ON vs TXN: Correlation
ON Semiconductor (ON) and Texas Instruments (TXN) show a strong relationship: their 3-year correlation of weekly returns is 0.65.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ON and TXN?
Over the past 3 years, ON and TXN moved with a correlation of 0.65, which is strong. Recent behaviour matches the longer record: 0.74 over 1 year against 0.65 over 3. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 1097.3 %².
Within ON's tracked universe of 29 assets, TXN comes in at #6 by 3-year correlation. Over the last 12 months ON came out ahead by 12.9 percentage points (+46.0% against +33.1%). Across three years, the rolling one-year figure varied moderately, from 0.35 to 0.73.
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 TXN: side by side
| ON (ON Semiconductor) | TXN (Texas Instruments) | |
|---|---|---|
| 1-year return | +46.0% | +33.1% |
| 5-year return | +65.2% | +60.4% |
| Volatility (ann.) | 49.2% | 34.3% |
| Beta vs S&P 500 | 1.61 | 1.28 |
| Max drawdown (3Y) | -67.9% | -33.4% |
| Market cap | $29.1B | $243.4B |
| P/E (trailing) | 47.9 | 40.6 |
| Dividend yield | 0.00% | 2.15% |
| Sector / category | Information Technology | Information Technology |
Year-by-year returns
| Year | ON | TXN |
|---|---|---|
| 2022 | -8.2% | -9.9% |
| 2023 | +33.9% | +6.4% |
| 2024 | -24.5% | +13.1% |
| 2025 | -14.1% | -4.5% |
| 2026 | +38.1% | +56.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ON and TXN good diversifiers for each other?
To a limited degree. At 0.65 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 ON and TXN?
Using weekly returns as of 2026-08-27: 0.65 over 3 years, with 0.74 over the last year and 0.65 over 5 years.
Is TXN a good diversifier for ON?
To a limited degree. At 0.65 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 0.65 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-txn.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/on-vs-txn/)
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Related comparisons
Hubs: ON correlations · TXN correlations
