ON vs. DIOD
ON (ON Semiconductor Corporation) and DIOD (Diodes Incorporated) are both stocks. Both operate in the Semiconductors industry within the Technology sector. Over the past 10 years, ON returned 23.72%/yr vs 16.41%/yr for DIOD. Their 0.54 correlation means they have sometimes moved together and sometimes differently.
Performance
ON vs. DIOD - Performance Comparison
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Returns By Period
In the year-to-date period, ON achieves a 50.71% return, which is significantly lower than DIOD's 66.84% return. Over the past 10 years, ON has outperformed DIOD with an annualized return of 23.72%, while DIOD has yielded a comparatively lower 16.41% annualized return.
ON
- 1D
- -2.54%
- 1M
- -10.53%
- 6M
- 36.27%
- YTD
- 50.71%
- 1Y
- 43.63%
- 3Y*
- -8.94%
- 5Y*
- 15.88%
- 10Y*
- 23.72%
- ALL TIME*
- 4.63%
DIOD
- 1D
- 0.39%
- 1M
- -14.47%
- 6M
- 39.08%
- YTD
- 66.84%
- 1Y
- 68.31%
- 3Y*
- -3.90%
- 5Y*
- 0.08%
- 10Y*
- 16.41%
- ALL TIME*
- 17.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $38.41M | $42.30M | $67.99M | |
| $734.43M | $864.80M | $1.33B |
ON vs. DIOD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ON ON Semiconductor Corporation | 50.71% | -14.12% | -24.52% | 33.93% | -8.17% | 107.52% | 34.25% | 47.67% | -21.16% | 64.11% |
DIOD Diodes Incorporated | 66.84% | -19.99% | -23.41% | 5.75% | -30.66% | 55.76% | 25.07% | 74.74% | 12.52% | 11.69% |
Correlation
The correlation between ON and DIOD is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.74 |
Correlation (3Y) Balances recent behavior with more history. | 0.72 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.77 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.74 |
Correlation (All Time) Calculated using the full available price history since May 2, 2000 | 0.54 |
Over the past year, ON and DIOD have become more correlated (0.74) than their long-term average of 0.54, meaning their price movements have been converging.
Fundamentals
ON:
$31.76B
DIOD:
$3.78B
ON:
$1.43
DIOD:
$1.85
ON:
57.11
DIOD:
44.53
ON:
5.40
DIOD:
2.45
ON:
4.40
DIOD:
1.95
ON:
$6.06B
DIOD:
$1.56B
ON:
$2.26B
DIOD:
$486.53M
ON:
$1.21B
DIOD:
$216.64M
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Return for Risk
ON vs. DIOD — Risk / Return Rank
ON
DIOD
ON vs. DIOD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ON Semiconductor Corporation (ON) and Diodes Incorporated (DIOD). 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 | DIOD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.23 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | 1.76 | -0.67 |
| Martin ratioReturn relative to average drawdown | 3.12 | 5.22 | -2.10 |
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Drawdowns
ON vs. DIOD - Drawdown Comparison
The maximum ON drawdown since its inception was -96.34%, which is greater than DIOD's maximum drawdown of -90.09%. Use the drawdown chart below to compare losses from any high point for ON and DIOD.
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Drawdown Indicators
| ON | DIOD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.34% | -90.09% | -6.25% |
Max Drawdown (1Y)Largest decline over 1 year | -41.12% | -38.02% | -3.10% |
Max Drawdown (3Y)Largest decline over 3 years | -69.16% | -61.69% | -7.47% |
Max Drawdown (5Y)Largest decline over 5 years | -70.44% | -69.52% | -0.92% |
Max Drawdown (10Y)Largest decline over 10 years | -70.44% | -69.52% | -0.92% |
Current DrawdownCurrent decline from peak | -39.07% | -32.94% | -6.13% |
Average DrawdownAverage peak-to-trough decline | -53.78% | -33.27% | -20.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.40% | 12.83% | +1.57% |
Volatility
ON vs. DIOD - Volatility Comparison
The current volatility for ON Semiconductor Corporation (ON) is 17.99%, while Diodes Incorporated (DIOD) has a volatility of 21.54%. This indicates that ON experiences smaller price fluctuations and is considered to be less risky than DIOD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ON | DIOD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.99% | 21.54% | -3.55% |
Volatility (6M)Calculated over the trailing 6-month period | 54.11% | 52.27% | +1.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 63.32% | 62.94% | +0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.46% | 48.29% | +7.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.10% | 44.12% | +7.98% |
Dividends
ON vs. DIOD - Dividend Comparison
Neither ON nor DIOD has paid dividends to shareholders.
Financials
ON vs. DIOD - Financials Comparison
This section allows you to compare key financial metrics between ON Semiconductor Corporation and Diodes Incorporated. 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. DIOD - Profitability Comparison
ON - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 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%.
DIOD - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Diodes Incorporated reported a gross profit of 128.79M and revenue of 405.47M. Therefore, the gross margin over that period was 31.8%.
ON - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, ON Semiconductor Corporation reported an operating income of -53.40M and revenue of 1.51B, resulting in an operating margin of -3.5%.
DIOD - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Diodes Incorporated reported an operating income of 19.77M and revenue of 405.47M, resulting in an operating margin of 4.9%.
ON - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, ON Semiconductor Corporation reported a net income of -33.40M and revenue of 1.51B, resulting in a net margin of -2.2%.
DIOD - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Diodes Incorporated reported a net income of 14.96M and revenue of 405.47M, resulting in a net margin of 3.7%.
Frequently Asked Questions
ON and DIOD have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DIOD has higher volatility (21.54%) compared to ON (17.99%). In terms of maximum drawdown, ON dropped -96.34% vs DIOD's -90.09%.
DIOD currently has the higher Sharpe Ratio (1.07 vs 0.71), 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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