ONON vs. SPY
ONON (On Holding AG) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 3 years, ONON returned 4.43%/yr vs 20.21%/yr for SPY. A 0.52 correlation means they provide meaningful diversification when combined.
Performance
ONON vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, ONON achieves a -18.80% return, which is significantly lower than SPY's 10.84% return.
ONON
- 1D
- -0.47%
- 1M
- -2.18%
- 6M
- -20.14%
- YTD
- -18.80%
- 1Y
- -29.14%
- 3Y*
- 4.43%
- 5Y*
- —
- 10Y*
- —
SPY
- 1D
- 0.36%
- 1M
- 1.62%
- 6M
- 8.94%
- YTD
- 10.84%
- 1Y
- 21.66%
- 3Y*
- 20.21%
- 5Y*
- 13.10%
- 10Y*
- 15.12%
ONON vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ONON On Holding AG | -18.80% | -15.14% | 103.08% | 57.17% | -54.62% | 6.81% |
SPY State Street SPDR S&P 500 ETF | 10.84% | 17.72% | 24.89% | 26.18% | -18.18% | 7.65% |
Correlation
The correlation between ONON and SPY is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021 | 0.52 |
The correlation between ONON and SPY has been stable across timeframes, ranging from 0.42 to 0.52 - a consistent structural relationship.
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Return for Risk
ONON vs. SPY — Risk / Return Rank
ONON
SPY
ONON vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for On Holding AG (ONON) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.37 | ||
| Sortino ratioReturn per unit of downside risk | -3.14 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.31 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 2.45 | -3.16 |
| Martin ratioReturn relative to average drawdown | -1.21 | 10.67 | -11.88 |
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Drawdowns
ONON vs. SPY - Drawdown Comparison
The maximum ONON drawdown since its inception was -68.90%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ONON and SPY.
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Drawdown Indicators
| ONON | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.90% | -55.19% | -13.71% |
Max Drawdown (1Y)Largest decline over 1 year | -41.22% | -8.88% | -32.34% |
Max Drawdown (3Y)Largest decline over 3 years | -49.89% | -18.76% | -31.13% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -40.68% | -0.76% | -39.92% |
Average DrawdownAverage peak-to-trough decline | -36.10% | -9.02% | -27.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.09% | 2.04% | +22.05% |
Volatility
ONON vs. SPY - Volatility Comparison
On Holding AG (ONON) has a higher volatility of 13.02% compared to State Street SPDR S&P 500 ETF (SPY) at 3.96%. This indicates that ONON's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ONON | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.02% | 3.96% | +9.06% |
Volatility (6M)Calculated over the trailing 6-month period | 32.51% | 10.00% | +22.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.97% | 12.58% | +33.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.96% | 17.17% | +39.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.96% | 17.93% | +39.03% |
Dividends
ONON vs. SPY - Dividend Comparison
ONON has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.00%.
| 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% |
SPY State Street SPDR S&P 500 ETF | 1.00% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
ONON and SPY have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ONON has higher volatility (13.02%) compared to SPY (3.96%). In terms of maximum drawdown, ONON dropped -68.90% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (1.73 vs -0.64), 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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