Shoe Manufacturing

Deckers Outdoor Corporation vs On Holding AG

WatchlistDECK / ONONPrices through Oct 22, 2026

Why these are rivals: #2 and #3 by market value ($21B vs $12B) in Nasdaq's "Shoe Manufacturing" industry; SEC SIC 3021 / 3021 (same major group); #2 and #3 by market value ($21B vs $12B) with SEC SIC 3021 (Rubber & Plastics Footwear).

Rivals, but right now the price gap does not have a measured habit of closing, so there is no paper idea, whatever the gap.

Co-movement: daily return correlation, 252 sessions: 0.51 (needs >= 0.60)
Mean reversion: ADF t-statistic of the spread: -1.70 (needs <= -2.873 (5% critical value))

Business leadership

Business size

Annual revenue reported to the SEC. Scale, not market share.

Year	DECK	ONON	Larger
2025	$5.5B	-	-
2024	$5.0B	-	-
2023	$4.3B	-	-
2022	$3.6B	-	-
2021	$3.2B	-	-
2020	$2.5B	-	-

Market value: DECK $11.9B, ONON $21.4B.

Stock leadership

Neither is clearly ahead

Measured against the pair's own last 252 trading days.

The gap is 0.20 standard deviations, close to the usual relationship. 2 lead switches in the last year.

Price change	3 mo	6 mo	12 mo
DECK	-11.2%	-20.8%	-17.2%
ONON	-5.1%	-6.1%	-20.8%

Relationship

Not a measured twin today

Only these tests can make a pair tradable on paper.

Pass: Aligned sessions: 1282 (needs >= 254)
Fail: Co-movement: daily return correlation, 252 sessions: 0.51 (needs >= 0.60)
Fail: Mean reversion: ADF t-statistic of the spread: -1.70 (needs <= -2.873 (5% critical value))
Pass: Speed: half-life of the spread, sessions: 27.52 (needs <= 63)
Data: Both stocks current

The twins over two years

Prices side by side, and the gap between them

DECK Deckers Outdoor Corporation ONON On Holding AGPrice index, 100 = 2024-10-18. Tint = which stock is ahead of the pair's usual 1-year relationship (z beyond +/-0.5).

Spread z-score: DECK relative to ONON, against the 252 sessions before each day. Above 0: DECK ahead; below 0: ONON ahead. Lines at +/-2 (idea) and +/-4 (stop).

Data table (504 sessions)

