ONON vs. AS

Last updated Jun 4, 2026

ONON (On Holding AG) and AS (Amer Sports, Inc) are both stocks. Both are in the Consumer Cyclical sector — ONON in Apparel Retail, AS in Leisure. Over the past year, ONON returned -35.90% vs -8.28% for AS. At a 0.42 correlation, their price movements are largely independent.

Performance

ONON vs. AS - Performance Comparison

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

Returns By Period

In the year-to-date period, ONON achieves a -19.28% return, which is significantly lower than AS's -8.01% return.

ONON

• 1D: -2.09%
• 1M: 9.42%
• YTD: -19.28%
• 6M: -20.29%
• 1Y: -35.90%
• 3Y*: 10.29%
• 5Y*: —
• 10Y*: —

AS

• 1D: -2.97%
• 1M: 1.30%
• YTD: -8.01%
• 6M: -7.03%
• 1Y: -8.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ONON vs. AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ONON On Holding AG	-19.28%	-15.14%	104.37%
AS Amer Sports, Inc	-8.01%	33.58%	108.66%

Correlation

The correlation between ONON and AS is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Feb 2, 2024	0.42

Fundamentals

Market Cap ONON : $12.59B AS : $19.66B
EPS ONON : $0.75 AS : $0.81
PE Ratio ONON : 49.94 AS : 42.45
PEG Ratio ONON : 0.73 AS : 0.10
PS Ratio ONON : 4.02 AS : 2.76
PB Ratio ONON : 7.13 AS : 2.92
Total Revenue (TTM) ONON : $3.13B AS : $7.04B
Gross Profit (TTM) ONON : $2.00B AS : $4.10B
EBITDA (TTM) ONON : $422.52M AS : $1.02B

Return for Risk

ONON vs. AS — Risk / Return Rank

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

ONON

ONON Risk / Return Rank: 10
ONON Sharpe Ratio Rank: 8
ONON Sortino Ratio Rank: 10
ONON Omega Ratio Rank: 11
ONON Calmar Ratio Rank: 10
ONON Martin Ratio Rank: 8

AS

AS Risk / Return Rank: 31
AS Sharpe Ratio Rank: 32
AS Sortino Ratio Rank: 30
AS Omega Ratio Rank: 30
AS Calmar Ratio Rank: 31
AS Martin Ratio Rank: 31

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. AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for On Holding AG (ONON) and Amer Sports, Inc (AS). 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.

	ONON	AS	Difference
Sharpe ratio: Return per unit of total volatility	-0.80	-0.20	-0.60
Sortino ratio: Return per unit of downside risk	-1.09	-0.02	-1.08
Omega ratio: Gain probability vs. loss probability	0.87	1.00	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.80	-0.29	-0.51
Martin ratio: Return relative to average drawdown	-1.37	-0.58	-0.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ONON vs. AS - Sharpe Ratio Comparison

The current ONON Sharpe Ratio is -0.80, which is lower than the AS Sharpe Ratio of -0.20. The chart below compares the historical Sharpe Ratios of ONON and AS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ONON	AS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.80	-0.20	-0.60
Sharpe Ratio (All Time) Calculated using the full available price history	0.03	1.01	-0.98

Drawdowns

ONON vs. AS - Drawdown Comparison

The maximum ONON drawdown since its inception was -68.90%, which is greater than AS's maximum drawdown of -40.71%. Use the drawdown chart below to compare losses from any high point for ONON and AS.

Drawdown Indicators

	ONON	AS	Difference
Max Drawdown Largest peak-to-trough decline	-68.90%	-40.71%	-28.19%
Max Drawdown (1Y) Largest decline over 1 year	-45.06%	-28.78%	-16.28%
Max Drawdown (3Y) Largest decline over 3 years	-49.89%	—	—
Current Drawdown Current decline from peak	-41.02%	-18.11%	-22.91%
Average Drawdown Average peak-to-trough decline	-36.01%	-13.27%	-22.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.81%	14.27%	+12.54%

Volatility

ONON vs. AS - Volatility Comparison

The current volatility for On Holding AG (ONON) is 11.63%, while Amer Sports, Inc (AS) has a volatility of 12.33%. This indicates that ONON experiences smaller price fluctuations and is considered to be less risky than AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ONON	AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.63%	12.33%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	31.55%	29.05%	+2.50%
Volatility (1Y) Calculated over the trailing 1-year period	45.02%	40.79%	+4.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.29%	49.70%	+7.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.29%	49.70%	+7.59%

Dividends

ONON vs. AS - Dividend Comparison

Neither ONON nor AS has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

ONON vs. AS - Profitability Comparison

The chart below illustrates the profitability comparison between On Holding AG and Amer Sports, Inc 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%.

AS - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Amer Sports, Inc reported a gross profit of 1.17B and revenue of 1.95B. Therefore, the gross margin over that period was 59.9%.

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%.

AS - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Amer Sports, Inc reported an operating income of 313.30M and revenue of 1.95B, resulting in an operating margin of 16.1%.

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%.

AS - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Amer Sports, Inc reported a net income of 164.60M and revenue of 1.95B, resulting in a net margin of 8.5%.

Frequently Asked Questions

Can I hold both ONON and AS in my portfolio?

ONON and AS have a correlation of 0.48, 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 AS?

AS has higher volatility (12.33%) compared to ONON (11.63%). In terms of maximum drawdown, ONON dropped -68.90% vs AS's -40.71%.

Which has better risk-adjusted returns?

AS currently has the higher Sharpe Ratio (-0.20 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.