ONON vs USA: Correlation
Measured on weekly returns over the past three years, On Holding AG Class A (ONON) and Liberty All-Star Equity Fund (USA) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONON and USA?
Across a 3-year window, the weekly returns of ONON and USA correlate at 0.49, moderate. Recent behaviour matches the longer record: 0.51 over 1 year against 0.49 over 3. Stretching to 5 years gives 0.51, with an annualized covariance of 333.4 %².
Among the 14 assets we track against ONON, USA ranks #5 by 3-year correlation. The last year tells two different stories: USA led by 37.5 percentage points, -35.9% for ONON against +1.6% for USA. One caveat on sizing: ONON is 2.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 USA: side by side
| ONON (On Holding AG Class A) | USA (Liberty All-Star Equity Fund) | |
|---|---|---|
| 1-year return | -35.9% | +1.6% |
| 5-year return | -17.3% | +18.1% |
| Volatility (ann.) | 44.7% | 15.2% |
| Beta vs S&P 500 | 1.51 | 0.89 |
| Max drawdown (3Y) | -54.7% | -17.7% |
| Market cap | $9.7B | – |
| P/E (trailing) | 19.7 | 10.7 |
| Dividend yield | 0.00% | 11.19% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ONON | USA |
|---|---|---|
| 2022 | -54.6% | -25.2% |
| 2023 | +57.2% | +23.2% |
| 2024 | +103.1% | +20.8% |
| 2025 | -15.1% | +0.1% |
| 2026 | -37.7% | +3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONON and USA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ONON and USA?
As of 2026-08-27, the correlation of weekly returns between ONON and USA is 0.49 over 3 years, 0.51 over 1 year and 0.51 over 5 years.
Is USA a good diversifier for ONON?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined 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 · USA correlations