Date	DECK index	ONON index	z	Ahead
2026-10-22	52.69	70.35	-0.20	near the usual relationship
2026-10-21	52.82	70.80	-0.23	near the usual relationship
2026-10-20	53.98	73.29	-0.32	near the usual relationship
2026-10-19	53.90	73.27	-0.33	near the usual relationship
2026-10-16	52.96	71.90	-0.32	near the usual relationship
2026-10-15	53.49	72.81	-0.34	near the usual relationship
2026-10-14	51.17	73.45	-0.74	ONON ahead
2026-10-13	51.91	73.43	-0.62	ONON ahead
2026-10-12	52.07	73.14	-0.57	ONON ahead
2026-10-09	51.21	72.61	-0.64	ONON ahead
2026-10-08	51.01	70.43	-0.44	near the usual relationship
2026-10-07	49.66	68.74	-0.46	near the usual relationship
2026-10-06	50.45	68.55	-0.32	near the usual relationship
2026-10-05	49.56	65.96	-0.16	near the usual relationship
2026-10-02	48.88	63.83	-0.02	near the usual relationship
2026-10-01	49.16	62.49	+0.19	near the usual relationship
2026-09-30	48.28	61.27	+0.20	near the usual relationship
2026-09-29	48.00	61.14	+0.17	near the usual relationship
2026-09-28	48.42	62.07	+0.13	near the usual relationship
2026-09-25	48.61	61.99	+0.17	near the usual relationship
2026-09-24	48.61	63.03	+0.05	near the usual relationship
2026-09-23	48.56	62.40	+0.12	near the usual relationship
2026-09-22	49.32	60.81	+0.43	near the usual relationship
2026-09-21	49.57	56.53	+1.02	DECK ahead
2026-09-18	48.46	56.40	+0.87	DECK ahead
2026-09-17	49.25	56.55	+0.97	DECK ahead
2026-09-16	48.17	56.18	+0.85	DECK ahead
2026-09-15	47.89	55.37	+0.92	DECK ahead
2026-09-14	49.76	56.84	+1.02	DECK ahead
2026-09-11	50.21	56.71	+1.11	DECK ahead
2026-09-10	49.35	55.56	+1.14	DECK ahead
2026-09-09	49.57	55.53	+1.18	DECK ahead
2026-09-08	51.03	56.42	+1.29	DECK ahead
2026-09-04	53.02	57.91	+1.39	DECK ahead
2026-09-03	52.21	58.68	+1.18	DECK ahead
2026-09-02	51.75	57.52	+1.27	DECK ahead
2026-09-01	52.26	57.38	+1.37	DECK ahead
2026-08-31	53.80	58.97	+1.40	DECK ahead
2026-08-28	54.22	59.69	+1.37	DECK ahead
2026-08-27	53.34	59.90	+1.23	DECK ahead
2026-08-26	55.28	60.48	+1.44	DECK ahead
2026-08-25	54.83	59.65	+1.50	DECK ahead
2026-08-24	56.89	61.06	+1.62	DECK ahead
2026-08-21	56.65	62.11	+1.47	DECK ahead
2026-08-20	54.90	61.87	+1.26	DECK ahead
2026-08-19	56.58	64.68	+1.16	DECK ahead
2026-08-18	55.30	64.20	+1.04	DECK ahead
2026-08-17	55.68	64.78	+1.03	DECK ahead
2026-08-14	57.52	66.67	+1.07	DECK ahead
2026-08-13	57.65	65.36	+1.26	DECK ahead
2026-08-12	56.35	64.16	+1.23	DECK ahead
2026-08-11	57.98	63.96	+1.50	DECK ahead
2026-08-10	60.20	80.24	+0.00	near the usual relationship
2026-08-07	60.22	77.70	+0.26	near the usual relationship
2026-08-06	60.47	77.26	+0.34	near the usual relationship
2026-08-05	61.36	79.02	+0.28	near the usual relationship
2026-08-04	61.71	77.82	+0.45	near the usual relationship
2026-08-03	61.48	78.52	+0.36	near the usual relationship
2026-07-31	59.86	74.98	+0.52	DECK ahead
2026-07-30	61.59	76.76	+0.56	DECK ahead
2026-07-29	63.97	78.44	+0.70	DECK ahead
2026-07-28	64.21	78.40	+0.74	DECK ahead
2026-07-27	60.38	76.68	+0.43	near the usual relationship
2026-07-24	59.34	74.12	+0.57	DECK ahead
2026-07-23	59.46	72.09	+0.81	DECK ahead
2026-07-22	63.31	75.83	+0.91	DECK ahead
2026-07-21	63.83	77.05	+0.85	DECK ahead
2026-07-20	64.28	77.90	+0.83	DECK ahead
2026-07-17	65.80	76.97	+1.10	DECK ahead
2026-07-16	67.36	79.04	+1.08	DECK ahead
2026-07-15	65.82	77.51	+1.06	DECK ahead
2026-07-14	65.86	78.09	+1.02	DECK ahead
2026-07-13	66.60	78.46	+1.07	DECK ahead
2026-07-10	65.49	79.74	+0.83	DECK ahead
2026-07-09	64.42	76.08	+1.07	DECK ahead
2026-07-08	63.16	75.27	+1.01	DECK ahead
2026-07-07	65.54	75.77	+1.24	DECK ahead
2026-07-06	65.29	76.29	+1.17	DECK ahead
2026-07-02	64.68	76.21	+1.12	DECK ahead
2026-07-01	61.99	73.58	+1.07	DECK ahead
