ON vs PPC: Correlation
ON Semiconductor (ON) and Pilgrim's Pride Corporation (PPC) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ON and PPC?
On 3 years of weekly data the ON/PPC correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.33) sits close to the 3-year figure. The 5-year figure is -0.09, and annualized covariance runs at -382.9 %².
PPC is close to the least connected end of ON's tracked universe, ranking #26 of 29. Their recent paths diverged sharply: over the last 12 months ON outperformed by 76.8 percentage points (+46.0% for ON against -30.8% for PPC). Note the risk asymmetry: ON runs 1.6 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.
ON vs PPC: side by side
| ON (ON Semiconductor) | PPC (Pilgrim's Pride Corporation) | |
|---|---|---|
| 1-year return | +46.0% | -30.8% |
| 5-year return | +65.2% | +32.4% |
| Volatility (ann.) | 49.2% | 30.3% |
| Beta vs S&P 500 | 1.61 | -0.17 |
| Max drawdown (3Y) | -67.9% | -49.2% |
| Market cap | $29.1B | $7.4B |
| P/E (trailing) | 47.9 | 13.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | ON | PPC |
|---|---|---|
| 2022 | -8.2% | -15.9% |
| 2023 | +33.9% | +16.6% |
| 2024 | -24.5% | +64.1% |
| 2025 | -14.1% | +1.4% |
| 2026 | +38.1% | -20.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ON and PPC good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between ON and PPC?
As of 2026-08-27, the correlation of weekly returns between ON and PPC is -0.26 over 3 years, -0.33 over 1 year and -0.09 over 5 years.
Is PPC a good diversifier for ON?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 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/on-vs-ppc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/on-vs-ppc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ON correlations · PPC correlations
