GLBE vs. ONON

Last updated Apr 2, 2026

Compare and contrast key facts about Global-e Online Ltd. (GLBE) and On Holding AG (ONON).

Performance

GLBE vs. ONON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global-e Online Ltd. (GLBE) and On Holding AG (ONON). The values are adjusted to include any dividend payments, if applicable.

GLBE vs. ONON - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GLBE Global-e Online Ltd.	-20.99%	-27.91%	37.60%	92.01%	-67.44%	-5.98%
ONON On Holding AG	-25.19%	-15.14%	103.08%	57.17%	-54.62%	8.03%

Fundamentals

Market Cap GLBE : $5.47B ONON : $11.62B
EPS GLBE : $0.39 ONON : $0.61
PE Ratio GLBE : 79.14 ONON : 57.42
PEG Ratio GLBE : 0.01 ONON : 0.84
PS Ratio GLBE : 5.61 ONON : 3.88
PB Ratio GLBE : 5.86 ONON : 7.11
Total Revenue (TTM) GLBE : $962.20M ONON : $3.01B
Gross Profit (TTM) GLBE : $436.25M ONON : $1.89B
EBITDA (TTM) GLBE : $129.67M ONON : $364.21M

Returns By Period

In the year-to-date period, GLBE achieves a -20.99% return, which is significantly higher than ONON's -25.19% return.

GLBE

• 1D: 0.68%
• 1M: -10.31%
• YTD: -20.99%
• 6M: -10.88%
• 1Y: -13.70%
• 3Y*: -1.22%
• 5Y*: —
• 10Y*: —

ONON

• 1D: 2.20%
• 1M: -25.64%
• YTD: -25.19%
• 6M: -15.11%
• 1Y: -18.57%
• 3Y*: 3.87%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

GLBE vs. ONON — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GLBE

GLBE Risk / Return Rank: 29
GLBE Sharpe Ratio Rank: 29
GLBE Sortino Ratio Rank: 29
GLBE Omega Ratio Rank: 29
GLBE Calmar Ratio Rank: 28
GLBE Martin Ratio Rank: 29

ONON

ONON Risk / Return Rank: 25
ONON Sharpe Ratio Rank: 24
ONON Sortino Ratio Rank: 24
ONON Omega Ratio Rank: 24
ONON Calmar Ratio Rank: 27
ONON Martin Ratio Rank: 26

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GLBE vs. ONON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global-e Online Ltd. (GLBE) 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.

	GLBE	ONON	Difference
Sharpe ratio Return per unit of total volatility	-0.25	-0.36	+0.11
Sortino ratio Return per unit of downside risk	0.02	-0.21	+0.23
Omega ratio Gain probability vs. loss probability	1.00	0.97	+0.03
Calmar ratio Return relative to maximum drawdown	-0.40	-0.44	+0.04
Martin ratio Return relative to average drawdown	-0.73	-0.87	+0.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLBE vs. ONON - Sharpe Ratio Comparison

The current GLBE Sharpe Ratio is -0.25, which is higher than the ONON Sharpe Ratio of -0.36. The chart below compares the historical Sharpe Ratios of GLBE and ONON, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GLBE	ONON	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.25	-0.36	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	-0.00	+0.06

Correlation

The correlation between GLBE and ONON is 0.46, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

GLBE vs. ONON - Dividend Comparison

Neither GLBE nor ONON has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

GLBE vs. ONON - Drawdown Comparison

The maximum GLBE drawdown since its inception was -79.10%, which is greater than ONON's maximum drawdown of -68.90%. Use the drawdown chart below to compare losses from any high point for GLBE and ONON.

Drawdown Indicators

	GLBE	ONON	Difference
Max Drawdown Largest peak-to-trough decline	-79.10%	-68.90%	-10.20%
Max Drawdown (1Y) Largest decline over 1 year	-32.44%	-47.46%	+15.02%
Current Drawdown Current decline from peak	-61.98%	-45.35%	-16.63%
Average Drawdown Average peak-to-trough decline	-51.94%	-35.74%	-16.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.72%	24.01%	-6.29%

Volatility

GLBE vs. ONON - Volatility Comparison

The current volatility for Global-e Online Ltd. (GLBE) is 13.83%, while On Holding AG (ONON) has a volatility of 19.44%. This indicates that GLBE experiences smaller price fluctuations and is considered to be less risky than ONON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLBE	ONON	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.83%	19.44%	-5.61%
Volatility (6M) Calculated over the trailing 6-month period	33.43%	35.22%	-1.79%
Volatility (1Y) Calculated over the trailing 1-year period	55.63%	51.62%	+4.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.74%	57.84%	+10.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.74%	57.84%	+10.90%

Financials

GLBE vs. ONON - Profitability Comparison

The chart below illustrates the profitability comparison between Global-e Online Ltd. and On Holding AG over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

GLBE - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Global-e Online Ltd. reported a gross profit of 154.85M and revenue of 336.66M. Therefore, the gross margin over that period was 46.0%.

ONON - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, On Holding AG reported a gross profit of 471.69M and revenue of 738.15M. Therefore, the gross margin over that period was 63.9%.

GLBE - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Global-e Online Ltd. reported an operating income of 63.27M and revenue of 336.66M, resulting in an operating margin of 18.8%.

ONON - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, On Holding AG reported an operating income of 81.87M and revenue of 738.15M, resulting in an operating margin of 11.1%.

GLBE - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Global-e Online Ltd. reported a net income of 62.45M and revenue of 336.66M, resulting in a net margin of 18.6%.

ONON - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, On Holding AG reported a net income of 68.57M and revenue of 738.15M, resulting in a net margin of 9.3%.