94
DECK:
0.56
ONON:
0.73
DECK:
2.88
ONON:
4.02
DECK:
6.08
ONON:
7.13
DECK:
$5.47B
ONON:
$3.13B
DECK:
$3.16B
ONON:
$2.00B
DECK:
$1.31B
ONON:
$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.
| DECK | ONON | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +1.49 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 0.87 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.04 | -0.80 | +0.84 |
| Martin ratioReturn relative to average drawdown | 0.09 | -1.37 | +1.46 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DECK | ONON | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.03 | -0.80 | +0.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.34 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 0.03 | +0.22 |
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% | -45.06% | +9.25% |
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 | -51.88% | -41.02% | -10.86% |
Average DrawdownAverage peak-to-trough decline | -40.35% | -36.01% | -4.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.89% | 26.81% | -9.92% |
Volatility
DECK vs. ONON - Volatility Comparison
Deckers Outdoor Corporation (DECK) has a higher volatility of 12.52% compared to On Holding AG (ONON) at 11.63%. 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 | 12.52% | 11.63% | +0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 31.20% | 31.55% | -0.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.35% | 45.02% | +0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.98% | 57.29% | -13.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.46% | 57.29% | -14.83% |
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 Jun 2026, Deckers Outdoor Corporation reported a gross profit of 644.64M and revenue of 1.12B. Therefore, the gross margin over that period was 57.6%.
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%.
DECK - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Deckers Outdoor Corporation reported an operating income of 156.73M and revenue of 1.12B, resulting in an operating margin of 14.0%.
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%.
DECK - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Deckers Outdoor Corporation reported a net income of 135.57M and revenue of 1.12B, resulting in a net margin of 12.1%.
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
DECK and ONON have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DECK has higher volatility (12.52%) compared to ONON (11.63%). In terms of maximum drawdown, DECK dropped -94.36% vs ONON's -68.90%.
DECK currently has the higher Sharpe Ratio (0.03 vs -0.80), 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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