MTSI vs. ON

Last updated Jun 3, 2026

MTSI (MACOM Technology Solutions Holdings, Inc.) and ON (ON Semiconductor Corporation) are both stocks. Both operate in the Semiconductors industry within the Technology sector. Over the past 10 years, MTSI returned 26.51%/yr vs 29.48%/yr for ON. A 0.56 correlation means they provide meaningful diversification when combined.

Performance

MTSI vs. ON - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MACOM Technology Solutions Holdings, Inc. (MTSI) 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, MTSI achieves a 123.23% return, which is significantly lower than ON's 137.56% return. Over the past 10 years, MTSI has underperformed ON with an annualized return of 26.51%, while ON has yielded a comparatively higher 29.48% annualized return.

MTSI

• 1D: 8.07%
• 1M: 34.55%
• YTD: 123.23%
• 6M: 114.91%
• 1Y: 208.99%
• 3Y*: 84.15%
• 5Y*: 45.99%
• 10Y*: 26.51%

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)

MTSI vs. ON - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MTSI MACOM Technology Solutions Holdings, Inc.	123.23%	31.85%	39.76%	47.59%	-19.57%	42.26%	106.92%	83.32%	-55.41%	-29.69%
ON ON Semiconductor Corporation	137.56%	-14.12%	-24.52%	33.93%	-8.17%	107.52%	34.25%	47.67%	-21.16%	64.11%

Correlation

The correlation between MTSI 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	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Mar 16, 2012	0.56

The correlation between MTSI and ON shifts across timeframes, from 0.46 (1 year) to 0.65 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap MTSI : $29.49B ON : $50.70B
EPS MTSI : $2.33 ON : $1.42
PE Ratio MTSI : 164.24 ON : 90.77
PS Ratio MTSI : 27.03 ON : 8.59
PB Ratio MTSI : 20.80 ON : 6.94
Total Revenue (TTM) MTSI : $1.07B ON : $6.06B
Gross Profit (TTM) MTSI : $594.25M ON : $2.26B
EBITDA (TTM) MTSI : $245.21M ON : $1.21B

Return for Risk

MTSI vs. ON — Risk / Return Rank

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

MTSI

MTSI Risk / Return Rank: 96
MTSI Sharpe Ratio Rank: 97
MTSI Sortino Ratio Rank: 95
MTSI Omega Ratio Rank: 94
MTSI Calmar Ratio Rank: 98
MTSI Martin Ratio Rank: 97

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.

MTSI vs. ON - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MACOM Technology Solutions Holdings, Inc. (MTSI) 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.

	MTSI	ON	Difference
Sharpe ratio Return per unit of total volatility	4.26	3.79	+0.47
Sortino ratio Return per unit of downside risk	4.08	3.96	+0.11
Omega ratio Gain probability vs. loss probability	1.55	1.51	+0.04
Calmar ratio Return relative to maximum drawdown	10.86	7.34	+3.53
Martin ratio Return relative to average drawdown	28.98	14.87	+14.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MTSI vs. ON - Sharpe Ratio Comparison

The current MTSI Sharpe Ratio is 4.26, which is comparable to the ON Sharpe Ratio of 3.79. The chart below compares the historical Sharpe Ratios of MTSI 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

	MTSI	ON	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.26	3.79	+0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.07	0.53	+0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.58	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.11	+0.35

Drawdowns

MTSI vs. ON - Drawdown Comparison

The maximum MTSI drawdown since its inception was -80.78%, smaller than the maximum ON drawdown of -96.22%. Use the drawdown chart below to compare losses from any high point for MTSI and ON.

Drawdown Indicators

	MTSI	ON	Difference
Max Drawdown Largest peak-to-trough decline	-80.78%	-96.22%	+15.44%
Max Drawdown (1Y) Largest decline over 1 year	-19.74%	-28.10%	+8.36%
Max Drawdown (3Y) Largest decline over 3 years	-41.09%	-70.44%	+29.35%
Max Drawdown (5Y) Largest decline over 5 years	-44.86%	-70.44%	+25.58%
Max Drawdown (10Y) Largest decline over 10 years	-80.78%	-70.44%	-10.34%
Current Drawdown Current decline from peak	-6.67%	0.00%	-6.67%
Average Drawdown Average peak-to-trough decline	-26.25%	-53.24%	+26.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.40%	13.86%	-6.46%

Volatility

MTSI vs. ON - Volatility Comparison

MACOM Technology Solutions Holdings, Inc. (MTSI) and ON Semiconductor Corporation (ON) have volatilities of 19.65% and 19.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTSI	ON	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.65%	19.90%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	38.82%	38.52%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	49.39%	53.75%	-4.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.36%	52.96%	-9.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.31%	50.91%	+1.40%

Dividends

MTSI vs. ON - Dividend Comparison

Neither MTSI nor ON has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

MTSI vs. ON - Profitability Comparison

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

MTSI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, MACOM Technology Solutions Holdings, Inc. reported a gross profit of 164.43M and revenue of 288.96M. Therefore, the gross margin over that period was 56.9%.

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%.

MTSI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, MACOM Technology Solutions Holdings, Inc. reported an operating income of 50.83M and revenue of 288.96M, resulting in an operating margin of 17.6%.

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%.

MTSI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, MACOM Technology Solutions Holdings, Inc. reported a net income of 46.33M and revenue of 288.96M, resulting in a net margin of 16.0%.

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 MTSI and ON in my portfolio?

MTSI 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, MTSI or ON?

ON has higher volatility (19.90%) compared to MTSI (19.65%). In terms of maximum drawdown, MTSI dropped -80.78% vs ON's -96.22%.

Which has better risk-adjusted returns?

MTSI currently has the higher Sharpe Ratio (4.26 vs 3.79), 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.