Onto Innovation Correlations

ONTO Stock

USD 217.23 2.52 1.17%

The current 90-days correlation between Onto Innovation and Universal Display is 0.53 (i.e., Very 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 poor diversification

The correlation between Onto Innovation and DJI is 0.88 (i.e., Very poor 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

0.89	DIOD	Diodes Incorporated Tech Boost	Pair Corr
0.93	MU	Micron Technology Aggressive Push	Pair Corr
0.86	MX	MagnaChip Semiconductor Earnings Call This Week	Pair Corr
0.93	ON	ON Semiconductor Tech Boost	Pair Corr
0.89	AMK	Amkor Technology	Pair Corr
0.74	VECO	Veeco Instruments Earnings Call This Week	Pair Corr
0.95	ASM	ASM International	Pair Corr
0.89	ALKAL	Kalray SA	Pair Corr
0.72	TWA	TOWA	Pair Corr
0.93	KU1	Kulicke and Soffa	Pair Corr
0.86	TEY	Teradyne	Pair Corr
0.89	INL	Intel	Pair Corr
0.89	CTNK	Centrotherm International	Pair Corr
0.8	ENPH	Enphase Energy	Pair Corr
0.92	ANL	Analog Devices Earnings Call This Week	Pair Corr
0.96	ENTG	Entegris	Pair Corr
0.68	WAF	Siltronic AG	Pair Corr
0.9	ROM	ROHM Co	Pair Corr
0.74	VNX	NXP Semiconductors	Pair Corr
0.93	2DQ	ASE TECHNHLDGCOLTD	Pair Corr
0.71	ASME	ASML Holding NV	Pair Corr
0.81	AIXA	AIXTRON SE	Pair Corr
0.95	ASMF	ASML HOLDING NY	Pair Corr
0.92	BSI	BE Semiconductor Ind Earnings Call This Week	Pair Corr
0.89	UMCB	United Microelectronics	Pair Corr

Moving against Onto Stock

0.82	DQ	Daqo New Energy	Pair Corr
0.82	5PZ	SOLTEC POWER HOLD Split	Pair Corr
0.78	L5A	Canadian Solar	Pair Corr
0.59	QCE	Global PVQ SE	Pair Corr
0.51	NA	Nano Labs	Pair Corr
0.73	CAN	Canaan Inc	Pair Corr
0.7	FSLR	First Solar	Pair Corr
0.63	ARM	Arm Holdings plc	Pair Corr
0.33	4DS	4DS Memory Earnings Call This Week	Pair Corr

Related Correlations Analysis

	OLED	CRUS	CAMT	SMTC	EXLS	DLB	FOUR	KD	WAY	G
OLED		0.48	0.52	0.62	-0.23	0.24	-0.19	-0.37	-0.36	-0.15	OLED
CRUS	0.48		0.82	0.84	-0.72	0.0	-0.7	-0.74	-0.89	-0.68	CRUS
CAMT	0.52	0.82		0.85	-0.42	-0.39	-0.7	-0.54	-0.84	-0.44	CAMT
SMTC	0.62	0.84	0.85		-0.49	-0.1	-0.66	-0.54	-0.81	-0.46	SMTC
EXLS	-0.23	-0.72	-0.42	-0.49		-0.2	0.56	0.84	0.65	0.97	EXLS
DLB	0.24	0.0	-0.39	-0.1	-0.2		0.3	-0.18	0.21	-0.08	DLB
FOUR	-0.19	-0.7	-0.7	-0.66	0.56	0.3		0.62	0.91	0.54	FOUR
KD	-0.37	-0.74	-0.54	-0.54	0.84	-0.18	0.62		0.69	0.83	KD
WAY	-0.36	-0.89	-0.84	-0.81	0.65	0.21	0.91	0.69		0.63	WAY
G	-0.15	-0.68	-0.44	-0.46	0.97	-0.08	0.54	0.83	0.63		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

G	+ 0.97	EXLS
WAY	+ 0.91	FOUR
SMTC	+ 0.85	CAMT
SMTC	+ 0.84	CRUS
KD	+ 0.84	EXLS
G	+ 0.83	KD

High negative correlations

WAY	- 0.89	CRUS
WAY	- 0.84	CAMT
WAY	- 0.81	SMTC
KD	- 0.74	CRUS
EXLS	- 0.72	CRUS
FOUR	- 0.7	CAMT

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	1.54	(0.02)	0.01	0.05	1.84	(1.68)	3.80	(3.33)	11.22
CRUS	1.42	0.26	0.15	0.36	1.38	(1.59)	3.99	(2.72)	10.50
CAMT	2.80	0.55	0.17	0.47	2.92	(3.17)	7.26	(5.85)	14.74
SMTC	2.58	0.16	0.07	0.14	3.14	(2.86)	6.56	(5.62)	18.27
EXLS	1.48	(0.45)	0.00	(0.37)	0.00	0.00	1.84	(3.39)	21.00
DLB	1.08	(0.01)	(0.02)	0.04	1.41	(1.19)	2.97	(1.56)	9.25
FOUR	1.82	(0.46)	0.00	(0.21)	0.00	0.00	3.16	(3.83)	14.66
KD	3.02	(0.85)	0.00	(0.39)	0.00	0.00	5.27	(6.22)	61.35
WAY	2.05	(0.76)	0.00	(0.58)	0.00	0.00	3.08	(6.95)	15.21
G	1.39	(0.31)	0.00	(0.18)	0.00	0.00	2.19	(2.55)	14.27

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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