2026-06-30	61.35	73.29	+1.03	DECK ahead
2026-06-29	62.58	73.29	+1.18	DECK ahead
2026-06-26	64.60	76.70	+1.09	DECK ahead
2026-06-25	63.39	75.69	+1.06	DECK ahead
2026-06-24	65.31	76.39	+1.22	DECK ahead
2026-06-23	64.03	72.71	+1.44	DECK ahead
2026-06-22	65.23	74.92	+1.37	DECK ahead
2026-06-18	67.41	80.45	+1.10	DECK ahead
2026-06-17	65.32	78.05	+1.10	DECK ahead
2026-06-16	68.07	78.75	+1.34	DECK ahead
2026-06-15	69.51	80.05	+1.38	DECK ahead
2026-06-12	70.33	79.83	+1.50	DECK ahead
2026-06-11	70.66	81.13	+1.43	DECK ahead
2026-06-10	68.69	78.63	+1.46	DECK ahead
2026-06-09	69.50	79.14	+1.51	DECK ahead
2026-06-08	67.80	76.78	+1.56	DECK ahead
2026-06-05	66.81	76.72	+1.47	DECK ahead
2026-06-04	67.32	77.53	+1.46	DECK ahead
2026-06-03	66.33	77.63	+1.35	DECK ahead
2026-06-02	68.45	79.29	+1.44	DECK ahead
2026-06-01	68.47	82.00	+1.21	DECK ahead
2026-05-29	70.34	84.46	+1.20	DECK ahead
2026-05-28	70.63	82.25	+1.42	DECK ahead
2026-05-27	70.66	81.98	+1.45	DECK ahead
2026-05-26	68.85	83.43	+1.16	DECK ahead
2026-05-22	65.91	82.37	+0.96	DECK ahead
2026-05-21	63.40	81.09	+0.80	DECK ahead
2026-05-20	60.70	78.32	+0.75	DECK ahead
2026-05-19	58.25	77.26	+0.56	DECK ahead
2026-05-18	58.46	78.83	+0.45	near the usual relationship
2026-05-15	57.81	77.09	+0.53	DECK ahead
2026-05-14	58.68	76.23	+0.72	DECK ahead
2026-05-13	58.04	73.23	+0.92	DECK ahead
2026-05-12	58.63	70.00	+1.31	DECK ahead
2026-05-11	59.72	70.43	+1.41	DECK ahead
2026-05-08	62.05	72.92	+1.44	DECK ahead
2026-05-07	63.47	73.76	+1.53	DECK ahead
2026-05-06	64.21	74.61	+1.54	DECK ahead
2026-05-05	60.88	71.57	+1.47	DECK ahead
2026-05-04	60.33	70.95	+1.48	DECK ahead
2026-05-01	62.33	71.47	+1.68	DECK ahead
2026-04-30	63.14	73.68	+1.56	DECK ahead
2026-04-29	62.61	73.10	+1.57	DECK ahead
2026-04-28	65.60	73.31	+1.91	DECK ahead
2026-04-27	65.97	74.34	+1.87	DECK ahead
2026-04-24	67.06	75.01	+1.94	DECK ahead
2026-04-23	66.55	74.94	+1.91	DECK ahead
2026-04-22	66.54	75.73	+1.84	DECK ahead
2026-04-21	68.07	76.00	+2.01	DECK ahead
2026-04-20	68.62	77.07	+1.98	DECK ahead
2026-04-17	69.51	76.45	+2.17	DECK ahead
2026-04-16	66.93	73.29	+2.23	DECK ahead
2026-04-15	67.27	73.31	+2.29	DECK ahead
2026-04-14	66.61	73.62	+2.21	DECK ahead
2026-04-13	66.81	70.74	+2.58	DECK ahead
2026-04-10	66.64	69.42	+2.75	DECK ahead
2026-04-09	67.82	71.26	+2.72	DECK ahead
2026-04-08	65.71	69.96	+2.65	DECK ahead
2026-04-07	61.95	66.65	+2.59	DECK ahead
2026-04-06	62.80	69.67	+2.36	DECK ahead
2026-04-02	60.74	68.34	+2.26	DECK ahead
2026-04-01	62.35	71.94	+2.06	DECK ahead
2026-03-31	61.84	70.39	+2.20	DECK ahead
2026-03-30	58.68	65.96	+2.33	DECK ahead
2026-03-27	58.11	67.02	+2.13	DECK ahead
2026-03-26	57.89	66.44	+2.19	DECK ahead
2026-03-25	61.82	72.75	+1.99	DECK ahead
2026-03-24	62.64	81.92	+1.06	DECK ahead
2026-03-23	63.30	82.47	+1.09	DECK ahead
2026-03-20	62.05	77.92	+1.42	DECK ahead
2026-03-19	64.82	80.43	+1.54	DECK ahead
2026-03-18	64.59	80.80	+1.47	DECK ahead
2026-03-17	64.70	82.33	+1.32	DECK ahead
2026-03-16	62.84	81.21	+1.19	DECK ahead
2026-03-13	62.27	78.61	+1.40	DECK ahead
2026-03-12	62.21	78.54	+1.40	DECK ahead
2026-03-11	63.47	81.61	+1.23	DECK ahead
2026-03-10	65.04	84.87	+1.09	DECK ahead
2026-03-09	64.45	85.21	+0.98	DECK ahead
2026-03-06	64.41	85.79	+0.91	DECK ahead
2026-03-05	66.47	89.74	+0.78	DECK ahead
2026-03-04	67.19	89.45	+0.90	DECK ahead
2026-03-03	67.88	90.85	+0.84	DECK ahead
2026-03-02	70.75	96.75	+0.64	DECK ahead
2026-02-27	72.46	96.17	+0.88	DECK ahead
2026-02-26	73.78	98.49	+0.82	DECK ahead
2026-02-25	73.78	96.52	+0.98	DECK ahead
2026-02-24	74.72	96.81	+1.05	DECK ahead
2026-02-23	73.01	98.16	+0.73	DECK ahead
2026-02-20	73.33	102.26	+0.42	near the usual relationship
2026-02-19	72.95	99.36	+0.60	DECK ahead
