INDI vs. ON

Last updated Jun 3, 2026

INDI (indie Semiconductor, Inc.) and ON (ON Semiconductor Corporation) are both stocks. Both are in the Technology sector — INDI in Semiconductor Equipment & Materials, ON in Semiconductors. Over the past 3 years, INDI returned -19.18%/yr vs 14.00%/yr for ON. A 0.57 correlation means they provide meaningful diversification when combined.

Performance

INDI vs. ON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in indie Semiconductor, Inc. (INDI) and ON Semiconductor Corporation (ON). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INDI achieves a 44.48% return, which is significantly lower than ON's 137.56% return.

INDI

• 1D: 4.72%
• 1M: 16.17%
• YTD: 44.48%
• 6M: 33.16%
• 1Y: 95.40%
• 3Y*: -19.18%
• 5Y*: —
• 10Y*: —

ON

• 1D: 6.38%
• 1M: 24.86%
• YTD: 137.56%
• 6M: 149.88%
• 1Y: 202.40%
• 3Y*: 14.00%
• 5Y*: 27.80%
• 10Y*: 29.48%

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

INDI vs. ON - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
INDI indie Semiconductor, Inc.	44.48%	-12.84%	-50.06%	39.11%	-51.38%	10.30%
ON ON Semiconductor Corporation	137.56%	-14.12%	-24.52%	33.93%	-8.17%	79.83%

Correlation

The correlation between INDI and ON is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jun 11, 2021	0.57

The correlation between INDI and ON shifts across timeframes, from 0.46 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap INDI : $1.02T ON : $50.70B
EPS INDI : -$0.00 ON : $1.42
PS Ratio INDI : 1.17K ON : 8.59
PB Ratio INDI : 2.91K ON : 6.94
Total Revenue (TTM) INDI : $218.77M ON : $6.06B
Gross Profit (TTM) INDI : $26.51M ON : $2.26B
EBITDA (TTM) INDI : -$112.16M ON : $1.21B

Return for Risk

INDI vs. ON — Risk / Return Rank

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

INDI

INDI Risk / Return Rank: 71
INDI Sharpe Ratio Rank: 75
INDI Sortino Ratio Rank: 76
INDI Omega Ratio Rank: 70
INDI Calmar Ratio Rank: 69
INDI Martin Ratio Rank: 66

ON

ON Risk / Return Rank: 94
ON Sharpe Ratio Rank: 97
ON Sortino Ratio Rank: 94
ON Omega Ratio Rank: 93
ON Calmar Ratio Rank: 95
ON Martin Ratio Rank: 92

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.

INDI vs. ON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for indie Semiconductor, Inc. (INDI) and ON Semiconductor Corporation (ON). 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.

	INDI	ON	Difference
Sharpe ratio Return per unit of total volatility	1.20	3.79	-2.59
Sortino ratio Return per unit of downside risk	2.09	3.96	-1.87
Omega ratio Gain probability vs. loss probability	1.23	1.51	-0.28
Calmar ratio Return relative to maximum drawdown	1.56	7.34	-5.78
Martin ratio Return relative to average drawdown	3.04	14.87	-11.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INDI vs. ON - Sharpe Ratio Comparison

The current INDI Sharpe Ratio is 1.20, which is lower than the ON Sharpe Ratio of 3.79. The chart below compares the historical Sharpe Ratios of INDI and ON, 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

	INDI	ON	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.20	3.79	-2.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.53	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.18	0.11	-0.29

Drawdowns

INDI vs. ON - Drawdown Comparison

The maximum INDI drawdown since its inception was -89.91%, smaller than the maximum ON drawdown of -96.22%. Use the drawdown chart below to compare losses from any high point for INDI and ON.

Drawdown Indicators

	INDI	ON	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-96.22%	+6.31%
Max Drawdown (1Y) Largest decline over 1 year	-59.33%	-28.10%	-31.23%
Max Drawdown (3Y) Largest decline over 3 years	-85.09%	-70.44%	-14.65%
Max Drawdown (5Y) Largest decline over 5 years	—	-70.44%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-70.44%	—
Current Drawdown Current decline from peak	-67.82%	0.00%	-67.82%
Average Drawdown Average peak-to-trough decline	-56.76%	-53.24%	-3.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.39%	13.86%	+16.53%

Volatility

INDI vs. ON - Volatility Comparison

indie Semiconductor, Inc. (INDI) has a higher volatility of 25.23% compared to ON Semiconductor Corporation (ON) at 19.90%. This indicates that INDI's price experiences larger fluctuations and is considered to be riskier than ON based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INDI	ON	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.23%	19.90%	+5.33%
Volatility (6M) Calculated over the trailing 6-month period	54.24%	38.52%	+15.72%
Volatility (1Y) Calculated over the trailing 1-year period	79.86%	53.75%	+26.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	79.04%	52.96%	+26.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	79.04%	50.91%	+28.13%

Dividends

INDI vs. ON - Dividend Comparison

Neither INDI nor ON has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

INDI vs. ON - Profitability Comparison

The chart below illustrates the profitability comparison between indie Semiconductor, Inc. and ON Semiconductor Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

INDI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, indie Semiconductor, Inc. reported a gross profit of 0.00 and revenue of 55.46M. Therefore, the gross margin over that period was 0.0%.

ON - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, ON Semiconductor Corporation reported a gross profit of 583.10M and revenue of 1.51B. Therefore, the gross margin over that period was 38.5%.

INDI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, indie Semiconductor, Inc. reported an operating income of -38.87M and revenue of 55.46M, resulting in an operating margin of -70.1%.

ON - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, ON Semiconductor Corporation reported an operating income of -53.40M and revenue of 1.51B, resulting in an operating margin of -3.5%.

INDI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, indie Semiconductor, Inc. reported a net income of -43.19M and revenue of 55.46M, resulting in a net margin of -77.9%.

ON - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, ON Semiconductor Corporation reported a net income of -33.40M and revenue of 1.51B, resulting in a net margin of -2.2%.

Frequently Asked Questions

Can I hold both INDI and ON in my portfolio?

INDI and ON have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INDI or ON?

INDI has higher volatility (25.23%) compared to ON (19.90%). In terms of maximum drawdown, INDI dropped -89.91% vs ON's -96.22%.

Which has better risk-adjusted returns?

ON currently has the higher Sharpe Ratio (3.79 vs 1.20), 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.