ONON vs. VOO
ONON (On Holding AG) is a stock, while VOO (Vanguard S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 3 years, ONON returned 5.70%/yr vs 20.78%/yr for VOO. A 0.52 correlation means they provide meaningful diversification when combined.
Performance
ONON vs. VOO - Performance Comparison
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Returns By Period
In the year-to-date period, ONON achieves a -24.40% return, which is significantly lower than VOO's 8.19% return.
ONON
- 1D
- -2.95%
- 1M
- -11.73%
- YTD
- -24.40%
- 6M
- -26.62%
- 1Y
- -33.79%
- 3Y*
- 5.70%
- 5Y*
- —
- 10Y*
- —
VOO
- 1D
- -1.42%
- 1M
- -1.34%
- YTD
- 8.19%
- 6M
- 7.24%
- 1Y
- 23.69%
- 3Y*
- 20.78%
- 5Y*
- 13.13%
- 10Y*
- 15.61%
ONON vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ONON On Holding AG | -24.40% | -15.14% | 103.08% | 57.17% | -54.62% | 6.81% |
VOO Vanguard S&P 500 ETF | 8.19% | 17.82% | 24.98% | 26.32% | -18.17% | 7.64% |
Correlation
The correlation between ONON and VOO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
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 VOO has been stable across timeframes, ranging from 0.44 to 0.52 - a consistent structural relationship.
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Return for Risk
ONON vs. VOO — Risk / Return Rank
ONON
VOO
ONON vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for On Holding AG (ONON) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.66 | ||
| Sortino ratioReturn per unit of downside risk | -3.58 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.35 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | 2.67 | -3.49 |
| Martin ratioReturn relative to average drawdown | -1.47 | 11.96 | -13.43 |
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Drawdowns
ONON vs. VOO - Drawdown Comparison
The maximum ONON drawdown since its inception was -68.90%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for ONON and VOO.
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Drawdown Indicators
| ONON | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.90% | -33.99% | -34.91% |
Max Drawdown (1Y)Largest decline over 1 year | -41.35% | -8.90% | -32.45% |
Max Drawdown (3Y)Largest decline over 3 years | -49.89% | -18.69% | -31.20% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.52% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.99% | — |
Current DrawdownCurrent decline from peak | -44.77% | -3.14% | -41.63% |
Average DrawdownAverage peak-to-trough decline | -36.03% | -3.68% | -32.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.01% | 1.99% | +21.02% |
Volatility
ONON vs. VOO - Volatility Comparison
On Holding AG (ONON) has a higher volatility of 11.62% compared to Vanguard S&P 500 ETF (VOO) at 4.83%. This indicates that ONON's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ONON | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.62% | 4.83% | +6.79% |
Volatility (6M)Calculated over the trailing 6-month period | 32.07% | 9.82% | +22.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.44% | 12.46% | +32.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.13% | 16.91% | +40.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.13% | 18.02% | +39.11% |
Dividends
ONON vs. VOO - Dividend Comparison
ONON has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.05%.
| 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% |
VOO Vanguard S&P 500 ETF | 1.05% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
ONON and VOO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ONON has higher volatility (11.62%) compared to VOO (4.83%). In terms of maximum drawdown, ONON dropped -68.90% vs VOO's -33.99%.
VOO currently has the higher Sharpe Ratio (1.91 vs -0.75), 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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