FORM vs. ONTO

Last updated Jun 4, 2026

FORM (FormFactor, Inc.) and ONTO (Onto Innovation Inc.) are both stocks. Both are in the Technology sector — FORM in Semiconductors, ONTO in Semiconductor Equipment & Materials. Over the past 10 years, FORM returned 32.81%/yr vs 30.93%/yr for ONTO. At a 0.48 correlation, their price movements are largely independent.

Performance

FORM vs. ONTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FormFactor, Inc. (FORM) 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, FORM achieves a 125.92% return, which is significantly higher than ONTO's 77.36% return. Over the past 10 years, FORM has outperformed ONTO with an annualized return of 32.81%, while ONTO has yielded a comparatively lower 30.93% annualized return.

FORM

• 1D: 0.73%
• 1M: -6.21%
• YTD: 125.92%
• 6M: 120.08%
• 1Y: 301.85%
• 3Y*: 58.75%
• 5Y*: 29.27%
• 10Y*: 32.81%

ONTO

• 1D: 0.70%
• 1M: -6.53%
• YTD: 77.36%
• 6M: 77.07%
• 1Y: 193.14%
• 3Y*: 37.71%
• 5Y*: 31.22%
• 10Y*: 30.93%

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

FORM vs. ONTO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FORM FormFactor, Inc.	125.92%	26.77%	5.49%	87.63%	-51.38%	6.28%	65.65%	84.32%	-9.97%	39.73%
ONTO Onto Innovation Inc.	77.36%	-5.29%	9.01%	124.56%	-32.74%	112.89%	30.13%	33.70%	9.67%	-0.56%

Correlation

The correlation between FORM and ONTO is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jun 13, 2003	0.48

The correlation between FORM and ONTO shifts across timeframes, from 0.48 (all time) to 0.74 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap FORM : $10.01B ONTO : $14.00B
EPS FORM : $0.87 ONTO : $2.15
PE Ratio FORM : 144.62 ONTO : 130.02
PS Ratio FORM : 11.77 ONTO : 13.42
PB Ratio FORM : 9.45 ONTO : 6.57
Total Revenue (TTM) FORM : $839.78M ONTO : $1.03B
Gross Profit (TTM) FORM : $332.34M ONTO : $502.93M
EBITDA (TTM) FORM : $97.87M ONTO : $177.93M

Return for Risk

FORM vs. ONTO — Risk / Return Rank

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

FORM

FORM Risk / Return Rank: 96
FORM Sharpe Ratio Rank: 98
FORM Sortino Ratio Rank: 94
FORM Omega Ratio Rank: 94
FORM Calmar Ratio Rank: 98
FORM Martin Ratio Rank: 97

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.

FORM vs. ONTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FormFactor, Inc. (FORM) 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.

	FORM	ONTO	Difference
Sharpe ratio Return per unit of total volatility	4.47	3.53	+0.94
Sortino ratio Return per unit of downside risk	3.99	3.53	+0.46
Omega ratio Gain probability vs. loss probability	1.55	1.44	+0.11
Calmar ratio Return relative to maximum drawdown	11.79	9.60	+2.18
Martin ratio Return relative to average drawdown	27.93	26.80	+1.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FORM vs. ONTO - Sharpe Ratio Comparison

The current FORM Sharpe Ratio is 4.47, which is comparable to the ONTO Sharpe Ratio of 3.53. The chart below compares the historical Sharpe Ratios of FORM 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

	FORM	ONTO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.47	3.53	+0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.57	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.61	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.21	-0.03

Drawdowns

FORM vs. ONTO - Drawdown Comparison

The maximum FORM drawdown since its inception was -92.36%, smaller than the maximum ONTO drawdown of -98.56%. Use the drawdown chart below to compare losses from any high point for FORM and ONTO.

Drawdown Indicators

	FORM	ONTO	Difference
Max Drawdown Largest peak-to-trough decline	-92.36%	-98.56%	+6.20%
Max Drawdown (1Y) Largest decline over 1 year	-25.80%	-20.24%	-5.56%
Max Drawdown (3Y) Largest decline over 3 years	-62.75%	-62.82%	+0.07%
Max Drawdown (5Y) Largest decline over 5 years	-62.75%	-62.82%	+0.07%
Max Drawdown (10Y) Largest decline over 10 years	-64.42%	-62.82%	-1.60%
Current Drawdown Current decline from peak	-18.74%	-9.06%	-9.68%
Average Drawdown Average peak-to-trough decline	-51.51%	-54.74%	+3.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.86%	7.24%	+3.62%

Volatility

FORM vs. ONTO - Volatility Comparison

FormFactor, Inc. (FORM) has a higher volatility of 24.61% compared to Onto Innovation Inc. (ONTO) at 17.35%. This indicates that FORM's price experiences larger fluctuations and is considered to be riskier than ONTO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FORM	ONTO	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.61%	17.35%	+7.26%
Volatility (6M) Calculated over the trailing 6-month period	48.36%	41.14%	+7.22%
Volatility (1Y) Calculated over the trailing 1-year period	68.20%	55.20%	+13.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.58%	55.24%	+0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.11%	51.13%	+1.98%

Dividends

FORM vs. ONTO - Dividend Comparison

Neither FORM nor ONTO has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

FORM vs. ONTO - Profitability Comparison

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

FORM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, FormFactor, Inc. reported a gross profit of 86.79M and revenue of 226.14M. Therefore, the gross margin over that period was 38.4%.

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%.

FORM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, FormFactor, Inc. reported an operating income of 16.65M and revenue of 226.14M, resulting in an operating margin of 7.4%.

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%.

FORM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, FormFactor, Inc. reported a net income of 20.38M and revenue of 226.14M, resulting in a net margin of 9.0%.

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 FORM and ONTO in my portfolio?

FORM and ONTO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FORM or ONTO?

FORM has higher volatility (24.61%) compared to ONTO (17.35%). In terms of maximum drawdown, FORM dropped -92.36% vs ONTO's -98.56%.

Which has better risk-adjusted returns?

FORM currently has the higher Sharpe Ratio (4.47 vs 3.53), 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.