ONON vs. ADDYY

Last updated Jun 24, 2026

ONON (On Holding AG) and ADDYY (Adidas AG ADR) are both stocks. Both are in the Consumer Cyclical sector — ONON in Apparel Retail, ADDYY in Footwear & Accessories. Over the past 3 years, ONON returned 5.70%/yr vs 1.40%/yr for ADDYY. At a 0.41 correlation, their price movements are largely independent.

Performance

ONON vs. ADDYY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in On Holding AG (ONON) and Adidas AG ADR (ADDYY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ONON achieves a -24.40% return, which is significantly lower than ADDYY's 0.64% return.

ONON

• 1D: -2.95%
• 1M: -11.73%
• YTD: -24.40%
• 6M: -26.62%
• 1Y: -33.79%
• 3Y*: 5.70%
• 5Y*: —
• 10Y*: —

ADDYY

• 1D: -1.95%
• 1M: 8.97%
• YTD: 0.64%
• 6M: 2.78%
• 1Y: -13.16%
• 3Y*: 1.40%
• 5Y*: -10.07%
• 10Y*: 4.81%

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

ONON vs. ADDYY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ONON On Holding AG	-24.40%	-15.14%	103.08%	57.17%	-54.62%	6.81%
ADDYY Adidas AG ADR	0.64%	-18.11%	20.16%	50.70%	-52.02%	-16.83%

Correlation

The correlation between ONON and ADDYY is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
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	0.41

The correlation between ONON and ADDYY shifts across timeframes, from 0.35 (3 years) to 0.47 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap ONON : $11.79B ADDYY : $34.90B
EPS ONON : CHF 0.75 ADDYY : €3.92
PE Ratio ONON : 37.83 ADDYY : 21.80
PEG Ratio ONON : 0.55 ADDYY : 0.20
PS Ratio ONON : 3.05 ADDYY : 1.21
PB Ratio ONON : 5.40 ADDYY : 5.09
Total Revenue (TTM) ONON : CHF 3.13B ADDYY : €25.30B
Gross Profit (TTM) ONON : CHF 2.00B ADDYY : €13.00B
EBITDA (TTM) ONON : CHF 422.52M ADDYY : €3.01B

Return for Risk

ONON vs. ADDYY — Risk / Return Rank

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

ONON

ONON Risk / Return Rank: 11
ONON Sharpe Ratio Rank: 11
ONON Sortino Ratio Rank: 12
ONON Omega Ratio Rank: 14
ONON Calmar Ratio Rank: 11
ONON Martin Ratio Rank: 7

ADDYY

ADDYY Risk / Return Rank: 28
ADDYY Sharpe Ratio Rank: 25
ADDYY Sortino Ratio Rank: 25
ADDYY Omega Ratio Rank: 24
ADDYY Calmar Ratio Rank: 31
ADDYY Martin Ratio Rank: 33

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.

ONON vs. ADDYY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for On Holding AG (ONON) and Adidas AG ADR (ADDYY). 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.

	ONON	ADDYY	Difference
Sharpe ratio: Return per unit of total volatility	-0.75	-0.39	-0.36
Sortino ratio: Return per unit of downside risk	-0.98	-0.32	-0.66
Omega ratio: Gain probability vs. loss probability	0.89	0.96	-0.07
Calmar ratio: Return relative to maximum drawdown	-0.82	-0.34	-0.48
Martin ratio: Return relative to average drawdown	-1.47	-0.54	-0.93

ONON vs. ADDYY - Sharpe Ratio Comparison

The current ONON Sharpe Ratio is -0.75, which is lower than the ADDYY Sharpe Ratio of -0.39. The chart below compares the historical Sharpe Ratios of ONON and ADDYY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ONON vs. ADDYY - Drawdown Comparison

The maximum ONON drawdown since its inception was -68.90%, smaller than the maximum ADDYY drawdown of -91.70%. Use the drawdown chart below to compare losses from any high point for ONON and ADDYY.

Drawdown Indicators

	ONON	ADDYY	Difference
Max Drawdown Largest peak-to-trough decline	-68.90%	-91.70%	+22.80%
Max Drawdown (1Y) Largest decline over 1 year	-41.35%	-39.33%	-2.02%
Max Drawdown (3Y) Largest decline over 3 years	-49.89%	-44.16%	-5.73%
Max Drawdown (5Y) Largest decline over 5 years	—	-76.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-76.64%	—
Current Drawdown Current decline from peak	-44.77%	-48.10%	+3.33%
Average Drawdown Average peak-to-trough decline	-36.03%	-52.56%	+16.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.01%	24.39%	-1.38%

Volatility

ONON vs. ADDYY - Volatility Comparison

On Holding AG (ONON) has a higher volatility of 11.62% compared to Adidas AG ADR (ADDYY) at 9.88%. This indicates that ONON's price experiences larger fluctuations and is considered to be riskier than ADDYY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONON	ADDYY	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.62%	9.88%	+1.74%
Volatility (6M) Calculated over the trailing 6-month period	32.07%	23.99%	+8.08%
Volatility (1Y) Calculated over the trailing 1-year period	45.44%	34.29%	+11.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.13%	37.73%	+19.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.13%	34.13%	+23.00%

Dividends

ONON vs. ADDYY - Dividend Comparison

ONON has not paid dividends to shareholders, while ADDYY's dividend yield for the trailing twelve months is around 1.66%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADDYY Adidas AG ADR	1.66%	1.09%	0.31%	0.38%	2.69%	0.88%	0.00%	0.82%	1.12%	0.80%	4.16%	1.24%
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

ONON vs. ADDYY - Profitability Comparison

The chart below illustrates the profitability comparison between On Holding AG and Adidas AG ADR over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

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%.

ADDYY - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Adidas AG ADR reported a gross profit of 3.42B and revenue of 6.70B. Therefore, the gross margin over that period was 51.1%.

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%.

ADDYY - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Adidas AG ADR reported an operating income of 698.30M and revenue of 6.70B, resulting in an operating margin of 10.4%.

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%.

ADDYY - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Adidas AG ADR reported a net income of 489.93M and revenue of 6.70B, resulting in a net margin of 7.3%.

Frequently Asked Questions

Can I hold both ONON and ADDYY in my portfolio?

ONON and ADDYY have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ONON or ADDYY?

ONON has higher volatility (11.62%) compared to ADDYY (9.88%). In terms of maximum drawdown, ONON dropped -68.90% vs ADDYY's -91.70%.

Which has better risk-adjusted returns?

ADDYY currently has the higher Sharpe Ratio (-0.39 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.