ON vs SOXX: Correlation
How closely do ON Semiconductor (ON) and iShares Semiconductor ETF (SOXX) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ON and SOXX?
Across a 3-year window, the weekly returns of ON and SOXX correlate at 0.65, strong. The relationship has been stable: the 1-year correlation (0.65) sits close to the 3-year figure. Stretching to 5 years gives 0.71, with an annualized covariance of 1123.2 %².
Within ON's tracked universe of 29 assets, SOXX comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SOXX ahead by 64.0 points (+46.0% versus +110.0%). On a rolling one-year basis the correlation drifted between 0.46 and 0.81, a moderate band.
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 SOXX: side by side
| ON (ON Semiconductor) | SOXX (iShares Semiconductor ETF) | |
|---|---|---|
| 1-year return | +46.0% | +110.0% |
| 5-year return | +65.2% | +247.5% |
| Volatility (ann.) | 49.2% | 35.2% |
| Beta vs S&P 500 | 1.61 | 1.93 |
| Max drawdown (3Y) | -67.9% | -41.4% |
| Market cap | $29.1B | – |
| P/E (trailing) | 47.9 | – |
| Dividend yield | 0.00% | 0.29% |
| Expense ratio | – | 0.33% |
| Assets under management | – | $44.7B |
| Sector / category | Information Technology | ETF · Thematic |
On the fund side, SOXX sits in the Technology category at iShares, with $44.7B under management, 30 holdings, a 0.33% expense ratio, a 0.29% trailing dividend yield.
Year-by-year returns
| Year | ON | SOXX |
|---|---|---|
| 2022 | -8.2% | -35.1% |
| 2023 | +33.9% | +67.1% |
| 2024 | -24.5% | +12.9% |
| 2025 | -14.1% | +40.7% |
| 2026 | +38.1% | +74.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 1.59% of SOXX is ON itself, so the fund partly moves with the stock by construction.
Are ON and SOXX good diversifiers for each other?
Only partially. A correlation of 0.65 means ON and SOXX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ON and SOXX?
The ON/SOXX correlation stands at 0.65 on a 3-year window (1 year: 0.65, 5 years: 0.71), computed from weekly returns as of 2026-08-27.
Is SOXX a good diversifier for ON?
Only partially. A correlation of 0.65 means ON and SOXX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.65 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-soxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/on-vs-soxx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ON correlations · SOXX correlations
