ONON vs. ASO
ONON (On Holding AG) and ASO (Academy Sports and Outdoors, Inc.) are both stocks. Both are in the Consumer Cyclical sector — ONON in Footwear & Accessories, ASO in Specialty Retail. Over the past 3 years, ONON returned 0.24%/yr vs -5.96%/yr for ASO. Their 0.42 correlation means their historical movements had little consistent relationship.
Performance
ONON vs. ASO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ONON achieves a -22.03% return, which is significantly lower than ASO's -4.47% return.
ONON
- 1D
- -2.32%
- 1M
- -1.60%
- 6M
- -19.91%
- YTD
- -22.03%
- 1Y
- -22.94%
- 3Y*
- 0.24%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 0.48%
ASO
- 1D
- -1.86%
- 1M
- -0.82%
- 6M
- -13.24%
- YTD
- -4.47%
- 1Y
- -2.63%
- 3Y*
- -5.96%
- 5Y*
- 5.87%
- 10Y*
- —
- ALL TIME*
- 27.25%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $56.00M | $61.55M | $75.95M | |
ONON On Holding AG | $154.56M | $145.47M | $202.60M |
ONON vs. ASO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ONON On Holding AG | -22.03% | -15.14% | 103.08% | 57.17% | -54.62% | 6.81% |
ASO Academy Sports and Outdoors, Inc. | -4.47% | -12.23% | -12.18% | 26.44% | 20.55% | -3.11% |
Correlation
The correlation between ONON and ASO is 0.38, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.38 |
Correlation (3Y) Balances recent behavior with more history. | 0.35 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | 0.42 |
Fundamentals
ONON:
$12.08B
ASO:
$2.94B
ONON:
CHF 0.75
ASO:
$5.70
ONON:
38.77
ASO:
8.33
ONON:
3.12
ASO:
0.52
ONON:
5.55
ASO:
1.48
ONON:
CHF 3.13B
ASO:
$6.14B
ONON:
CHF 2.00B
ASO:
$2.13B
ONON:
CHF 422.52M
ASO:
$614.39M
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ONON vs. ASO — Risk / Return Rank
ONON
ASO
ONON vs. ASO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for On Holding AG (ONON) and Academy Sports and Outdoors, Inc. (ASO). 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 | ASO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.72 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.01 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | -0.21 | -0.48 |
| Martin ratioReturn relative to average drawdown | -1.27 | -0.43 | -0.84 |
Loading charts...
Drawdowns
ONON vs. ASO - Drawdown Comparison
The maximum ONON drawdown since its inception was -68.90%, which is greater than ASO's maximum drawdown of -54.17%. Use the drawdown chart below to compare losses from any high point for ONON and ASO.
Loading charts...
Drawdown Indicators
| ONON | ASO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.90% | -54.17% | -14.73% |
Max Drawdown (1Y)Largest decline over 1 year | -37.03% | -26.91% | -10.12% |
Max Drawdown (3Y)Largest decline over 3 years | -49.89% | -54.17% | +4.28% |
Max Drawdown (5Y)Largest decline over 5 years | — | -54.17% | — |
Current DrawdownCurrent decline from peak | -43.04% | -35.34% | -7.70% |
Average DrawdownAverage peak-to-trough decline | -36.16% | -19.61% | -16.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.99% | 12.79% | +7.20% |
Volatility
ONON vs. ASO - Volatility Comparison
On Holding AG (ONON) and Academy Sports and Outdoors, Inc. (ASO) have volatilities of 11.03% and 11.26%, 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.
Loading charts...
Volatility by Period
| ONON | ASO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.03% | 11.26% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 32.47% | 29.44% | +3.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.03% | 43.21% | +2.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.79% | 46.23% | +10.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.79% | 46.84% | +9.95% |
Dividends
ONON vs. ASO - Dividend Comparison
ONON has not paid dividends to shareholders, while ASO's dividend yield for the trailing twelve months is around 1.18%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
ASO Academy Sports and Outdoors, Inc. | 1.18% | 1.04% | 0.76% | 0.55% | 0.57% |
ONON On Holding AG | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Financials
ONON vs. ASO - Financials Comparison
This section allows you to compare key financial metrics between On Holding AG and Academy Sports and Outdoors, Inc.. 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
ONON vs. ASO - Profitability Comparison
ONON - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 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%.
ASO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Academy Sports and Outdoors, Inc. reported a gross profit of 479.35M and revenue of 1.44B. Therefore, the gross margin over that period was 33.2%.
ONON - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, On Holding AG reported an operating income of 120.02M and revenue of 850.46M, resulting in an operating margin of 14.1%.
ASO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Academy Sports and Outdoors, Inc. reported an operating income of 74.66M and revenue of 1.44B, resulting in an operating margin of 5.2%.
ONON - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, On Holding AG reported a net income of 105.60M and revenue of 850.46M, resulting in a net margin of 12.4%.
ASO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Academy Sports and Outdoors, Inc. reported a net income of 52.70M and revenue of 1.44B, resulting in a net margin of 3.7%.
Frequently Asked Questions
ONON and ASO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ASO has higher volatility (11.26%) compared to ONON (11.03%). In terms of maximum drawdown, ONON dropped -68.90% vs ASO's -54.17%.
ASO currently has the higher Sharpe Ratio (-0.13 vs -0.56), 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.
Find the right allocation for ONON and ASO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer