ONON vs TSHA: Correlation
Measured on weekly returns over the past three years, On Holding AG Class A (ONON) and Taysha Gene Therapies, Inc. (TSHA) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONON and TSHA?
Over the past 3 years, ONON and TSHA moved with a correlation of 0.43, which is moderate. The past 12 months show a weaker link (0.32) than the 3-year average (0.43). Over 5 years the correlation is 0.19, and the annualized covariance of weekly returns is 1936.9 %².
Among the 14 assets we track against ONON, TSHA ranks #9 by 3-year correlation. The last year tells two different stories: TSHA led by 136.6 percentage points, -35.9% for ONON against +100.7% for TSHA. Risk is not evenly split, since TSHA 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 TSHA: side by side
| ONON (On Holding AG Class A) | TSHA (Taysha Gene Therapies, Inc.) | |
|---|---|---|
| 1-year return | -35.9% | +100.7% |
| 5-year return | -17.3% | -69.5% |
| Volatility (ann.) | 44.7% | 101.5% |
| Beta vs S&P 500 | 1.51 | 2.63 |
| Max drawdown (3Y) | -54.7% | -72.9% |
| Market cap | $9.7B | $1.9B |
| P/E (trailing) | 19.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ONON | TSHA |
|---|---|---|
| 2022 | -54.6% | -80.6% |
| 2023 | +57.2% | -21.7% |
| 2024 | +103.1% | -2.3% |
| 2025 | -15.1% | +217.9% |
| 2026 | -37.7% | +8.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONON and TSHA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ONON and TSHA?
The ONON/TSHA correlation stands at 0.43 on a 3-year window (1 year: 0.32, 5 years: 0.19), computed from weekly returns as of 2026-08-27.
Is TSHA a good diversifier for ONON?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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[](https://www.pairbook.io/pair/onon-vs-tsha/)
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Related comparisons
Hubs: ONON correlations · TSHA correlations
