ONON vs VXZ: Correlation
On Holding AG Class A (ONON) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONON and VXZ?
On 3 years of weekly data the ONON/VXZ correlation comes out at -0.42, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.31 versus -0.42 over 3 years. The 5-year figure is -0.43, and annualized covariance runs at -486.2 %².
Among the 14 assets we track against ONON, VXZ sits near the bottom by co-movement, at rank #14. The last year tells two different stories: VXZ led by 19.8 percentage points, -35.9% for ONON against -16.1% for VXZ. Note the risk asymmetry: ONON runs 1.7 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 VXZ: side by side
| ONON (On Holding AG Class A) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -35.9% | -16.1% |
| 5-year return | -17.3% | -53.1% |
| Volatility (ann.) | 44.7% | 25.6% |
| Beta vs S&P 500 | 1.51 | -1.31 |
| Max drawdown (3Y) | -54.7% | -36.4% |
| Market cap | $9.7B | – |
| P/E (trailing) | 19.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ONON | VXZ |
|---|---|---|
| 2022 | -54.6% | +0.5% |
| 2023 | +57.2% | -44.0% |
| 2024 | +103.1% | -12.7% |
| 2025 | -15.1% | +5.7% |
| 2026 | -37.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONON and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
FAQ
What is the correlation between ONON and VXZ?
Using weekly returns as of 2026-08-27: -0.42 over 3 years, with -0.31 over the last year and -0.43 over 5 years.
Is VXZ a good diversifier for ONON?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
What does a correlation of -0.42 mean?
On the −1 to +1 scale, -0.42 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/onon-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ONON correlations · VXZ correlations
