ON vs SPY: Correlation
ON Semiconductor (ON) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ON and SPY?
On 3 years of weekly data the ON/SPY correlation comes out at 0.47, moderate. Little has changed lately, as the 1-year reading of 0.53 lands near the 3-year figure. The 5-year figure is 0.54, and annualized covariance runs at 335.4 %².
By 3-year correlation, SPY places #19 of the 29 assets tracked against ON. Correlation aside, the last 12 months split them widely, with ON ahead by 25.4 points (+46.0% versus +20.6%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.16 and 0.72 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: ON runs 3.4 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 SPY: side by side
| ON (ON Semiconductor) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +46.0% | +20.6% |
| 5-year return | +65.2% | +82.4% |
| Volatility (ann.) | 49.2% | 14.5% |
| Beta vs S&P 500 | 1.61 | 1.00 |
| Max drawdown (3Y) | -67.9% | -18.8% |
| Market cap | $29.1B | – |
| P/E (trailing) | 47.9 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | ON | SPY |
|---|---|---|
| 2022 | -8.2% | -18.2% |
| 2023 | +33.9% | +26.2% |
| 2024 | -24.5% | +24.9% |
| 2025 | -14.1% | +17.7% |
| 2026 | +38.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ON and SPY good diversifiers for each other?
Reasonably. At 0.47, ON and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ON and SPY?
The ON/SPY correlation stands at 0.47 on a 3-year window (1 year: 0.53, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ON?
Reasonably. At 0.47, ON and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 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.
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Related comparisons
Hubs: ON correlations · SPY correlations