2026-02-18	73.46	97.93	+0.76	DECK ahead
2026-02-17	72.51	96.54	+0.76	DECK ahead
2026-02-13	71.50	93.71	+0.88	DECK ahead
2026-02-12	71.68	91.60	+1.08	DECK ahead
2026-02-11	71.28	93.71	+0.84	DECK ahead
2026-02-10	71.37	93.73	+0.84	DECK ahead
2026-02-09	70.74	91.74	+0.93	DECK ahead
2026-02-06	71.33	89.94	+1.14	DECK ahead
2026-02-05	68.69	88.81	+0.94	DECK ahead
2026-02-04	69.35	90.77	+0.83	DECK ahead
2026-02-03	70.03	91.31	+0.85	DECK ahead
2026-02-02	71.83	95.05	+0.72	DECK ahead
2026-01-30	73.73	93.63	+1.00	DECK ahead
2026-01-29	61.72	93.15	-0.28	near the usual relationship
2026-01-28	60.32	92.82	-0.43	near the usual relationship
2026-01-27	61.88	94.19	-0.36	near the usual relationship
2026-01-26	62.59	96.15	-0.43	near the usual relationship
2026-01-23	61.77	95.10	-0.45	near the usual relationship
2026-01-22	62.79	96.46	-0.44	near the usual relationship
2026-01-21	62.98	95.80	-0.38	near the usual relationship
2026-01-20	60.54	91.29	-0.33	near the usual relationship
2026-01-16	62.21	93.21	-0.30	near the usual relationship
2026-01-15	63.68	95.18	-0.29	near the usual relationship
2026-01-14	62.65	93.25	-0.27	near the usual relationship
2026-01-13	62.84	97.79	-0.55	ONON ahead
2026-01-12	62.90	101.20	-0.75	ONON ahead
2026-01-09	64.11	101.63	-0.67	ONON ahead
2026-01-08	66.33	104.76	-0.65	ONON ahead
2026-01-07	63.66	100.68	-0.67	ONON ahead
2026-01-06	66.39	101.47	-0.48	near the usual relationship
2026-01-05	66.79	101.39	-0.45	near the usual relationship
2026-01-02	65.98	97.14	-0.28	near the usual relationship
2025-12-31	64.05	96.17	-0.40	near the usual relationship
2025-12-30	64.89	98.18	-0.45	near the usual relationship
2025-12-29	64.08	98.20	-0.52	ONON ahead
2025-12-26	63.69	96.79	-0.48	near the usual relationship
2025-12-24	62.37	96.19	-0.57	ONON ahead
2025-12-23	62.21	99.09	-0.74	ONON ahead
2025-12-22	62.97	99.61	-0.71	ONON ahead
2025-12-19	61.46	100.50	-0.88	ONON ahead
2025-12-18	62.13	100.27	-0.82	ONON ahead
2025-12-17	63.26	99.52	-0.70	ONON ahead
2025-12-16	64.38	99.92	-0.64	ONON ahead
2025-12-15	64.25	98.88	-0.60	ONON ahead
2025-12-12	62.51	100.89	-0.84	ONON ahead
2025-12-11	62.63	102.42	-0.92	ONON ahead
2025-12-10	62.22	100.81	-0.88	ONON ahead
2025-12-09	62.29	97.89	-0.73	ONON ahead
2025-12-08	62.53	97.29	-0.69	ONON ahead
2025-12-05	61.60	99.61	-0.88	ONON ahead
2025-12-04	59.47	96.23	-0.90	ONON ahead
2025-12-03	58.68	97.39	-1.03	ONON ahead
2025-12-02	56.70	93.42	-1.00	ONON ahead
2025-12-01	56.86	92.45	-0.94	ONON ahead
2025-11-28	54.39	91.02	-1.09	ONON ahead
2025-11-26	53.87	89.36	-1.05	ONON ahead
2025-11-25	52.81	86.41	-1.00	ONON ahead
2025-11-24	51.36	84.40	-1.02	ONON ahead
2025-11-21	52.60	85.41	-0.97	ONON ahead
2025-11-20	50.34	85.70	-1.21	ONON ahead
2025-11-19	51.29	89.59	-1.34	ONON ahead
2025-11-18	51.76	88.27	-1.24	ONON ahead
2025-11-17	49.87	85.66	-1.28	ONON ahead
2025-11-14	51.17	87.73	-1.28	ONON ahead
2025-11-13	51.34	87.73	-1.28	ONON ahead
2025-11-12	52.14	85.89	-1.11	ONON ahead
2025-11-11	51.10	72.79	-0.43	near the usual relationship
2025-11-10	49.33	72.34	-0.57	ONON ahead
2025-11-07	50.52	72.42	-0.47	near the usual relationship
2025-11-06	49.31	73.47	-0.66	ONON ahead
2025-11-05	50.55	74.65	-0.62	ONON ahead
2025-11-04	49.14	74.90	-0.77	ONON ahead
2025-11-03	50.12	75.44	-0.72	ONON ahead
2025-10-31	50.36	76.87	-0.79	ONON ahead
2025-10-30	49.98	77.03	-0.85	ONON ahead
2025-10-29	51.80	81.30	-0.94	ONON ahead
2025-10-28	54.13	85.19	-0.96	ONON ahead
2025-10-27	55.90	87.34	-0.93	ONON ahead
2025-10-24	53.72	86.28	-1.07	ONON ahead
2025-10-23	63.35	89.45	-0.48	near the usual relationship
2025-10-22	62.34	87.46	-0.45	near the usual relationship
2025-10-21	63.61	88.79	-0.43	near the usual relationship
2025-10-20	61.90	85.81	-0.41	near the usual relationship
