ADI vs ON: Correlation
How closely do Analog Devices (ADI) and ON Semiconductor (ON) trade together? Their weekly returns over three years give a correlation of 0.68, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ADI and ON?
Across a 3-year window, the weekly returns of ADI and ON correlate at 0.68, strong. Recent behaviour matches the longer record: 0.75 over 1 year against 0.68 over 3. Stretching to 5 years gives 0.70, with an annualized covariance of 1093.1 %².
Among the 51 assets we track against ADI, ON ranks #17 by 3-year correlation. Neither side won the trailing year by much: +48.6% against +46.0%. The rolling one-year correlation moved between 0.42 and 0.76 over the past three years, a moderate range. Note the risk asymmetry: ON runs 1.5 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.
ADI vs ON: side by side
| ADI (Analog Devices) | ON (ON Semiconductor) | |
|---|---|---|
| 1-year return | +48.6% | +46.0% |
| 5-year return | +143.1% | +65.2% |
| Volatility (ann.) | 32.6% | 49.2% |
| Beta vs S&P 500 | 1.56 | 1.61 |
| Max drawdown (3Y) | -32.2% | -67.9% |
| Market cap | $181.5B | $29.1B |
| P/E (trailing) | 44.6 | 47.9 |
| Dividend yield | 1.15% | 0.00% |
| Sector / category | Information Technology | Information Technology |
Year-by-year returns
| Year | ADI | ON |
|---|---|---|
| 2022 | -4.9% | -8.2% |
| 2023 | +23.4% | +33.9% |
| 2024 | +8.8% | -24.5% |
| 2025 | +29.8% | -14.1% |
| 2026 | +38.9% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ADI and ON good diversifiers for each other?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ADI and ON?
Using weekly returns as of 2026-08-27: 0.68 over 3 years, with 0.75 over the last year and 0.70 over 5 years.
Is ON a good diversifier for ADI?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.68 mean?
A reading of 0.68 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/adi-vs-on.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/adi-vs-on/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ADI correlations · ON correlations
