COR vs ON: Correlation
Cencora (COR) and ON Semiconductor (ON) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COR and ON?
Across a 3-year window, the weekly returns of COR and ON correlate at -0.21, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.27 lands near the 3-year figure. Stretching to 5 years gives -0.08, with an annualized covariance of -222.8 %².
By 3-year correlation, ON places #26 of the 43 assets tracked against COR. Correlation aside, the last 12 months split them widely, with ON ahead by 34.6 points (+11.4% versus +46.0%). The rolling one-year correlation moved between -0.34 and -0.02 over the past three years, a moderate range. Note the risk asymmetry: ON runs 2.2 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.
COR vs ON: side by side
| COR (Cencora) | ON (ON Semiconductor) | |
|---|---|---|
| 1-year return | +11.4% | +46.0% |
| 5-year return | +188.6% | +65.2% |
| Volatility (ann.) | 21.9% | 49.2% |
| Beta vs S&P 500 | 0.08 | 1.61 |
| Max drawdown (3Y) | -32.4% | -67.9% |
| Market cap | $61.3B | $29.1B |
| P/E (trailing) | 24.3 | 47.9 |
| Dividend yield | 0.72% | 0.00% |
| Sector / category | Health Care | Information Technology |
Year-by-year returns
| Year | COR | ON |
|---|---|---|
| 2022 | +26.3% | -8.2% |
| 2023 | +25.3% | +33.9% |
| 2024 | +10.4% | -24.5% |
| 2025 | +51.5% | -14.1% |
| 2026 | -4.3% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COR and ON good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between COR and ON?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.27 over the last year and -0.08 over 5 years.
Is ON a good diversifier for COR?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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/cor-vs-on.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cor-vs-on/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: COR correlations · ON correlations
