ONON vs QQQ: Correlation
How closely do On Holding AG Class A (ONON) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONON and QQQ?
Over the past 3 years, ONON and QQQ moved with a correlation of 0.45, which is moderate. The relationship has been stable: the 1-year correlation (0.43) sits close to the 3-year figure. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 395.7 %².
Among the 14 assets we track against ONON, QQQ ranks #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 62.2 percentage points (-35.9% for ONON against +26.3% for QQQ). Risk is not evenly split, since ONON carries 2.3 times the volatility of the other side.
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.
ONON vs QQQ: side by side
| ONON (On Holding AG Class A) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -35.9% | +26.3% |
| 5-year return | -17.3% | +95.4% |
| Volatility (ann.) | 44.7% | 19.6% |
| Beta vs S&P 500 | 1.51 | 1.28 |
| Max drawdown (3Y) | -54.7% | -22.8% |
| Market cap | $9.7B | – |
| P/E (trailing) | 19.7 | – |
| Dividend yield | 0.00% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | ONON | QQQ |
|---|---|---|
| 2022 | -54.6% | -32.6% |
| 2023 | +57.2% | +54.9% |
| 2024 | +103.1% | +25.6% |
| 2025 | -15.1% | +20.8% |
| 2026 | -37.7% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONON and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ONON and QQQ?
The ONON/QQQ correlation stands at 0.45 on a 3-year window (1 year: 0.43, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for ONON?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/onon-vs-qqq.json
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[](https://www.pairbook.io/pair/onon-vs-qqq/)
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Related comparisons
Hubs: ONON correlations · QQQ correlations
