CET vs ONON: Correlation
How closely do Central Securities Corporation (CET) and On Holding AG Class A (ONON) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CET and ONON?
Over the past 3 years, CET and ONON moved with a correlation of 0.49, which is moderate. Recent behaviour matches the longer record: 0.48 over 1 year against 0.49 over 3. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 279.3 %².
Among the 38 assets we track against CET, ONON ranks #25 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CET outperformed by 51.6 percentage points (+15.7% for CET against -35.9% for ONON). One caveat on sizing: ONON is 3.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CET vs ONON: side by side
| CET (Central Securities Corporation) | ONON (On Holding AG Class A) | |
|---|---|---|
| 1-year return | +15.7% | -35.9% |
| 5-year return | +73.3% | -17.3% |
| Volatility (ann.) | 12.8% | 44.7% |
| Beta vs S&P 500 | 0.78 | 1.51 |
| Max drawdown (3Y) | -15.4% | -54.7% |
| Market cap | – | $9.7B |
| P/E (trailing) | 7.3 | 19.7 |
| Dividend yield | 5.03% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CET | ONON |
|---|---|---|
| 2022 | -19.7% | -54.6% |
| 2023 | +19.2% | +57.2% |
| 2024 | +26.8% | +103.1% |
| 2025 | +17.2% | -15.1% |
| 2026 | +8.3% | -37.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CET and ONON good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CET and ONON?
As of 2026-08-27, the correlation of weekly returns between CET and ONON is 0.49 over 3 years, 0.48 over 1 year and 0.46 over 5 years.
Is ONON a good diversifier for CET?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 mean?
A reading of 0.49 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/cet-vs-onon.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cet-vs-onon/)
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Related comparisons
Hubs: CET correlations · ONON correlations
