ON Semiconductor Correlations

O2NS34 Stock

39.36 1.53 3.74%

The current 90-days correlation between ON Semiconductor and Metalurgica Gerdau SA is -0.24 (i.e., Very good diversification). The correlation of ON Semiconductor is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

ON Semiconductor Correlation With Market

Good diversification

The correlation between ON Semiconductor and DJI is -0.07 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ON Semiconductor and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to ON Semiconductor could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ON Semiconductor when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back ON Semiconductor - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling ON Semiconductor to buy it.

Moving together with O2NS34 Stock

0.75	TSMC34	Taiwan Semiconductor	Pair Corr
0.67	B1SA34	Banco Santander Chile	Pair Corr
0.75	H1SB34	HSBC Holdings plc	Pair Corr
0.74	R1JF34	Raymond James Financial	Pair Corr
0.71	SAPR11	Companhia de Saneamento	Pair Corr
0.79	A1MT34	Applied Materials	Pair Corr

Related Correlations Analysis

	GOAU4	AALL34	M1LM34	J1BH34	W1AB34	COWC34	E1MN34
GOAU4		0.91	-0.83	0.86	0.84	-0.49	-0.35	GOAU4
AALL34	0.91		-0.89	0.77	0.72	-0.55	-0.26	AALL34
M1LM34	-0.83	-0.89		-0.72	-0.71	0.47	0.06	M1LM34
J1BH34	0.86	0.77	-0.72		0.72	-0.42	-0.51	J1BH34
W1AB34	0.84	0.72	-0.71	0.72		-0.26	-0.19	W1AB34
COWC34	-0.49	-0.55	0.47	-0.42	-0.26		0.43	COWC34
E1MN34	-0.35	-0.26	0.06	-0.51	-0.19	0.43		E1MN34
	GOAU4	AALL34	M1LM34	J1BH34	W1AB34	COWC34	E1MN34

Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

AALL34	+ 0.91	GOAU4
J1BH34	+ 0.86	GOAU4
W1AB34	+ 0.84	GOAU4
J1BH34	+ 0.77	AALL34
W1AB34	+ 0.72	AALL34
W1AB34	+ 0.72	J1BH34

High negative correlations

M1LM34	- 0.89	AALL34
M1LM34	- 0.83	GOAU4
J1BH34	- 0.72	M1LM34
W1AB34	- 0.71	M1LM34
COWC34	- 0.55	AALL34
E1MN34	- 0.51	J1BH34

Risk-Adjusted Indicators

There is a big difference between O2NS34 Stock performing well and ON Semiconductor Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze ON Semiconductor's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
GOAU4	1.06	0.39	0.26	2.36	0.71	(1.32)	2.63	(1.79)	7.02
AALL34	2.33	0.37	0.11	1.02	2.46	(2.61)	6.61	(4.34)	13.45
M1LM34	0.01	(0.02)	0.00	(3.24)	0.00	0.00	0.00	0.00	0.59
J1BH34	1.39	0.63	0.37	3.26	0.00	(6.27)	2.60	(0.51)	26.69
W1AB34	0.62	0.18	0.07	0.98	0.00	(3.11)	1.59	(0.73)	9.26
COWC34	1.14	0.06	(0.02)	0.51	1.41	(1.10)	2.58	(2.55)	7.21
E1MN34	0.44	(0.13)	0.00	(0.62)	0.00	0.00	0.96	(0.97)	8.27

ON Semiconductor Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with ON Semiconductor stock to make a market-neutral strategy. Peer analysis of ON Semiconductor could also be used in its relative valuation, which is a method of valuing ON Semiconductor by comparing valuation metrics with similar companies.

Metalurgica Gerdau SA American Airlines Group Martin Marietta Materials JB Hunt Transport Westinghouse Air Brake Costco Wholesale Eastman Chemical American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp Chevron Corp

Risk & Return

Correlation

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2026 Macroaxis LLC