AS vs ONON: Correlation
How closely do Amer Sports, Inc. (AS) and On Holding AG Class A (ONON) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AS and ONON?
Across a 3-year window, the weekly returns of AS and ONON correlate at 0.46, moderate. Little has changed lately, as the 1-year reading of 0.47 lands near the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of 999.8 %².
In AS's tracked universe of 10 assets, ONON sits right near the top at #2. On 12-month performance AS holds a 10.2-point edge, -25.7% against -35.9%.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AS vs ONON: side by side
| AS (Amer Sports, Inc.) | ONON (On Holding AG Class A) | |
|---|---|---|
| 1-year return | -25.7% | -35.9% |
| 5-year return | n/a | -17.3% |
| Volatility (ann.) | 48.0% | 44.7% |
| Beta vs S&P 500 | 1.18 | 1.51 |
| Max drawdown (3Y) | -40.7% | -54.7% |
| Market cap | – | $9.7B |
| P/E (trailing) | 31.8 | 19.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AS | ONON |
|---|---|---|
| 2022 | – | -54.6% |
| 2023 | – | +57.2% |
| 2024 | – | +103.1% |
| 2025 | +33.6% | -15.1% |
| 2026 | -18.3% | -37.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AS and ONON good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AS and ONON?
The AS/ONON correlation stands at 0.46 on a 3-year window (1 year: 0.47, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is ONON a good diversifier for AS?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
A reading of 0.46 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/as-vs-onon.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/as-vs-onon/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AS correlations · ONON correlations
