NVMI vs. ONTO

Last updated Jun 3, 2026

NVMI (Nova Ltd) and ONTO (Onto Innovation Inc.) are both stocks. Both operate in the Semiconductor Equipment & Materials industry within the Technology sector. Over the past 10 years, NVMI returned 46.07%/yr vs 30.84%/yr for ONTO. At a 0.38 correlation, their price movements are largely independent.

Performance

NVMI vs. ONTO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nova Ltd (NVMI) 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, NVMI achieves a 59.30% return, which is significantly lower than ONTO's 76.12% return. Over the past 10 years, NVMI has outperformed ONTO with an annualized return of 46.07%, while ONTO has yielded a comparatively lower 30.84% annualized return.

NVMI

• 1D: 8.57%
• 1M: 5.79%
• YTD: 59.30%
• 6M: 65.18%
• 1Y: 146.99%
• 3Y*: 67.20%
• 5Y*: 39.62%
• 10Y*: 46.07%

ONTO

• 1D: 8.72%
• 1M: -5.09%
• YTD: 76.12%
• 6M: 80.52%
• 1Y: 199.72%
• 3Y*: 37.38%
• 5Y*: 31.91%
• 10Y*: 30.84%

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

NVMI vs. ONTO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NVMI Nova Ltd	59.30%	66.74%	43.35%	68.21%	-44.25%	107.51%	86.62%	66.07%	-12.08%	96.88%
ONTO Onto Innovation Inc.	76.12%	-5.29%	9.01%	124.56%	-32.74%	112.89%	30.13%	33.70%	9.67%	-0.56%

Correlation

The correlation between NVMI and ONTO is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Apr 12, 2000	0.38

Over the past year, NVMI and ONTO have become more correlated (0.68) than their long-term average of 0.38, meaning their price movements have been converging.

Fundamentals

Market Cap NVMI : $18.02B ONTO : $13.90B
EPS NVMI : $7.94 ONTO : $2.15
PE Ratio NVMI : 65.87 ONTO : 129.11
PEG Ratio NVMI : 2.28 ONTO : 11.58
PS Ratio NVMI : 19.24 ONTO : 13.33
PB Ratio NVMI : 12.98 ONTO : 6.52
Total Revenue (TTM) NVMI : $902.53M ONTO : $1.03B
Gross Profit (TTM) NVMI : $518.59M ONTO : $502.93M
EBITDA (TTM) NVMI : $293.89M ONTO : $177.93M

Return for Risk

NVMI vs. ONTO — Risk / Return Rank

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

NVMI

NVMI Risk / Return Rank: 91
NVMI Sharpe Ratio Rank: 93
NVMI Sortino Ratio Rank: 87
NVMI Omega Ratio Rank: 86
NVMI Calmar Ratio Rank: 94
NVMI Martin Ratio Rank: 94

ONTO

ONTO Risk / Return Rank: 95
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.

NVMI vs. ONTO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nova Ltd (NVMI) 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.

	NVMI	ONTO	Difference
Sharpe ratio Return per unit of total volatility	2.84	3.64	-0.80
Sortino ratio Return per unit of downside risk	2.98	3.59	-0.61
Omega ratio Gain probability vs. loss probability	1.39	1.45	-0.06
Calmar ratio Return relative to maximum drawdown	6.72	10.00	-3.28
Martin ratio Return relative to average drawdown	18.24	28.05	-9.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVMI vs. ONTO - Sharpe Ratio Comparison

The current NVMI Sharpe Ratio is 2.84, which is comparable to the ONTO Sharpe Ratio of 3.64. The chart below compares the historical Sharpe Ratios of NVMI 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

	NVMI	ONTO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.84	3.64	-0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.58	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.07	0.61	+0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.21	0.00

Drawdowns

NVMI vs. ONTO - Drawdown Comparison

The maximum NVMI drawdown since its inception was -98.22%, roughly equal to the maximum ONTO drawdown of -98.56%. Use the drawdown chart below to compare losses from any high point for NVMI and ONTO.

Drawdown Indicators

	NVMI	ONTO	Difference
Max Drawdown Largest peak-to-trough decline	-98.22%	-98.56%	+0.34%
Max Drawdown (1Y) Largest decline over 1 year	-21.56%	-20.24%	-1.32%
Max Drawdown (3Y) Largest decline over 3 years	-40.79%	-62.82%	+22.03%
Max Drawdown (5Y) Largest decline over 5 years	-52.76%	-62.82%	+10.06%
Max Drawdown (10Y) Largest decline over 10 years	-52.76%	-62.82%	+10.06%
Current Drawdown Current decline from peak	-5.93%	-9.69%	+3.76%
Average Drawdown Average peak-to-trough decline	-51.82%	-54.74%	+2.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.94%	7.22%	+0.72%

Volatility

NVMI vs. ONTO - Volatility Comparison

Nova Ltd (NVMI) has a higher volatility of 22.16% compared to Onto Innovation Inc. (ONTO) at 17.52%. This indicates that NVMI'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

	NVMI	ONTO	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.16%	17.52%	+4.64%
Volatility (6M) Calculated over the trailing 6-month period	39.32%	41.20%	-1.88%
Volatility (1Y) Calculated over the trailing 1-year period	52.03%	55.20%	-3.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.06%	55.25%	-8.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.16%	51.14%	-7.98%

Dividends

NVMI vs. ONTO - Dividend Comparison

Neither NVMI nor ONTO has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

NVMI vs. ONTO - Profitability Comparison

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

NVMI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Nova Ltd reported a gross profit of 135.69M and revenue of 235.31M. Therefore, the gross margin over that period was 57.7%.

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%.

NVMI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Nova Ltd reported an operating income of 70.84M and revenue of 235.31M, resulting in an operating margin of 30.1%.

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%.

NVMI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Nova Ltd reported a net income of 69.26M and revenue of 235.31M, resulting in a net margin of 29.4%.

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 NVMI and ONTO in my portfolio?

NVMI and ONTO have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVMI or ONTO?

NVMI has higher volatility (22.16%) compared to ONTO (17.52%). In terms of maximum drawdown, NVMI dropped -98.22% vs ONTO's -98.56%.

Which has better risk-adjusted returns?

ONTO currently has the higher Sharpe Ratio (3.64 vs 2.84), 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.