Onto Innovation Correlations

ONTO Stock

USD 214.06 2.10 0.97%

The current 90-days correlation between Onto Innovation and Universal Display is 0.38 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Onto Innovation moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Onto Innovation moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Onto Innovation Correlation With Market

Very weak diversification

The correlation between Onto Innovation and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Onto Innovation and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Onto Stock

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Onto Innovation. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in persons.

To learn how to invest in Onto Stock, please use our How to Invest in Onto Innovation guide.

Moving together with Onto Stock

0.91	MU	Micron Technology Aggressive Push	Pair Corr
0.88	ON	ON Semiconductor	Pair Corr
0.81	VECO	Veeco Instruments Downward Rally	Pair Corr
0.88	603061	JHT Design	Pair Corr
0.76	603986	GigaDevice SemiconductorBei	Pair Corr
0.93	001270	Zhejiang Chengchang	Pair Corr
0.72	SPRQ	Sparq Systems	Pair Corr
0.76	ENTG	Entegris Tech Boost	Pair Corr
0.85	002865	Hainan Drinda Automotive	Pair Corr
0.8	300118	Risen Energy	Pair Corr
0.87	300672	Goke Microelectronics	Pair Corr
0.91	688127	Zhejiang Lante Optics	Pair Corr
0.9	ADI	Analog Devices	Pair Corr
0.77	AIP	Arteris	Pair Corr
0.88	ASX	ASE Industrial Holding	Pair Corr
0.91	FORM	FormFactor	Pair Corr

Moving against Onto Stock

0.62	NA	Nano Labs	Pair Corr
0.38	DQ	Daqo New Energy	Pair Corr
0.73	ARM	Arm Holdings plc	Pair Corr
0.72	GCTS	GCT Semiconductor Holding	Pair Corr
0.52	CAN	Canaan Inc	Pair Corr
0.4	AMD	Advanced Micro Devices Aggressive Push	Pair Corr

Related Correlations Analysis

	OLED	CRUS	CAMT	SMTC	EXLS	DLB	FOUR	KD	WAY	G
OLED		0.8	0.42	-0.28	-0.14	0.31	0.59	0.76	0.61	-0.81	OLED
CRUS	0.8		0.49	-0.03	0.07	0.27	0.47	0.81	0.35	-0.56	CRUS
CAMT	0.42	0.49		0.45	0.31	-0.34	-0.07	0.45	-0.25	-0.12	CAMT
SMTC	-0.28	-0.03	0.45		0.53	-0.13	-0.32	0.1	-0.59	0.6	SMTC
EXLS	-0.14	0.07	0.31	0.53		-0.14	-0.36	0.35	-0.55	0.61	EXLS
DLB	0.31	0.27	-0.34	-0.13	-0.14		0.64	0.33	0.42	-0.23	DLB
FOUR	0.59	0.47	-0.07	-0.32	-0.36	0.64		0.36	0.75	-0.61	FOUR
KD	0.76	0.81	0.45	0.1	0.35	0.33	0.36		0.25	-0.34	KD
WAY	0.61	0.35	-0.25	-0.59	-0.55	0.42	0.75	0.25		-0.77	WAY
G	-0.81	-0.56	-0.12	0.6	0.61	-0.23	-0.61	-0.34	-0.77		G
	OLED	CRUS	CAMT	SMTC	EXLS	DLB	FOUR	KD	WAY	G

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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

KD	+ 0.81	CRUS
CRUS	+ 0.8	OLED
KD	+ 0.76	OLED
WAY	+ 0.75	FOUR
FOUR	+ 0.64	DLB
WAY	+ 0.61	OLED

High negative correlations

G	- 0.81	OLED
G	- 0.77	WAY
G	- 0.61	FOUR
WAY	- 0.59	SMTC
G	- 0.56	CRUS
WAY	- 0.55	EXLS

Risk-Adjusted Indicators

There is a big difference between Onto Stock performing well and Onto Innovation 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 Onto Innovation'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
OLED	1.66	(0.37)	0.00	(0.21)	0.00	0.00	3.28	(3.46)	13.35
CRUS	1.31	(0.01)	(0.01)	0.05	1.89	(1.32)	2.83	(2.75)	11.90
CAMT	2.78	0.15	0.07	0.15	3.01	(3.24)	7.61	(5.48)	15.59
SMTC	2.68	0.08	0.04	0.10	3.07	(2.97)	5.78	(5.16)	18.27
EXLS	1.05	0.01	(0.01)	0.07	1.69	(1.14)	1.94	(2.64)	8.81
DLB	0.84	(0.20)	0.00	(0.26)	0.00	0.00	1.28	(1.80)	4.81
FOUR	1.71	(0.39)	0.00	(0.16)	0.00	0.00	4.21	(3.68)	11.05
KD	1.47	(0.26)	0.00	(0.16)	0.00	0.00	2.99	(4.59)	10.26
WAY	1.82	(0.37)	0.00	(0.26)	0.00	0.00	3.29	(4.21)	15.21
G	1.24	0.16	0.11	0.25	1.13	(1.48)	1.98	(2.53)	18.47

Onto Innovation Corporate Management

Edward Brown	Independent Director	Profile
Jeffrey Aukerman	Independent Director	Profile
Rodney Smedt	Senior Vice President General Manager - Metrology Business Unit	Profile
Brian CPA	Chief Officer	Profile
Yoon OH	Vice President General Counsel	Profile
Shirley Chen	Senior success	Profile
Christine Tsingos	Independent Director	Profile

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