ON Semiconductor Correlations

O2NS34 Stock

42.12 0.40 0.96%

The correlation of ON Semiconductor is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

ON Semiconductor Correlation With Market

Average diversification

The correlation between ON Semiconductor and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ON Semiconductor and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to ON Semiconductor could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ON Semiconductor when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back ON Semiconductor - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling ON Semiconductor to buy it.

Moving together with O2NS34 Stock

0.92	TSMC34	Taiwan Semiconductor	Pair Corr
0.82	MSFT34	Microsoft	Pair Corr
0.67	GOGL35	Alphabet Earnings Call This Week	Pair Corr
0.68	GOGL34	Alphabet Earnings Call This Week	Pair Corr
0.82	AMZO34	Amazon Inc	Pair Corr
0.63	H1SB34	HSBC Holdings plc	Pair Corr

Moving against O2NS34 Stock

0.89	BERK34	Berkshire Hathaway	Pair Corr
0.49	BABA34	Alibaba Group Holding	Pair Corr
0.43	B1SA34	Banco Santander Chile	Pair Corr

Related Correlations Analysis

	VVEO3	A1GI34	UNHH34	K1SG34	C1AH34	O2HI34	GOAU4	RYTT34
VVEO3		-0.18	-0.14	0.35	-0.01	0.07	-0.14	-0.05	VVEO3
A1GI34	-0.18		-0.72	0.75	0.79	-0.64	0.81	0.83	A1GI34
UNHH34	-0.14	-0.72		-0.85	-0.79	0.67	-0.64	-0.57	UNHH34
K1SG34	0.35	0.75	-0.85		0.74	-0.56	0.72	0.75	K1SG34
C1AH34	-0.01	0.79	-0.79	0.74		-0.62	0.57	0.76	C1AH34
O2HI34	0.07	-0.64	0.67	-0.56	-0.62		-0.47	-0.43	O2HI34
GOAU4	-0.14	0.81	-0.64	0.72	0.57	-0.47		0.7	GOAU4
RYTT34	-0.05	0.83	-0.57	0.75	0.76	-0.43	0.7		RYTT34
	VVEO3	A1GI34	UNHH34	K1SG34	C1AH34	O2HI34	GOAU4	RYTT34

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

RYTT34	+ 0.83	A1GI34
GOAU4	+ 0.81	A1GI34
C1AH34	+ 0.79	A1GI34
RYTT34	+ 0.76	C1AH34
K1SG34	+ 0.75	A1GI34
RYTT34	+ 0.75	K1SG34

High negative correlations

K1SG34	- 0.85	UNHH34
C1AH34	- 0.79	UNHH34
UNHH34	- 0.72	A1GI34
GOAU4	- 0.64	UNHH34
O2HI34	- 0.64	A1GI34
O2HI34	- 0.62	C1AH34

Risk-Adjusted Indicators

There is a big difference between O2NS34 Stock performing well and ON Semiconductor Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze ON Semiconductor's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
VVEO3	2.51	(0.07)	0.00	0.49	0.00	0.00	7.08	(4.96)	15.95
A1GI34	0.54	0.16	0.00	1.71	0.00	0.00	3.05	(0.45)	10.50
UNHH34	2.49	(1.27)	0.00	(0.70)	0.00	0.00	2.86	(7.38)	23.40
K1SG34	0.03	0.01	0.00	(0.79)	0.00	0.00	0.00	0.00	1.15
C1AH34	0.71	0.35	0.00	5.94	0.00	0.00	0.00	0.00	16.55
O2HI34	0.68	(0.01)	0.00	0.20	0.00	0.00	2.06	(1.93)	5.47
GOAU4	1.22	0.13	(0.01)	(1.31)	1.35	(1.47)	3.15	(2.46)	9.13
RYTT34	1.31	0.09	0.02	0.24	2.64	(1.30)	3.59	(1.75)	13.49

ON Semiconductor Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with ON Semiconductor stock to make a market-neutral strategy. Peer analysis of ON Semiconductor could also be used in its relative valuation, which is a method of valuing ON Semiconductor by comparing valuation metrics with similar companies.

CM Hospitalar SA Agilent Technologies UnitedHealth Group Incorporated Keysight Technologies, Cardinal Health, Omega Healthcare Investors, Metalurgica Gerdau SA Raytheon Technologies American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp

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