2025-10-17	61.67	86.53	-0.47	near the usual relationship
2025-10-16	61.20	86.86	-0.52	ONON ahead
2025-10-15	59.59	85.74	-0.59	ONON ahead
2025-10-14	61.34	87.27	-0.55	ONON ahead
2025-10-13	60.74	88.91	-0.68	ONON ahead
2025-10-10	58.74	86.61	-0.72	ONON ahead
2025-10-09	61.08	89.59	-0.70	ONON ahead
2025-10-08	62.76	90.25	-0.62	ONON ahead
2025-10-07	60.54	86.30	-0.58	ONON ahead
2025-10-06	63.05	88.08	-0.50	ONON ahead
2025-10-03	63.67	87.11	-0.40	near the usual relationship
2025-10-02	64.13	87.65	-0.40	near the usual relationship
2025-10-01	62.51	84.75	-0.37	near the usual relationship
2025-09-30	62.63	87.63	-0.52	ONON ahead
2025-09-29	63.81	90.19	-0.57	ONON ahead
2025-09-26	65.35	87.88	-0.35	near the usual relationship
2025-09-25	65.39	90.88	-0.50	ONON ahead
2025-09-24	68.72	94.68	-0.46	near the usual relationship
2025-09-23	69.22	94.89	-0.45	near the usual relationship
2025-09-22	69.95	94.33	-0.37	near the usual relationship
2025-09-19	70.31	93.59	-0.32	near the usual relationship
2025-09-18	71.32	93.09	-0.23	near the usual relationship
2025-09-17	73.33	90.71	+0.01	near the usual relationship
2025-09-16	73.33	89.01	+0.09	near the usual relationship
2025-09-15	73.31	88.29	+0.12	near the usual relationship
2025-09-12	73.22	88.74	+0.09	near the usual relationship
2025-09-11	72.83	89.59	+0.02	near the usual relationship
2025-09-10	70.52	88.66	-0.08	near the usual relationship
2025-09-09	71.31	91.85	-0.19	near the usual relationship
2025-09-08	72.39	93.52	-0.21	near the usual relationship
2025-09-05	74.39	94.19	-0.12	near the usual relationship
2025-09-04	76.56	95.28	-0.05	near the usual relationship
2025-09-03	76.41	92.70	+0.06	near the usual relationship
2025-09-02	75.92	92.68	+0.03	near the usual relationship
2025-08-29	73.91	93.28	-0.12	near the usual relationship
2025-08-28	72.99	92.26	-0.14	near the usual relationship
2025-08-27	72.12	93.48	-0.25	near the usual relationship
2025-08-26	70.24	93.48	-0.38	near the usual relationship
2025-08-25	69.84	94.33	-0.45	near the usual relationship
2025-08-22	67.41	96.34	-0.70	ONON ahead
2025-08-21	64.68	92.24	-0.70	ONON ahead
2025-08-20	64.29	93.61	-0.80	ONON ahead
2025-08-19	65.20	93.17	-0.72	ONON ahead
2025-08-18	65.23	93.57	-0.74	ONON ahead
2025-08-15	63.61	93.81	-0.87	ONON ahead
2025-08-14	64.17	91.48	-0.73	ONON ahead
2025-08-13	65.79	99.71	-1.00	ONON ahead
2025-08-12	64.10	103.06	-1.27	ONON ahead
2025-08-11	62.08	94.60	-1.04	ONON ahead
2025-08-08	62.82	94.48	-1.00	ONON ahead
2025-08-07	62.95	93.44	-0.95	ONON ahead
2025-08-06	65.32	96.85	-0.95	ONON ahead
2025-08-05	65.44	97.56	-0.98	ONON ahead
2025-08-04	64.96	98.49	-1.06	ONON ahead
2025-08-01	63.86	97.31	-1.09	ONON ahead
2025-07-31	65.60	100.50	-1.12	ONON ahead
2025-07-30	68.33	104.86	-1.14	ONON ahead
2025-07-29	69.27	107.08	-1.18	ONON ahead
2025-07-28	69.44	105.42	-1.11	ONON ahead
2025-07-25	72.20	105.03	-0.94	ONON ahead
2025-07-24	64.84	103.35	-1.34	ONON ahead
2025-07-23	66.78	106.85	-1.37	ONON ahead
2025-07-22	65.30	104.20	-1.37	ONON ahead
2025-07-21	64.94	110.10	-1.64	ONON ahead
2025-07-18	62.97	109.91	-1.79	ONON ahead
2025-07-17	62.54	112.23	-1.93	ONON ahead
2025-07-16	60.48	109.41	-1.98	ONON ahead
2025-07-15	58.89	110.61	-2.17	ONON ahead
2025-07-14	60.78	110.20	-2.04	ONON ahead
2025-07-11	62.85	108.50	-1.84	ONON ahead
2025-07-10	64.84	110.30	-1.79	ONON ahead
2025-07-09	64.82	111.98	-1.88	ONON ahead
2025-07-08	65.05	108.84	-1.75	ONON ahead
2025-07-07	65.34	112.48	-1.89	ONON ahead
2025-07-03	65.62	112.37	-1.89	ONON ahead
2025-07-02	65.65	111.11	-1.85	ONON ahead
2025-07-01	65.12	108.03	-1.78	ONON ahead
2025-06-30	63.68	107.70	-1.88	ONON ahead
2025-06-27	64.38	108.61	-1.89	ONON ahead
