AXGN vs ONTO: Correlation
Measured on weekly returns over the past three years, Axogen, Inc. (AXGN) and Onto Innovation Inc. (ONTO) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXGN and ONTO?
On 3 years of weekly data the AXGN/ONTO correlation comes out at 0.35, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.21 versus 0.35 over 3 years. The 5-year figure is 0.35, and annualized covariance runs at 1283.7 %².
Within AXGN's tracked universe of 14 assets, ONTO comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with AXGN ahead by 49.5 points (+220.5% versus +171.0%).
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.
AXGN vs ONTO: side by side
| AXGN (Axogen, Inc.) | ONTO (Onto Innovation Inc.) | |
|---|---|---|
| 1-year return | +220.5% | +171.0% |
| 5-year return | +213.9% | +288.7% |
| Volatility (ann.) | 63.3% | 58.7% |
| Beta vs S&P 500 | 1.11 | 2.32 |
| Max drawdown (3Y) | -53.8% | -62.8% |
| Market cap | $2.8B | $17.9B |
| P/E (trailing) | – | 110.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AXGN | ONTO |
|---|---|---|
| 2022 | +6.5% | -32.7% |
| 2023 | -31.6% | +124.6% |
| 2024 | +141.3% | +9.0% |
| 2025 | +98.6% | -5.3% |
| 2026 | +58.1% | +85.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXGN and ONTO good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AXGN and ONTO?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.21 over the last year and 0.35 over 5 years.
Is ONTO a good diversifier for AXGN?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 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/axgn-vs-onto.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/axgn-vs-onto/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AXGN correlations · ONTO correlations
