GFS vs ON: Correlation
GlobalFoundries Inc. (GFS) and ON Semiconductor (ON) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GFS and ON?
On 3 years of weekly data the GFS/ON correlation comes out at 0.57, moderate. Recent behaviour matches the longer record: 0.56 over 1 year against 0.57 over 3. The 5-year figure is 0.65, and annualized covariance runs at 1268.6 %².
Among the 17 assets we track against GFS, ON ranks #8 by 3-year correlation. Over the last 12 months ON came out ahead by 9.4 percentage points (+36.6% against +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.
GFS vs ON: side by side
| GFS (GlobalFoundries Inc.) | ON (ON Semiconductor) | |
|---|---|---|
| 1-year return | +36.6% | +46.0% |
| 5-year return | +0.0% | +65.2% |
| Volatility (ann.) | 44.9% | 49.2% |
| Beta vs S&P 500 | 1.69 | 1.61 |
| Max drawdown (3Y) | -51.2% | -67.9% |
| Market cap | $25.4B | $29.1B |
| P/E (trailing) | 35.6 | 47.9 |
| Dividend yield | 0.26% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | GFS | ON |
|---|---|---|
| 2022 | -17.1% | -8.2% |
| 2023 | +12.5% | +33.9% |
| 2024 | -29.2% | -24.5% |
| 2025 | -18.6% | -14.1% |
| 2026 | +32.9% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GFS and ON good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GFS and ON?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.56 over the last year and 0.65 over 5 years.
Is ON a good diversifier for GFS?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 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/gfs-vs-on.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gfs-vs-on/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GFS correlations · ON correlations