2025-06-26	62.98	106.75	-1.93	ONON ahead
2025-06-25	62.43	106.52	-1.98	ONON ahead
2025-06-24	63.16	108.55	-2.04	ONON ahead
2025-06-23	62.06	109.81	-2.20	ONON ahead
2025-06-20	62.83	108.98	-2.13	ONON ahead
2025-06-18	62.40	107.32	-2.12	ONON ahead
2025-06-17	63.40	107.76	-2.09	ONON ahead
2025-06-16	64.03	109.68	-2.15	ONON ahead
2025-06-13	62.70	108.13	-2.21	ONON ahead
2025-06-12	66.54	115.31	-2.27	ONON ahead
2025-06-11	66.69	117.50	-2.38	ONON ahead
2025-06-10	67.96	117.79	-2.33	ONON ahead
2025-06-09	68.53	116.82	-2.28	ONON ahead
2025-06-06	67.48	117.03	-2.39	ONON ahead
2025-06-05	66.93	117.84	-2.50	ONON ahead
2025-06-04	65.38	120.07	-2.75	ONON ahead
2025-06-03	65.39	121.10	-2.84	ONON ahead
2025-06-02	64.88	122.37	-2.99	ONON ahead
2025-05-30	65.20	122.88	-3.05	ONON ahead
2025-05-29	66.28	121.75	-2.97	ONON ahead
2025-05-28	64.45	123.69	-3.27	ONON ahead
2025-05-27	67.32	125.55	-3.19	ONON ahead
2025-05-23	62.43	120.92	-3.49	ONON ahead
2025-05-22	77.91	121.70	-2.33	ONON ahead
2025-05-21	76.22	122.37	-2.53	ONON ahead
2025-05-20	79.60	123.46	-2.36	ONON ahead
2025-05-19	78.72	124.13	-2.49	ONON ahead
2025-05-16	79.03	123.94	-2.50	ONON ahead
2025-05-15	78.43	124.66	-2.61	ONON ahead
2025-05-14	78.69	119.16	-2.35	ONON ahead
2025-05-13	79.93	118.73	-2.26	ONON ahead
2025-05-12	77.90	106.17	-1.77	ONON ahead
2025-05-09	74.80	102.26	-1.81	ONON ahead
2025-05-08	77.62	102.88	-1.64	ONON ahead
2025-05-07	74.67	100.41	-1.74	ONON ahead
2025-05-06	72.33	99.73	-1.91	ONON ahead
2025-05-05	73.11	101.16	-1.95	ONON ahead
2025-05-02	72.25	101.20	-2.04	ONON ahead
2025-05-01	68.66	98.74	-2.23	ONON ahead
2025-04-30	68.48	99.54	-2.32	ONON ahead
2025-04-29	69.01	99.11	-2.28	ONON ahead
2025-04-28	67.44	96.40	-2.28	ONON ahead
2025-04-25	67.46	93.17	-2.09	ONON ahead
2025-04-24	68.37	92.61	-2.00	ONON ahead
2025-04-23	65.90	90.90	-2.13	ONON ahead
2025-04-22	65.75	88.21	-1.98	ONON ahead
2025-04-21	63.98	85.47	-1.98	ONON ahead
2025-04-17	65.29	87.94	-2.06	ONON ahead
2025-04-16	63.65	86.39	-2.13	ONON ahead
2025-04-15	64.37	88.29	-2.22	ONON ahead
2025-04-14	66.20	89.32	-2.15	ONON ahead
2025-04-11	67.38	90.03	-2.11	ONON ahead
2025-04-10	67.74	89.01	-2.02	ONON ahead
2025-04-09	71.71	93.13	-1.96	ONON ahead
2025-04-08	62.95	80.51	-1.88	ONON ahead
2025-04-07	65.57	84.77	-1.97	ONON ahead
2025-04-04	65.51	81.96	-1.77	ONON ahead
2025-04-03	62.33	77.90	-1.78	ONON ahead
2025-04-02	72.89	92.94	-1.93	ONON ahead
2025-04-01	70.03	88.35	-1.88	ONON ahead
2025-03-31	69.08	90.88	-2.18	ONON ahead
2025-03-28	68.93	91.35	-2.25	ONON ahead
2025-03-27	72.26	95.18	-2.24	ONON ahead
2025-03-26	73.01	95.28	-2.20	ONON ahead
2025-03-25	75.98	99.26	-2.24	ONON ahead
2025-03-24	77.03	99.98	-2.22	ONON ahead
2025-03-21	72.82	95.70	-2.33	ONON ahead
2025-03-20	71.47	94.27	-2.39	ONON ahead
2025-03-19	73.56	97.39	-2.45	ONON ahead
2025-03-18	71.24	95.76	-2.58	ONON ahead
2025-03-17	72.59	99.44	-2.76	ONON ahead
2025-03-14	73.33	96.09	-2.47	ONON ahead
2025-03-13	72.31	95.94	-2.60	ONON ahead
2025-03-12	75.12	96.69	-2.41	ONON ahead
2025-03-11	74.47	93.46	-2.26	ONON ahead
2025-03-10	74.83	91.52	-2.09	ONON ahead
2025-03-07	78.29	96.54	-2.17	ONON ahead
2025-03-06	81.51	102.48	-2.34	ONON ahead
2025-03-05	84.08	108.59	-2.58	ONON ahead
2025-03-04	82.66	104.76	-2.48	ONON ahead
2025-03-03	84.79	99.01	-1.89	ONON ahead
2025-02-28	86.10	100.31	-1.90	ONON ahead
2025-02-27	85.57	96.61	-1.68	ONON ahead
2025-02-26	89.57	103.23	-1.85	ONON ahead
2025-02-25	88.22	100.14	-1.75	ONON ahead
2025-02-24	86.57	100.87	-1.97	ONON ahead
2025-02-21	90.56	100.23	-1.60	ONON ahead
2025-02-20	92.69	105.96	-1.86	ONON ahead
2025-02-19	94.25	107.74	-1.88	ONON ahead
2025-02-18	96.29	110.41	-1.92	ONON ahead
2025-02-14	95.81	107.66	-1.78	ONON ahead
