MELI vs. ONON
MELI (MercadoLibre, Inc.) and ONON (On Holding AG) are both stocks. Both are in the Consumer Cyclical sector — MELI in Internet Retail, ONON in Apparel Retail. Over the past 3 years, MELI returned 9.54%/yr vs 9.06%/yr for ONON. At a 0.42 correlation, their price movements are largely independent.
Performance
MELI vs. ONON - Performance Comparison
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Returns By Period
In the year-to-date period, MELI achieves a -21.08% return, which is significantly lower than ONON's -17.00% return.
MELI
- 1D
- -1.27%
- 1M
- -1.11%
- YTD
- -21.08%
- 6M
- -21.15%
- 1Y
- -32.98%
- 3Y*
- 9.54%
- 5Y*
- 2.68%
- 10Y*
- 28.09%
ONON
- 1D
- -1.61%
- 1M
- 4.72%
- YTD
- -17.00%
- 6M
- -20.88%
- 1Y
- -26.18%
- 3Y*
- 9.06%
- 5Y*
- —
- 10Y*
- —
MELI vs. ONON - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MELI MercadoLibre, Inc. | -21.08% | 18.46% | 8.20% | 85.71% | -37.24% | -27.36% |
ONON On Holding AG | -17.00% | -15.14% | 103.08% | 57.17% | -54.62% | 6.81% |
Correlation
The correlation between MELI and ONON is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | 0.42 |
The correlation between MELI and ONON shifts across timeframes, from 0.27 (1 year) to 0.42 (all time), reflecting how their relationship changes across market environments.
Fundamentals
MELI:
$80.59B
ONON:
$12.95B
MELI:
$37.87
ONON:
CHF 0.75
MELI:
41.97
ONON:
40.87
MELI:
0.25
ONON:
0.60
MELI:
2.63
ONON:
3.29
MELI:
11.07
ONON:
5.83
MELI:
$30.67B
ONON:
CHF 3.13B
MELI:
$13.95B
ONON:
CHF 2.00B
MELI:
$3.11B
ONON:
CHF 422.52M
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Return for Risk
MELI vs. ONON — Risk / Return Rank
MELI
ONON
MELI vs. ONON - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MercadoLibre, Inc. (MELI) 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.
| MELI | ONON | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.90 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | -0.75 | -0.06 |
| Martin ratioReturn relative to average drawdown | -1.42 | -1.37 | -0.05 |
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Drawdowns
MELI vs. ONON - Drawdown Comparison
The maximum MELI drawdown since its inception was -89.49%, which is greater than ONON's maximum drawdown of -68.90%. Use the drawdown chart below to compare losses from any high point for MELI and ONON.
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Drawdown Indicators
| MELI | ONON | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.49% | -68.90% | -20.59% |
Max Drawdown (1Y)Largest decline over 1 year | -40.82% | -41.35% | +0.53% |
Max Drawdown (3Y)Largest decline over 3 years | -40.82% | -49.89% | +9.07% |
Max Drawdown (5Y)Largest decline over 5 years | -68.64% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -69.12% | — | — |
Current DrawdownCurrent decline from peak | -39.18% | -39.36% | +0.18% |
Average DrawdownAverage peak-to-trough decline | -23.58% | -36.00% | +12.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.24% | 24.17% | -0.93% |
Volatility
MELI vs. ONON - Volatility Comparison
MercadoLibre, Inc. (MELI) and On Holding AG (ONON) have volatilities of 9.96% and 10.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MELI | ONON | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.96% | 10.19% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 29.79% | 31.15% | -1.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.48% | 45.23% | -5.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.65% | 57.14% | -7.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.88% | 57.14% | -8.26% |
Dividends
MELI vs. ONON - Dividend Comparison
Neither MELI nor ONON has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MELI MercadoLibre, Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.19% | 0.38% | 0.36% |
ONON On Holding AG | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Financials
MELI vs. ONON - Financials Comparison
This section allows you to compare key financial metrics between MercadoLibre, 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
MELI vs. ONON - Profitability Comparison
MELI - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, MercadoLibre, Inc. reported a gross profit of 3.86B and revenue of 7.72B. Therefore, the gross margin over that period was 50.1%.
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%.
MELI - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, MercadoLibre, Inc. reported an operating income of 611.00M and revenue of 7.72B, resulting in an operating margin of 7.9%.
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%.
MELI - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, MercadoLibre, Inc. reported a net income of 417.00M and revenue of 7.72B, resulting in a net margin of 5.4%.
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
MELI and ONON have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ONON has higher volatility (10.19%) compared to MELI (9.96%). In terms of maximum drawdown, MELI dropped -89.49% vs ONON's -68.90%.
ONON currently has the higher Sharpe Ratio (-0.68 vs -0.84), 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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