ONON vs QUAL: Correlation
How closely do On Holding AG Class A (ONON) and iShares MSCI USA Quality Factor ETF (QUAL) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONON and QUAL?
Over the past 3 years, ONON and QUAL moved with a correlation of 0.50, which is moderate. Little has changed lately, as the 1-year reading of 0.54 lands near the 3-year figure. Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 310.7 %².
QUAL is one of the assets that tracks ONON most closely: it ranks #1 out of the 14 assets we track against ONON. The last year tells two different stories: QUAL led by 55.6 percentage points, -35.9% for ONON against +19.7% for QUAL. Note the risk asymmetry: ONON runs 3.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 QUAL: side by side
| ONON (On Holding AG Class A) | QUAL (iShares MSCI USA Quality Factor ETF) | |
|---|---|---|
| 1-year return | -35.9% | +19.7% |
| 5-year return | -17.3% | +68.0% |
| Volatility (ann.) | 44.7% | 14.0% |
| Beta vs S&P 500 | 1.51 | 0.93 |
| Max drawdown (3Y) | -54.7% | -18.0% |
| Market cap | $9.7B | – |
| P/E (trailing) | 19.7 | – |
| Dividend yield | 0.00% | 0.86% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $46.5B |
| Sector / category | US Listed | ETF · US Style |
QUAL, iShares's Large Blend fund, carries $46.5B under management, 123 holdings, a 0.15% expense ratio, a 0.86% trailing dividend yield.
Year-by-year returns
| Year | ONON | QUAL |
|---|---|---|
| 2022 | -54.6% | -20.5% |
| 2023 | +57.2% | +30.9% |
| 2024 | +103.1% | +22.3% |
| 2025 | -15.1% | +12.7% |
| 2026 | -37.7% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONON and QUAL good diversifiers for each other?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ONON and QUAL?
As of 2026-08-27, the correlation of weekly returns between ONON and QUAL is 0.50 over 3 years, 0.54 over 1 year and 0.54 over 5 years.
Is QUAL a good diversifier for ONON?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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-qual.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/onon-vs-qual/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ONON correlations · QUAL correlations
