ALGM vs ON: Correlation
Allegro MicroSystems, Inc. (ALGM) and ON Semiconductor (ON) show a strong relationship: their 3-year correlation of weekly returns is 0.61.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALGM and ON?
Over the past 3 years, ALGM and ON moved with a correlation of 0.61, which is strong. The relationship has been stable: the 1-year correlation (0.59) sits close to the 3-year figure. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 1716.7 %².
By 3-year correlation, ON places #6 of the 11 assets tracked against ALGM. Correlation aside, the last 12 months split them widely, with ON ahead by 26.5 points (+19.5% versus +46.0%).
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.
ALGM vs ON: side by side
| ALGM (Allegro MicroSystems, Inc.) | ON (ON Semiconductor) | |
|---|---|---|
| 1-year return | +19.5% | +46.0% |
| 5-year return | +23.1% | +65.2% |
| Volatility (ann.) | 56.9% | 49.2% |
| Beta vs S&P 500 | 1.83 | 1.61 |
| Max drawdown (3Y) | -57.2% | -67.9% |
| Market cap | $7.0B | $29.1B |
| P/E (trailing) | 537.0 | 47.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | ALGM | ON |
|---|---|---|
| 2022 | -17.0% | -8.2% |
| 2023 | +0.8% | +33.9% |
| 2024 | -27.8% | -24.5% |
| 2025 | +20.7% | -14.1% |
| 2026 | +42.5% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALGM and ON good diversifiers for each other?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ALGM and ON?
The ALGM/ON correlation stands at 0.61 on a 3-year window (1 year: 0.59, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is ON a good diversifier for ALGM?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.61 mean?
On the −1 to +1 scale, 0.61 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/algm-vs-on.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/algm-vs-on/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ALGM correlations · ON correlations
