ON vs. MCHP
ON (ON Semiconductor Corporation) and MCHP (Microchip Technology Incorporated) are both stocks. Both operate in the Semiconductors industry within the Technology sector. Over the past 10 years, ON returned 28.16%/yr vs 15.99%/yr for MCHP. A 0.61 correlation means they provide meaningful diversification when combined.
Performance
ON vs. MCHP - Performance Comparison
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Returns By Period
In the year-to-date period, ON achieves a 115.68% return, which is significantly higher than MCHP's 51.10% return. Over the past 10 years, ON has outperformed MCHP with an annualized return of 28.16%, while MCHP has yielded a comparatively lower 15.99% annualized return.
ON
- 1D
- 0.72%
- 1M
- 0.93%
- YTD
- 115.68%
- 6M
- 112.50%
- 1Y
- 120.44%
- 3Y*
- 8.02%
- 5Y*
- 25.32%
- 10Y*
- 28.16%
MCHP
- 1D
- 2.47%
- 1M
- -1.03%
- YTD
- 51.10%
- 6M
- 43.32%
- 1Y
- 44.01%
- 3Y*
- 6.19%
- 5Y*
- 6.57%
- 10Y*
- 15.99%
ON vs. MCHP - 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% |
MCHP Microchip Technology Incorporated | 51.10% | 14.61% | -34.96% | 30.90% | -17.98% | 27.49% | 33.73% | 48.02% | -16.71% | 39.46% |
Correlation
The correlation between ON and MCHP is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since May 2, 2000 | 0.61 |
The correlation between ON and MCHP shifts across timeframes, from 0.61 (all time) to 0.83 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
ON:
$1.42
MCHP:
$0.43
ON:
82.41
MCHP:
221.70
ON:
7.80
MCHP:
8.20
ON:
$6.06B
MCHP:
$4.71B
ON:
$2.26B
MCHP:
$2.72B
ON:
$1.21B
MCHP:
$1.02B
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Return for Risk
ON vs. MCHP — Risk / Return Rank
ON
MCHP
ON vs. MCHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ON Semiconductor Corporation (ON) and Microchip Technology Incorporated (MCHP). 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 | MCHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.24 | ||
| Sortino ratioReturn per unit of downside risk | +1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.20 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 4.31 | 1.28 | +3.03 |
| Martin ratioReturn relative to average drawdown | 8.63 | 3.40 | +5.23 |
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Drawdowns
ON vs. MCHP - Drawdown Comparison
The maximum ON drawdown since its inception was -96.34%, which is greater than MCHP's maximum drawdown of -63.77%. Use the drawdown chart below to compare losses from any high point for ON and MCHP.
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Drawdown Indicators
| ON | MCHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.34% | -63.77% | -32.57% |
Max Drawdown (1Y)Largest decline over 1 year | -28.10% | -34.41% | +6.31% |
Max Drawdown (3Y)Largest decline over 3 years | -70.44% | -63.77% | -6.67% |
Max Drawdown (5Y)Largest decline over 5 years | -70.44% | -63.77% | -6.67% |
Max Drawdown (10Y)Largest decline over 10 years | -70.44% | -63.77% | -6.67% |
Current DrawdownCurrent decline from peak | -12.80% | -7.00% | -5.80% |
Average DrawdownAverage peak-to-trough decline | -53.91% | -16.71% | -37.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.01% | 12.99% | +1.02% |
Volatility
ON vs. MCHP - Volatility Comparison
ON Semiconductor Corporation (ON) has a higher volatility of 22.04% compared to Microchip Technology Incorporated (MCHP) at 16.18%. This indicates that ON's price experiences larger fluctuations and is considered to be riskier than MCHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ON | MCHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.04% | 16.18% | +5.86% |
Volatility (6M)Calculated over the trailing 6-month period | 40.05% | 32.33% | +7.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.10% | 44.05% | +10.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 53.32% | 44.17% | +9.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 51.10% | 41.91% | +9.19% |
Dividends
ON vs. MCHP - Dividend Comparison
ON has not paid dividends to shareholders, while MCHP's dividend yield for the trailing twelve months is around 1.91%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MCHP Microchip Technology Incorporated | 1.91% | 2.86% | 3.16% | 1.76% | 1.65% | 0.98% | 1.07% | 1.40% | 2.02% | 1.65% | 2.24% | 3.07% |
ON ON Semiconductor Corporation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Financials
ON vs. MCHP - Financials Comparison
This section allows you to compare key financial metrics between ON Semiconductor Corporation and Microchip Technology 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. MCHP - 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%.
MCHP - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Microchip Technology Incorporated reported a gross profit of 967.30M and revenue of 1.31B. Therefore, the gross margin over that period was 73.8%.
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%.
MCHP - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Microchip Technology Incorporated reported an operating income of 211.10M and revenue of 1.31B, resulting in an operating margin of 16.1%.
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%.
MCHP - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Microchip Technology Incorporated reported a net income of 116.40M and revenue of 1.31B, resulting in a net margin of 8.9%.
Frequently Asked Questions
ON and MCHP have a correlation of 0.77, 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 MCHP (16.18%). In terms of maximum drawdown, ON dropped -96.34% vs MCHP's -63.77%.
ON currently has the higher Sharpe Ratio (2.24 vs 1.01), 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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