SKX vs. ONON

Last updated Jun 4, 2026

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

Performance

SKX vs. ONON - Performance Comparison

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

Returns By Period

SKX

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

ONON

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

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

SKX vs. ONON - Yearly Performance Comparison

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

Correlation

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

Fundamentals

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

Return for Risk

SKX vs. ONON — 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.

SKX vs. ONON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Skechers U.S.A., Inc. (SKX) and On Holding AG (ONON). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SKX	ONON	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

	SKX	ONON	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

	SKX	ONON	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

SKX vs. ONON - Dividend Comparison

Neither SKX nor ONON has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

SKX vs. ONON - Profitability Comparison

The chart below illustrates the profitability comparison between Skechers U.S.A., Inc. and On Holding AG over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

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 - 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 - 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 - 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 - 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%.

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%.

Frequently Asked Questions

Can I hold both SKX and ONON in my portfolio?

SKX and ONON 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.