ONON vs. SOXX
ONON (On Holding AG) is a stock, while SOXX (iShares Semiconductor ETF) is Semiconductors fund tracking the NYSE Semiconductor Index. Over the past 3 years, ONON returned 2.41%/yr vs 44.68%/yr for SOXX. Their 0.42 correlation means their historical movements had little consistent relationship.
Performance
ONON vs. SOXX - Performance Comparison
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Returns By Period
In the year-to-date period, ONON achieves a -18.35% return, which is significantly lower than SOXX's 68.76% return.
ONON
- 1D
- 4.72%
- 1M
- 3.04%
- 6M
- -17.39%
- YTD
- -18.35%
- 1Y
- -19.31%
- 3Y*
- 2.41%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 1.44%
SOXX
- 1D
- 0.55%
- 1M
- -10.35%
- 6M
- 44.10%
- YTD
- 68.76%
- 1Y
- 114.99%
- 3Y*
- 44.68%
- 5Y*
- 27.63%
- 10Y*
- 31.96%
- ALL TIME*
- 13.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
ONON On Holding AG | $159.61M | $147.29M | $203.59M |
| $6.22B | $5.65B | $5.89B |
ONON vs. SOXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ONON On Holding AG | -18.35% | -15.14% | 103.08% | 57.17% | -54.62% | 6.81% |
SOXX iShares Semiconductor ETF | 68.76% | 40.74% | 12.92% | 67.12% | -35.09% | 15.16% |
Correlation
The correlation between ONON and SOXX is 0.20, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.20 |
Correlation (3Y) Balances recent behavior with more history. | 0.31 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | 0.42 |
Over the past year, the correlation between ONON and SOXX has dropped to 0.20 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.
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Return for Risk
ONON vs. SOXX — Risk / Return Rank
ONON
SOXX
ONON vs. SOXX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for On Holding AG (ONON) and iShares Semiconductor ETF (SOXX). 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 | SOXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.03 | ||
| Sortino ratioReturn per unit of downside risk | -3.24 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.39 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.52 | 3.99 | -4.51 |
| Martin ratioReturn relative to average drawdown | -0.96 | 16.43 | -17.40 |
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Drawdowns
ONON vs. SOXX - Drawdown Comparison
The maximum ONON drawdown since its inception was -68.90%, roughly equal to the maximum SOXX drawdown of -70.21%. Use the drawdown chart below to compare losses from any high point for ONON and SOXX.
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Drawdown Indicators
| ONON | SOXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.90% | -70.21% | +1.31% |
Max Drawdown (1Y)Largest decline over 1 year | -37.03% | -29.01% | -8.02% |
Max Drawdown (3Y)Largest decline over 3 years | -49.89% | -41.36% | -8.53% |
Max Drawdown (5Y)Largest decline over 5 years | — | -45.75% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.75% | — |
Current DrawdownCurrent decline from peak | -40.35% | -22.49% | -17.86% |
Average DrawdownAverage peak-to-trough decline | -36.16% | -19.92% | -16.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.04% | 7.02% | +13.02% |
Volatility
ONON vs. SOXX - Volatility Comparison
The current volatility for On Holding AG (ONON) is 11.43%, while iShares Semiconductor ETF (SOXX) has a volatility of 17.11%. This indicates that ONON experiences smaller price fluctuations and is considered to be less risky than SOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ONON | SOXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.43% | 17.11% | -5.68% |
Volatility (6M)Calculated over the trailing 6-month period | 32.82% | 38.66% | -5.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.08% | 44.40% | +1.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.81% | 38.25% | +18.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.81% | 34.55% | +22.26% |
Dividends
ONON vs. SOXX - Dividend Comparison
ONON has not paid dividends to shareholders, while SOXX's dividend yield for the trailing twelve months is around 0.29%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SOXX iShares Semiconductor ETF | 0.29% | 0.57% | 0.67% | 0.78% | 1.26% | 0.64% | 0.81% | 1.23% | 1.37% | 0.90% | 1.08% | 1.29% |
Frequently Asked Questions
ONON and SOXX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXX has higher volatility (17.11%) compared to ONON (11.43%). In terms of maximum drawdown, ONON dropped -68.90% vs SOXX's -70.21%.
SOXX currently has the higher Sharpe Ratio (2.61 vs -0.42), 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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