ONON vs XBIT: Correlation
How closely do On Holding AG Class A (ONON) and XBiotech Inc. (XBIT) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ONON and XBIT?
On 3 years of weekly data the ONON/XBIT correlation comes out at 0.32, moderate. The relationship has been stable: the 1-year correlation (0.42) sits close to the 3-year figure. The 5-year figure is 0.22, and annualized covariance runs at 876.8 %².
Among the 14 assets we track against ONON, XBIT sits near the bottom by co-movement, at rank #10. Their 12-month results are close: -35.9% for ONON against -33.9% for XBIT.
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 XBIT: side by side
| ONON (On Holding AG Class A) | XBIT (XBiotech Inc.) | |
|---|---|---|
| 1-year return | -35.9% | -33.9% |
| 5-year return | -17.3% | -85.8% |
| Volatility (ann.) | 44.7% | 60.9% |
| Beta vs S&P 500 | 1.51 | 1.09 |
| Max drawdown (3Y) | -54.7% | -78.6% |
| Market cap | $9.7B | $0.1B |
| P/E (trailing) | 19.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ONON | XBIT |
|---|---|---|
| 2022 | -54.6% | -68.5% |
| 2023 | +57.2% | +14.0% |
| 2024 | +103.1% | -1.2% |
| 2025 | -15.1% | -39.5% |
| 2026 | -37.7% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ONON and XBIT good diversifiers for each other?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ONON and XBIT?
The ONON/XBIT correlation stands at 0.32 on a 3-year window (1 year: 0.42, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is XBIT a good diversifier for ONON?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.32 mean?
A reading of 0.32 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
$ curl https://www.pairbook.io/api/v1/pairs/onon-vs-xbit.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/onon-vs-xbit/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ONON correlations · XBIT correlations
