Onto Innovation Correlations

ONTO Stock

USD 134.25 5.92 4.22%

The current 90-days correlation between Onto Innovation and Camtek is 0.74 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Onto Innovation moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Onto Innovation moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Onto Innovation Correlation With Market

Modest diversification

The correlation between Onto Innovation and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Onto Innovation and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Onto Innovation. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.

To learn how to invest in Onto Stock, please use our How to Invest in Onto Innovation guide.

Moving together with Onto Stock

0.76	AIP	Arteris	Pair Corr
0.7	ARM	Arm Holdings plc	Pair Corr
0.73	MXL	MaxLinear	Pair Corr
0.75	TSM	Taiwan Semiconductor	Pair Corr
0.7	VLN	Valens	Pair Corr

Moving against Onto Stock

0.36	ADI	Analog Devices	Pair Corr
0.35	STM	STMicroelectronics NV ADR Tech Boost	Pair Corr
0.34	JKS	JinkoSolar Holding	Pair Corr
0.31	DQ	Daqo New Energy	Pair Corr
0.67	UMC	United Microelectronics Aggressive Push	Pair Corr
0.47	LSCC	Lattice Semiconductor	Pair Corr
0.41	MCHP	Microchip Technology	Pair Corr
0.4	INTC	Intel	Pair Corr
0.33	TXN	Texas Instruments	Pair Corr

Related Correlations Analysis

	CAMT	ASYS	VECO	ICHR	COHU	PLAB	UCTT	ACLS	IPGP	TER
CAMT		-0.26	0.08	-0.24	0.0	-0.03	0.38	0.07	0.16	0.56	CAMT
ASYS	-0.26		0.76	0.59	0.72	0.7	0.51	0.68	0.6	0.27	ASYS
VECO	0.08	0.76		0.51	0.96	0.9	0.73	0.94	0.89	0.54	VECO
ICHR	-0.24	0.59	0.51		0.42	0.45	0.55	0.37	0.22	0.05	ICHR
COHU	0.0	0.72	0.96	0.42		0.91	0.63	0.92	0.91	0.54	COHU
PLAB	-0.03	0.7	0.9	0.45	0.91		0.66	0.91	0.89	0.44	PLAB
UCTT	0.38	0.51	0.73	0.55	0.63	0.66		0.69	0.66	0.39	UCTT
ACLS	0.07	0.68	0.94	0.37	0.92	0.91	0.69		0.96	0.51	ACLS
IPGP	0.16	0.6	0.89	0.22	0.91	0.89	0.66	0.96		0.5	IPGP
TER	0.56	0.27	0.54	0.05	0.54	0.44	0.39	0.51	0.5		TER
	CAMT	ASYS	VECO	ICHR	COHU	PLAB	UCTT	ACLS	IPGP	TER

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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

COHU	+ 0.96	VECO
IPGP	+ 0.96	ACLS
ACLS	+ 0.94	VECO
ACLS	+ 0.92	COHU
PLAB	+ 0.91	COHU
IPGP	+ 0.91	COHU

High negative correlations

ASYS	- 0.26	CAMT
ICHR	- 0.24	CAMT
PLAB	- 0.03	CAMT
COHU	- 0.0	CAMT

Risk-Adjusted Indicators

There is a big difference between Onto Stock performing well and Onto Innovation 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 Onto Innovation'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
CAMT	2.87	0.14	0.03	0.06	4.13	(2.94)	6.05	(5.60)	22.80
ASYS	1.99	(0.20)	0.00	(2.26)	0.00	0.00	3.36	(3.95)	27.27
VECO	1.92	(0.31)	0.00	(0.64)	0.00	0.00	3.78	(4.55)	13.15
ICHR	2.62	(0.10)	0.00	(0.22)	0.00	0.00	5.12	(4.97)	21.71
COHU	2.19	(0.44)	0.00	(0.70)	0.00	0.00	3.47	(6.26)	15.18
PLAB	1.77	(0.25)	0.00	(0.71)	0.00	0.00	3.02	(4.56)	17.20
UCTT	2.71	(0.53)	0.00	(1.64)	0.00	0.00	3.91	(5.78)	33.80
ACLS	1.96	(0.29)	0.00	(0.47)	0.00	0.00	3.93	(5.01)	18.06
IPGP	1.77	(0.23)	0.00	(0.40)	0.00	0.00	3.60	(3.91)	11.51
TER	1.93	0.05	0.04	0.20	2.94	(1.68)	3.19	(4.41)	14.63

Onto Innovation Corporate Management

Edward Brown	Independent Director	Profile
Jeffrey Aukerman	Independent Director	Profile
Rodney Smedt	Senior Vice President General Manager - Metrology Business Unit	Profile
Yoon OH	Vice President General Counsel	Profile
Christine Tsingos	Independent Director	Profile
May Su	Independent Director	Profile
Steven CPA	Advisor	Profile

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