DECK vs ONON: Correlation
Deckers Brands (DECK) and On Holding AG Class A (ONON) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DECK and ONON?
Across a 3-year window, the weekly returns of DECK and ONON correlate at 0.45, moderate. The relationship has been stable: the 1-year correlation (0.45) sits close to the 3-year figure. Stretching to 5 years gives 0.50, with an annualized covariance of 873.6 %².
ONON is one of the assets that tracks DECK most closely: it ranks #2 out of the 31 assets we track against DECK. The trailing year gives DECK the advantage: -26.0% versus -35.9%, a 9.9-point spread.
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.
DECK vs ONON: side by side
| DECK (Deckers Brands) | ONON (On Holding AG Class A) | |
|---|---|---|
| 1-year return | -26.0% | -35.9% |
| 5-year return | +22.8% | -17.3% |
| Volatility (ann.) | 43.6% | 44.7% |
| Beta vs S&P 500 | 1.20 | 1.51 |
| Max drawdown (3Y) | -64.3% | -54.7% |
| Market cap | $11.8B | $9.7B |
| P/E (trailing) | 12.7 | 19.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | DECK | ONON |
|---|---|---|
| 2022 | +9.0% | -54.6% |
| 2023 | +67.5% | +57.2% |
| 2024 | +82.3% | +103.1% |
| 2025 | -49.0% | -15.1% |
| 2026 | -16.7% | -37.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DECK and ONON good diversifiers for each other?
Reasonably. At 0.45, DECK and ONON keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between DECK and ONON?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.45 over the last year and 0.50 over 5 years.
Is ONON a good diversifier for DECK?
Reasonably. At 0.45, DECK and ONON keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/deck-vs-onon.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/deck-vs-onon/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DECK correlations · ONON correlations
