AMAT vs ONTO: Correlation
How closely do Applied Materials (AMAT) and Onto Innovation Inc. (ONTO) trade together? Their weekly returns over three years give a correlation of 0.75, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMAT and ONTO?
Over the past 3 years, AMAT and ONTO moved with a correlation of 0.75, which is strong. Little has changed lately, as the 1-year reading of 0.77 lands near the 3-year figure. Over 5 years the correlation is 0.79, and the annualized covariance of weekly returns is 1921.5 %².
Among the 34 assets we track against AMAT, ONTO ranks #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months AMAT outperformed by 24.0 percentage points (+195.0% for AMAT against +171.0% for ONTO).
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.
AMAT vs ONTO: side by side
| AMAT (Applied Materials) | ONTO (Onto Innovation Inc.) | |
|---|---|---|
| 1-year return | +195.0% | +171.0% |
| 5-year return | +269.5% | +288.7% |
| Volatility (ann.) | 43.5% | 58.7% |
| Beta vs S&P 500 | 1.69 | 2.32 |
| Max drawdown (3Y) | -49.9% | -62.8% |
| Market cap | $382.8B | $17.9B |
| P/E (trailing) | 41.3 | 110.0 |
| Dividend yield | 0.41% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | AMAT | ONTO |
|---|---|---|
| 2022 | -37.5% | -32.7% |
| 2023 | +68.0% | +124.6% |
| 2024 | +1.1% | +9.0% |
| 2025 | +59.6% | -5.3% |
| 2026 | +88.4% | +85.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMAT and ONTO good diversifiers for each other?
To a limited degree. At 0.75 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 AMAT and ONTO?
Using weekly returns as of 2026-08-27: 0.75 over 3 years, with 0.77 over the last year and 0.79 over 5 years.
Is ONTO a good diversifier for AMAT?
To a limited degree. At 0.75 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 0.75 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/amat-vs-onto.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/amat-vs-onto/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AMAT correlations · ONTO correlations
