MCHP vs ON: Correlation
How closely do Microchip Technology (MCHP) and ON Semiconductor (ON) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MCHP and ON?
On 3 years of weekly data the MCHP/ON correlation comes out at 0.69, strong. Little has changed lately, as the 1-year reading of 0.70 lands near the 3-year figure. The 5-year figure is 0.74, and annualized covariance runs at 1579.8 %².
By 3-year correlation, ON places #10 of the 44 assets tracked against MCHP. Their recent paths diverged sharply: over the last 12 months ON outperformed by 29.8 percentage points (+16.2% for MCHP against +46.0% for ON). Across three years, the rolling one-year figure varied moderately, from 0.47 to 0.84.
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.
MCHP vs ON: side by side
| MCHP (Microchip Technology) | ON (ON Semiconductor) | |
|---|---|---|
| 1-year return | +16.2% | +46.0% |
| 5-year return | +5.9% | +65.2% |
| Volatility (ann.) | 46.7% | 49.2% |
| Beta vs S&P 500 | 1.97 | 1.61 |
| Max drawdown (3Y) | -63.8% | -67.9% |
| Market cap | $41.0B | $29.1B |
| P/E (trailing) | 109.4 | 47.9 |
| Dividend yield | 2.46% | 0.00% |
| Sector / category | Information Technology | Information Technology |
Year-by-year returns
| Year | MCHP | ON |
|---|---|---|
| 2022 | -18.0% | -8.2% |
| 2023 | +30.9% | +33.9% |
| 2024 | -35.0% | -24.5% |
| 2025 | +14.6% | -14.1% |
| 2026 | +20.5% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MCHP and ON good diversifiers for each other?
To a limited degree. At 0.69 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 MCHP and ON?
The MCHP/ON correlation stands at 0.69 on a 3-year window (1 year: 0.70, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is ON a good diversifier for MCHP?
To a limited degree. At 0.69 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 0.69 mean?
On the −1 to +1 scale, 0.69 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/mchp-vs-on.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mchp-vs-on/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MCHP correlations · ON correlations