2025-02-13	97.69	108.36	-1.70	ONON ahead
2025-02-12	95.17	111.81	-2.16	ONON ahead
2025-02-11	97.40	111.67	-1.99	ONON ahead
2025-02-10	99.88	115.27	-2.05	ONON ahead
2025-02-07	103.95	116.72	-1.86	ONON ahead
2025-02-06	106.39	123.57	-2.13	ONON ahead
2025-02-05	106.59	122.16	-2.03	ONON ahead
2025-02-04	104.72	120.71	-2.10	ONON ahead
2025-02-03	105.42	121.08	-2.09	ONON ahead
2025-01-31	109.58	123.90	-1.99	ONON ahead
2025-01-30	137.85	131.64	-0.71	ONON ahead
2025-01-29	135.25	130.44	-0.79	ONON ahead
2025-01-28	133.41	128.62	-0.79	ONON ahead
2025-01-27	130.92	123.94	-0.66	ONON ahead
2025-01-24	134.17	124.46	-0.51	ONON ahead
2025-01-23	135.04	125.08	-0.51	ONON ahead
2025-01-22	132.79	121.17	-0.40	near the usual relationship
2025-01-21	132.29	124.04	-0.61	ONON ahead
2025-01-17	129.69	119.97	-0.51	ONON ahead
2025-01-16	128.65	116.55	-0.36	near the usual relationship
2025-01-15	125.88	113.22	-0.31	near the usual relationship
2025-01-14	127.36	112.77	-0.20	near the usual relationship
2025-01-13	126.41	114.59	-0.38	near the usual relationship
2025-01-10	128.21	117.17	-0.44	near the usual relationship
2025-01-08	128.22	114.92	-0.30	near the usual relationship
2025-01-07	126.72	114.38	-0.35	near the usual relationship
2025-01-06	128.80	113.01	-0.15	near the usual relationship
2025-01-03	128.05	117.15	-0.46	near the usual relationship
2025-01-02	126.38	114.57	-0.40	near the usual relationship
2024-12-31	125.48	113.33	-0.37	near the usual relationship
2024-12-30	127.13	114.19	-0.33	near the usual relationship
2024-12-27	127.96	115.10	-0.35	near the usual relationship
2024-12-26	129.40	116.68	-0.37	near the usual relationship
2024-12-24	128.52	116.80	-0.43	near the usual relationship
2024-12-23	128.30	117.21	-0.47	near the usual relationship
2024-12-20	130.35	118.23	-0.42	near the usual relationship
2024-12-19	126.83	114.09	-0.36	near the usual relationship
2024-12-18	124.49	113.30	-0.45	near the usual relationship
2024-12-17	129.98	117.19	-0.38	near the usual relationship
2024-12-16	130.44	119.76	-0.51	ONON ahead
2024-12-13	127.67	118.56	-0.60	ONON ahead
2024-12-12	125.84	119.18	-0.75	ONON ahead
2024-12-11	126.63	120.42	-0.79	ONON ahead
2024-12-10	124.88	114.17	-0.50	ONON ahead
2024-12-09	124.53	113.84	-0.50	ONON ahead
2024-12-06	123.29	119.26	-0.93	ONON ahead
2024-12-05	124.14	122.84	-1.11	ONON ahead
2024-12-04	126.14	122.08	-0.95	ONON ahead
2024-12-03	125.34	123.19	-1.07	ONON ahead
2024-12-02	124.75	121.10	-0.98	ONON ahead
2024-11-29	121.08	120.69	-1.18	ONON ahead
2024-11-27	118.49	119.80	-1.30	ONON ahead
2024-11-26	120.12	119.97	-1.21	ONON ahead
2024-11-25	121.40	120.98	-1.20	ONON ahead
2024-11-22	118.72	120.28	-1.34	ONON ahead
2024-11-21	112.39	116.26	-1.51	ONON ahead
2024-11-20	108.97	111.19	-1.41	ONON ahead
2024-11-19	108.92	110.49	-1.38	ONON ahead
2024-11-18	109.02	106.54	-1.09	ONON ahead
2024-11-15	108.53	107.43	-1.20	ONON ahead
2024-11-14	109.27	110.39	-1.37	ONON ahead
2024-11-13	110.19	109.06	-1.22	ONON ahead
2024-11-12	109.75	108.88	-1.24	ONON ahead
2024-11-11	109.41	109.06	-1.29	ONON ahead
2024-11-08	108.50	106.54	-1.18	ONON ahead
2024-11-07	105.86	104.24	-1.20	ONON ahead
2024-11-06	101.80	98.43	-1.06	ONON ahead
2024-11-05	101.12	99.07	-1.17	ONON ahead
2024-11-04	100.25	95.80	-0.97	ONON ahead
2024-11-01	97.70	96.21	-1.22	ONON ahead
2024-10-31	99.41	98.12	-1.24	ONON ahead
2024-10-30	104.74	100.99	-1.06	ONON ahead
2024-10-29	104.76	103.27	-1.25	ONON ahead
2024-10-28	104.60	104.72	-1.37	ONON ahead
2024-10-25	103.87	104.80	-1.43	ONON ahead
2024-10-24	93.94	98.47	-1.74	ONON ahead
2024-10-23	93.27	98.03	-1.76	ONON ahead
2024-10-22	95.18	100.68	-1.82	ONON ahead
2024-10-21	98.86	99.96	-1.46	ONON ahead
2024-10-18	100.00	100.00	-1.37	ONON ahead

