ONON vs RDGT: Correlation
Measured on weekly returns over the past three years, On Holding AG Class A (ONON) and Ridgetech, Inc. (RDGT) carry a correlation of 0.26, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONON and RDGT?
On 3 years of weekly data the ONON/RDGT correlation comes out at 0.26, weak. Lately the two have moved closer together, with the 1-year correlation at 0.37 versus 0.26 over 3 years. The 5-year figure is 0.11, and annualized covariance runs at 1389.1 %².
Among the 14 assets we track against ONON, RDGT sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with ONON ahead by 63.6 points (-35.9% versus -99.5%). Risk is not evenly split, since RDGT carries 2.7 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 RDGT: side by side
| ONON (On Holding AG Class A) | RDGT (Ridgetech, Inc.) | |
|---|---|---|
| 1-year return | -35.9% | -99.5% |
| 5-year return | -17.3% | -100.0% |
| Volatility (ann.) | 44.7% | 120.7% |
| Beta vs S&P 500 | 1.51 | 0.28 |
| Max drawdown (3Y) | -54.7% | -99.9% |
| Market cap | $9.7B | – |
| P/E (trailing) | 19.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ONON | RDGT |
|---|---|---|
| 2022 | -54.6% | -21.5% |
| 2023 | +57.2% | -93.9% |
| 2024 | +103.1% | -59.8% |
| 2025 | -15.1% | +61.0% |
| 2026 | -37.7% | -99.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONON and RDGT good diversifiers for each other?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ONON and RDGT?
As of 2026-08-27, the correlation of weekly returns between ONON and RDGT is 0.26 over 3 years, 0.37 over 1 year and 0.11 over 5 years.
Is RDGT a good diversifier for ONON?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.26 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/onon-vs-rdgt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/onon-vs-rdgt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ONON correlations · RDGT correlations
