ONON vs SPY: Correlation
How closely do On Holding AG Class A (ONON) and SPDR S&P 500 ETF Trust (SPY) 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 ONON and SPY?
Over the past 3 years, ONON and SPY moved with a correlation of 0.49, which is moderate. Little has changed lately, as the 1-year reading of 0.46 lands near the 3-year figure. Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 316.2 %².
Within ONON's tracked universe of 14 assets, SPY comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 56.5 points (-35.9% versus +20.6%). Risk is not evenly split, since ONON carries 3.1 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 SPY: side by side
| ONON (On Holding AG Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -35.9% | +20.6% |
| 5-year return | -17.3% | +82.4% |
| Volatility (ann.) | 44.7% | 14.5% |
| Beta vs S&P 500 | 1.51 | 1.00 |
| Max drawdown (3Y) | -54.7% | -18.8% |
| Market cap | $9.7B | – |
| P/E (trailing) | 19.7 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | ONON | SPY |
|---|---|---|
| 2022 | -54.6% | -18.2% |
| 2023 | +57.2% | +26.2% |
| 2024 | +103.1% | +24.9% |
| 2025 | -15.1% | +17.7% |
| 2026 | -37.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONON and SPY good diversifiers for each other?
Reasonably. At 0.49, ONON and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ONON and SPY?
The ONON/SPY correlation stands at 0.49 on a 3-year window (1 year: 0.46, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ONON?
Reasonably. At 0.49, ONON and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 mean?
On the −1 to +1 scale, 0.49 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.
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Related comparisons
Hubs: ONON correlations · SPY correlations