One-day company-specific moves (4+ standard deviations, which block ideas for 10 sessions): Jan 31, 2025 (DECK -20.5%, ONON -5.9%); May 23, 2025 (DECK -19.9%, ONON -0.7%); Oct 24, 2025 (DECK -15.2%, ONON -3.5%); Nov 12, 2025 (DECK +2.0%, ONON +18.0%); Jan 30, 2026 (DECK +19.5%, ONON +0.5%); Aug 11, 2026 (DECK -3.7%, ONON -20.3%).

Paired trades

The shared paper book and the replay, kept apart

Forward paper record

No paper position on this pair yet.

Historical simulation (a diagnostic, same rules)

No simulated trade through Oct 20, 2026: the pair rarely passed every test while 2 standard deviations apart.

Per $10,000 a leg. A replay on today's companies cannot prove an edge.

The companies

DECK and ONON at a glance

DECK Deckers Outdoor Corporation

Listing: NYSE · SEC CIK 910521
Industry: Shoe Manufacturing · SIC 3021 Rubber & Plastics Footwear
Market value: $11.9B
Price history: 2,521 daily closes, Oct 12, 2016 to Oct 22, 2026

ONON On Holding AG

Listing: NYSE · SEC CIK 1858985
Industry: Shoe Manufacturing · SIC 3021 Rubber & Plastics Footwear
Market value: $21.4B
Price history: 1,282 daily closes, Sep 15, 2021 to Oct 22, 2026

Daily prices: Nasdaq.com. Filings and industry codes: SEC EDGAR. Earnings dates: Nasdaq earnings calendar.

All pairs →

Pair	Status	Ahead now	Industry
NKE / ONON	Watchlist	ONON by 1.17 sd	Shoe Manufacturing
NKE / DECK	Watchlist	DECK by 0.55 sd	Shoe Manufacturing

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Paper only: hypothetical paired positions with modelled costs. No broker, no orders, no real money. A historical simulation is a diagnostic, not proof of an edge. Not investment advice.