MRSH vs ON: Correlation
Marsh McLennan (MRSH) and ON Semiconductor (ON) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MRSH and ON?
Across a 3-year window, the weekly returns of MRSH and ON correlate at -0.20, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.37) than the 3-year average (-0.20). Stretching to 5 years gives 0.03, with an annualized covariance of -180.1 %².
By 3-year correlation, ON places #30 of the 38 assets tracked against MRSH. Correlation aside, the last 12 months split them widely, with ON ahead by 52.0 points (-6.0% versus +46.0%). This link changes with the market regime, having swung between -0.34 and 0.34 on a rolling one-year basis. Note the risk asymmetry: ON runs 2.7 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.
MRSH vs ON: side by side
| MRSH (Marsh McLennan) | ON (ON Semiconductor) | |
|---|---|---|
| 1-year return | -6.0% | +46.0% |
| 5-year return | +31.3% | +65.2% |
| Volatility (ann.) | 18.1% | 49.2% |
| Beta vs S&P 500 | 0.33 | 1.61 |
| Max drawdown (3Y) | -34.4% | -67.9% |
| Market cap | $90.7B | $29.1B |
| P/E (trailing) | 23.6 | 47.9 |
| Dividend yield | 1.91% | 0.00% |
| Sector / category | Financials | Information Technology |
Year-by-year returns
| Year | MRSH | ON |
|---|---|---|
| 2022 | -3.5% | -8.2% |
| 2023 | +16.1% | +33.9% |
| 2024 | +13.7% | -24.5% |
| 2025 | -11.3% | -14.1% |
| 2026 | +4.0% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MRSH and ON good diversifiers for each other?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MRSH and ON?
As of 2026-08-27, the correlation of weekly returns between MRSH and ON is -0.20 over 3 years, -0.37 over 1 year and 0.03 over 5 years.
Is ON a good diversifier for MRSH?
Yes: at -0.20, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.20 mean?
A reading of -0.20 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/mrsh-vs-on.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mrsh-vs-on/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MRSH correlations · ON correlations
