CW vs. ONTO

Last updated Jun 9, 2026

CW (Curtiss-Wright Corporation) and ONTO (Onto Innovation Inc.) are both stocks. CW operates in Specialty Industrial Machinery (Industrials), while ONTO operates in Semiconductor Equipment & Materials (Technology). Over the past 10 years, CW returned 24.24%/yr vs 30.54%/yr for ONTO. At a 0.28 correlation, their price movements are largely independent.

Performance

CW vs. ONTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Curtiss-Wright Corporation (CW) and Onto Innovation Inc. (ONTO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CW achieves a 30.89% return, which is significantly lower than ONTO's 70.40% return. Over the past 10 years, CW has underperformed ONTO with an annualized return of 24.24%, while ONTO has yielded a comparatively higher 30.54% annualized return.

CW

• 1D: -1.61%
• 1M: -1.08%
• YTD: 30.89%
• 6M: 31.73%
• 1Y: 59.68%
• 3Y*: 61.13%
• 5Y*: 42.19%
• 10Y*: 24.24%

ONTO

• 1D: 6.22%
• 1M: -5.51%
• YTD: 70.40%
• 6M: 67.58%
• 1Y: 179.91%
• 3Y*: 34.68%
• 5Y*: 29.93%
• 10Y*: 30.54%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CW vs. ONTO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CW Curtiss-Wright Corporation	30.89%	55.66%	59.73%	33.98%	21.03%	19.86%	-16.83%	38.70%	-15.79%	24.56%
ONTO Onto Innovation Inc.	70.40%	-5.29%	9.01%	124.56%	-32.74%	112.89%	30.13%	33.70%	9.67%	-0.56%

Correlation

The correlation between CW and ONTO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Feb 27, 1992	0.28

The correlation between CW and ONTO shifts across timeframes, from 0.28 (all time) to 0.42 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap CW : $26.73B ONTO : $13.45B
EPS CW : $13.64 ONTO : $2.15
PE Ratio CW : 52.89 ONTO : 124.91
PEG Ratio CW : 2.89 ONTO : 11.20
PS Ratio CW : 7.49 ONTO : 12.90
PB Ratio CW : 10.16 ONTO : 6.31
Total Revenue (TTM) CW : $3.61B ONTO : $1.03B
Gross Profit (TTM) CW : $1.34B ONTO : $502.93M
EBITDA (TTM) CW : $745.31M ONTO : $177.93M

Return for Risk

CW vs. ONTO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CW

CW Risk / Return Rank: 87
CW Sharpe Ratio Rank: 87
CW Sortino Ratio Rank: 82
CW Omega Ratio Rank: 81
CW Calmar Ratio Rank: 91
CW Martin Ratio Rank: 92

ONTO

ONTO Risk / Return Rank: 94
ONTO Sharpe Ratio Rank: 96
ONTO Sortino Ratio Rank: 92
ONTO Omega Ratio Rank: 90
ONTO Calmar Ratio Rank: 97
ONTO Martin Ratio Rank: 97

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CW vs. ONTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Curtiss-Wright Corporation (CW) and Onto Innovation Inc. (ONTO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CW	ONTO	Difference
Sharpe ratio: Return per unit of total volatility	1.84	3.23	-1.39
Sortino ratio: Return per unit of downside risk	2.38	3.33	-0.95
Omega ratio: Gain probability vs. loss probability	1.31	1.41	-0.11
Calmar ratio: Return relative to maximum drawdown	4.63	8.94	-4.32
Martin ratio: Return relative to average drawdown	13.46	24.42	-10.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CW vs. ONTO - Sharpe Ratio Comparison

The current CW Sharpe Ratio is 1.84, which is lower than the ONTO Sharpe Ratio of 3.23. The chart below compares the historical Sharpe Ratios of CW and ONTO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CW	ONTO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	3.23	-1.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.53	0.54	+0.98
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.60	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.21	+0.39

Drawdowns

CW vs. ONTO - Drawdown Comparison

The maximum CW drawdown since its inception was -59.19%, smaller than the maximum ONTO drawdown of -98.56%. Use the drawdown chart below to compare losses from any high point for CW and ONTO.

Drawdown Indicators

	CW	ONTO	Difference
Max Drawdown Largest peak-to-trough decline	-59.19%	-98.56%	+39.37%
Max Drawdown (1Y) Largest decline over 1 year	-12.97%	-20.24%	+7.27%
Max Drawdown (3Y) Largest decline over 3 years	-27.21%	-62.82%	+35.61%
Max Drawdown (5Y) Largest decline over 5 years	-27.21%	-62.82%	+35.61%
Max Drawdown (10Y) Largest decline over 10 years	-48.73%	-62.82%	+14.09%
Current Drawdown Current decline from peak	-3.95%	-12.63%	+8.68%
Average Drawdown Average peak-to-trough decline	-13.90%	-54.72%	+40.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.45%	7.40%	-2.95%

Volatility

CW vs. ONTO - Volatility Comparison

The current volatility for Curtiss-Wright Corporation (CW) is 8.88%, while Onto Innovation Inc. (ONTO) has a volatility of 18.61%. This indicates that CW experiences smaller price fluctuations and is considered to be less risky than ONTO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CW	ONTO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.88%	18.61%	-9.73%
Volatility (6M) Calculated over the trailing 6-month period	25.62%	42.21%	-16.59%
Volatility (1Y) Calculated over the trailing 1-year period	32.71%	56.16%	-23.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.79%	55.41%	-27.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.28%	51.23%	-20.95%

Dividends

CW vs. ONTO - Dividend Comparison

CW's dividend yield for the trailing twelve months is around 0.13%, while ONTO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CW Curtiss-Wright Corporation	0.13%	0.17%	0.23%	0.35%	0.45%	0.51%	0.58%	0.47%	0.59%	0.46%	0.53%	0.76%
ONTO Onto Innovation Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

CW vs. ONTO - Profitability Comparison

The chart below illustrates the profitability comparison between Curtiss-Wright Corporation and Onto Innovation Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CW - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Curtiss-Wright Corporation reported a gross profit of 331.48M and revenue of 913.69M. Therefore, the gross margin over that period was 36.3%.

ONTO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Onto Innovation Inc. reported a gross profit of 146.39M and revenue of 291.95M. Therefore, the gross margin over that period was 50.1%.

CW - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Curtiss-Wright Corporation reported an operating income of 160.42M and revenue of 913.69M, resulting in an operating margin of 17.6%.

ONTO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Onto Innovation Inc. reported an operating income of 33.51M and revenue of 291.95M, resulting in an operating margin of 11.5%.

CW - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Curtiss-Wright Corporation reported a net income of 128.19M and revenue of 913.69M, resulting in a net margin of 14.0%.

ONTO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Onto Innovation Inc. reported a net income of 33.75M and revenue of 291.95M, resulting in a net margin of 11.6%.

Frequently Asked Questions

Can I hold both CW and ONTO in my portfolio?

CW and ONTO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CW or ONTO?

ONTO has higher volatility (18.61%) compared to CW (8.88%). In terms of maximum drawdown, CW dropped -59.19% vs ONTO's -98.56%.

Which has better risk-adjusted returns?

ONTO currently has the higher Sharpe Ratio (3.23 vs 1.84), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.