Let σ(n) denote the sum of positive divisors of the integer n, and let φ denote Euler's function, that is, φ(n) is the number of integers in the interval [1, n] that are relatively prime to n. It has been conjectured by Mąkowski and Schinzel that σ(φ(n))/n ≥ 1/2 for all n. We show that σ(φ(n))/n → ∞ on a set of numbers n of asymptotic density 1. In addition, we study the average order of σ(φ(n))/n as well as its range. We use similar methods to prove a conjecture of Erdős that φ(n − φ(n)) < φ(n) on a set of asymptotic density 1.