ON vs. CDNS
ON (ON Semiconductor Corporation) and CDNS (Cadence Design Systems, Inc.) are both stocks. Both are in the Technology sector — ON in Semiconductors, CDNS in Software - Application. Over the past 10 years, ON returned 28.56%/yr vs 31.92%/yr for CDNS. At a 0.45 correlation, their price movements are largely independent.
Performance
ON vs. CDNS - Performance Comparison
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Returns By Period
In the year-to-date period, ON achieves a 123.27% return, which is significantly higher than CDNS's 26.12% return. Over the past 10 years, ON has underperformed CDNS with an annualized return of 28.56%, while CDNS has yielded a comparatively higher 31.92% annualized return.
ON
- 1D
- 3.10%
- 1M
- 17.15%
- YTD
- 123.27%
- 6M
- 114.44%
- 1Y
- 140.98%
- 3Y*
- 10.74%
- 5Y*
- 26.56%
- 10Y*
- 28.56%
CDNS
- 1D
- 4.80%
- 1M
- 8.70%
- YTD
- 26.12%
- 6M
- 16.88%
- 1Y
- 32.76%
- 3Y*
- 19.80%
- 5Y*
- 25.79%
- 10Y*
- 31.92%
ON vs. CDNS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ON ON Semiconductor Corporation | 123.27% | -14.12% | -24.52% | 33.93% | -8.17% | 107.52% | 34.25% | 47.67% | -21.16% | 64.11% |
CDNS Cadence Design Systems, Inc. | 26.12% | 4.03% | 10.31% | 69.55% | -13.80% | 36.59% | 96.70% | 59.52% | 3.97% | 65.82% |
Correlation
The correlation between ON and CDNS is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since May 2, 2000 | 0.45 |
The correlation between ON and CDNS shifts across timeframes, from 0.37 (1 year) to 0.54 (10 years), reflecting how their relationship changes across market environments.
Fundamentals
ON:
$47.65B
CDNS:
$107.91B
ON:
$1.42
CDNS:
$4.28
ON:
85.31
CDNS:
92.03
ON:
8.07
CDNS:
19.49
ON:
6.53
CDNS:
12.37
ON:
$6.06B
CDNS:
$5.53B
ON:
$2.26B
CDNS:
$4.91B
ON:
$1.21B
CDNS:
$1.87B
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Return for Risk
ON vs. CDNS — Risk / Return Rank
ON
CDNS
ON vs. CDNS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ON Semiconductor Corporation (ON) and Cadence Design Systems, Inc. (CDNS). 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.
| ON | CDNS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.79 | ||
| Sortino ratioReturn per unit of downside risk | +1.64 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.18 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 5.05 | 1.14 | +3.91 |
| Martin ratioReturn relative to average drawdown | 10.18 | 2.42 | +7.77 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ON | CDNS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.64 | 0.85 | +1.79 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.50 | 0.72 | -0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 0.94 | -0.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.11 | 0.24 | -0.14 |
Drawdowns
ON vs. CDNS - Drawdown Comparison
The maximum ON drawdown since its inception was -96.22%, roughly equal to the maximum CDNS drawdown of -93.13%. Use the drawdown chart below to compare losses from any high point for ON and CDNS.
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Drawdown Indicators
| ON | CDNS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.22% | -93.13% | -3.09% |
Max Drawdown (1Y)Largest decline over 1 year | -28.10% | -28.85% | +0.75% |
Max Drawdown (3Y)Largest decline over 3 years | -70.44% | -29.05% | -41.39% |
Max Drawdown (5Y)Largest decline over 5 years | -70.44% | -29.59% | -40.85% |
Max Drawdown (10Y)Largest decline over 10 years | -70.44% | -32.12% | -38.32% |
Current DrawdownCurrent decline from peak | -9.73% | -5.32% | -4.41% |
Average DrawdownAverage peak-to-trough decline | -53.21% | -39.64% | -13.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.90% | 13.60% | +0.30% |
Volatility
ON vs. CDNS - Volatility Comparison
ON Semiconductor Corporation (ON) has a higher volatility of 23.24% compared to Cadence Design Systems, Inc. (CDNS) at 16.58%. This indicates that ON's price experiences larger fluctuations and is considered to be riskier than CDNS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ON | CDNS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.24% | 16.58% | +6.66% |
Volatility (6M)Calculated over the trailing 6-month period | 39.22% | 31.69% | +7.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.86% | 39.02% | +14.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 53.20% | 36.20% | +17.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 51.05% | 34.13% | +16.92% |
Dividends
ON vs. CDNS - Dividend Comparison
Neither ON nor CDNS has paid dividends to shareholders.
Financials
ON vs. CDNS - Financials Comparison
This section allows you to compare key financial metrics between ON Semiconductor Corporation and Cadence Design Systems, 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. CDNS - 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%.
CDNS - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Cadence Design Systems, Inc. reported a gross profit of 1.41B and revenue of 1.47B. Therefore, the gross margin over that period was 95.9%.
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%.
CDNS - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Cadence Design Systems, Inc. reported an operating income of 431.33M and revenue of 1.47B, resulting in an operating margin of 29.3%.
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%.
CDNS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Cadence Design Systems, Inc. reported a net income of 335.66M and revenue of 1.47B, resulting in a net margin of 22.8%.
Frequently Asked Questions
ON and CDNS have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ON has higher volatility (23.24%) compared to CDNS (16.58%). In terms of maximum drawdown, ON dropped -96.22% vs CDNS's -93.13%.
ON currently has the higher Sharpe Ratio (2.64 vs 0.85), 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.
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