ON vs. ALGN
ON (ON Semiconductor Corporation) and ALGN (Align Technology, Inc.) are both stocks. ON operates in Semiconductors (Technology), while ALGN operates in Medical Devices (Healthcare). Over the past 10 years, ON returned 28.16%/yr vs 8.27%/yr for ALGN. At a 0.37 correlation, their price movements are largely independent.
Performance
ON vs. ALGN - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ON achieves a 115.68% return, which is significantly higher than ALGN's 11.97% return. Over the past 10 years, ON has outperformed ALGN with an annualized return of 28.16%, while ALGN has yielded a comparatively lower 8.27% annualized return.
ON
- 1D
- 0.72%
- 1M
- -1.33%
- YTD
- 115.68%
- 6M
- 112.50%
- 1Y
- 128.91%
- 3Y*
- 8.02%
- 5Y*
- 25.32%
- 10Y*
- 28.16%
ALGN
- 1D
- -0.95%
- 1M
- 8.91%
- YTD
- 11.97%
- 6M
- 5.69%
- 1Y
- -1.69%
- 3Y*
- -18.42%
- 5Y*
- -22.15%
- 10Y*
- 8.27%
ON vs. ALGN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ON ON Semiconductor Corporation | 115.68% | -14.12% | -24.52% | 33.93% | -8.17% | 107.52% | 34.25% | 47.67% | -21.16% | 64.11% |
ALGN Align Technology, Inc. | 11.97% | -25.11% | -23.90% | 29.92% | -67.91% | 22.98% | 91.51% | 33.24% | -5.74% | 131.13% |
Correlation
The correlation between ON and ALGN 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 | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2001 | 0.37 |
The correlation between ON and ALGN shifts across timeframes, from 0.37 (all time) to 0.49 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
ON:
$46.03B
ALGN:
$12.52B
ON:
$1.42
ALGN:
$5.96
ON:
82.41
ALGN:
29.32
ON:
7.80
ALGN:
3.08
ON:
6.30
ALGN:
3.02
ON:
$6.06B
ALGN:
$4.10B
ON:
$2.26B
ALGN:
$2.77B
ON:
$1.21B
ALGN:
$776.15M
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ON vs. ALGN — Risk / Return Rank
ON
ALGN
ON vs. ALGN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ON Semiconductor Corporation (ON) and Align Technology, Inc. (ALGN). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ON | ALGN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.31 | ||
| Sortino ratioReturn per unit of downside risk | +2.48 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.05 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 4.31 | -0.10 | +4.41 |
| Martin ratioReturn relative to average drawdown | 8.63 | -0.16 | +8.79 |
Loading charts...
Drawdowns
ON vs. ALGN - Drawdown Comparison
The maximum ON drawdown since its inception was -96.34%, roughly equal to the maximum ALGN drawdown of -92.83%. Use the drawdown chart below to compare losses from any high point for ON and ALGN.
Loading charts...
Drawdown Indicators
| ON | ALGN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.34% | -92.83% | -3.51% |
Max Drawdown (1Y)Largest decline over 1 year | -28.10% | -39.73% | +11.63% |
Max Drawdown (3Y)Largest decline over 3 years | -70.44% | -67.59% | -2.85% |
Max Drawdown (5Y)Largest decline over 5 years | -70.44% | -82.89% | +12.45% |
Max Drawdown (10Y)Largest decline over 10 years | -70.44% | -82.89% | +12.45% |
Current DrawdownCurrent decline from peak | -12.80% | -76.05% | +63.25% |
Average DrawdownAverage peak-to-trough decline | -53.91% | -37.96% | -15.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.01% | 23.97% | -9.96% |
Volatility
ON vs. ALGN - Volatility Comparison
ON Semiconductor Corporation (ON) has a higher volatility of 22.04% compared to Align Technology, Inc. (ALGN) at 13.05%. This indicates that ON's price experiences larger fluctuations and is considered to be riskier than ALGN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ON | ALGN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.04% | 13.05% | +8.99% |
Volatility (6M)Calculated over the trailing 6-month period | 40.05% | 29.02% | +11.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.10% | 52.95% | +1.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 53.32% | 49.58% | +3.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 51.10% | 49.08% | +2.02% |
Dividends
ON vs. ALGN - Dividend Comparison
Neither ON nor ALGN has paid dividends to shareholders.
Financials
ON vs. ALGN - Financials Comparison
This section allows you to compare key financial metrics between ON Semiconductor Corporation and Align Technology, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
ON vs. ALGN - Profitability Comparison
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%.
ALGN - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Align Technology, Inc. reported a gross profit of 736.59M and revenue of 1.04B. Therefore, the gross margin over that period was 70.8%.
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%.
ALGN - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Align Technology, Inc. reported an operating income of 141.96M and revenue of 1.04B, resulting in an operating margin of 13.7%.
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%.
ALGN - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Align Technology, Inc. reported a net income of 112.77M and revenue of 1.04B, resulting in a net margin of 10.8%.
Frequently Asked Questions
ON and ALGN 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.
ON has higher volatility (22.04%) compared to ALGN (13.05%). In terms of maximum drawdown, ON dropped -96.34% vs ALGN's -92.83%.
ON currently has the higher Sharpe Ratio (2.24 vs -0.07), 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.
Find the right allocation for ON and ALGN
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer