CAG vs ON: Correlation
ConAgra Brands, Inc. (CAG) and ON Semiconductor (ON) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAG and ON?
Across a 3-year window, the weekly returns of CAG and ON correlate at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.33 over 1 year against -0.23 over 3. Stretching to 5 years gives -0.16, with an annualized covariance of -277.6 %².
ON is close to the least connected end of CAG's tracked universe, ranking #30 of 34. The last year tells two different stories: ON led by 55.8 percentage points, -9.8% for CAG against +46.0% for ON. Risk is not evenly split, since ON carries 2.0 times the volatility of the other side.
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.
CAG vs ON: side by side
| CAG (ConAgra Brands, Inc.) | ON (ON Semiconductor) | |
|---|---|---|
| 1-year return | -9.8% | +46.0% |
| 5-year return | -36.6% | +65.2% |
| Volatility (ann.) | 24.2% | 49.2% |
| Beta vs S&P 500 | -0.05 | 1.61 |
| Max drawdown (3Y) | -56.7% | -67.9% |
| Market cap | $7.7B | $29.1B |
| P/E (trailing) | – | 47.9 |
| Dividend yield | 8.65% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | CAG | ON |
|---|---|---|
| 2022 | +17.5% | -8.2% |
| 2023 | -22.8% | +33.9% |
| 2024 | +1.5% | -24.5% |
| 2025 | -33.3% | -14.1% |
| 2026 | -2.1% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAG and ON good diversifiers for each other?
Yes. With a correlation of -0.23, CAG and ON have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CAG and ON?
As of 2026-08-27, the correlation of weekly returns between CAG and ON is -0.23 over 3 years, -0.33 over 1 year and -0.16 over 5 years.
Is ON a good diversifier for CAG?
Yes. With a correlation of -0.23, CAG and ON have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
A reading of -0.23 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/cag-vs-on.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cag-vs-on/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CAG correlations · ON correlations
