ONON vs. SKX

Last updated Jun 4, 2026

ONON (On Holding AG) and SKX (Skechers U.S.A., Inc.) are both stocks. Both are in the Consumer Cyclical sector — ONON in Apparel Retail, SKX in Footwear & Accessories. At a 0.48 correlation, their price movements are largely independent.

Performance

ONON vs. SKX - Performance Comparison

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

Returns By Period

ONON

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

SKX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ONON vs. SKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ONON On Holding AG	-19.28%	-15.14%	103.08%	57.17%	-54.62%	8.03%
SKX Skechers U.S.A., Inc.	0.00%	-6.11%	7.86%	48.61%	-3.34%	-4.43%

Correlation

The correlation between ONON and SKX is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (All Time) Calculated using the full available price history since Sep 16, 2021	0.48

Over the past year, the correlation between ONON and SKX has dropped to 0.02 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.

Fundamentals

Market Cap ONON : $12.59B SKX : $9.55B
EPS ONON : $0.75 SKX : $4.40
PE Ratio ONON : 49.94 SKX : 14.35
PEG Ratio ONON : 0.73 SKX : 0.09
PS Ratio ONON : 4.02 SKX : 1.01
PB Ratio ONON : 7.13 SKX : 2.00
Total Revenue (TTM) ONON : $3.13B SKX : $9.41B
Gross Profit (TTM) ONON : $2.00B SKX : $4.96B
EBITDA (TTM) ONON : $422.52M SKX : $1.07B

Return for Risk

ONON vs. SKX — 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

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. SKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for On Holding AG (ONON) and Skechers U.S.A., Inc. (SKX). 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	SKX	Difference
Sharpe ratio: Return per unit of total volatility	-0.80	—	—
Sortino ratio: Return per unit of downside risk	-1.09	—	—
Omega ratio: Gain probability vs. loss probability	0.87	—	—
Calmar ratio: Return relative to maximum drawdown	-0.80	—	—
Martin ratio: Return relative to average drawdown	-1.37	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ONON	SKX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.03	—	—

Drawdowns

Drawdown Indicators

	ONON	SKX	Difference
Max Drawdown Largest peak-to-trough decline	-68.90%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-45.06%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-49.89%	—	—
Current Drawdown Current decline from peak	-41.02%	—	—
Average Drawdown Average peak-to-trough decline	-36.01%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	26.81%	—	—

Volatility

Volatility by Period

	ONON	SKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.63%	—	—
Volatility (6M) Calculated over the trailing 6-month period	31.55%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	45.02%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.29%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.29%	—	—

Dividends

ONON vs. SKX - Dividend Comparison

Neither ONON nor SKX has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

ONON vs. SKX - Profitability Comparison

The chart below illustrates the profitability comparison between On Holding AG and Skechers U.S.A., 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%.

SKX - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Skechers U.S.A., Inc. reported a gross profit of 1.30B and revenue of 2.44B. Therefore, the gross margin over that period was 53.3%.

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%.

SKX - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Skechers U.S.A., Inc. reported an operating income of 173.08M and revenue of 2.44B, resulting in an operating margin of 7.1%.

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%.

SKX - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Skechers U.S.A., Inc. reported a net income of 170.50M and revenue of 2.44B, resulting in a net margin of 7.0%.

Frequently Asked Questions

Can I hold both ONON and SKX in my portfolio?

ONON and SKX have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.