Disclosed are an on-chip reliability monitor and method. The monitor includes a test circuit with a test device, a reference circuit with a reference device, and a comparator circuit. The monitor periodically switches from operation in a stress mode, to operation in a test mode, and back. During each stress mode, the test device is subjected to stress conditions that emulate the operating conditions of an on-chip functional device while the reference device remains essentially unstressed. During each test mode, the comparator circuit compares a parameter of the test device to the same parameter of the reference device and outputs a status signal based on the difference between the parameters. When the status signal switches values, it is an indicator that the functional device has been subjected to a predetermined number of power-on-hours. Optionally, multiple monitors can be cascaded together to more accurately monitor stress-induced changes over time.